In an internal memo leaked to the Associated Press and first reported by the Wall Street Journal, Secretary of the Interior Ryan Zinke recommended that President Donald Trump shrink the boundaries of at least six of the 27 national monuments that the Department began reviewing back in April.The recommended monuments include two in the state of Utah—Bears Ear and Grand Staircase Escalante, one in Nevada—Gold Butte, one in Oregon—Cascade-Siskiyou, and two in New Mexico—Organ Mountains-Desert Peaks and Rio Grande Del Norte.The review also recommends a reduction in size to multiple marine monuments in the Pacific Ocean and proposes opening the first marine monument in the Atlantic Ocean to commercial fishing.In addition to shrinking the boundaries of monuments, Zinke’s recommendations will open some of them up to previously prohibited extraction activities. This includes the canyons of Utah’s Grand Staircase-Escalante National Monument, which—according to a report from the Interior Department—contain “an estimated several billion tons of oil and large oil deposits”, and Maine’s Khatadin Woods and Waters National Monument, where Zinke is seeking to implement an active timber management program.Zinke also proposed adding 130,000 acres of the Lewis and Clark National Forest in Montana known as the Badger-Two Medicine to the national monuments list, citing the region’s importance to the Black Feet Nation.Since assuming the helm of the Department of the Interior, Ryan Zinke, a former Senator and Navy SEAL from Montana, has styled himself an advocate and proponent of public lands in the vein of Teddy Roosevelt, but his recent recommendations have conservationists worried that his tenure could ultimately compromise Roosevelt’s public lands legacy.“The recommendations within Secretary Ryan Zinke‘s National Monument Review could negatively impact key fish & wildlife habitat, reduce outdoor opportunities, and undermine the Antiquities Act that has enabled the long-term protection of millions of acres,” read a statement released back in August by Backcountry Hunters and Anglers, a conservation organization out of Missoula Montana.The Antiquities Act, which was signed into law by Roosevelt himself in 1906, affords presidents the legal authority to designate national monuments, but many argue that it does not give the executive branch the power to alter or rescind previous designations—as Trump and Zinke are now clearly attempting to do.“Any actions that would dismantle these natural wonders would violate Americans’ deep and abiding love for parks and public lands and fly in the face of 2.8 million Americans who expressed opposition to these changes,” said President of the Wilderness Society, Jamie Williams in a statement posted to the organization’s website. “We and millions of other Americans stand by the belief that those lands should be preserved and handed down to future generations. We urge President Trump to ignore these illegal and dangerous recommendations and instead act to preserve these beloved places.”For his part, Donald Trump has expressed disdain for the size and amount of national monuments declared by his previous three predecessors, calling the designations a “massive federal land grab” during an executive order signing at the Department of Interior back in April.“It’s time to end these abuses and return control to the people, the people of Utah, the people of all of the states, the people of the United States,” Trump went on to say.Stay tuned as we continue to cover this important and ongoing public lands issue.
Investors planning a tactical shift away from equities because of overstretched valuations risk substantial underperformance if they mistime their exit or re-entry, according to consultancy firm Cambridge Associates. In a new analysis of valuations and returns, Cambridge said that while valuations should not be ignored, investors who attempt to time the market risked missing out on the highest returns, which tend to be concentrated over very short periods.The consultancy said the high price-to-earnings ratios in some equity markets suggested low future returns, tempting investors to move substantial amounts out of the asset class.While UK equities were still within their ‘fair value’ range, Cambridge said, an analysis of 117 years of data showed that, from current valuation levels, subsequent 15-year real returns could be expected to be around 5%. However, the consultancy warned that, since 1900, being out of the market for just the two best quarters could cut the cumulative real returns on UK equities by more than 50%.Over the longer term, missing the 10 best quarters since 1900 resulted in more than 90% of the gain on UK equities being wiped out. Conversely, investors who miss the two worst quarters of returns would almost double their cumulative real gains on UK stocks, Cambridge reported.US equities showed an even more marked trend, the study found, with the best two quarters for returns comprising more than two thirds of the cumulative real returns since 1900.Alex Koriath, head of the European pensions practice at Cambridge Associates, said: “While no investor should be ignoring valuations, becoming too focused on timing an exit has substantial risks. The best periods for returns tend to be very concentrated, meaning that exiting at the wrong time could drag down cumulative returns significantly.“In the light of these reduced return expectations, some investors are seeking to lower fees by switching to an all-passive strategy through index tracking. But this actually maximises their exposure to any fall in the equity markets.“Now is the time for active management and low beta. Better returns might be delivered by a balanced long-term portfolio of equities and bonds, along with assets like absolute return hedge funds and less-correlated private market strategies, including both private equity and credit.”However, Koriath emphasised that his company was not advising a wholesale move into active management. “We are advising against carrying out a big tactical trade,” he said. “Instead, investors should include different styles and asset classes.”Making a big tactical shift out of equities would not be affordable for many pension funds with deficits, he added.He told IPE: “Moving out of risk assets means they can expect lower future returns, which means not achieving the target of 100% funding over the planned recovery period.”
Published on November 14, 2016 at 9:40 pm Contact Matthew: email@example.com | @MatthewGut21 Blood dripped from Brittney Sykes’ face as the redshirt senior slapped the side of the baseline panel and took a seat. One minute into the night, she had sustained what appeared to be an elbow to the lip and was forced out of the game.In her absence, Siena exploded to a 9-0 run. Ninety seconds of action saw Alexis Peterson get stripped and SU air ball 3-pointers.Midway through the first quarter, without one of its star players, Syracuse trailed by six.But eight seconds into the second, Gabby Cooper drilled a 3 from the right wing, sparking a 14-1 run. The spurt supercharged No. 14 Syracuse’s (2-0) offense to a 29-9 second quarter outburst. After a deadlocked 20-20 opening frame, the Orange dominated Siena (0-1), 102-65, Monday night in the Carrier Dome.“It’s tough because this is their first game so we had last year’s tapes,” Syracuse head coach Quentin Hillsman said, referencing SU’s film study on Siena. “We kind of just had to play a little bit.”AdvertisementThis is placeholder textSU scored 100 points for the first time since 2013 and racked up at least 95 points for the second-consecutive game to start the year. By game’s end, Isabella Slim (16 points), Sykes (18), Briana Day (19), Peterson (19), Cooper (11) and Jade Phillips (10) had contributed double-figure scoring.Returning its top four scorers from a year ago, Siena came out strong in the first quarter. Jackie Benitez repeatedly hit pull-up jumpers to keep the Saints in it. While Siena’s leading scorer in 2015-16, junior point guard Kollyns Scarbrough, was held to nine points, the Saints converted on chances, shooting 50 percent from the field in the first. Syracuse, meanwhile, played sloppily in the opening minutes against a team that has had only one winning season over the last decade.The Orange got its shots but the only uncertainty was how many it’d knock down. SU went just 6-for-16 from the field. Even in the 29-point second quarter, Syracuse shot only 35 percent from the field. Where it thrived was in shot generation, tallying 31 shots and hitting on 11.Syracuse paced the floor in the second quarter and beyond, applied pressure defensively and chucked up shots — something it had not done in the opening 10 minutes. The Orange switched from a three-quarter-court defense to full court. In the half court, SU extended farther than it did in the first — near the midcourt line — to pressure Siena guards. When backup guards came on, Syracuse suffocated the Saints offense.“Our point guards got in some foul trouble, which hurt,” Siena head coach Ali Jaques said. “I think it caused some tentativeness.”Even when SU sagged off, the Saints could hardly get shots off. They scored just two points inside the paint and shot only 1-for-11 in the second quarter.Cooper’s early 3-pointer sparked the run. From the wing, Sykes threw a dart to Day’s chest. Day made an up-and-under move for the basket. A couple of possessions later, Sykes cut to the dish for two. Then she maneuvered her way around Siena center Meghan Donohue for a bucket down low.Phillips drilled a slight-fade away 3 from the wing, pulling her hands down. Syracuse head coach Quentin Hillsman took a sip of water and shook his head with a light chuckle. A Day to Sykes alley-oop layup off an inbound pass followed.Toward the end of the quarter, Chelayne Bailey drove from the wing, drawing a second defender before she slotted a pass to Isabella Slim for two points. Syracuse jogged into the locker room up 49-29 at the half, turning a tie game into one that would soon be out of reach. Comments Facebook Twitter Google+