Supreme Court to Hear Monsanto Seed Patent Case





With his mere 300 acres of soybeans, corn and wheat, Vernon Hugh Bowman said, “I’m not even big enough to be called a farmer.”




Yet the 75-year-old farmer from southwestern Indiana will face off Tuesday against the world’s largest seed company, Monsanto, in a Supreme Court case that could deal a huge blow to the future of genetically modified crops, and also affect other fields from medical research to software.


At stake in Mr. Bowman’s case is whether patents on seeds — or other things that can self-replicate – extend beyond the first generation of the products.


It is one of two cases before the Supreme Court related to the patenting of living organisms, a practice that has helped give rise to the biotechnology industry but which critics have long considered immoral. The other case, involving a breast cancer risk test from Myriad Genetics, will determine whether human genes can be patented. It is scheduled to be heard on April 15.


Monsanto says that a victory for Mr. Bowman would allow farmers to essentially save seeds from one year’s crop to plant the next year, eviscerating patent protection. In Indiana, it says, a single acre of soybeans can produce enough seeds to plant 26 acres the next year.


Such a ruling would “devastate innovation in biotechnology,” the company wrote in its brief. “Investors are unlikely to make such investments if they cannot prevent purchasers of living organisms containing their invention from using them to produce unlimited copies.”


The decision might also apply to live vaccines, cells lines and DNA used for research or medical treatment, and some types of nanotechnology.


Many organizations have filed friend-of-the court briefs in support of Monsanto’s position — universities worried about incentives for research, makers of laboratory instruments, and some big farmer groups like the American Soybean Association, which say seed patents have spurred crop improvements. The Department of Justice is also supporting Monsanto’s argument.


BSA/The Software Alliance, which represents companies like Apple and Microsoft, said in a brief that a decision against Monsanto might “facilitate software piracy on a broad scale” because software can be easily replicated. But it also said that a decision that goes too far the other way could make nuisance software patent infringement lawsuits too easy to file.


Some critics of biotechnology say that a victory for Mr. Bowman could weaken what they see as a stranglehold that Monsanto and some other big biotech companies have over farmers, which they say has led to rising seed prices and the lack of high-yielding varieties that are not genetically engineered.


Patents have “given seed companies enormous power, and it’s come at the detriment of farmers,” said Bill Freese, science policy analyst for the Center for Food Safety, which co-authored a brief on the side of Mr. Bowman. “Seed-saving would act as a much needed restraint on skyrocketing biotech seed prices.”


Farmers who plant seeds with Monsanto’s technology must sign an agreement not to save the seeds, which means they must buy new seeds every year.


Monsanto has a reputation for vigorously protecting its intellectual property.


The Center for Food Safety, which has tracked the cases, said Monsanto has filed more than 140 patent infringement lawsuits involving 410 farmers and 56 small farm businesses, and has so far received $23.5 million in recorded judgments. The organization says there are numerous other cases in which farmers settle out of court or before a suit is filed.


Monsanto says it must stop infringers to be fair to the vast majority of farmers who do pay to use its technology.


But Monsanto typically exercises no control over soybeans or corn once farmers sell their harvested crops to grain elevators, which in turn sell them for animal feed, food processing or industrial use.


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Oscar Pistorius arrested in slaying of model Reeva Steenkamp




















Paralympian Oscar Pistorius charged with murder
































































South African police Thursday arrested double amputee Olympic runner Oscar Pistorius and said he would be charged with murder after his girlfriend, Reeva Steenkamp, was shot and killed at his home earlier in the morning.


Police spokesperson Brigadier Denise Beukes said that Pistorius was at his home after the death of the victim and that "there is no other suspect involved."


"There are witnesses and they have been interviewed this morning. We are talking about neighbors and people that heard things earlier in the evening and when the shooting took place," Beukes said.








Pistorius' court hearing was originally scheduled for Thursday afternoon but has been postponed until Friday to give forensic investigators time to carry out their work.


The athlete's father, Henke Pistorius, told South Africa's SABC radio news that he didn't know the facts. "If anyone makes a statement, it will have to be Oscar. He's sad at the moment."


Media in South Africa are reporting that Steenkamp was surprising Pistorius for Valentine's Day when he mistook her for a burglar and shot her. Steenkamp was shot in the arm and head and a 9-mm pistol was recovered at the scene.


"We have also taken cognizance of the media reports during the morning of an alleged break-in or that the young lady was mistaken to be a burglar," Beukes said. "Obviously our forensic investigation is still ongoing and we're not sure where this report came from.... Our detectives have been on the scene, our forensic investigators have been on the scene and the investigation is ongoing."

South African police said that there had been "previous incidents" of a domestic nature reported at Pistorius' home.

Pistorius, 26, was born without the fibula bone in both legs. He was known as the "Blade Runner" for his use of carbon fiber prosthetic blades. He was the first double amputee to run in the Olympics and reached the 400 meter semifinals in London 2012.


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SmartBall Keeps an Eye <em>Inside</em> the Ball



The old sports cliche “keep your eye on the ball” is getting a modern twist by an Australian sports tech company that’s putting an eye inside the ball.


Catapult Sports is rolling out the first major trial of ball-tracking technology this spring during the Australian Football League’s pre-season NAB Cup. SmartBall uses a tiny sensor inside the ball and fist-sized GPS trackers worn by players to produce a two-dimensional model of how the players and the ball move on the field.


There are two benefits to this. First, the player-worn devices send data to the sidelines, allowing trainers to determine who is working at peak levels, who is tiring and how changes in ball possession could be affecting their levels of effort. This type of sports-science approach is old hat for Catapult, which has long supplied its OptimEye monitors to professional, college, and Olympic teams around the world.



More on Sports Data Tracking:









SmartBall expands the benefits of data-tracking from health monitoring and to in-game strategy and analysis. The technology can track who’s had the ball and for how long, where it is on the field, how it got there and at what speed. By examining real-time data, coaches can see where their formations and plays work and where there are weak spots. This will allow changing tactics during the game and in practice sessions.


“There’s going to be a lot of learning this season,” Luke Millar, Catapult Sports’ global manager, said. “People know it’s an amazing tool, but they’re going to sit down and say, ‘How are we going to use this information?’”


Such data also could be broadcast to fans watching the action, providing new insights into gameplay.


Leagues have been hesitant to implement any tracking system that altered the primary tool of the game: the ball. No changes in dimensions were allowed, and anything that altered how the ball bounced, spun, flew, or felt was a non-starter.


Catapult solved that problem by removing the transmitter from the chip inside the ball. Now the chip weighs just over half an ounce, so the ball stays within the specified range of 17 to 18 ounces. The transmitter is in the small GPS units included with each player’s game-day equipment.


The in-ball module sits snugly inside a pouch with the ball’s interior bladder. Two beacons — one with a range of 16 to 47 inches and another with a range of 3 to 16 feet — pulse five times per second, sending data to the receiver. The receiver typically is strapped into a vest worn and sits comfortably between the player’s shoulders. The data recorder worn by the players can tell whether the player has the ball and can produce accurate measurements of possessions, speed, and distance.


The NAB Cup will mark the first time the ball-tracking tech has been used in an official game, but a few teams, including Gold Coast, North Melbourne and Adelaide, have tested the system during preseason practice. If all goes well, Catapult co-founder and COO Igor van de Griendt said he foresees the SmartBall being used at a future Super Bowl.


“We see the ball tracking as having enormous potential for Australian football and rugby this year, but have our sights on soccer and (American) football in the near future,” he said. “We’re all pretty excited about where the technology is headed.”


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Bosnian Roma family plays itself in stark film






BERLIN (Reuters) – When Bosnian director Danis Tanovic learned about a Roma family refused emergency medical care because they could not pay for it, he not only decided to turn their story into a film but managed to convince the couple to play themselves.


The result is “An Episode in the Life of an Iron Picker”, a simple, powerful tale of one man’s struggle to provide for his partner and two daughters and of a society where money is apparently more important than human life.






The fact that Nazif Mujic and his partner Senada Alimanovic are Roma adds an extra dimension of injustice and alienation, but Tanovic’s tale is more universal.


“This story happens all around Europe to Roma people,” the award-winning director told Reuters in Berlin, where his movie is in competition at the film festival.


“In my country it happens to other people too. It is probably the poorest country in Europe. So this is an unfortunate reality of many, many people who live there … It really made me angry so I just went there and did this film.”


Tanovic first read about the case of the couple and their two children in a local newspaper in 2011.


He went to visit them in their run-down home in the village of Poljice, and after several days they finally agreed to appear as themselves in a kind of docu-drama.


Mujic had no regular job, but helped strip down cars to make a few Bosnian marks from a scrap dealer. Alimanovic was pregnant with their third child when she fell ill and miscarried.


The family was told she must have emergency surgery, but when doctors discovered they had no insurance they were sent away despite Mujic’s desperate and humiliating pleas.


Told it would cost 980 marks (around 500 euros) to pay for an operation, Mujic knew he could never raise the money, and so went back to the hospital and to charities, begging for help.


“BETTER IN THE WAR”


In the end the only way to succeed was to break the law.


“I really tried and struggled to get some help for Senada from all the different state institutions, but none of them would help, so it is tough,” Mujic said in Berlin, speaking through a translator.


“My biggest ambition is to have a job and be able to support the family, but unfortunately I don’t have any illusions or hopes that I will be able to get work anyway.”


Tanovic, best known for his 2001 Academy Award-winning debut feature “No Man’s Land”, said Bosnians too often turned their backs on the poor, despite many cases he knew where people risked lives to help a stranger during the 1992-95 war.


“I wish I lived in a country that took better care of their people but it is not the case,” he said.


“So when you open Bosnian newspapers … every day you see people asking for help, people begging for money to help operate somebody or something. It is terrible.”


At one point in the unscripted film, which cost just 30,000 euros ($ 40,000) to make, Mujic tells a charity worker that life was better during the war, and Tanovic said that to some extent he agreed.


“A lot of people actually lived better in the war, because in war you don’t see rich people driving cars around, you don’t see politicians having fun … All you see is people trying to survive and you are surviving too, so you are happy when you have one meal.”


(Reporting by Mike Collett-White, editing by Paul Casciato)


Movies News Headlines – Yahoo! News





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Well: Afraid to Speak Up to Medical Power

The slender, weather-beaten, elderly Polish immigrant had been diagnosed with lung cancer nearly a year earlier and was receiving chemotherapy as part of a clinical trial. I was a surgical consultant, called in to help control the fluid that kept accumulating in his lungs.

During one visit, he motioned for me to come closer. His voice was hoarse from a tumor that spread, and the constant hissing from his humidified oxygen mask meant I had to press my face nearly against his to understand his words.

“This is getting harder, doctor,” he rasped. “I’m not sure I’m up to anymore chemo.”

I was not the only doctor that he confided to. But what I quickly learned was that none of us was eager to broach the topic of stopping treatment with his primary cancer doctor.

That doctor was a rising superstar in the world of oncology, a brilliant physician-researcher who had helped discover treatments for other cancers and who had been recruited to lead our hospital’s then lackluster cancer center. Within a few months of the doctor’s arrival, the once sleepy department began offering a dazzling array of experimental drugs. Calls came in from outside doctors eager to send their patients in for treatment, and every patient who was seen was promptly enrolled in one of more than a dozen well-documented treatment protocols.

But now, no doctors felt comfortable suggesting anything but the most cutting-edge, aggressive treatments.

Even the No. 2 doctor in the cancer center, Robin to the chief’s cancer-battling Batman, was momentarily taken aback when I suggested we reconsider the patient’s chemotherapy plan. “I don’t want to tell him,” he said, eyes widening. He reeled off his chief’s vast accomplishments. “I mean, who am I to tell him what to do?”

We stood for a moment in silence before he pointed his index finger at me. “You tell him,” he said with a smile. “You tell him to consider stopping treatment.”

Memories of this conversation came flooding back last week when I read an essay on the problems posed by hierarchies within the medical profession.

For several decades, medical educators and sociologists have documented the existence of hierarchies and an intense awareness of rank among doctors. The bulk of studies have focused on medical education, a process often likened to military and religious training, with elder patriarchs imposing the hair shirt of shame on acolytes unable to incorporate a profession’s accepted values and behaviors. Aspiring doctors quickly learn whose opinions, experiences and voices count, and it is rarely their own. Ask a group of interns who’ve been on the wards for but a week, and they will quickly raise their hands up to the level of their heads to indicate their teachers’ status and importance, then lower them toward their feet to demonstrate their own.

It turns out that this keen awareness of ranking is not limited to students and interns. Other research has shown that fully trained physicians are acutely aware of a tacit professional hierarchy based on specialties, like primary care versus neurosurgery, or even on diseases different specialists might treat, like hemorrhoids and constipation versus heart attacks and certain cancers.

But while such professional preoccupation with privilege can make for interesting sociological fodder, the real issue, warns the author of a courageous essay published recently in The New England Journal of Medicine, is that such an overly developed sense of hierarchy comes at an unacceptable price: good patient care.

Dr. Ranjana Srivastava, a medical oncologist at the Monash Medical Centre in Melbourne, Australia, recalls a patient she helped to care for who died after an operation. Before the surgery, Dr. Srivastava had been hesitant to voice her concerns, assuming that the patient’s surgeon must be “unequivocally right, unassailable, or simply not worth antagonizing.” When she confesses her earlier uncertainty to the surgeon after the patient’s death, Dr. Srivastava learns that the surgeon had been just as loath to question her expertise and had assumed that her silence before the surgery meant she agreed with his plan to operate.

“Each of us was trying our best to help a patient, but we were also respecting the boundaries and hierarchy imposed by our professional culture,” Dr. Srivastava said. “The tragedy was that the patient died, when speaking up would have made all the difference.”

Compounding the problem is an increasing sense of self-doubt among many doctors. With rapid advances in treatment, there is often no single correct “answer” for a patient’s problem, and doctors, struggling to stay up-to-date in their own particular specialty niches, are more tentative about making suggestions that cross over to other doctors’ “turf.” Even as some clinicians attempt to compensate by organizing multidisciplinary meetings, inviting doctors from all specialties to discuss a patient’s therapeutic options, “there will inevitably be a hierarchy at those meetings of who is speaking,” Dr. Srivastava noted. “And it won’t always be the ones who know the most about the patient who will be taking the lead.”

It is the potentially disastrous repercussions for patients that make this overly developed awareness of rank and boundaries a critical issue in medicine. Recent efforts to raise safety standards and improve patient care have shown that teams are a critical ingredient for success. But simply organizing multidisciplinary lineups of clinicians isn’t enough. What is required are teams that recognize the importance of all voices and encourage active and open debate.

Since their patient’s death, Dr. Srivastava and the surgeon have worked together to discuss patient cases, articulate questions and describe their own uncertainties to each other and in patients’ notes. “We have tried to remain cognizant of the fact that we are susceptible to thinking about hierarchy,” Dr. Srivastava said. “We have tried to remember that sometimes, despite our best intentions, we do not speak up for our patients because we are fearful of the consequences.”

That was certainly true for my lung cancer patient. Like all the other doctors involved in his care, I hesitated to talk to the chief medical oncologist. I questioned my own credentials, my lack of expertise in this particular area of oncology and even my own clinical judgment. When the patient appeared to fare better, requiring less oxygen and joking and laughing more than I had ever seen in the past, I took his improvement to be yet another sign that my attempt to talk about holding back chemotherapy was surely some surgical folly.

But a couple of days later, the humidified oxygen mask came back on. And not long after that, the patient again asked for me to come close.

This time he said: “I’m tired. I want to stop the chemo.”

Just before he died, a little over a week later, he was off all treatment except for what might make him comfortable. He thanked me and the other doctors for our care, but really, we should have thanked him and apologized. Because he had pushed us out of our comfortable, well-delineated professional zones. He had prodded us to talk to one another. And he showed us how to work as a team in order to do, at last, what we should have done weeks earlier.

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DealBook: Anheuser-Busch InBev Revises Grupo Modelo Deal

11:38 a.m. | Updated

LONDON – Anheuser-Busch InBev moved on Thursday to rescue its $20.1 billion proposed takeover of Grupo Modelo of Mexico, the maker of Corona beer, by making concessions aimed at persuading American antitrust authorities to let the deal proceed.

Under the revised terms, Anheuser-Busch InBev offered to sell the rights to Corona and other Grupo Modelo brands in the United States to Constellation Brands, the world’s largest wine company, for $2.9 billion.

The agreement also would include the sale of a brewery close to the United States-Mexico border currently owned by Grupo Modelo, as well as the perpetual licensing rights to Grupo Modelo’s brands in the United States. If the revised deal goes through, Anheuser-Busch InBev will gain greater access to emerging markets like Mexico.

Anheuser-Busch InBev’s decision to sell Compañía Cervecera de Coahuila, the Mexican brewery that produces Corona, Corona Light and Modelo Especial, is an effort to satisfy regulators after the Justice Department sued last month to block the deal.

United States authorities had said the original merger proposal would increase Anheuser-Busch InBev’s control of the American beer market, enabling it to raise prices while reducing choice for local consumers.

Grupo Modelo is currently the third-largest beer company in the United States. Anheuser-Busch InBev is the largest, ahead of MillerCoors.

Analysts say that Anheuser-Busch InBev hopes the moves will address the antitrust issues raised by American authorities.

“We decided to restructure the transaction to address the concerns from the Justice Department,” Anheuser-Busch InBev’s chief executive, Carlos Brito, said in an interview with DealBook. “We are focused on getting this to the finish line.”

Mr. Brito declined to comment on the continuing negotiations with the Justice Department.

A Justice Department spokeswoman declined to comment on the company’s efforts to reduce its operations in the United States, though she added that authorities would give any proposal serious consideration. “At the same time, we would continue to prepare for litigation,” she added.

Anheuser-Busch InBev, which is the world’s largest brewing company, was itself created in 2008 through the $52 billion merger of Anheuser-Busch and the Belgian-Brazilian brewer InBev. The proposed $20.1 billion deal for Grupo Modelo would rank as the second-largest takeover in the beer industry after that merger, according to figures from the data provider Thomson Reuters.

In the last five years, Anheuser-Busch InBev also has announced more than 15 additional takeovers, according to the data provider Capital IQ. In a series of multibillion-dollar deals in the beer and liquor sector, a small number of companies like SABMiller and Diageo have gained control over many of top brands.

The move by the Justice Department to block the proposed takeover of Grupo Modelo is the first time in more than a decade that American regulators have tried to slow consolidation in the global beer industry.

The government’s lawsuit, announced last month, quoted internal company documents from Anheuser-Busch InBev to demonstrate that the company’s prices had been undercut by Grupo Modelo. Authorities contend that the proposed deal for Grupo Modelo would eliminate competition from the domestic beer market.

“This is the sort of product that matters to consumers,” William J. Baer, head of the Justice Department’s antitrust division, told reporters on Jan. 31. “If you have a very slight price increase that happens because of this deal, it could mean that consumers will pay billions of dollars more.”

The concessions also maintain Anheuser-Busch InBev’s focus on gaining access to the fast-growing Mexican market, which could help offset a slowdown in more mature markets like the United States and Western Europe.

“The quick settlement is no doubt surprising, but also shows practicality from the Anheuser-Busch InBev side,” Pablo Zuanic, an analyst at Liberum Capital, wrote in a note to investors on Thursday.

Anheuser-Busch InBev also said it had increased its projected annual cost savings from the Grupo Modelo deal by 66 percent, to $1 billion, from estimates provided when the deal was first announced last year. The terms of the original deal for Grupo Modelo remain unchanged, according to a company statement.

The brewing giant’s shares rose more than 6 percent in afternoon trading in Brussels on Thursday, while Constellation Brands’ stock price jumped almost 36 percent in trading in New York on Thursday morning.

For Constellation Brands, the agreement will give it greater access to the American beer market.

As part of the original terms of Anheuser-Busch InBev’s proposed takeover of Grupo Modelo, Constellation had agreed to pay $1.85 billion for the 50 percent stake that it did not already own in Crown Imports, a joint venture with the Mexican brewer.

Constellation would now gain control of the Corona brand across the United States, and plans to invest $400 million in the brewery that is being sold by Grupo Modelo to expand its business in the United States.

“This is a transformational acquisition,” Constellation’s chief executive, Robert S. Sands, said in a statement.

Lazard is advising Anheuser-Busch InBev on the deal, while Morgan Stanley is advising Grupo Modelo.

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Dorner manhunt: Investigators work to ID charred human remains









After what LAPD Chief Charlie Beck called "a bittersweet night," investigators Wednesday were in the process of identifying the human remains found in the charred cabin where fugitive ex-cop Christopher Dorner was believed to have been holed up after trading gunfire with officers, authorities said.


If the body is identified as Dorner’s, the standoff would end a weeklong manhunt for the ex-LAPD officer and Navy Reserve lieutenant suspected in a string of shootings following his firing by the Los Angeles Police Department several years ago. Four people have died in the case, allegedly at Dorner’s hands.


Beck said he would not consider the manhunt over until the body was identified as Dorner. Police remained on tactical alert and were conducting themselves as if nothing had changed in the case, officials said.








PHOTOS: Manhunt for ex-LAPD officer


The latest burst of gunfire came Tuesday after the suspect, attempting to flee law enforcement officials, fatally shot a San Bernardino County sheriff’s deputy and seriously injured another, officials said. He then barricaded himself in a wooden cabin outside Big Bear, not far from ski resorts in the snow-capped San Bernardino Mountains east of Los Angeles, according to police.


"This could have ended much better, it could have ended worse," said Beck as he drove to the hospital where the injured deputy was located. "I feel for the family of the deputy who lost his life."


The injured deputy is expected to survive but it is anticipated he will need several surgeries. The names of the two deputies have not been released.


TIMELINE: Manhunt for ex-LAPD officer


Just before 5 p.m., authorities smashed the cabin's windows, pumped in tear gas and called for the suspect to surrender, officials said. They got no response. Then, using a demolition vehicle, they tore down the cabin's walls one by one. When they reached the last wall, they heard a gunshot. Then the cabin burst into flames, officials said.


Last week, authorities said they had tracked Dorner to a wooded area near Big Bear Lake. They found his torched gray Nissan Titan with several weapons inside, the said, and the only trace of Dorner was a short trail of footprints in newly fallen snow.


According to a manifesto that officials say Dorner posted on Facebook, he felt the LAPD unjustly fired him several years ago, when a disciplinary panel determined that he lied in accusing his training officer of kicking a mentally ill man during an arrest. Beck has promised to review the case.

DOCUMENT: Read the manifesto


The manifesto vows "unconventional and asymmetrical warfare" against law enforcement officers and their families. "Self-preservation is no longer important to me. I do not fear death as I died long ago," it said.


On Tuesday morning, two maids entered a cabin in the 1200 block of Club View Drive and ran into a man who they said resembled the fugitive, a law enforcement official said. The cabin was not far from where Dorner's singed truck had been found and where police had been holding news conferences about the manhunt.


The man tied up the maids, and he took off in a purple Nissan parked near the cabin, the official said. About 12:20 p.m., one of the maids broke free and called police.


FULL COVERAGE: Sweeping manhunt for ex-cop


Nearly half an hour later, officers with the California Department of Fish and Wildlife spotted the stolen vehicle and called for backup, authorities said. The suspect turned down a side road in an attempt to elude the officers but crashed the vehicle, police said.


A short time later, authorities said, the suspect carjacked a light-colored pickup truck. Allan Laframboise said the truck belonged to his friend Rick Heltebrake, who works at a nearby Boy Scout camp.


Heltebrake was driving on Glass Road with his Dalmatian, Suni, when a hulking African American man stepped into the road, Laframboise said. Heltebrake stopped. The man told him to get out of the truck.


INTERACTIVE MAP: Searching for suspected shooter


"Can I take my dog?" Heltebrake asked, according to his friend.





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Bowlus Travel Trailer Is So Retro-Cool It Hurts











Think there’s nothing better than a vintage Airstream, those old-school Twinkie-shaped campers that define Americana? Think again. The Bowlus Road Chief is even cooler, and it’s coming back.


The original Road Chief dates to the 1930s and was created by Hawley Bowlus, the aviation designer who brought us the Spirit of St. Louis. They’re also crazy expensive because they’re incredibly rare. Just 80 were built before World War II, when the company stopped production. John Long and Helena Mitchell, a husband-and-wife team of Canadian tech entrepreneurs, bought the rights and patents and are launching an update of the 1935 Vintage Bowlus Travel Trailer. They’ve made the first and have been driving around the United States. Four more are under construction, and they’re taking orders.


It’s got a vintage vibe, but the inside is thoroughly modern, with features like Wi-Fi and solar panels. There’s a full bathroom, a kitchen with two-burner stove, twin beds that can convert into a king, latch points to carry kayaks and paddle boards, polycarbonate seating fabric, and an awning. As for the lavatory, the toilet empties into a sealed container that can be emptied into a regular toilet — regular trailers use hoses that dump into special RV stations. Seals and filters keep the stink contained. The whole interior, down to the bedsheets, is fully customizable.


The whole thing stands almost eight feet tall, is 23.5 feel long, and weighs in at under 2,000 pounds. It’ll retail for around $100,000, but the price tag includes having your trailer’s name etched in the wheel skirts.







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Phys Ed: Getting the Right Dose of Exercise

Phys Ed

Gretchen Reynolds on the science of fitness.

A common concern about exercise is that if you don’t do it almost every day, you won’t achieve much health benefit. But a commendable new study suggests otherwise, showing that a fairly leisurely approach to scheduling workouts may actually be more beneficial than working out almost daily.

For the new study, published this month in Exercise & Science in Sports & Medicine, researchers at the University of Alabama at Birmingham gathered 72 older, sedentary women and randomly assigned them to one of three exercise groups.

One group began lifting weights once a week and performing an endurance-style workout, like jogging or bike riding, on another day.

Another group lifted weights twice a week and jogged or rode an exercise bike twice a week.

The final group, as you may have guessed, completed three weight-lifting and three endurance sessions, or six weekly workouts.

The exercise, which was supervised by researchers, was easy at first and meant to elicit changes in both muscles and endurance. Over the course of four months, the intensity and duration gradually increased, until the women were jogging moderately for 40 minutes and lifting weights for about the same amount of time.

The researchers were hoping to find out which number of weekly workouts would be, Goldilocks-like, just right for increasing the women’s fitness and overall weekly energy expenditure.

Some previous studies had suggested that working out only once or twice a week produced few gains in fitness, while exercising vigorously almost every day sometimes led people to become less physically active, over all, than those formally exercising less. Researchers theorized that the more grueling workout schedule caused the central nervous system to respond as if people were overdoing things, sending out physiological signals that, in an unconscious internal reaction, prompted them to feel tired or lethargic and stop moving so much.

To determine if either of these possibilities held true among their volunteers, the researchers in the current study tracked the women’s blood levels of cytokines, a substance related to stress that is thought to be one of the signals the nervous system uses to determine if someone is overdoing things physically. They also measured the women’s changing aerobic capacities, muscle strength, body fat, moods and, using sophisticated calorimetry techniques, energy expenditure over the course of each week.

By the end of the four-month experiment, all of the women had gained endurance and strength and shed body fat, although weight loss was not the point of the study. The scientists had not asked the women to change their eating habits.

There were, remarkably, almost no differences in fitness gains among the groups. The women working out twice a week had become as powerful and aerobically fit as those who had worked out six times a week. There were no discernible differences in cytokine levels among the groups, either.

However, the women exercising four times per week were now expending far more energy, over all, than the women in either of the other two groups. They were burning about 225 additional calories each day, beyond what they expended while exercising, compared to their calorie burning at the start of the experiment.

The twice-a-week exercisers also were using more energy each day than they had been at first, burning almost 100 calories more daily, in addition to the calories used during workouts.

But the women who had been assigned to exercise six times per week were now expending considerably less daily energy than they had been at the experiment’s start, the equivalent of almost 200 fewer calories each day, even though they were exercising so assiduously.

“We think that the women in the twice-a-week and four-times-a-week groups felt more energized and physically capable” after several months of training than they had at the start of the study, says Gary Hunter, a U.A.B. professor who led the experiment. Based on conversations with the women, he says he thinks they began opting for stairs over escalators and walking for pleasure.

The women working out six times a week, though, reacted very differently. “They complained to us that working out six times a week took too much time,” Dr. Hunter says. They did not report feeling fatigued or physically droopy. Their bodies were not producing excessive levels of cytokines, sending invisible messages to the body to slow down.

Rather, they felt pressed for time and reacted, it seems, by making choices like driving instead of walking and impatiently avoiding the stairs.

Despite the cautionary note, those who insist on working out six times per week need not feel discouraged. As long as you consciously monitor your activity level, the findings suggest, you won’t necessarily and unconsciously wind up moving less over all.

But the more fundamental finding of this study, Dr. Hunter says, is that “less may be more,” a message that most likely resonates with far more of us. The women exercising four times a week “had the greatest overall increase in energy expenditure,” he says. But those working out only twice a week “weren’t far behind.”

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Deal Professor: Unusual Moves in Confronting Apple's Huge Pile of Cash

The fight over Apple’s $140 billion cash pile is proving the adage that money can make people do strange things.

And it is not just Apple that is doing things it would not have done before. The hedge fund manager David Einhorn, famous for shorting stocks like Lehman Brothers, has gone long on Apple, betting heavily that Apple’s stock is undervalued — and blaming that eye-popping mountain of money.

While most of us would think that having tens of billions would be wonderful, it’s actually a problem for Apple. The money just sits there, not earning much in an environment of extremely low interest rates. And the problem is only getting worse. Apple is accumulating money at an enormous rate — more than $23 billion in the last quarter alone.

It was a more manageable issue when Apple was a rapidly growing stock, but since September Apple’s share price has fallen to roughly $470, from over $700.

According to Mr. Einhorn, roughly $145 of that share price represents Apple’s cash mountain. This means that the market is assigning a low multiple, about seven times earnings, to the rest of Apple’s business.

Multiples for Google are almost three times as much. Apple’s multiple is even less than Microsoft’s — a company whose revenue largely comes from PC operating software, which some people worry is a melting iceberg.

When it came to the buildup of cash, Steven P. Jobs, Apple’s co-founder and former chief executive, simply ignored a problem he had helped create. Mindful of Apple’s past financial difficulties before his return in 1997, he wanted a fortress of cash to protect the company. So he drew a line in the sand, saying no to dividends. After his death, Apple caved a little, announcing a dividend and share repurchase program worth $45 billion.

It’s still not enough for shareholders who want to increase Apple’s multiple and stock price. The fundamental idea is that shareholders could put this money to better use than Apple can, and that its stock would trade higher without the cash.

The problem is that even if Apple wanted to return all its cash to shareholders, it can’t. Much of the cash is held abroad in foreign subsidiaries. If the company repatriates it to return to shareholders, it would have to pay taxes on it. Instead, the company is letting the cash sit there in the apparent expectation that there will be federal tax relief.

It’s here that Mr. Einhorn enters the picture. He has been buying Apple shares for a few years, and his fund owns more than 1.3 million shares. The hedge fund magnate wants Apple’s stock to earn a higher multiple by dealing with the cash problem.

But Mr. Einhorn is also impatient and unwilling to wait for federal tax relief. Instead, he has a clever idea. At an investment conference last May, Mr. Einhorn proposed that Apple issue $500 billion of perpetual preferred stock free to all shareholders. The preferred stock would yield 4 percent and be freely tradable.

So, how will this increase the value of the company? It’s financial wizardry. If Apple issued debt, the market would be expected to subtract this value from Apple’s worth. But the preferred stock would not be treated as debt, for accounting purposes at least.

The only change would be that Apple’s income would be reduced by the amount of the interest paid on $500 billion, or $20 billion a year. If Apple stays at the same multiple, it would give the company a net worth of $300 billion or so. But now the $500 billion in preferred stock would be added, making the company worth $800 billion.

How can one plus one equal four? It depends on whether the market thinks that the $500 billion is not debt and never has to be repaid. If so, then this amount will not be deducted from Apple’s worth. It’s something that may work in theory in our sometimes puzzling financial markets, but no company has ever tried it.

Some experts are skeptical. Aswath Damodaran, a finance professor at New York University, has called the plan financial alchemy and written that it would “not add value to the company, not one cent.” When asked to comment, Mr. Einhorn said, “Professor Damodaran’s analysis brings to memory the old joke about the economist who refused to pick up a $100 bill on the street because in an efficient economy, there can’t be $100 bills lying around.”

Apple’s response to Mr. Einhorn has been equally clever. One would think that the maker of the iPad would just sit above the fray and do what it has traditionally done — ignore its shareholders. But with a declining stock price, that may no longer be a luxury Apple can afford. So, it has engaged with Mr. Einhorn to discuss his proposal. And the notoriously shareholder-unfriendly company has turned strangely in favor of good corporate governance.

In its latest proxy statement, Apple proposes to amend its charter to allow for election of directors only by a majority of shareholders. It also proposes to eliminate a provision called “blank check preferred,” which allows a company to issue preferred shares in unlimited number and type. Almost every company has this provision, but shareholder activists hate it because it can be used as a takeover defense, allowing a company to issue preferred stocks with significant voting rights to a friendly party.

While the proposal to eliminate the preferred shares appears worthy and has been endorsed by the California Public Employees’ Retirement System, the giant pension fund, this proposal is really about Mr. Einhorn.

The amendment has the convenient effect of eliminating the board’s ability to adopt the hedge fund magnate’s plan. Apple says that it just wants to be a good corporate citizen and shareholders can still vote to adopt Mr. Einhorn’s plan. But let’s face it, Apple would be one of the few companies in the United States to ever abolish its blank check preferred provision.

Apple has not been a paragon of corporate governance. That may not be surprising, given that its board has directors like Millard S. Drexler of J. Crew, who surreptitiously took his company private. And Apple has received negative marks in recent years from proxy advisory firms like Institutional Shareholder Services for giving its chief executive, Timothy D. Cook, almost $400 million in stock options in one year.

It’s an odd state of events.

By all accounts, it would appear to be a topsy-turvy world. Apple has turned defensive, while Mr. Einhorn is picking a public fight with a company he is betting on, instead of betting against.

Perhaps this column should have instead started with an adage from the movie “Wall Street” that money “makes you do things you don’t want to do.”

Yet Apple is not doing itself any favors by trying to do an end run around Mr. Einhorn.

He has sued Apple, claiming that the company’s proposal violates the securities laws, but the dispute is “a silly sideshow,” as Mr. Cook put it on Tuesday. Even if Mr. Einhorn wins, it would only force Apple to have a separate vote on the preferred share issue, something it is likely to win.

Even so, it might be better if Apple simply addressed Mr. Einhorn’s proposal head-on. After all, his proposal is clever, but untested. It may work, but it may not. Why should the world’s most valuable company be run as an experiment in finance?

Still, the world is changing. Apple may be a highflier, but its growth prospects are not as exciting as they seemed to be a year ago. Its stock may simply be deflating from an overheated place.

And that’s the oddest thing of all. Despite Apple’s growing cash pile, the company’s value is shrinking. But instead of focusing on making Apple an even better business, shareholders are trying to rescue their bubblelike bets with financial gimmickry, and Apple is engaging in its own gimmicks to defeat them. Even Apple can be consumed by the strange world of Wall Street.


A version of this article appeared in print on 02/13/2013, on page B7 of the NewYork edition with the headline: Unusual Moves in Confronting Apple’s Mountain of Cash.
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