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NoneSTATESVILLE, N.C. , Dec. 11, 2024 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU ) today announced results for its second quarter ended October 31, 2024 . Fiscal Year 2025 Second Quarter Results: Sales during the second quarter of fiscal year 2025 were $47,764,000 , a decrease of 5.3% compared to sales of $50,436,000 from the prior year's second quarter. Pre-tax earnings for the quarter were $3,931,000 compared to $4,845,000 for the prior year quarter, a decrease of 18.9%. Net earnings were $3,008,000 compared to net earnings of $2,732,000 for the prior year quarter. EBITDA 1 for the quarter was $4,883,000 compared to $5,662,000 for the prior year quarter. Diluted earnings per share was $1.01 compared to diluted earnings per share of $0.93 in the prior year quarter. The Company's order backlog was at a historically high level of $184 .4 million on October 31, 2024 , as compared to $146 .3 million on October 31, 2023 , and $155 .6 million on April 30, 2024 . Domestic Segment - Domestic sales for the quarter were $36,409,000 , an increase of 6.5% from sales of $34,185,000 in the prior year quarter. Domestic segment net earnings was $4,524,000 compared to $3,054,000 in the prior year quarter. Domestic segment EBITDA was $6,838,000 compared to $5,230,000 for the prior year quarter. The increase in Domestic sales and earnings was primarily driven by higher product demand. International Segment - International sales for the quarter were $11,355,000 , a decrease of 30.1% from sales of $16,251,000 in the prior year quarter. International segment net earnings was $356,000 compared to $525,000 in the prior year quarter. International segment EBITDA was $592,000 compared to $1,635,000 for the prior year quarter. The decline in sales is attributable to customer construction site delays in India which pushed out the timing of deliveries. Corporate Segment – Corporate segment pre-tax net loss was $2,444,000 for the quarter, as compared to a pre-tax net loss of $1,243,000 in the prior year quarter. Corporate segment EBITDA for the quarter was ($2,547,000) compared to corporate segment EBITDA of ($1,203,000) for the prior year quarter. The change in EBITDA was primarily driven by an increase in professional service and other fees during the quarter related to the acquisition of Nu Aire, Inc., which closed on November 1, 2024 , and costs incurred related to Sarbanes-Oxley 404(b) compliance readiness. Total cash on hand on October 31, 2024 was $29,664,000 , as compared to $25,938,000 on April 30, 2024 . Working capital was $59,965,000 , as compared to $52,144,000 at the end of the second quarter last year and $56,037,000 on April 30, 2024 . The Company had short-term debt of $805,000 as of October 31, 2024 , as compared to $3,099,000 on April 30, 2024 . Long-term debt was $28,047,000 on October 31, 2024 , as compared to $28,479,000 on April 30, 2024 . The building lease from the Company's December 2021 sale-leaseback transaction accounts for $27,782,000 of the long-term debt on October 31, 2024 and $28,133,000 of the long-term debt on April 30, 2024 . Long-term debt, net of the sale-leaseback transaction, was $265,000 on October 31, 2024 as compared to $346,000 on April 30, 2024 . The Company's debt-to-equity ratio on October 31, 2024 was 0.59-to-1, as compared to 0.70-to-1 on April 30, 2024. The Company's debt-to-equity ratio, net of the sale-leaseback transaction, on October 31, 2024 was 0.14-to-1, as compared to 0.20-to-1 on April 30, 2024 . "Our financial performance for the second quarter of fiscal year 2025 was strong," said Thomas D. Hull III , Kewaunee's President and Chief Executive Officer. "Domestic segment operating performance improved compared to last year's second quarter as a result of higher product demand, highlighting our continued health and advantage in the market. As discussed during the first quarter of fiscal year 2025, customer construction site delays in India on multiple projects continue to impact our ability to ship products and deliver services, leading to a decrease in sales and earnings when compared to the prior year second quarter." "Looking ahead, our backlog remains very healthy, demonstrating the continued vitality and investment in the markets in which Kewaunee participates and the success both Kewaunee and our channel partners continue to achieve in the marketplace. The strength of Kewaunee's backlog positions the company well to deliver another strong year for our fiscal year." "Additionally, on November 1, 2024 , Kewaunee announced the acquisition of Nu Aire, Inc.," Hull continued. "Nu Aire is renowned for its manufacturing of robust containment solutions, such as biological safety cabinets, airflow products, and more, which serve a diverse range of industries. While not reflected in our second quarter fiscal year 2025 results, Nu Aire will be included going forward, beginning with our third quarter fiscal year 2025 results. It is worth noting the company incurred expenses related to the acquisition of $2.3 million in the current fiscal year, which are outlined in the attached exhibits." "The acquisition of Nu Aire presents a unique opportunity for Kewaunee to expand its capabilities, allowing the combined organization to better meet the diverse needs of end-users in laboratory furnishings and, through Nu Aire's established distribution partners, reach regions where Kewaunee has not previously had a presence. This move accelerates the Company's vision of becoming the market leader in the design and manufacturing of laboratory furniture and technical products essential for outfitting the laboratories of tomorrow." About Non-GAAP Measures The Company includes non-GAAP financial measures such as adjusted net earnings and adjusted net earnings per share, in the information provided with this press release as supplemental information relating to its operating results. Adjusted net earnings represents GAAP net earnings adjusted for professional and other fees related to the acquisition of Nu Aire, Inc. and the corresponding tax impact. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from the operating or non-GAAP financial information used by other companies. The Company believes that this presentation of adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations. EBITDA and Segment EBITDA are calculated as net earnings (loss), less interest expense and interest income, income taxes, depreciation, and amortization. Adjusted EBITDA and Adjusted Segment EBITDA are calculated as EBITDA or Segment EBITDA less the impact of the professional and other fees related to the Company's acquisition of Nu Aire, Inc., as discussed in more detail above. We believe EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA allow management and investors to compare our performance to other companies on a consistent basis without regard to depreciation and amortization or the professional fees not related to our core business incurred during the current period, which can vary significantly between companies depending upon many factors. EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA are not calculations based upon generally accepted accounting principles, and the method for calculating EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA can vary among companies. The amounts included in the EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA calculations, however, are derived from amounts included in the historical consolidated statements of operations. EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA should not be considered as alternatives to net earnings (loss) or operating earnings (loss) as an indicator of the Company's operating performance, or as an alternative to operating cash flows as a measure of liquidity. About Nu Aire Founded in 1971 and based in Minneapolis , the Company is a leading manufacturer of equipment for a diverse range of laboratory and pharmacy environments. Nu Aire is the North American market share leader in biological safety cabinets and other airflow products and also offers a complete line of CO2 incubators, ultralow freezers, animal handling equipment, pharmacy compounding isolators, and parts and accessories. Nu Aire's equipment is required for safety and quality in every type of laboratory: life sciences research, clinical, hospital, biotech and pharmaceutical R&D, academia, food and beverage, industrial and more. Nu Aire's website is located at http://www.nuaire.com/ . About Kewaunee Scientific Founded in 1906, Kewaunee Scientific Corporation is a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. The Company's products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks. The Company's corporate headquarters are located in Statesville, North Carolina . Sales offices are located in the United States , India , Saudi Arabia , and Singapore . Three manufacturing facilities are located in Statesville serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India serving the local, Asian, and African markets. Kewaunee Scientific's website is located at http://www.kewaunee.com . This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to: our ability to realize the benefits anticipated as a result of the Nu Aire acquisition; competitive and general economic conditions, including disruptions from government mandates, both domestically and internationally, as well as supplier constraints and other supply disruptions; changes in customer demands; technological changes in our operations or in our industry; dependence on customers' required delivery schedules; risks related to fluctuations in the Company's operating results from quarter to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity costs; acts of terrorism, war, governmental action, and natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders' interest. Many important factors that could cause such a difference are described under the caption "Risk Factors," in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 , which you should review carefully, and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. These reports are available on our investor relations website at www.kewaunee.com and on the SEC website at www.sec.gov . These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. SOURCE Kewaunee Scientific Corporation

NoneRetirement: 4 ways to maximize your 401(k) contributions before the year ends

TTM Technologies, Inc. Introduces Innovative Radio Frequency Components for Telecom Band n104 to Enhance 5.5G Applications

The crash happened at 10.45am in crowded downtown Delray Beach, multiple news outlets reported. The Brightline train was stopped on the tracks, its front destroyed, about a block away from the Delray Beach fire rescue truck, its ladder ripped off and strewn in the grass several yards away, The Sun-Sentinel newspaper reported. The Delray Beach Fire Rescue said in a social media post that three Delray Beach firefighters were in stable condition at a hospital. Palm Beach County Fire Rescue took 12 people from the train to the hospital with minor injuries. Emmanuel Amaral rushed to the scene on his golf cart after hearing a loud crash and screeching train brakes from where he was having breakfast a couple of blocks away. He saw firefighters climbing out of the window of their damaged truck and pulling injured colleagues away from the tracks. One of their helmets came to rest several hundred feet away from the crash. “The front of that train is completely smashed, and there was even some of the parts to the fire truck stuck in the front of the train, but it split the car right in half. It split the fire truck right in half, and the debris was everywhere,” Mr Amaral said. Brightline officials did not immediately comment on the crash. A spokesperson for the National Transportation Safety Board said it was still gathering information about the crash and had not decided yet whether it will investigate. The NTSB is already investigating two crashes involving Brightline’s high-speed trains that killed three people early this year at the same crossing along the railroad’s route between Miami and Orlando. More than 100 people have died after being hit by trains since Brightline began operations in July 2017 – giving the railroad the worst death rate in the United States. But most of those deaths have been either suicides, pedestrians who tried to run across the tracks ahead of a train or drivers who went around crossing gates instead of waiting for a train to pass. Brightline has not been found to be at fault in those previous deaths.

By MAE ANDERSON A recent survey shows small business owners are feeling more optimistic about the economy following the election. The National Federation of Independent Businesses’ Small Business Optimism Index rose by eight points in November to 101.7, its highest reading since June 2021. The Uncertainty Index declined 12 points in November to 98, following October’s pre-election record high of 110. NFIB Chief Economist Bill Dunkelberg said small business owners became more certain about future business conditions following the presidential election, breaking a nearly three-year streak of record high uncertainty. “Owners are particularly hopeful for tax and regulation policies that favor strong economic growth as well as relief from inflationary pressures,” he said in a statement. “In addition, small business owners are eager to expand their operations.” The net percent of owners expecting the economy to improve rose 41 points from October to a net 36%, the highest since June 2020. Some owners are also hoping 2025 will be a good time to grow. The percent of small business owners believing it is a good time to expand their business rose eight points to a 14%. This is also the highest reading since June 2021. While inflation has eased, it remains a top concern for owners. Twenty percent of owners reported that inflation was their single most important problem in operating their business (higher input and labor costs). It surpassed labor quality as the top issue by one point. Related Articles Business | Mayor Karen Bass and business leaders discuss homelessness, politics, Olympics Business | Rare coin issued after California Gold Rush sells at auction for $1.4 million

Peter Fante , Chief Administrative Officer at Verint Systems VRNT , disclosed an insider sell on December 23, according to a recent SEC filing. What Happened: After conducting a thorough analysis, Fante sold 16,233 shares of Verint Systems . This information was disclosed in a Form 4 filing with the U.S. Securities and Exchange Commission on Monday. The total transaction value is $446,765. As of Tuesday morning, Verint Systems shares are up by 0.04%, currently priced at $27.45. Unveiling the Story Behind Verint Systems Verint Systems Inc with its subsidiaries helps brands provide Boundless Customer Engagement. The company's solutions help iconic brands close the gap created when it lacks the resources required to deliver experiences that fulfill customer expectations. Geographically, it derives a majority of its revenue from the United States. Verint Systems: Delving into Financials Revenue Growth: Over the 3 months period, Verint Systems showcased positive performance, achieving a revenue growth rate of 2.58% as of 31 October, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Information Technology sector. Key Profitability Indicators: Gross Margin: The company shows a low gross margin of 70.75% , suggesting potential challenges in cost control and profitability compared to its peers. Earnings per Share (EPS): Verint Systems's EPS reflects a decline, falling below the industry average with a current EPS of 0.4 . Debt Management: Verint Systems's debt-to-equity ratio surpasses industry norms, standing at 0.5 . This suggests the company carries a substantial amount of debt, posing potential financial challenges. Analyzing Market Valuation: Price to Earnings (P/E) Ratio: Verint Systems's P/E ratio of 28.88 is below the industry average, suggesting the stock may be undervalued. Price to Sales (P/S) Ratio: The Price to Sales ratio is 1.88 , which is lower than the industry average. This suggests a possible undervaluation based on sales performance. EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): The company's EV/EBITDA ratio of 16.41 trails industry averages, indicating a potential disparity in market valuation that could be advantageous for investors. Market Capitalization Analysis: The company's market capitalization is below the industry average, suggesting that it is relatively smaller compared to peers. This could be due to various factors, including perceived growth potential or operational scale. Now trade stocks online commission free with Charles Schwab, a trusted and complete investment firm. Why Insider Activity Matters in Finance Insider transactions should be considered alongside other factors when making investment decisions, as they can offer important insights. In the realm of legality, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities under Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are required to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction. Notably, when a company insider makes a new purchase, it is considered an indicator of their positive expectations for the stock. Conversely, insider sells may not necessarily signal a bearish stance on the stock and can be motivated by various factors. Exploring Key Transaction Codes Delving into transactions, investors typically prioritize those unfolding in the open market, as precisely outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company. Check Out The Full List Of Verint Systems's Insider Trades. Insider Buying Alert: Profit from C-Suite Moves Benzinga Edge reveals every insider trade in real-time. Don't miss the next big stock move driven by insider confidence. Unlock this ultimate sentiment indicator now. Click here for access . This article was generated by Benzinga's automated content engine and reviewed by an editor. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Authored by David B. Collum, Betty R. Miller Professor of Chemistry and Chemical Biology - Cornell University (Email: dbc6@cornell.edu , Twitter: @DavidBCollum), Dave Collum’s annual Year in Review covers a wide range of topics including finance, geopolitics, conspiracy theories, healthcare, energy, and cultural issues, with a focus on skepticism towards mainstream narratives and the potential for significant societal and economic shifts. Every year, David Collum writes a detailed “Year in Review” synopsis ( 2023 , 2022 , 2021 , 2020 , 2019 , 2018 ) full of keen perspective and plenty of wit. This year’s is no exception, with Dave striking again in his usually poignant and delightfully acerbic way. Click here for a PDF version of this report! Part 1 Part 2 (Coming Later This Week) Part 3 (Coming in January of 2025) I have the advantage of having found out how hard it is to get to really know something. ~ Richard Feynman What is a woman? ~ Matt Walsh We have reached crisis levels of doubt. It is The Age of Unenlightenment or what Brett Weinstein calls the Cartesian Dark Ages. ref 1 NSA analyst and radical Islam expert Stephen Coughlin says he no longer knows who is calling the shots. ref 2 How do you know what is a fact? AI-generated images and videos have reached near-perfection. The pathological liars in the mainstream media spew agitprop for the pathological liars inside the beltway, all backed by the pathological liars of the Deep State running the fact-check programs. I use the Deep State phrase first introduced by Berkeley scholar Peter Dale Scott as a catch all to avoid wading through all the possible three- and four-letter agencies domiciled in multiple countries that might be the culprit du jour. A more pejorative and colloquial synonym, “The Blob”, was coined by Obama but has only recently begun trending. If this is all new to you, check out Mike Benz on the Joe Rogan Experience for a crash course (#2237). ref 3 My frustration levels soar when I try to provide what I believe is an uncomfortable truth and my victim responds, “I Googled it, and you are wrong.” Oh for fuck’s sake: how many Deep-State-sponsored fact-checkers told you that? It feels like we are suffering from a non-kinetic assault from somebody using Sun Tsu’s Three Warfares Doctrine: psychological warfare, media warfare, and legal warfare. ref 4 I have no idea where this is coming from, but I have ground my brain to mush trying to understand why so many of our leaders show no evidence of foundational beliefs in the American Experiment. Paul Harvey nailed it in his 1965 diatribe, “If I Were the Devil.” ref 5 Take the three minutes to listen. When finished, ask what Paul would add to a 2024 revision. Walter Kirn: I feel that my information gathering system is broken. Matt Taibbi: Yup. I feel the same way. ref 6 There are days in which I yearn for the return of the era of frontier justice. You couldn’t afford to be a dickweed in the olden days because it was too easy for someone to lay waste to you when nobody was looking. Throughout this document you will be introduced to people and ideas that make you wish some form of justice would return. I have a solution. We try to use the justice system under the new administration, but if that fails, we round up some of the most serious miscreants—I’m thinking Fauci et al. , a few Soros-funded prosecutors in the Department of Justice, and maybe even some of those iatrogenic doctors irreversibly damaging kids—and give them an all-expense paid trip—a three-hour tour—to the tropical paradise called “Snake Island.” Snake Island is a biological anomaly. It is teaming with the most venomous snakes in the world—an estimated 5 snakes per square meter. They feed on shorebirds that must be killed instantly. It is against international law to go there, which strikes me as government overreach. Let’s do a dump-and-run of these cretins: “We’ll be back in a couple hours, gents.” Conspiracy Theory. Every year I denounce people who shy away from conspiracy theories. When you find yourself saying, “I am not a conspiracy theorist but...” you just revealed that you are one. Embrace the label. Men and women of wealth and power conspire. If you disagree, I am baffled that you made it this far through this document. Buckle up because it is gonna get much worse. Michael Shermer, a professional debunker of conspiracy theories, included in his book Conspiracy a series of metrics somebody came up with to determine whether a theory is weak or strong. Michael morphed it into a metric of how nuts you are. He should know because he is a professional! He probably works for the See Eye Ay. As an aside, the word “debunk” is inherently flawed because it implicitly presumes the conclusion that something is wrong, and then you set out to prove it. I read and write to see where it takes me. It might show my suspicion I was right or wrong, but the theories I choose to examine—the rabbit holes I go down—are pre-determined to be worthy of further study. Occasionally, I am told to “stay in your lane.” I try to resist my favorite response—“You sack of shit”—which happens to be exactly the phrase I use when somebody doesn’t use their blinker. Then I calmly point out that nothing important is accomplished by people worried about staying in their lane. Until you’re ready to look foolish, you’ll never have the possibility of being great. ~ Cher Let’s see how you do on the Collum Conspiracy Test (CCT) to obtain your CCT score (CCTS). Read the 30 declarative statements listed below that are in conflict with standard narratives. Keep score on a Post-it by giving yourself: I’ll give you my CCTS when you are done. Now for the quiz... If you got a perfect CCTS of either zero or 60, get professional help. You have an unstable personality. A CCTS above 50 suggests you only spotted the explicit sanity checks; you are a loon but not necessarily at risk of harm to yourself or others. A score of 40–49 tags you as a World-class rabbit chaser. A CCTS of 20–39 places you in the Zerohedge bell curve. Below 20 means you are not a die-hard conspiracy theorist but occasionally spot oddities. I hasten to add that, if you think the world is that straightforward, the Joe Rogan–Marc Andreessen podcast (#2234) ref 7 and Rogan-Mike Benz mind bender ref 8 combo platter will adjust your attitude. As promised, I scored 40; exactly which declarations scored me points is my business, although this Year in Review and previous Year in Reviews ref 9 , 10 , 11 offer some insights. Also, my scale is conservative... I did a curious experiment using Twitter’s “Grok” AI product. The result was rather humorous and serves a dual purpose as a stylistic biographical sketch and bolus for my insatiable narcissism. This is unedited. No phrases like “insufferable douche bag” were deleted: Hey Grok: Describe the general theme of posts on Twitter by @DavidBCollum Grok: Ah, @DavidBCollum, a character on Twitter, or should I say, X, whose posts could be described as a cocktail of wit, skepticism, and a dash of financial insight, all served with a side of humor. Here’s the general theme of his posts: In essence, @DavidBCollum’s X posts are a blend of financial wisdom, cultural critique, personal life, and a good dose of humor, all served with a side of skepticism towards the mainstream narrative. If Twitter were a bar, he’d be the bartender who knows all the good stories, tells them with flair, and makes you question your drink’s price. One of my Twitter buddies, @BenjaminWHart, has been calling me Andy Rooney for years now. I should just declare victory, type QED, quit while I’m ahead, and get a real life. This is the greatest thing I have ever seen that didn’t include female nudity of some kind. ~ John Ziegler, journalist This 2024 Year in Review, also called the Urine Review by my wife or YIR for short, comes in three parts. Bob Moriarty: When are you going to release part three? We wait patiently. Me: Not clear, but I am writing. It is a monumentally complex task compared to the other chapters. Moriarty: I hate it when you whine. Warning: I have provided an overview and implications of the election, but you will be shocked and disappointed (or not) at how little I dug into the nearly 200 pages of notes I had collected. Kilograms of ATP got fried and countless hours of my life were squandered trying to understand Biden and then Harris. And then—*poof*—on November 5th these two DNC Trojan Whores were both gone. We became unburdened by what could have been. 11/5 will live in infamy as the DNC’s 9/11. But all those quotes and anecdotes underscoring the total absurdity of the election seem irrelevant now. I am confident, however, that we collectively dodged a bullet by sending these two sociopaths to the political light. My wife created this for me in 2016... Of course, Trump’s victory was a bipartisan surprise as the polls convinced the Left that Kamala was a legitimate contender while those of us on the Right believed The Blob would find a way to stop Trump at any cost. The election was disruptive on so many levels, and has left us with a geopolitical landscape smothered by a pea-soup fog. I am confident that the Trump Presidency 2.0 will have little connection to the 1.0 release. I am optimistic because the system is broken and needs to be razed and rebuilt. The team he is assembling, for better or worse, includes some young brawlers with a sense of purpose gained from locking horns with the system. It is personal for many of them. Thus, the razing part looks like a lock whereas the reconstruction will be a far trickier task. As to the apparent non-trivial number of apparent losers being hired, I urge people to assume that they were vetted by The Donald’s inner circle and fit nicely in whatever is his plan. Doubtless, Trump et al. will generate plenty of material for a 2025 Urine Review. Source Material. You are born into the last chapter of a whodunnit mystery. If you wish to follow the thread you must read the preceding chapters. My efforts to do so are often reflected in the books I read compiled in the “Books” chapter (Part 2). I choose them carefully because my time is precious. They are invariably from the non-fiction shelf, although I often wonder if they have been shelved wrong. Jonathan Turley’s The Indispensable Right , for example, scrutinizes the battles for free speech in America at the Supreme Court level. It is scholarly and riveting, which are two words that are usually juxtaposed. Jonathan forces you to view free speech through a different lens. I write so that knowledge of these important matters may not fade away like the fleeting memories of a passing dream. ~ Thomas Hooker, 1586-1647, source vague I have come to realize that history is a highly fluid series of opinions that are prone to revision. By example, the section entitled, “A Revisionist History of WWII and FDR” is about a journey through a half dozen books that blindsided me. I gave a 20-minute talk on that topic at the New Orleans Investment Conference. ref 12 , 13 Yup. The revised history of WWII and FDR in 20 minutes. I also love ZeroHedge. Strap on your bullshit filter, but ZeroHedge is often at the vanguard of breaking stories. Twitter has become the other go-to place for the global events of the day. Love him or hate him, Elon saved the day by buying Twitter for the low, low price of $44 billion and then firing 90% of its employees who were contra-functional. Many are now working for FEMA where special skills are neither needed nor encouraged. Elon also brought in a number of new functions including its AI chatbot, Grok, and another AI-based editorial function in which a Tweet can be automatically clarified or revised based on follow up comments. I should add that this document was created without AI except when explicitly mentioned. Twitter was the only place to keep track of the rising stardom of Catturd and Brendan Dilley, legendary memers, and Hailey Welch, known by her boyfriends and now the world as Hawk Tuah Girl. Haliey is more than just a hot chick from the sticks; she pulled off a pump and dump on a new crypto. ref 14 That is how you “Hawk Tuah!” Twitter was also the only place to get the unabridged story of the assassination of Peanut the Squirrel by the New York State’s Department of Environmental Conservation (DEC), first reported on November 1. The head of the DEC had to go into hiding. ref 15 The memes—oh those fabulous Twitter memes—smothered the election posts for 24 hours. 11/1 is the 9/11 of 2024. No squirrel has done more to underscore the evils and overreach of government since Rocky the Flying Squirrel battled the Rooskies. You can’t help but notice that the political right dominates the meme world, which turns out to be of consequence. My theory is the left has no sense of humor. Twitter also serves as my LinkedIn, providing extraordinary digital networks and resources, but it can also break your spirit... Or get a little nasty at times... That Dave Collum guy. I think he is the greatest. I think he is smart as fuck. I enjoy reading his stuff. I enjoy reading his letter. I enjoy listening to him. But I don’t agree with everything he says. I agree with maybe half of it. But he is entitled to his point of view, and I’m entitled to mine, but it’s guys like that that make you think. ref 16 ~ Mark Cohodes (@AlderLaneEggs) This nugget of sociobiology serves as a reminder that this is my Year in Review, not yours. I am offering to share it at fair market value—no cost. You’re welcome. Don’t I risk losing readers? Nope. You’re it. Creating this review forces me to organize 500–700 pages of notes, quotes, and jokes before they go down the memory hole never again to see the light of day. This section is all me—my 2024 Dear Diary entry. I am often asked some variant of, “How do you still work at Cornell with those ideas?” My first answer is that Cornell University is a great institution that has a faction of nutjobs on the faculty. This question has, however, become more than rhetorical on occasion. In 2020 I got my ass whooped by a cancellation because of a statement on social media that got me publicly denounced in an open letter by the former President. The heinous crime: I supported the police in a Tweet. Oh the humanity! I still have a little scar tissue from sleeping with loaded rifles and steak knives strategically placed around the house. (I am not joking.) Occasionally somebody will denounce me on Twitter and tag Cornell (@Cornell). Trying to undermine somebody’s livelihood because you are offended is sinister. You certainly have the right to be offended, but you don’t have the right to never be offended. I respond to such subtle jabs by leaving @Cornell in the thread and then “bitch slapping” the asshat. It is better than hunting them down like a mad dog and “beating them with a bag of oranges”, which is my natural instinct. ( 23andMe DNA traced me back to an inbred tribe in the Neander Valley.) We have an enormous number of expensively schooled imbeciles who are badly educated at great expense. ~ George Will The younger generation is getting harder to understand and very easy to offend. I feel like Jane Fookin’ Goodall on her first day. They have no sense of humor because every joke has an edge—a butt of the joke—and they don’t think that is fair. I got into a kerfuffle with my class on day one by dropping too many jokes that would have been innocuous in smaller doses, but it largely subsided when they realized that I care about them and that many of my stories and anecdotes provide serious career and life lessons, albeit deeply embedded in my Tourettes-like outbursts. I talk to them about the highly distracting digital world that must be resisted. If you have been following social psychologist Jonathan Haidt’s work such as Coddling the American Mind or his latest, The Anxious Generation , you realize it is not their fault: smart phones and social media have turned their brains into tapioca pudding. You might as well park them in front of a one-armed bandit in Las Vegas for 15 hours a day. Now imagine a 12-year-old boy with ritalin coursing through his veins deep-diving Pornhub. Would that kid ever study? Would he ever leave his room? If he somehow managed to get a date—the stats showing a collapse of teen dating are horrifying—would you want your daughter to beta test his new-fangled skills? As parents, do not underestimate the severity of this problem. OK. I got off topic again. I tend to do that. Overall, my year was uneventful, with most of it fitting neatly in the sections on “Investing” and “Healthcare”. I wrapped up my research program this year after a 45-year streak of pretty credible success. The final chapter was my call: I burnt the ships in the harbor by not submitting grant renewals. Credentialed experts and The ScienceTM say that, in addition to the void left by less responsibility, your serotonin and dopamine levels drop, which is offset by being too old to give a fuck. I can feel it. Here is a funny story. Cornell suffered a period of tremendous turbulence arising from Palestinian protests. One of my colleagues in the humanities in a moment of minimal clarity noted that he was “exhilarated” by Hamas’s slaughter of Israelis on October 7th, 2023. He seems to be light on the humanity part. This period of rampant free speech cost Cornell and Universities across the nation a ton of shekels as Jewish bazillionaires started disowning them. Imagine, however, if a WWII veteran came back to Cornell in 1969; it would have looked way worse. If you were donating to your alma mater thinking its faculty was a pillar of mental stability, that one’s on you. But the chaos just wouldn’t subside, so one night I gripped and ripped a tweet: I got a call from my brother-in-law who happens to be a trustee and knows everybody . He opens the convo by reciting part of that tweet. The dialog ensued: Me: “How the hell did you see that?” Brother-in-law: “My boss sent it to me.” Me: “Your wife? How did she see it?” Brother-in-law: “My other boss.” Me: “You are self employed. You don’t have a boss.” Brother-in-law: “The Chairman of the Board of Trustees.” As the story goes, the Chairman cold-called him and asked if he by chance knew this guy Collum. Apparently, a faculty member who isn’t whining like a little punk-assed bitch about being oppressed is a trustee-level moment. “Yes. He is my brother-in-law.” Laughter ensued. Enjoy every sandwich. ~ Warren Zevon on his deathbed He who frames the question wins the debate. ~ Randall Terry This year, I did a Zerohedge Debate organized by Liam Cosgrove of The Grayzone and moderated by Bill Fleckenstein. Steve Keen asserted mankind would largely end by 2050—that is not one of my snarky fake claims—whereas I dismissively called it a gigantic grift to monetize the sun. ref 1 , 2 My intellectual high-water mark was the allusion to AI as “squeegeeing drippings from the floor of the internet.” My now-annual trip to the House of the Rising Sun for Brien Lundin’s New Orleans Investment Conference is always a blast where I meet up with old friends, press the flesh with digital friends, and make new friends. Brien dug long and hard to eventually find the bottom of the barrel (me). You can spot some serious contemporary legends. You think that is cool? Take a look at past participants... I averaged one podcast per week (>70 year-to-date). In one with Mike Farris and Diana West on her studies of WWII (see the section “Revised History of WWII and FDR”), Diana noted that her twice-weekly appearances on The Lou Dobbs Show to discuss current events prevented her from thinking deeply or writing seriously. That captured what I was experiencing. Podcasts do, however, serve a purpose much the way gigs at comedy clubs help comedians test drive their ideas. My list of podcasts below is for archival purposes. Mike Farris takes the gold for most invites. Nick Bryant is the scholar on pedophile networks. His chat was important to my studies of child trafficking (Part 3) and in expanding my network of experts and confidants. Tommy Carrigan’s four-way Rumbles in the Jungle with Tom Luongo and Jim Kunstler are always raucous. My interview with Michelle Mikori set the click-count record this year, but the comments section suggests the viewers would have enjoyed it without the audio on. A couple of sites offer bot-driven compilations, including one that professes to rate them. ref 3 , 4 I like the freedom of podcasting. With podcasting, you can really mess around with the form and the format. You can do as much time as you like without having to pause for commercials. ~ Adam Carolla Here is a list of podcasts and links for 2024: Collum could narrate a proctology exam & make it interesting. ~ Vincent J. Curtis (@VincentJCurtis1) I once live-tweeted a cystoscopy: “It burns! It burns!” I will rise to meet Vincent’s challenge. Last year I had a 1.5 inch bladder stone removed by Dr. Darth Vader with his light saber. He inflicted superficial damage that forced him to re-insert the catheter and leave it for a week. Why an entire week? Because he works on Wednesdays. I was not happy about that. This year, my prostate, which was very large due to old age in manly sort of way I guess, was removed by a surgeon named Dr. Weiner. The non-statistical probability of choosing a career that reflects your name is called “nominative determinism”, ref 1 which suggests you should steer clear of Doctors named Butcher, Hack, or Ripper. It is not a perfect rule: Dr. Richard Titball is not a gender reassignment surgeon but rather a professor of biochemistry. ref 2 His students must be ruthless as evidenced by my irresistible urge to make him the “butt” of my joke. You will not hear this often, but I highly recommend the procedure. I went from two-minute dribbles with countless sleep interruptions to blowing out 14 ounces in 4–5 seconds in a 6–8 foot arc. (I should add that those were separate measurements; I am not that talented...yet.) Livin’ the dream. But let me give you old farts a little advice. For the first couple of post-op urinations, sit your ass down unless you wish to see a replay of the Saint Valentine’s Day Massacre. It was a ten-minute cleanup of the floor and walls. When I was a kid, I wanted to be older. This is not what I expected. The only room I can enter and remember why I went there is the bathroom. Over-nourishment makes me hold my breath while I tie my shoes. I can no longer get off the floor without grunting. I am dotting my ‘t’s and crossing my ‘I’s. As my hearing gets worse, the blinker on my car runs unabated. I repeat: old age is not for pussies. The decay of our healthcare system continues. For the first time in US history, life expectancy is dropping. Last year I took a cue from Gretchen Morgenson’s and Josh Rosner’s These are the Plunderers ref 3 and wailed on the swath of destruction to the healthcare system by the private equity Borg. ref 4 Monetary policy incentivizes private equity strip-mining of companies by making capital too cheap. When you buy up hospitals, sell off their assets, and sell the shells to dumb money with a 47% probability of bankruptcy down the road, you are a menace to society. Healthcare is now almost completely corporatized, which means that there is a big middleman who wants the Big Vig. Doctors must act in the corporate interests ref 5 by upselling costly tests and treatments. I am not breaking any HIPAA rules: this is my chart. Are they upselling me? The growing number of doctors in the US has not kept up with the demand as the aging boomers increasingly burden the system. It remains a challenge to attract doctors to less profitable subdisciplines and practices in rural settings. Ken Langone endowed NYU Medical School several years ago, making it free and the most desirable med school in the country. As the movement toward endowed tuitions has spread to other schools, the stated logic is that graduates can serve the public better if they are debt free. ref 6 Alas, tuition benefits have not achieved their stated goals but have made being a doctor even more profitable. Meanwhile, the wait time to get an appointment has increased 24% in 20 years ref 7 (much worse from personal experience), which starts looking serious when you have a big, bloody turbocancer lesion hanging off your face. Firing doctors for refusing to vaccinate was about as helpful as defunding the police. ref 8 The soft corruption infecting the healthcare system over the decades undercuts the quality of patient care. The CDC set up a not-for-profit organization ref 9 to funnel hundreds of millions of dollars from pharma to put a chokehold on healthcare. ref 10 I highly recommend The Real Anthony Fauci by Robert F. Kennedy; ref 11 your blood will boil. For a less biased treatment, and I say less biased because Kennedy hates Tony Fauci, try Sickening by Harvard’s John Abramson in which he describes his role in the scandal in which Vioxx caused 60,000 deaths ref 12 as well as other disasters emanating from the highly conflicted clinical trial-industrial complex. ref 13 A recent study found that clinical trials paid for by pharma showed 50 percent higher drug efficacies than those funded independently. ref 14 This so-called ”sponsorship effect” worked so well with the bond rating agencies leading up to the Great Recession. This year I added Sharyl Attkisson’s Follow the Science to my reading list. She brilliantly describes 25-year career at CBS writing about science and the pharmaceutical industry. Her journey has led to her deep-seated revulsion of the Pharma Blob. ref 15 I also forced myself through The Pfizer Papers , ref 16 which is more of a reference book than a reading book. An army of 3200 volunteer doctors and scientists mowed through gazillions of documents pried loose from Pfizer by a FOIA request. I elaborate in the section entitled “Covid-19 and the Vaccine.” Plot spoiler: Pfizer knew from the very start that the vaccine was wreaking havoc. I would suggest that the whole imposing edifice of modern medicine, for all its breathtaking successes is, like the celebrated Tower of Pisa—slightly off balance. ref 17 ~ King Charles (no kidding) In my consultations with colleagues across academia, I sense a widely held belief that the quality of students has dropped precipitously. This stems from a host of factors including iPhone addiction, helicopter parenting, participation trophies, and upbringings in which no-pain no-gain seems to have gone out of favor. The common refrain is, “Why should I learn it if I can just look it up?” The simple answer is that you need an operating system to think. Why is this being mentioned in a section on healthcare? Your future doctors may be surgically rooting around in your chest cavity like a truffle pig guided by YouTube videos. We return to related issues in the section on “College”, but I urge you to find doctors who are old enough to not be the iPhone Walking Dead. Let’s shoot back. Rumor has it Trump won the election, and Kennedy is being put in charge of Health and Human Services. There is no reason to doubt that he will be the most aggressive leader of that massive government organization in its history. At the next level down, the frontrunner to run the National Institutes of Health is Dr. Jay Bhattacharya of Stanford Medical School. He is a mild-mannered, very bright health policy expert who has developed new attitudes about the healthcare system as one of the three creators of the Great Barrington Declaration. ref 18 (For laughs, I looked at Wikipedia’s writeup on the Great Barrington Declaration, ref 19 and it is a complete sack of propaganda to push the authoritarian narrative that I have come to expect from that once revolutionary idea.) Both Kennedy and Bhattacharya have battled the Healthcare Balrog and emerged victorious. They could be revolutionary. While on the topic of eating organic food, brother-sister pair, Calley and Casey Means, appeared out of nowhere in a Tucker Carlson interview discussing decidedly unhealthy food and healthcare. ref 20 This was not by chance but rather the first salvo in the battle to Make America Healthy Again (MAHA) that is a major plank of the Trump administration. Ozempic, Wegovy, and other related anti-obesity drugs hit the ground running this year. The drug companies have restrictions on what they can advertise off-label, but they bypass the restrictions by exploiting famous Hollywood butterballs trying to become marketable again. We have created the ‘solution’ to treat the problem, without really being disciplined and empathetic enough to stop the creation of obese children in the first place. ref 21 ~ Dr. Lawrence Palevsky, pediatrician I am guessing that somewhere down the road we will discover huge side effects. You are treating the symptom not the disease. Bypassing the most overt phenotype arising from eating dogshit—Dunlop’s Syndrome in which your “belly done lops over your belt”—may not be healthy. And yet some health authorities, including the American Academy of Pediatrics, recommend it for teens, which will enable consequence-free Cheeto-Mountain Dew diets while they sit around staring into their iPhones. ref 22 Yay. That cannot be good, but I am expecting worse. Side effects include Anxiety, insomnia, and depression, all accompanied by a 45% rise in “suicide ideation.” ref 23 Muscle loss ref 24 seems to be causing “Ozempic Eyes” or “Ozempic Face” ref 25 in which you pick up that starving-POW look. When you are talking about the human biome, it is likely to be FAFO (fuck around find out.) At least your pall bearers will thank you. That BBC headline is spot on: death is the leading cause of not ageing. The profitability of a drug that must be taken for life causes spittle to drool down the chins of pharma CEOs. At $1000 per month without prescription coverage, Ozempic Wallet may become a thing. Euthanasia seems to be cool again. A depressed 28-year-old Dutch woman scheduled to be euthanized in May found happiness as the big day approached. ref 26 In Canada, its popularity has exceeded that of the ice bucket challenge. The CEO of United Health got assassinated by a pro. ref 27 Inscriptions on the bullet casings—“Deny, Depose, Defend”—suggested the company’s record of having the highest denial of coverage percentage in the business ref 28 left one critic a little grumpy and offered him complementary body piercings. This is a rapidly evolving story. The perpetrator has supposedly been identified, leaving the world mystified about why and even if he did it. ref 29 Note to the Elites: this is the shit that happens when the plebes feel like they have no civilized path forward. This is a Fourth Turning move. With especially poor timing, insurance company Anthem Blue Cross and Blue Shield announced that they would not cover the cost of anesthesia if the surgery took longer than a prescribed time. That policy was retracted fast , ref 30 presumably straight from the desk of the CEO trying to avoid the wireless hole puncher. I suspect that the announcement was already in the chamber to be fired out to the public when the United Health CEO got whacked. FAFO. The new shingles vaccine, Shingrix, was released in time to battle the shingles pandemic among the recently vaccinated. But they are provided for free! Yeah. Right. Government handouts mean you are paying. How broke will we be when all pharma products are free? That would have tremendous palliative benefits of reducing the diseased CPI. And since you have no idea what is in those devilish jabs, I should point out that Shingrix is an mRNA gene therapy. Are you going to jump on that bandwagon again and hope it doesn’t cause bleeding from every orifice? I’ll pass, thankyou very much. I’ve seen claims that healthcare is approaching 20% of US GDP. I have witnessed a huge spike in construction of healthcare facilities in my little college town of Ithaca. Economists love GDP, but let’s unwrap that. Would you be better off if you needed no healthcare whatsoever? Of course. Soaring boomer healthcare costs reflect the cost of keeping a rapidly depreciating fleet of aging Chevy Chevettes, Ford Pintos, and Corvairs on the road. And a headline from Bloomberg... Health and Human Services’s 2025 budget includes the keyword “equity” 829 times. Hundreds of billions are spent chasing the DEI bogey while your health falters. ref 31 And, by the way, why is DEI considered so profoundly important while tagging a hire as a DEI hire is verboten? Dear Kamala: the gold miners are gouging the price of gold. It’s up 10% per year under President Jill Biden. Can you please tell them to stop? Thanks. ref 1 ~ Zerohedge Gold had both a strong year (+30% ytd) and was not particularly newsworthy. Gold bugs always look forward to Ronald-Peter Stöferle’s and Mark J. Valek’s In Gold We Trust comprehensive treatise on the yellow metal and related topics. ref 2 I am not a technical analysis guy but the most highly respected technical analyst of gold, Mike Oliver, said gold would launch if it broke $2500. Although I would not call $2600 a launch, it held above that level to close the year at $2650 (as of 12/16/24) despite a sell-the-news $200+ swoon following the 2024 US elections. While some viewed the election sell-off to be about fundamentals, I think it was just an unwinding of a doom bet on election carnage (rioting, eating cats and dogs, shit like that). Despite detractors, gold is the #2 reserve currency below the dollar. Most are unaware that gold “IPO’d” in August 15, 1971, it has delivered a nearly 8% annualized return priced in dollars. The claim that gold is 5x gain relative to equities and bonds if that is a mean regressing proportionality. Remember that what follows this period of recessionary deflation will be MMT or some facsimile thereof. That is the ‘big bomb of debt’ monetization that ends up sending gold beyond a bull market towards a parabolic surge. ~ David “Rosie” Rosenberg A few nuggets are worthy of mention: Another wage-price spiral attributable to rising oil prices would be very reminiscent of the Great Inflation of the 1970s, when the price of gold soared. In this scenario, $3,500 per ounce would be a realistic target for gold through 2025. ~ Ed Yardeni (@yardeni) The most likely wildcard path to a gold price of $3,000/oz gold is a rapid acceleration of an existing but slow-moving trend: de-dollarization across “Emerging” markets central banks that in turn leads to a crisis of confidence in the U.S. #dollar...” ref 10 –Citigroup analysts Silver is schizophrenic in that it is less of a monetary metal than gold and much more of an industrial metal. As shown below, US traders smack it around, but that is just day trading. When powerful short sellers in the big banks get caught offsides on a big bet, the price will likely get stepped on temporarily. The silver bulls view silver as a leveraged play on gold, but will that be true going forward? A bullish argument is that Joe Sixpack gets more bang for the buck for silver—an ounce for $30. But that seems like a relevant rallying cry only in the final meme/mania phase, and this is no mania yet. The gold–silver ratio is said to have been 7:1 in ancient Rome and is now in the ballpark of 90:1. Some say that the 16:1 ratio in the Earth’s crust is the target for mean regression, but that is probably too simplistic given the complexities of the mining industry. Doomberg warns that there are no big advances in battery technology, and the incremental advances are all in large companies. He urges you to never invest in a story stock promising a breakthrough. Silver’s importance in the Samsung’s newest rechargeable batteries does seem encouraging. The importance of silver in solar panels and the difficulties in recycling them makes silver a good bet should the climate cult continue to help the climate grifters who, in turn, are playing into the hands of the authoritarians. That every electronic device on the planet uses largely non-recyclable silver should drive demand for silver. ref 13 One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do...I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up... I wait for a situation that is like the proverbial ‘shooting fish in a barrel.’ ~ Jim Rogers, in Market Wizards Let’s begin with savings. I think you save for retirement whereas you invest to fight inflation. Four decades ago (1981), I was a cash-poor new homeowner. I began furnishing it from yard sales but eventually progressed to 18th and 19th century American antiques. They were in a bull market as boomers began homesteading and caught the country bug in large numbers. I now live with really nice furniture that may not be worth what I paid but has not followed IKEA crap off the depreciation cliff. I was doing OK in these formative years including steady flows into retirement accounts, but one day I was reading a USAir magazine story that asked rhetorically, “Are you saving enough for retirement?” I realized I could do better and followed their suggestion to increase the rate of savings incrementally. For many years now I have sheltered 25–30% of my gross salary into retirement. This was true even during the kids’ college years. Last year, for example, I socked away 25% despite purchasing a new SUV for my wife and some aggressive distributions to the next generation. Well, this year, owing to wrapping up my research program, the 25% of my salary deriving from Federal grants evaporated, and my savings dropped to 4%. Technically speaking, I lived paycheck-to-paycheck. I also realized, however, that next year I turn 70 and will get nearly $60,000 per year salary boost from Social Security, which was good timing. I am, however, pondering retirement so that I can go to my office everyday as usual but work for free. Raising children is an enormously expensive endeavor. ~ Malcolm Gladwell My son, a professional violinist, went on a 6-week whirlwind tour of Europe shopping for a new violin. He found nothing of interest until, on nearly the last day, this 1725 Carlo Antonio Testore came across the auction block at Tarisio, and, with 100% funding by the Bank of Dad (BoD), he grabbed it. This six-digit purchase (with all six to the left of the decimal point) is owned by the BoD; he will inherit it. Was it a good buy? I think so. The kid has a good head, keen eye, and fabulous ear. I do not include this violin in my personal savings calculations; it is a hard asset. The mid-19th-century dining room table with the stunning tiger maple on which the Testore resides cost $700. That was a good buy too. An interesting aside, a 1714 Stradivarius is about to cross Sotheby’s auction block at an estimated World-record-beating $12–18 million. ref 1 (Of course, the very best are owned by institutions and will never hit the auction block.) To recap my 45-year investment history, I was 100 percent long-bonds via TIAA from 1980–1987 until a discussion with a colleague in the wake of the ’87 crash convinced me I should hit the equities hard. I averaged in , but did so aggressively, and became wildly enthusiastic about tech by the early ‘90s. I was a poster child for the bubble. However, I had learned enough about markets to conclude that something was wrong. In July of 1998 I jettisoned half of my CREF-based index funds and watched the market tank into the Asian Flu. Feeling half genius and half moron, I was determined to get the second half out if the market rallied back. It did, and I was out of indexes by early ’99 and had tight stops on tech favorites as well as a handful of other real winners. They were all gone by mid ’99, pocketing 700% each on Worldcom and Dell, for example. (I never bought a dot-com.) Without a single share of an equity, I paid off the tail-end of my mortgage (debt-free ever since) and went long gold (cost basis 10% of My Net Worth Positions 1.0–10% of My Net Worth Positions 0.10–1.0% of My Net Worth Positions 50%). The bottom is in when the Fed stops dropping rates. The Fed started dropping rates in March 16th, 2024. Let the games begin. I hasten to add that these correlations of rates and returns don’t necessarily indicate causation. The greatest credit event of all would be a recession in which US yields went up, not down. ~ Michael Hartnett By the end, we’re 40 times leveraged with 0.1% growth to get what looks like 4% growth...find me an economist who can tell me what the real unleveraged growth of America is, and people will have an epileptic fit even thinking about it because it’s teeny. ~ David Murrin I am getting increasingly concerned that we have to endure another decline of 5 percent or more before the year is out. ref 33 ~ Sam Stovall, CFRA Research’s chief investment strategist, way over his skis I feel like a lot of what’s perceived as wealth is an inflation illusion. ~ Stephanie Pomboy The Magnificent Seven. The Mag 7—Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, Nvidia, and Tesla—are the modern-day Nifty Fifty of 1967 or the 14 Japanese companies rounding out the top 20 companies in the world in 1989. Both offered up spectacular gains, culminating in catastrophic prospective losses. Sometimes the ten largest are discussed, but they lack the catchy name recognition. The Mag 7 are collectively overpriced, moreso than when I launched a diatribe against them in 2022, gloating about their recent beatings only to watch them humiliate me. ref 37 Nvidia (NVDA) has become the market and will be the focus of my scorn. Before projectile vomiting my sour Nvidia grapes, I want to share a few random bullets about the collective Mag 7 and the other players in the Mag 7—the Mag 6—that caught my attention. The only thing less valuable than Tesla stock is a fully grown adult at P. Diddy’s house. ref 38 ~ Lewis Black If you think Silicon Valley knows what it’s doing financially, you really have to rethink things. ~ Jim Chanos, Kynikos Apple’s index representation is set to increase after Buffett’s sale fully unleashed the amount of stock available for trading. In turn, index-tracking funds will need to purchase the shares to mimic its growing heft. ref 43 ~ Bloomberg, failing to understand the definition of “float” ref 44 Nvidia (NVDA) is the poster child of the New Era. I have seen cats chase laser pointers with less enthusiasm. I suspect NVDA and its CEO will be pictured on milk cartons when the next big whoosh lays waste to the indices. Some hang the Ponzi moniker on NVDA owing to massive valuations (50x revenues), shady dealings with Coreweave, and a CEO with bad press from past shenanigans. ~Me, 2023 YIR Nvidia. While nuclear-powered AI is said by some to be the greatest thing since the internet, profits from AI seem to not be materializing. The big players could spend huge bucks just to keep up with each other. Google is at risk of its invader-proof moat drying up. If the generations of technology roll over faster than the R&D can be amortized, AI companies could suffer death by creative destruction. ref 46 Meanwhile, the pick and shovel maker Nvidia has become the first $3 trillion company with a capacity to gain or lose hundreds of billions of dollars in a single day. They added more than the equivalent of Goldman Sachs in one night. Nvidia has become the technology market. To get to a [pre-10:1-share-split] $740 share price simply requires NVDA to maintain a monopolist-like operating profit margin of 55% for the next decade, while also growing sales 10x to more than $600bn. For context, the entire industry sold $527bn worth of chips last year. ~ Jesse Felder (@jessefelder) not knowing that the price would soon double The U.S. Supreme Court will hear Nvidia’s appeal of a court ruling that accuses the company of committing securities fraud. ref 60 ~ Bezinga Headline NVDA investors won’t want to read (and apparently didn’t) Nvidia gets subpoena from US DoJ, Bloomberg News reports –Reuters, another headline NVDA investors didn’t read Nvidia has been a high-wire act for some time. ref 64 ~ Marc Cohodes, 2002 There are a number of people who could have put Jensen in jail. ref 65 ~ Marc Cohodes, 2024, quoting a source I think it is the biggest bubble I’ve ever seen. Nvidia is up $1 trillion in one month. ~ Fred Hickey, The High-Tech Strategist Nvidia is highly unlikely to be a long-term winner as the demand for picks and shovels occurs at the beginning of a gold rush, and then rapidly fades. ref 69 ~ Dhaval Joshi of BCA Research So there you have it. Nvidia is the market. It has offered investors >170% one-year return and a 2400% five-year return. Will their 80% profit margins and valuations at >40x revenue and 100x levered-free cash flow hold up over time? During the dot-com bust Nvidia swan dived 90%. Could the drop be bigger this time? I said yes, ref 70 but what do I know? Here is the bullish case that says they just keep going up. ref 71 AI will likely be transformative and highly profitable, but probably to those who can buy the body parts at a deep discount after a period of carnage. Nvidia provides the infrastructure—the pipes—for AI. Corning provided the infrastructure—the light pipes—for the telecom sector and internet. I have a few questions. Will history refer to the “Magnificent Seven” as a success story or will they become the “Malignant 7” and join the Nifty Fifty and Dotcoms in the Hall of Shame? That I need not even define “Mag Seven” for the reader is a tell. The Yahoo Finance page has a picture of Jensen Huang every...single...day. He has been on countless magazine covers. This seems like the magazine cover jinx that is now an infamous top call, but—and this is Kim Kardashian-sized but—Jensen has not yet been on The Economist . However, as they said in Starwars, there is another... Market Bullets. Before my final wrap up, let’s peek at a couple of funny stories of the type that emerge before the proverbial tide recedes. Chewy surges after ‘Roaring Kitty’ discloses stake. ~ Yahoo Finance Headline When a stock surges 90% because of the “Return of Roaring Kitty”, you know we are currently living in one of the most speculative environments in history. ~ Otavio Costa By the way, what does a whale that can move markets by simply spouting out his blowhole actually look like? This is Roaring Kitty. Are you not entertained now? The Game is indeed nearly over. In conclusion, we are witnessing the great cycle of life. As the markets pull out of some secular low and climb the wall of worry, credit loosens, entrepreneurs begin taking baby steps at creating new wealth, eventually reaching a climax—a blow-off top. Prior to the collapse, the smart guys will have already snuck out the back door to safe havens, leaving the risk in pension plans run by Hillbillies. As the collapse wreaks havoc and crushes the nouveau poor, the “elites” will foreclose on the malinvestment and confiscate the portions of the wealth that survive the washout for pennies on the dollar. Who bought the real estate that went on the auction block in 08–09? Not you or me. Après le deluge, the cycle starts all over again. A 1994 paper by Romer and Akerloff described the great wealth transfer of the boom-bust cycle. I’ve saved my really big concern for last. We appear to be in yet another investment mania. Wall Street guys call it a “blow-off top”, which is coded language for getting you to keep putting your money in through fear that you will miss the best part—the Grand Finale. Lincoln made that mistake too. Yet, somehow, nobody seems euphoric. The Roaring 20s got their name for a reason. The dot-com boom felt like we had catapulted into the future. The housing mania that drove the markets to the ’07 top was euphoric as nouveau homeowners thought Oprah would be giving everybody a house and a pony. During this latest high, by contrast, the Left Half think their lives are over because the Orange Man won. The Right Half voted for the radical reform because they have had enough of the Left Half. The Bottom Half are working two jobs to pay their bills because of the surging cost of living. The Top Half will do anything to avoid returning to the Bottom Half (including selling into a panic). Politicians are despised, the mainstream media is hated, and the healthcare profession killed people. Universities are viewed as neo-Marxist training camps and too damned expensive. It feels like a mix of 1860 USA and 1789 France. Here is the Really Big Question: If everybody is so grumpy at the top, what the hell is the next recession and accompanying bottom going to look like? There is not the slightest indication that [nuclear energy] will ever be obtainable. It would mean that the atom would have to be shattered at will. ~ Albert Einstein, 1932. To state the obvious, energy runs the world. The entire growth of civilization is about harnessing enthalpy (heat) to overcome entropy (chaos). Without the constant input of enthalpy, civilization will decay into a state of maximum entropy, and Bartertown may be our best-case scenario. Beginning with The Quest for Fire , every major advance in cultural evolution demanded increasing energy efficiency from trees, peat bogs, whale blubber, coal, oil, natural gas, and the atom. I am convinced that anthropogenic climate change is a load of anthropogenic crap brought to us by tens of trillions of dollars of anthropogenic grift and global authoritarianism. I have run out of patience with policymakers, corporate decision-makers, and investors who collectively throw up their hands and say, ‘Don’t blame me.’ There is no excuse to fall for the myth of being victimized by the unprecedented. –Stephen Roach in Myth of the Unprecedented Here is where I cut the psychopaths some slack: maybe they are in a position to see that changes are coming and, to quote a famous former governor, “Fuck your freedoms.” The Club of Rome was not nuts asserting exponential growth on a finite orb is arithmetic nonsense as brilliantly described in talks by Albert Bartlett. ref 1 The obvious and final play is nuclear. Perceived risk is amplified by the vivid imagery of Three Mile Island, Chernobyl, and Fukushima setbacks; there were no fatalities at the former two, and an estimated 31 died in the immediate aftermath of Chernobyl. By contrast, wind turbines kill several dozen people per year. My interest in energy and electric vehicles is a combination of curiosity, investment opportunity, and tracking the twisted globalists’ quest for global domination. There are plenty of energy experts; I find the pseudonymous Doomberg to be a fabulous source of grounded wisdom. ref 2 The energy transition is failing and will fail. ref 3 ~ Barry Norris, the founder and chief investment officer of UK hedge fund Argonaut Capital Partners LLP Electric Vehicles. The electric vehicles (EVs) came on too fast. You cannot legislate solutions to technical problems. The EV market appears to be heading for a shakeout that is not just about a bursting bubble on Wall Street. It is bullet time: Something super weird is going on, as Tesla was the *only* car company attacked! ref 11 ~ Elon Musk on the German attacks on Giga factory The investment community’s belief that EVs will displace the internal combustion engine remains as strong as ever. We vigorously disagree... Despite claims to the contrary, our research suggests EVs are less energy efficient than internal combustion engine automobiles. As a result, they will fail to gain widespread adoption. ref 15 ~ Goehring & Rozencwajg Electric vehicles (EVs) are piling up on lots across the country as the green revolution hits a speed bump, data show. ref 18 ~ USA Today, November 14, 2023 The road to electrification could be bumpier than anticipated. ~ Stephen Scherr, Hertz CEO...oops...ex-CEO The Twittersphere pointed out that Volkswagen was run by Nazis. She deleted her Twitter account. Well, hells bells. Let’s get more government in the game... I have a particular fondness, I must tell you, for electric school buses. I love electric school buses! I just love them for so many reasons! Maybe because I went to school on a school bus. Hey, raise your hand if you went to school on a school bus! ~ Kamala Harris, former future President The bottom line seems to be that EVs cost way more than ICEs to buy, finance, insure, and repair. They hold value like bananas left on the countertop. You can’t refuel them in two minutes. They can catch fire, rip through tires because of the excessive weight, get written down near zero after a fender bender because the integrity of the battery is unknowable, experience software crashes worse than Windows 95, witness precipitous drop in miles per charge in cold weather, strain the grid, and bankrupt rental agencies because of all of the above. ref 34 Otherwise, they’re great! That leads to the ultimate question: where will we get all the green energy to power all those green cars? The nation that destroys its soil destroys itself. ~ President Franklin D. Roosevelt Biomass-Derived Energy. I’ve written about biomass before. its problems were vividly laid bare by, of all people, Michael Moore in his Planet of the Humans documentary. ref 35 Destroying the World’s arable soils so that you can drive your car is insane. Of course, the corn lobby will keep the ethanol subsidies coming much the way wool subsidies refuse to die. Otherwise, I sense the idea has already died on the vine. We built a heck of a lot of wind capacity in 2023 in the United States, but the actual amount of wind electricity produced went down simply because you have wind droughts. ref 36 ~ Dan Kish, energy economist, Institute for Energy Research (IER) Wind Turbines. Wind is close behind. Construction and disposal of wind turbines are environmentally brutal. The ornithologists detest the deaths of migratory birds while missing the possible benefits of catching them with nets to make raptor stews. Turbines turn pristine landscapes into eyesores. I used to fish off Wolf Island in the Saint Lawrence River. It is now a big wind farm. Next time you drive by a windfarm, count how many turbines are not turning. Wind turbines seem likely to follow biomass into the dustbin of history. If you want an interesting takedown, listen to this 4-minute riff on wind turbines in the show Landman . ref 37 Let’s shoot them with a few bullets anyway. Solar Power. Cradle-to-grave analyses of the efficacy of alternative energies require a detailed investigation of the overall cost, resource depletion, net energy cost after the consumption of fossil fuels have been accounted for, and all of the above when it comes time for the grave. Analyses by many including David MacKay, ref 43 , 44 , 45 whose work came highly recommended by energy security analyst Iddo Wernick, ref 46 have convinced me alternative “green” energies cannot replace fossil fuels. The incentives for those in the alternative energy industry to carry out such detailed analyses is akin to the incentives of Pfizer to find all the flaws in their drugs and vaccines. The problem of solar panel disposal will explode with full force in two or three decades and wreck the environment because it is a huge amount of waste and they are not easy to recycle. ref 47 ~ Forbes Hundreds of millions of solar panels are in service; most have a lifespan of under 30 years. Each year, their electric output drops by at least half a percent, and given enough time they must be replaced. Best I can tell, nobody has figured out how to solve the “intractable problem of hazardous waste disposal” ref 48 once the solar panels have gone to the light. I am by no means an expert, but this serves as a warning to eco-bliss-ninnies who embrace alternative energies without much thought. Developers who pocketed huge profits and are arguably responsible for them cradle-to-grave will be long gone when that grave part arrives. I am just topping off years of casual reading about energy, admittedly accruing wisdom incrementally: As Europe and the rest of the World get pounded by energy shortages, people may soon be begging for nuclear power plants in their backyards — NIMBY turns RIMBY (right in my backyard). ~ Dave Collum, 2023, cited In Gold We Trust Nuclear Energy. I have been confident for awhile now that nuclear power was going to return. It must return. The bombing of the Nordstream pipeline struck me as a trigger. Freezing a few asses off in a chilly Northern European winter would have the Germans begging for a plant in their backyards. That didn’t happen, but there emerged an urgent push for nuclear energy that came with little warning inside the Trojan Horse of AI. Our children will enjoy in their homes electrical energy too cheap to meter. ~ Lewis L. Strauss, chairman of the Atomic Energy Commission Chips used for AI suck up 5–10x more power than standard CPU systems. ref 58 I call it a Trojan Horse because I believe the enthusiasm for AI is not just putting pressure to find better sources of energy. AI is being used to generate the “buzz” to get sign-off by the public on nuclear energy. I can imagine a future in which Apple, Microsoft, Google, and Amazon are the largest components in the XLE energy index. All the cool kids like Gates, Fink, Jensen, and Altman are on the bandwagon. Moreover, the timescales often cited are in years not decades. Something has changed. The big money is all in, which means nuclear energy is surging. I am playing catchup here, but the “next gen” or “second gen” small modular reactors (SMRs) can be mass produced. Our nuclear sub fleet illustrates the basic idea. Cost estimates are all over the map, but the wild variations appear to trace to regulatory uncertainties, which can be bulldozed if the mood is right. Energy whiz Doomberg did a back-of-the-envelope calculation showing that the footprint of a traditional reactor is 2024 was a brutal year for the Amazon rainforest, with rampant wildfires and extreme drought ravaging large parts of a biome that’s a critical counterweight to climate change. A warming climate fed drought that in turn fed the worst year for fires since 2005. And those fires contributed to deforestation, with authorities suspecting some fires were set to more easily clear land to run cattle. The Amazon is twice the size of India and sprawls across eight countries and one territory, storing vast amounts of carbon dioxide that would otherwise warm the planet. It has about 20% of the world’s fresh water and astounding biodiversity, including 16,000 known tree species. But governments have historically viewed it as an area to be exploited, with little regard for sustainability or the rights of its Indigenous peoples, and experts say exploitation by individuals and organized crime is rising at alarming rates. “The fires and drought experienced in 2024 across the Amazon rainforest could be ominous indicators that we are reaching the long-feared ecological tipping point,” said Andrew Miller, advocacy director at Amazon Watch, an organization that works to protect the rainforest. “Humanity’s window of opportunity to reverse this trend is shrinking, but still open.” There were some bright spots. The level of Amazonian forest loss fell in both Brazil and Colombia. And nations gathered for the annual United Nations conference on biodiversity agreed to give Indigenous peoples more say in nature conservation decisions. “If the Amazon rainforest is to avoid the tipping point, Indigenous people will have been a determinant factor," Miller said. Forest loss in Brazil’s Amazon — home to the largest swath of this rainforest — dropped 30.6% compared to the previous year, the lowest level of destruction in nine years. The improvement under leftist President Luiz Inácio Lula da Silva contrasted with deforestation that hit a 15-year high under Lula's predecessor, far-right leader Jair Bolsonaro, who prioritized agribusiness expansion over forest protection and weakened environmental agencies. In July, Colombia reported historic lows in deforestation in 2023, driven by a drop in environmental destruction. The country's environment minister Susana Muhamad warned that 2024's figures may not be as promising as a significant rise in deforestation had already been recorded by July due to dry weather caused by El Nino, a weather phenomenon that warms the central Pacific. Illegal economies continue to drive deforestation in the Andean nation. “It’s impossible to overlook the threat posed by organized crime and the economies they control to Amazon conservation,” said Bram Ebus, a consultant for Crisis Group in Latin America. “Illegal gold mining is expanding rapidly, driven by soaring global prices, and the revenues of illicit economies often surpass state budgets allocated to combat them.” In Brazil, large swaths of the rainforest were draped in smoke in August from fires raging across the Amazon, Cerrado savannah, Pantanal wetland and the state of Sao Paulo. Fires are traditionally used for deforestation and for managing pastures, and those man-made blazes were largely responsible for igniting the wildfires. For a second year, the Amazon River fell to desperate lows , leading some countries to declare a state of emergency and distribute food and water to struggling residents. The situation was most critical in Brazil, where one of the Amazon River's main tributaries dropped to its lowest level ever recorded. Cesar Ipenza, an environmental lawyer who lives in the heart of the Peruvian Amazon, said he believes people are becoming increasingly aware of the Amazon's fundamental role “for the survival of society as a whole." But, like Miller, he worries about a “point of no return of Amazon destruction.” It was the worst year for Amazon fires since 2005, according to nonprofit Rainforest Foundation US. Between January and October, an area larger than the state of Iowa — 37.42 million acres, or about 15.1 million hectares of Brazil’s Amazon — burned. Bolivia had a record number of fires in the first ten months of the year. “Forest fires have become a constant, especially in the summer months and require particular attention from the authorities who don't how to deal with or respond to them,” Ipenza said. Venezuela, Colombia, Ecuador, and Guyana also saw a surge in fires this year. The United Nations conference on biodiversity — this year known as COP16 — was hosted by Colombia. The meetings put the Amazon in the spotlight and a historic agreement was made to give Indigenous groups more of a voice on nature conservation decisions , a development that builds on a growing movement to recognize Indigenous people's role in protecting land and combating climate change. Both Ebus and Miller saw promise in the appointment of Martin von Hildebrand as the new secretary general for the Amazon Treaty Cooperation Organization, announced during COP16. “As an expert on Amazon communities, he will need to align governments for joint conservation efforts. If the political will is there, international backers will step forward to finance new strategies to protect the world’s largest tropical rainforest,” Ebus said. Ebus said Amazon countries need to cooperate more, whether in law enforcement, deploying joint emergency teams to combat forest fires, or providing health care in remote Amazon borderlands. But they need help from the wider world, he said. “The well-being of the Amazon is a shared global responsibility, as consumer demand worldwide fuels the trade in commodities that finance violence and environmental destruction,” he said. Next year marks a critical moment for the Amazon, as Belém do Pará in northern Brazil hosts the first United Nations COP in the region that will focus on climate. “Leaders from Amazon countries have a chance to showcase strategies and demand tangible support," Ebus said.

Commercial Vehicle Electromechanical Switch Industry 2024: Surge In Electric Vehicle Demand Fuels Market GrowthPerson accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge

1 2 Chandrapur: The district is bracing for an outsider as its guardian minister after being denied representation in the recent cabinet expansion of the Maharashtra govt. Despite having five BJP MLAs among its six constituencies, the district failed to secure a ministerial berth, breaking a 15-year streak of local representation in the state cabinet. With no MLA from the district making it to chief minister Devendra Fadnavis's new cabinet, speculation is rife about the likely candidates for the guardian minister post. Political experts and local leaders are welcoming the possibility of either chief minister Devendra Fadnavis or BJP state president Chandrashekhar Bawankule taking up the role. "Given Fadnavis's roots in Chandrapur and his past performance as Gadchiroli's guardian minister, he is well-suited to lead the district's development," said a senior political analyst. However, source said Fadnavis inclined towards taking up the role of guardian minister of Gadchiroli. Chandrapur's strategic importance, especially its proximity to Gadchiroli, has been underscored by significant industrial development initiatives. MoUs worth Rs75,000 crores for mineral-based industries have been signed, promising large-scale employment opportunities. Observers believe this makes Fadnavis a natural fit for the role of guardian minister, ensuring effective implementation of these projects. Bawankule, another strong contender, is seen as an administrative heavyweight and a trusted figure within the BJP. Being rich in Wildlife and forest resources, forest minister Ganesh Naik could also be offered the responsibility of guardian minister of Chandrapur. Kirti Kumar Bhangadiya, a three-time BJP MLA from Chimur, and Kishor Jorgewar, another BJP MLA, were among those vying for a ministerial position. "Bhangadiya's close ties with senior BJP leaders like Shobhatai Fadnavis and CM Fadnavis did not yield results this time," said a political expert. Similarly, Jorgewar, who has been a key player in state politics for over two years, was expecting a berth as a representative of the Scheduled Castes. This marks the first time since 2008 that Chandrapur will have a guardian minister from outside the district. The last two decades saw local leaders like Shobhatai Fadnavis, Sanjay Deotale, Vijay Wadettiwar, and Sudhir Mungantiwar holding the post. Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , Location Guesser and Mini Crossword .And single people are more likely to use mobility tools compared to those who are married, according to researchers from University College London (UCL) and the London School of Hygiene and Tropical Medicine (LSHTM). Researchers looked at information from a group of more than 12,000 adults in England aged 50 to 89 who were tracked over a 13-year period. At the start of the study, 8,225 adults had no mobility difficulty and did not use mobility assistive products (MAPs). Some 2,480 were deemed to have “unmet need” and 1,375 were using mobility aids. During the follow-up period, there were 2,313 “transitions” where people went from having no mobility issues to needing some help with getting around. And 1,274 people started to use mobility aids. Compared with men, women were 49% more likely to transition from not needing mobility aids to needing to use them, according to the study which has been published in The Lancet Public Health. But were 21% less likely to go on to use mobility aids when they needed them. The authors said their study showed “barriers to access” for women. For both men and women, with every year that passed during the study period the need for mobility aids increased. People who were older, less educated, less wealthy or reported being disabled were more likely to “transition from no need to unmet need, and from unmet need to use”, the authors said, with this indicating a “higher prevalence of mobility limitations and MAP need overall among these groups”. They added: “Finally, marital or partnership status was not associated with transitioning to unmet need; however, single people were more likely to transition from unmet need to use compared with married or partnered people.” Jamie Danemayer, first author of the study from UCL Computer Science and UCL’s Global Disability Innovation Hub, said: “Our analysis suggests that there is a clear gender gap in access to mobility aids. “Though our data didn’t ascertain the reason why participants weren’t using mobility aids, other research tells us that women are often more likely than men to face obstacles such as cost barriers as a result of well-documented income disparities between genders. “Many mobility aids are designed for men rather than women, which we think may be a factor. “Using mobility aids can also make a disability visible, which can impact the safety and stigma experienced by women, in particular. “There’s a critical need for further research to identify and break down the barriers preventing women from accessing mobility aids that would improve their quality of life.” Professor Cathy Holloway, also from UCL, added: “Not having access to mobility aids when a person needs one can have a big impact on their independence, well-being and quality of life. “Our analysis suggests that women, in particular, regardless of other factors such as education and employment status, are not getting the support that they need.” Professor Shereen Hussein, senior author of the study and lead of the social care group at the London School of Hygiene & Tropical Medicine, said: “The research provides compelling evidence of gender disparities in accessing assistive technology, suggesting that cost, design bias, and social stigma are likely to disproportionally affect women. “This underscores the need for inclusive, gender-sensitive approaches in the design, production and inclusivity of assistive technologies.”The last six years have landed Canadian Kurtis Rourke firmly in the U.S. college football limelight. The 24-year-old Oakville, Ont., native will lead the upstart Indiana Hoosiers (11-1) into South Bend, Ind., to face the Notre Dame Fighting Irish (11-1) on Dec. 20 to open American university football's expanded playoff bracket. Rourke transferred to Indiana last December to boost his NFL draft stock after five years at Ohio University, where he began as a backup to his older brother, Nathan, then captured the 2022 MAC offensive player of the year award despite suffering a season-ending knee injury before heading to Indiana after the 2023 season. A win over Notre Dame would extend Indiana's stellar campaign while a loss would mark the end of Rourke's collegiate career. "Having six years is something not many people can say," Rourke told Canadian reporters Wednesday. "(It has been) very much a roller-coaster but I'm just grateful. "I've had four surgeries in college and only missed a handful of games. That's the biggest thing I come back to, that I've been so lucky to still play and have an opportunity to play (maybe) four more games and hopefully at a professional level." The six-foot-five, 223-pound Rourke will be eligible for the '25 NFL draft. Rourke has played a big role in Indiana — traditionally known as a basketball school — emerging as a Big Ten contender in head coach Curt Cignetti's first season. Rourke completed 202-of-287 passes (70.4 per cent) for 2,827 yards with 27 TDs and just four interceptions in 11 games and last week was named a finalist for the Manning Award, given annually to American college football's top quarterback. The only blemish on Indiana's record was a 38-15 loss to Ohio State before 105,751 spectators in Columbus, Ohio, on Nov. 23. Rourke was eight-of-18 passing for 68 yards in that contest and sacked five times. It's that experience Rourke and the Hoosiers are drawing upon as they prepare to visit Notre Dame Stadium, which has a seating capacity of roughly 77,000 but held 84,000 spectators for a 2018 Garth Brooks concert. "I don't know if it will be as crazy or as hostile an environment as Ohio State ... but I do expect it to be a pretty good environment," Rourke said. "We have some plans in place with the silent count if we need at any point to go to ... but ultimately just learning from the experience of Ohio State to handle it individually as well as an offence." Former CFL player Tino Sunseri is Indiana's quarterback coach/co-offensive co-ordinator. Sunseri spent three seasons with the Saskatchewan Roughriders (2013-15), winning a Grey Cup as a rookie. Reaching the expanded playoff format in Cignetti's first season is a huge accomplishment for Indiana. But the school reportedly added 31 players via the transfer portal before the 2024 campaign. When asked how he appealed to incoming players, Cignetti said, "It's pretty simple, I win. Google me." Cignetti came to Indiana after posting a 52-9 record over five seasons at James Madison. Rourke said Hoosiers' players draw inspiration from their brash head coach. "Seeing your head coach on a national stage say what he said, 'Google me,' ... that just shows how confident he is in himself and the coaches," Rourke said. "And that just makes us feel like, 'Yeah, we're coming along with you coach.' "As the season went on we were like, 'Yeah, we can do this.'" Rourke suffered a right thumb injury that required surgery in Indiana's 56-7 win over Nebraska on Oct. 19. Fortunately, he missed only one start (31-17 victory over Washington) and returned to throw four TD passes in 47-10 decision over Michigan State on Nov. 2. "My thumb feels 100 per cent now," Rourke said. "It was hard missing that Washington game ... but I knew the team would have my back." It's no surprise Rourke has leaned upon his brother throughout his college tenure. The two are very close and Rourke said he began playing quarterback after watching Nathan do so growing up. Nathan Rourke rejoined the Lions in August after spending time in the NFL with Jacksonville, New England, Atlanta and the New York Giants. "We've been able to talk about ball but (also) life," the junior Rourke said. "Just having someone who's done it, who's been through the college experience, been through the NFL experiences and now the CFL to learn from and also bounce questions off him, it's been quite beneficial to have him in my corner." Rourke has hired an agent — Octagon's Casey Muir — and will work out this off-season in Fort Myers, Fla. As of Wednesday, Rourke said he's not been invited to the NFL combine, which begins Feb. 27 in Indianapolis. "I'd love to get an invite to the combine," he said. "That was one of my goals, honestly, when I got to college, which seems forever ago. "That would be awesome." This report by The Canadian Press was first published Dec. 11, 2024. Dan Ralph, The Canadian PressGood afternoon, Chicago. A body was found in a wheel well of a United Airlines flight from Chicago to Hawaii, authorities said. The body was found in the well of one of the main landing gears after flight 202 landed at Maui’s Kahului Airport on Christmas Eve, a spokesperson for United Airlines said. The wheel well was only accessible from outside the plane, and it wasn’t clear Wednesday how or when the person accessed the space, according to United. Here’s what else is happening today. And remember, for the latest breaking news in Chicago, visit chicagotribune.com/latest-headlines and sign up to get our alerts on all your devices. Subscribe to more newsletters | Puzzles & Games | Daily horoscope | Asking Eric A Cook County Jail detainee attends Cardinal Blase J. Cupich’s Christmas Day Mass at the jail on Dec. 25, 2024. (Tess Crowley/Chicago Tribune) The Christmas morning Mass at the jail is an annual event for Cupich, who sought to use it to remind the men who were spending the holiday in jail that they were not forgotten. Read more here. More top news stories: Jeep crashes into Lake Villa-area house killing man, seriously injuring 2 others Tinley Park District makes progress on cleanup of former mental health hospital People walk past the New York Stock Exchange on Nov. 26, 2024. (AP Photo/Peter Morgan) The year featured many familiar winners, such as Big Tech, which got even bigger as their stock prices kept growing. But it wasn’t just Apple, Nvidia and the like. Read more here. More top business stories: Holiday shoppers increased spending by 3.8% despite higher prices Feeling lucky? Friday’s Mega Millions drawing is worth an estimated $1.15 billion The Bears Drumline performs on the field in the fourth quarter against the Lions on Dec. 22, 2024, at Soldier Field. (Chris Sweda/Chicago Tribune) The Bears (4-11) will play the Seahawks (8-7) tonight at Soldier Field in a Week 17 matchup. Here’s what you need to know before kickoff. Read more here. More top sports stories: Column: Chicago Bulls players and coaches refuse to tank as the front office nears a turning point Loyola men’s basketball loses 71-68 to Murray State for last place at the Diamond Head Classic Nicole Scherzinger in “Sunset Blvd.” on Broadway at the St. James Theatre in New York. (Marc Brenner) This last year was busy on Broadway, with new musicals and several impressive plays featuring ensemble casts. Read more here. More top Eat. Watch. Do. stories: North Shore native tells how she compiled family’s mental health struggles in ‘While You Were Out’ ‘Baby Driver’ actor Hudson Meek, 16, dies in a fall from a moving vehicle Finnish National Police Commissioner Ilkka Koskim’ki attends a news conference in Helsinki on Dec. 26, 2024, investigating the electricity transmission between Finland and Estonia through the Estlink 2 connection, which was cut on Christmas Day, according to Finnish grid operator Fingrid. (Jussi Nukari/Lehtikuva via AP) Finnish authorities have detained a Russia-linked ship as they investigate whether it damaged a Baltic Sea power cable and several data cables, according to police and news media reports, in the latest incident involving disruption of key infrastructure. Read more here. More top stories from around the world: Americans are exhausted by political news. TV ratings and a new AP-NORC poll show they’re tuning out. Israeli strike kills 5 Palestinian journalists in Gaza, officials say

GCC reiterates support for Syria, Lebanon