Friday, February 29, 2008

Free Fall In Munis, Worst Month Since 2003

Bloomberg is reporting Munis Have Worst Month Since 2003.
U.S. municipal bonds are headed for their worst month in more than four years after collapsing demand for securities with rates set at periodic auctions sent debt costs for state taxpayers and hospitals as high as 20 percent.

The $330 billion auction-rate market froze after dealers stopped purchasing the bonds when buyers failed to bid. Their lack of support has spread to the broader tax-exempt market, sending yields soaring. Borrowers from California to New York City plan to convert the securities to longer-term debt, raising concern that a flood of bonds will overwhelm already sparse demand from banks and hedge funds.

"We're going to get smashed with new-issue volume from all these auction-rate bonds" that are being converted, said Brian Battle, a trader and vice president at Performance Trust Capital Partners in Chicago.

"Every alternative we turn to is worse than it was a year ago," said Roger Anderson, executive director of the New Jersey Educational Facilities Financing Authority, which sells bonds for colleges in the state.
Professor Bennet Sedacca on Minyanville had this to say about Munis today.
My firm has avoided municipal bonds for years now. The above Bloomberg article, an excellent piece by Jeremy Cooke shows why.

This is not a back slapping exercise, it is an exercise in just how bad a 'credit unwind' can get. I expect that many municipal bond portfolios will now get marked down in a big way. Net asset values of all sorts of municipal mutual funds, both closed end and open end will likely get smashed. How badly? It depends on the quality but I am guessing anywhere from 5-20%.

All sorts of 'bid lists' are hitting Wall Street, but not much as trading as folks are appalled at the bids compared their values on their statements. But I will say this. My firm has been waiting on this and I am now getting interested in the municipal market as an opportunistic trade. I am not quite sure at what level as markets tend to overshoot on the upside and downside, so we will now monitor this market for signs of extreme fear and pessimism to enter the market for my firm's investors and our fund.
Here is followup commentary from Sedacca a bit later in the day.

Muni Market in Disarray

As a follow up to the couple of pieces I wrote on munis, the Shoe has officially dropped... like an anvil.

Sources are telling me that the municipal bond market has all but seized up. Bid list after bid list surface, but nothing trades. The reality is that the bids are 10-15 points under statement values.

I have also heard of a few muni arb funds liquidating and shutting down (these funds mainly buy munis and short govies when the spread is wide). Well, it will get wider, and wider, and wider, until the margin clerk arrives.

If I owned a muni fund, I would not trust the nav, particularly in closed end levered funds. Be careful, folks. And don't panic...
With that, let's take a look at a list of closed end muni funds compiled by professor Kevin Depew. Click on any chart to see a sharper image.

Blackrock Long Term Municipal Advantage Trust



Blackrock Long Term Muni Yield Quality Fund II



Blackrock Strategic Muni



Eaton Vance Insured Municipal Bond Fund



Nuveen Prem Muni Fund



A forced unwind in leverage is now underway, with fingers pointed in the wrong direction (see Hedge Funds Blame Wall Street Instead Of Themselves). Anyone over-leveraged in anything right now should be scared half to death.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here
To Scroll Thru My Recent Post List

Sony Alpha 350 Review

The new Sony Alpha digital SLR camera features a lighter and slimmer body for easy handling, has an improved user interface, 14.2 megapixel resolution and other features that make it worth a second look.

The A350 is a compact, 14.2-megapixel camera that brings a lot of simple, yet innovative ideas to its existing Alpha family. It comes with a �Live View' system that uses the LCD to frame photos on the LCD without any sacrifice to the focusing speed. This feature is perhaps one of the best features we have seen so far as it allows a user, particularly those who have shifted from point-and-shoot cameras, to make full use of the LCD (instead of looking at the eyepiece) to set up the shot and view it immediately.

The camera is still compatible with any Konica Minolta lenses and/or Sony lenses, giving it an added versatility in making that �shot' possible. The 350 uses a CompactFlash Type I/II media card or Memory Stick Duo (so long as you have a Memory Stick Duo Adaptor for CompactFlash slot) to store all your photos, and can be transferred to any computer via USB connection.

The A350 has undergone significant cosmetic changes (in comparison to its siblings). The Mode dial, Live View/OVF switch, Drive button, ISO button, Shutter button, and control dial can be found on top of the unit, while the Menu button, Display button, Delete button, Playback button, Function button, Enter/Spot AF button, four-way directional button, SteadyShot switch, and 2.7-inch LCD screen can be found at the back of the unit. Users can find a remote terminal and DC-In terminal on the unit's left side, whist the Video Out/USB terminal can be found beside the memory card slot.


Mendelson Tiu



more : smarthouse

Sony Alpha 350 Review

The new Sony Alpha digital SLR camera features a lighter and slimmer body for easy handling, has an improved user interface, 14.2 megapixel resolution and other features that make it worth a second look.

The A350 is a compact, 14.2-megapixel camera that brings a lot of simple, yet innovative ideas to its existing Alpha family. It comes with a �Live View' system that uses the LCD to frame photos on the LCD without any sacrifice to the focusing speed. This feature is perhaps one of the best features we have seen so far as it allows a user, particularly those who have shifted from point-and-shoot cameras, to make full use of the LCD (instead of looking at the eyepiece) to set up the shot and view it immediately.

The camera is still compatible with any Konica Minolta lenses and/or Sony lenses, giving it an added versatility in making that �shot' possible. The 350 uses a CompactFlash Type I/II media card or Memory Stick Duo (so long as you have a Memory Stick Duo Adaptor for CompactFlash slot) to store all your photos, and can be transferred to any computer via USB connection.

The A350 has undergone significant cosmetic changes (in comparison to its siblings). The Mode dial, Live View/OVF switch, Drive button, ISO button, Shutter button, and control dial can be found on top of the unit, while the Menu button, Display button, Delete button, Playback button, Function button, Enter/Spot AF button, four-way directional button, SteadyShot switch, and 2.7-inch LCD screen can be found at the back of the unit. Users can find a remote terminal and DC-In terminal on the unit's left side, whist the Video Out/USB terminal can be found beside the memory card slot.


Mendelson Tiu



more : smarthouse

Image Compressor 2008 Now Available Worldwide

Digital Photography Software Sets New Standard In Image Compression Utility

Jakarta, Indonesia - February, 2008
MasRizal & Partners today unveiled Image Compressor 2008 for Windows, the latest update to its popular image compression software. Image Compressor 2008 is widely available through MasRizal's global channel partners and through www.image-compressor.com.

"Today's announcement demonstrates MasRizal's commitment to provide customers with powerful and affordable digital photography software. Our primary goal with Image Compressor 2008 is to help people make the most of their digital camera they use every day, whether they're a casual digital camera user, hobbyist or professional photographer. Thanks to digital camera rapid enhancements, now everyone needs Image Compressor", said MasRizal's Director Rizal Firmansyah. "Image Compressor 2008 sets a new standard in image viewing, retouching and image compression software. Current digital photography softwares is divided into image viewer, image editing, comparison and image compression softwares. Image Compressor 2008 packs them all into one application, so you can do them all at once"

"Image Compressor 2008 is the result of unprecedented levels of customer feedback and usability testing", said Indra Gunawan, Director at MasRizal & Partners. "A year ago we delivered Image Compressor 5 that received positive responses from many reviewers and professional photographers. Throughout the development cycle for the new products, MasRizal engaged in intensive discussions with users to understand their actual needs. These included ease of use, integrated image viewer, capturer, retoucher, more features and more image formats to simplify the most common digital photography tasks. With a revamped user interface, Image Compressor 2008 is designed to enable users of all skill levels to retouch and compress photos so that everyone can enjoy them."

Offering a compilation of image viewer, comparer, retoucher and image compression tools, Image Compressor 2008 delivers everything needed by digital photography enthusiasts. Below is an overview of the top features included in Image Compressor 2008:

  • NEW! Professional image viewer
  • NEW! Image comparison tool
  • NEW! Image retouching tools
  • Streamlined interface
  • Improved compression engine
  • Enhanced digital eye - make sure the compressed image has the quality you ever desire
  • Extensive supports for major image file types including digital SLR camera RAW image. JPEG, JPEG2000, TIFF, GIF, PNG, NEF, CR2, CRW, ORF, PSD, to name a few.
  • NEW! Screen capture functions
  • NEW! Grab images from internet
  • NEW! EXIF editor
  • Improved TWAIN driver
  • Support Photoshop Filter plugins
  • Web photo album creation
  • Export to multipage PDF, animated GIF, multipage TIFF, Microsoft PowerPoint, Microsoft Word

Pricing and Availability
Image Compressor 2008 is available for $99.99 (US) for the Pro Edition, or $49.99 (US) for the Home Edition.
For more information on pricing please visit:
http://www.image-compressor.com/purchase

Commercial and government customers can learn more about Image Compressor�s volume licensing options at:
http://www.image-compressor.com/volume

MasRizal & Partners, are committed to provide solutions that can help nonprofit organizations maximize their limited time, money and manpower. MasRizal Charity Program allows eligible nonprofit organizations to acquire Image Compressor at zero cost. For more information on NPO, please visit http://www.image-compressor.com/nonprofit

To learn more about Image Compressor or to download a free fully functional trial version, please visit http://www.image-compressor.com

Press release kit and reviewers guide is available at:
http://www.image-compressor.com/presskit

About MasRizal & Partners
Headquartered in Jakarta since 1999, MasRizal & Partners is a one of the world's leading developers that helps clients worldwide plan their investments in technology, design and implement solutions that drive competitive advantage, and manage critical applications to improve business performance. MasRizal & Partners have been privileged to work with many of the world's notable organizations. From Fortune 500 companies to non-profit organizations, government agencies and SME spanning many different industries. MasRizal & Partners solutions are being used in 53 countries including USA, United Kingdom, Germany, Japan, Australia, and other corners of the world. Image Compressor is not an exception. The demand for faster internet browsing, cheaper bandwidth, and a mass need for comprehensive image compressing utility have asked MasRizal & Partners to create Image Compressor. A de-facto image compression software that suits everyone's need. For further details, please visit MasRizal & Partners corporate web site: www.masrizal.com

Image Compressor 2008 Now Available Worldwide

Digital Photography Software Sets New Standard In Image Compression Utility

Jakarta, Indonesia - February, 2008
MasRizal & Partners today unveiled Image Compressor 2008 for Windows, the latest update to its popular image compression software. Image Compressor 2008 is widely available through MasRizal's global channel partners and through www.image-compressor.com.

"Today's announcement demonstrates MasRizal's commitment to provide customers with powerful and affordable digital photography software. Our primary goal with Image Compressor 2008 is to help people make the most of their digital camera they use every day, whether they're a casual digital camera user, hobbyist or professional photographer. Thanks to digital camera rapid enhancements, now everyone needs Image Compressor", said MasRizal's Director Rizal Firmansyah. "Image Compressor 2008 sets a new standard in image viewing, retouching and image compression software. Current digital photography softwares is divided into image viewer, image editing, comparison and image compression softwares. Image Compressor 2008 packs them all into one application, so you can do them all at once"

"Image Compressor 2008 is the result of unprecedented levels of customer feedback and usability testing", said Indra Gunawan, Director at MasRizal & Partners. "A year ago we delivered Image Compressor 5 that received positive responses from many reviewers and professional photographers. Throughout the development cycle for the new products, MasRizal engaged in intensive discussions with users to understand their actual needs. These included ease of use, integrated image viewer, capturer, retoucher, more features and more image formats to simplify the most common digital photography tasks. With a revamped user interface, Image Compressor 2008 is designed to enable users of all skill levels to retouch and compress photos so that everyone can enjoy them."

Offering a compilation of image viewer, comparer, retoucher and image compression tools, Image Compressor 2008 delivers everything needed by digital photography enthusiasts. Below is an overview of the top features included in Image Compressor 2008:

  • NEW! Professional image viewer
  • NEW! Image comparison tool
  • NEW! Image retouching tools
  • Streamlined interface
  • Improved compression engine
  • Enhanced digital eye - make sure the compressed image has the quality you ever desire
  • Extensive supports for major image file types including digital SLR camera RAW image. JPEG, JPEG2000, TIFF, GIF, PNG, NEF, CR2, CRW, ORF, PSD, to name a few.
  • NEW! Screen capture functions
  • NEW! Grab images from internet
  • NEW! EXIF editor
  • Improved TWAIN driver
  • Support Photoshop Filter plugins
  • Web photo album creation
  • Export to multipage PDF, animated GIF, multipage TIFF, Microsoft PowerPoint, Microsoft Word

Pricing and Availability
Image Compressor 2008 is available for $99.99 (US) for the Pro Edition, or $49.99 (US) for the Home Edition.
For more information on pricing please visit:
http://www.image-compressor.com/purchase

Commercial and government customers can learn more about Image Compressor�s volume licensing options at:
http://www.image-compressor.com/volume

MasRizal & Partners, are committed to provide solutions that can help nonprofit organizations maximize their limited time, money and manpower. MasRizal Charity Program allows eligible nonprofit organizations to acquire Image Compressor at zero cost. For more information on NPO, please visit http://www.image-compressor.com/nonprofit

To learn more about Image Compressor or to download a free fully functional trial version, please visit http://www.image-compressor.com

Press release kit and reviewers guide is available at:
http://www.image-compressor.com/presskit

About MasRizal & Partners
Headquartered in Jakarta since 1999, MasRizal & Partners is a one of the world's leading developers that helps clients worldwide plan their investments in technology, design and implement solutions that drive competitive advantage, and manage critical applications to improve business performance. MasRizal & Partners have been privileged to work with many of the world's notable organizations. From Fortune 500 companies to non-profit organizations, government agencies and SME spanning many different industries. MasRizal & Partners solutions are being used in 53 countries including USA, United Kingdom, Germany, Japan, Australia, and other corners of the world. Image Compressor is not an exception. The demand for faster internet browsing, cheaper bandwidth, and a mass need for comprehensive image compressing utility have asked MasRizal & Partners to create Image Compressor. A de-facto image compression software that suits everyone's need. For further details, please visit MasRizal & Partners corporate web site: www.masrizal.com

Fantasea Line FD-40X Housing For the Nikon D60 Camera

February 29, 2008 -- Fantasea Line is pleased to announce that the new Nikon entry level DSLR D60 camera, which was announced at the recent PMA show in Las Vegas, is compatible with Fantasea�s FD-40X housing*

Fantasea�s full range of accessories for this housing will serve all FD-40X customers. The Fantasea FD-40X Housing Set features the FSB-800 Flash housing, and offers the most attractive and price competitive package in the DSLR housing market.

The FD-40X housing is rated to a depth of 200 feet (60m). The main seal between front and back halves is a gasket seal. The lens port attaches with a double O-ring seal for double protection. The camera �slides� into the FD-40X housing on a specially designed tray. Once inside the housing the stainless steel latching buckles on the back door are snapped shut, sealing the system with a sound watertight seal. The housing controls are made from stainless steel shafts and springs and are sealed by double O-rings as is the housing port. The control knobs and buttons are made of sturdy molded polycarbonate. The FD-40X flash sync port is a five-pin Nikonos type system which allows for full TTL coverage especially when using the Fantasea FSB800 Flash housing for the Nikon SB 800 Flash.

Prices are very attractive:

  • The FD-40X Housing is offered at an MSRP of $1099, which includes a one-year free Flood Insurance program from D.E.P.P.
  • The FD-40X and FSB-800 Set is offered at an MSRP of $1,499.

* Due to the longer and improved 18-55mm VR Zoom lens, the FD-40X lens port allows for zoom extension 18-50mm with the D60 camera.

About Fantasea

Fantasea Line is an international company dedicated to developing, manufacturing and marketing of creative and affordable product solutions for the diving, underwater photography and water sports markets. Fantasea's management has been involved in the diving, water sports and photographic industries for over 38 years. With offices and representatives worldwide, Fantasea cooperates with leading international manufacturers on joint venture projects for product development and distribution.

Fantasea Line FD-40X Housing For the Nikon D60 Camera

February 29, 2008 -- Fantasea Line is pleased to announce that the new Nikon entry level DSLR D60 camera, which was announced at the recent PMA show in Las Vegas, is compatible with Fantasea�s FD-40X housing*

Fantasea�s full range of accessories for this housing will serve all FD-40X customers. The Fantasea FD-40X Housing Set features the FSB-800 Flash housing, and offers the most attractive and price competitive package in the DSLR housing market.

The FD-40X housing is rated to a depth of 200 feet (60m). The main seal between front and back halves is a gasket seal. The lens port attaches with a double O-ring seal for double protection. The camera �slides� into the FD-40X housing on a specially designed tray. Once inside the housing the stainless steel latching buckles on the back door are snapped shut, sealing the system with a sound watertight seal. The housing controls are made from stainless steel shafts and springs and are sealed by double O-rings as is the housing port. The control knobs and buttons are made of sturdy molded polycarbonate. The FD-40X flash sync port is a five-pin Nikonos type system which allows for full TTL coverage especially when using the Fantasea FSB800 Flash housing for the Nikon SB 800 Flash.

Prices are very attractive:

  • The FD-40X Housing is offered at an MSRP of $1099, which includes a one-year free Flood Insurance program from D.E.P.P.
  • The FD-40X and FSB-800 Set is offered at an MSRP of $1,499.

* Due to the longer and improved 18-55mm VR Zoom lens, the FD-40X lens port allows for zoom extension 18-50mm with the D60 camera.

About Fantasea

Fantasea Line is an international company dedicated to developing, manufacturing and marketing of creative and affordable product solutions for the diving, underwater photography and water sports markets. Fantasea's management has been involved in the diving, water sports and photographic industries for over 38 years. With offices and representatives worldwide, Fantasea cooperates with leading international manufacturers on joint venture projects for product development and distribution.

Drawing and sketching Dragon creature monster step by step fantasy concept video tutorial lesson

Drawing and sketching Dragon: Learn how to draw Dragon creature monster fantasy concept step by step video tutorial short and easy lesson. Drawing and sketching variety of different dragon creature monster designs.
Another Dragon concept design from idrawgirls.com

Here is a final sketch:

Here is a simple construction guide for the drawing:

Watch the Video tutorial: How to draw a Creature Dragon #009

Drawing Software & Tools I used:
-Adobe Photoshop CS2
-Wacom Intuos3 6X8 Pen T
ablet
(or Bamboo (Small) Pen Tablet new from Wacom!)
Economy for everyone.
*You can just use pencil, paper, and eraser on this one. It's not that complex.

New tutorials:
-Robotech: Lisa Hayes
-Learn to draw Anime: Goth Anime Girl
-Robotech: Tobey Maquire as Rick Hunter
-How to draw a bird cartoon: Parrot, African Grey
-How to draw a woman top-view angle.
-How to draw Mecha: Robotech
-Learn to draw a woman portrait: Natalia Vodianova
-How to draw mecha, Getter Robo
-How to draw a Dog: Hyena Cartoon
-Drawing and painting famale face: Alessandra Ambrosio
-How to draw Manga & Anime, girl
-How to draw Dragon Creature #007
-How to draw woman or female
-How to draw Mech: Hoover Craft 001

Photoshop Tutorial:
-How to make a Photoshop custom brush #1
-How to make a Photoshop custom brush #2

** If you have any basic questions or specific and do not get my reply right away, please be patience. I usually answer them. In the mean time you can browse through all the Menu or Archives. Your questions may already be solves in one of these tutorials.

Thanks for all overwhelming e-mails guys!!! Due to the high volume of e-mails and questions, I apologized that I cannot usually reply to you within a day or two. I will try my best to answer them all personally and get all the questions answer either by Videos or Post.

Have a GREAT WEEKEND & thanks for stopping by!

Ambac Deal Hits Snag, MBIA writing "Very Little" New Business

CNBC is reporting Ambac Deal Hits Snag Regarding Raters' Capital Demands.
CNBC's Charlie Gasparino did not take to the air at the appointed 3:30 p.m. EDT to declare an impending deal to bail out Ambac. Breaking news? Broken record news might be more like it.

Intoned Charlie at 7:42 a.m. this very morning:

"The bailout of troubled bond insurer Ambac has hit a significant snag, after rating agencies demanded more capital from the consortium of banks involved in the bailout effort, CNBC has learned.

People close to the deal are confident that it will still happen, because the banks and the rating agencies are aware that, if it collapses, there will be a huge decline in the stock market."

So apparently, the rescue deal (whichever one we are talking about now) hit snags. But guess what? It might still happen, so let's revisit just how often he's oversold this story.
Dow Jones Had This Take
Ambac Financial Group Inc. (ABK) hit a "significant snag" Wednesday in its restructuring effort, CNBC's Charlie Gasparino reported Friday.

At issue is a disparity between how much money a bank consortium is willing to invest in the troubled bond insurer and how much capital cushion ratings agencies require to maintain the company's rating given a structure that would separate the municipal bond insurance from the collateralized debt obligations.

The consortium banks and Ambac are devising a new proposal to present to the ratings agencies, Gasparino said, "citing people close to the deal."

He added that talks are ongoing and the deal is not dead.
Translation: The Deal Is Dead Or Irrelevant

This is just one of several significant "snag" that await the monolines. Even if Ambac is funded with "sufficient capital" to meet the non-existent requirements of Moody's, Fitch, and the S&P (See MBIA Maintains Highest Rating, Pfizer Cut), the one certainty is that still more funding will will be required down the road.

After all, who wants to buy insurance from Ambac or MBIA with the CDO cloud hanging over their heads, when insurance could instead be bought from Warren Buffett instead?

Little New Business


Bloomberg is reporting MBIA Writing `Very Little' New Business Amid Scrutiny.
MBIA Inc. is writing "very little'' new bond insurance business as borrowers balk at buying a guarantee from a money-losing company without stable AAA credit ratings.

MBIA, whose ratings were under scrutiny by Moody's Investors Service and Standard & Poor's for more than three months, said losses on mortgage-backed securities will probably increase this year and expand beyond subprime mortgages.

"The demand for our product is the lowest it has been, and we are writing very little new business," the company said in a filing today with the U.S. Securities and Exchange Commission.

Credit-default swaps tied to MBIA's debt jumped 106 basis points to 705 basis points, according to London-based CMA Datavision, a signal of eroding investor confidence in the company's creditworthiness. Contracts on its insurance unit, which investors and banks have been using to hedge against the risk the company loses its top ratings, rose 77 basis points to 505, CMA prices show.
It's Time To End The Pretending

While Moody's, Fitch, and the S&P all pretend that the guarantees of the monolines are worth something, the CDS market and the insurance buyers believe otherwise. Has there ever been an AAA rated company in history with swaps trading over 700?

Wishin' and Hopin' and Pretendin' will not turn a cow chip into a gold eagle. And the longer the ratings agencies live in Bizarro World, the more instability there will be in the system. It's time to end the pretending.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here
To Scroll Thru My Recent Post List

Minox slims down with the DC 7411

Minox slims down with the DC 7411



Let's not get carried away here, Minox. We can understand the slim, 18.5mm-thick form factor, and the 7.2 megapixel sensor and 3x zoom seem certainly par for the course, but a 3-inch LCD? It's almost like you guys are trying to build a competitive camera here. Electronic image stabilization and face detection? Let's all keep heads here, people! No need to do anything rash. There's no word on price or availability yet, so perhaps you guys can still manage to work in some true lameness between then and now.



(Via Engadget.)

Minox slims down with the DC 7411

Minox slims down with the DC 7411



Let's not get carried away here, Minox. We can understand the slim, 18.5mm-thick form factor, and the 7.2 megapixel sensor and 3x zoom seem certainly par for the course, but a 3-inch LCD? It's almost like you guys are trying to build a competitive camera here. Electronic image stabilization and face detection? Let's all keep heads here, people! No need to do anything rash. There's no word on price or availability yet, so perhaps you guys can still manage to work in some true lameness between then and now.



(Via Engadget.)

Hedge Funds Blame Wall Street Instead Of Themselves

As strange as it may sound, Hedge Funds Blame Wall Street For Lending Crackdown.
Peloton Partners LLP, the London- based hedge-fund manager being forced to liquidate a $1.8 billion asset-backed fund, said it's a victim of the lending drought on Wall Street.

"Credit providers have been severely tightening terms without regard to the creditworthiness or track record of individual firms, which has compounded our difficulties and made it impossible to meet margin calls," Peloton co-founders Ron Beller and Geoff Grant said in a letter yesterday to clients.
My Comment: That is the spin. The truth is hedge funds over leveraged into debt instruments they did not understand, pushing risk premiums to all time lows. The herding behavior of hundreds of hedge funds all paying the same game had to end, yet every one of them thought they would be the ones to be able to get out. This is what happens when liquidity dries up. Every one of them is stuck. Those with the most leverage will go bankrupt.
Peloton joins Thornburg Mortgage Inc. and Sailfish Capital Partners LLC on the growing list of funds and companies that have had to sell securities or shut down after banks restricted how much they could borrow, or demanded more collateral as values of securities backed by mortgages slumped. The world's biggest financial institutions are cutting off lines of credit to hedge funds after at least $163 billion of asset writedowns and market losses.

"More hedge funds will blow up this year than ever before," said Michael Hennessy, who helps oversee $10 billion of hedge fund investments at Morgan Creek Capital Management in Chapel Hill, North Carolina. "Financing is much harder to get. The bubble has burst."
My Comment: I expect 30-50% of all hedge funds in existence today will not be in business a few years down the road. Increasing risk aversion of investors over time, 20% fees, and illiquidity will all play a major role.
The price of top-rated Alt-A securities, which rank above subprime, dropped 10 percent to 15 percent this month, according to Thornburg Mortgage, the Santa Fe, New Mexico-based finance company which yesterday said it may sell securities to meet further margin calls, after burning through cash.
My Comment: I reported on "Top Rated" Alt-A securities in Evidence of "Walking Away" In WaMu Mortgage Pool. If you have not seen the chart, take a look. It's pretty stunning. 92.6% of a Washington Mutual Alt-A pool of recent vintage was rated AAA. Yet 15% of the whole pool is in foreclosure or REO after a mere 8 months!
"Risk managers everywhere are revisiting how collateral is being priced so you're seeing margin calls," said Kenneth Hackel, managing director of fixed-income strategy at RBS Greenwich Capital Markets in Greenwich, Connecticut. "As risk appetites decline, the price of assets that are used as collateral decline."
My Comment: For many hedge funds and companies, this re-evaluation is too late. There is simply no bid now for many credit derivatives people are stuck in.
UBS needs to reduce its balance sheet from 2.3 trillion francs ($2.2 trillion) to less than 1.7 trillion francs, and reducing ties to hedge funds is a likely lever, Van Steenis wrote in an e-mail today.

An increase in margin calls may drive prices even lower, RBS's Hackel said.

"I feel like so many shoes have already dropped, the shoe store should be empty by now," he said. "I'd like to think we're pretty close to the end of the game, but I can't say that with any degree of confidence."
My Comment: Most shoes are in mid-air, not even close to the ground. Commercial real estate is just starting to implode, unemployment is just starting to rise, people are just starting to walk away, and the equity markets have just started to fall.

Furthermore, China is overheating, commodity herding is rampant, and a blowup of the Yen carry trade has not yet gained traction. Those are shoes still waiting to drop, as is an unwinding of $50 trillion in credit default swaps, Lord only knows how many of which are marked to market.

It's not realistic to think that the biggest credit boom in history, a boom that took over 20 years to build, a boom that went exponential over the last seven years, can be corrected in a 10% pullback in the S&P from all time highs. Time and price are the key. We are a long, long way away on both fronts. The shoes that people think have already hit ground are still in mid-air and falling, with still more shoes still in the store to be dropped.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here
To Scroll Thru My Recent Post List

Sony intros the Cyber-Shot DSC-H50 "super zoom" camera

Sony intros the Cyber-Shot DSC-H50 "super zoom" camera



Sony is no stranger to digital cameras, as the company has professed in its press release detailing the Cyber-Shot DSC-H50, a new 9.1-megapixel shooter that should have camera fans perking up their ears. The new model -- a successor to the DSC-H9 'super zoom' camera -- sports a Carl Zeiss 15x optical zoom lens, a 3-inch tilting LCD display, ISO to 3200, and a long-distance flash (capable of lighting subjects from 55 feet away). The DSC-H50 also has an 'advanced sports' shooting mode which allows it to utilize ultra-high shutter speeds (like 1/4000 of a second). The camera is expected to go on sale in May, and will only slightly break the bank at $400.

(Via Engadget.)

Panasonic's Lumix DMC-FS20 point-and-shoot gets reviewed

Panasonic's Lumix DMC-FS20 point-and-shoot gets reviewed



It hasn't even been a full month since Panasonic's PMA lineup was revealed, but the folks over at PhotographyBLOG have already had a chance to put the succulent Lumix DMC-FS20 through a series of paces. Upon whipping this shooter out, it was immediately praised for having a 4x wide-angle zoom and and a very pocket-friendly design, and thankfully for those looking into picking one up, the good news didn't stop there. Small niggles such as the lack of a true optical viewfinder and noticeable noise at high ISOs were overshadowed with buckets of compliments. Put simply, the cam was seen as 'almost identical to the FX55' (albeit at a lower price point), and overall, it managed to snag 4.5 out of 5 twinkling stars from the powers that be.

(Via Engadget.)

Sony's new DSC-W300 brings 13.6 megapixels to point-and-shoots

Sony's new DSC-W300 brings 13.6 megapixels to point-and-shoots



Tired of taking candid shots with your point-and-shoot that can barely stretch over the state of Nevada? Sony's got those megapixels in spades with its new DSC-W300, the new top-end shooter in its W lineup. In addition to the 13.6 megapixel sensor, the camera sports a 2.7-inch LCD, 3x optical zoom, optical image stabilization and up to ISO 6400 shots in 'extra high sensitivity' mode. The camera also brings along Sony's Smile Shutter tech, and other fancy processor capabilities, including a limited burst mode. The DSC-W300 will be available in May for about $350.

(Via Engadget.)

Sony H50 and W300 camera hands-ons

Sony H50 and W300 camera hands-ons



Oddly, it turns out the photos floating around of the DSC-W300 really don't do the megapixel-packing slim point and shoot justice. That finish actually looks pretty good in real life, although the lens protrusion was a little puzzling. And, of course, the DSC-H50 is a hefty, solid feeling bugger, not unlike what you'd expect from the H-series. Hit the photos below, it shouldn't be too long before the camera sites post their reviews.



(Via Engadget.)

Sony intros the Cyber-Shot DSC-H50 "super zoom" camera

Sony intros the Cyber-Shot DSC-H50 "super zoom" camera



Sony is no stranger to digital cameras, as the company has professed in its press release detailing the Cyber-Shot DSC-H50, a new 9.1-megapixel shooter that should have camera fans perking up their ears. The new model -- a successor to the DSC-H9 'super zoom' camera -- sports a Carl Zeiss 15x optical zoom lens, a 3-inch tilting LCD display, ISO to 3200, and a long-distance flash (capable of lighting subjects from 55 feet away). The DSC-H50 also has an 'advanced sports' shooting mode which allows it to utilize ultra-high shutter speeds (like 1/4000 of a second). The camera is expected to go on sale in May, and will only slightly break the bank at $400.

(Via Engadget.)

Panasonic's Lumix DMC-FS20 point-and-shoot gets reviewed

Panasonic's Lumix DMC-FS20 point-and-shoot gets reviewed



It hasn't even been a full month since Panasonic's PMA lineup was revealed, but the folks over at PhotographyBLOG have already had a chance to put the succulent Lumix DMC-FS20 through a series of paces. Upon whipping this shooter out, it was immediately praised for having a 4x wide-angle zoom and and a very pocket-friendly design, and thankfully for those looking into picking one up, the good news didn't stop there. Small niggles such as the lack of a true optical viewfinder and noticeable noise at high ISOs were overshadowed with buckets of compliments. Put simply, the cam was seen as 'almost identical to the FX55' (albeit at a lower price point), and overall, it managed to snag 4.5 out of 5 twinkling stars from the powers that be.

(Via Engadget.)

Sony's new DSC-W300 brings 13.6 megapixels to point-and-shoots

Sony's new DSC-W300 brings 13.6 megapixels to point-and-shoots



Tired of taking candid shots with your point-and-shoot that can barely stretch over the state of Nevada? Sony's got those megapixels in spades with its new DSC-W300, the new top-end shooter in its W lineup. In addition to the 13.6 megapixel sensor, the camera sports a 2.7-inch LCD, 3x optical zoom, optical image stabilization and up to ISO 6400 shots in 'extra high sensitivity' mode. The camera also brings along Sony's Smile Shutter tech, and other fancy processor capabilities, including a limited burst mode. The DSC-W300 will be available in May for about $350.

(Via Engadget.)

Sony H50 and W300 camera hands-ons

Sony H50 and W300 camera hands-ons



Oddly, it turns out the photos floating around of the DSC-W300 really don't do the megapixel-packing slim point and shoot justice. That finish actually looks pretty good in real life, although the lens protrusion was a little puzzling. And, of course, the DSC-H50 is a hefty, solid feeling bugger, not unlike what you'd expect from the H-series. Hit the photos below, it shouldn't be too long before the camera sites post their reviews.



(Via Engadget.)

RoboTech the movie: Scarlett Johansson is in as Lisa Hayes?

RoboTech the movie 2010: Scarlett Johansson is in as Lisa Hayes?
For real, I can only wish, I am just saying what if...

Anyway, More Robotech info:
according to the Hollywood Reporter, Tobey Maguire is going to produce, and possibly star in, a live-action movie based on the Robotechaka Macross TV series Anyone who got into the show in the mid-Eighties will tell you that Robotech had a level of depth and realism well beyond that of any other animated series on US television at the time, which isn't at all surprising considering its Japanese origins (Robotech is credited with helping introduce anime to American audiences). Anyway, hopefully Tobey won't dumb things down like Michael Bay did with the Transformers movie. It was tough enough discovering a few years later that the entire show was actually three entirely different Japanese anime series awkwardly grafted together so that they'd have enough episodes for syndication in the US market -- turning Robotech into yet another mindless action fest might just be too much to take.
*I really have no idea if Johansson will be cast into this but she will appear with Natalie Portman in the up coming film "The Other Boleyn Girl."

Production Credits for Robotech 2010

Executive Producer - Frank Agrama
Screenwriter - S. Craig Zahler
Producer - Drew Crevello

Drawing and Painting Robotech concept of Scarlett Johansson as Lisa Hayes (Macross), step by step video for Anime, Manga and comics: video tutorial with instruction online. How to start sketch the initial idea mainly using value and lighting, drawing, block in shape, and render. The video demonstrates how to quickly create an efficient concept design from concept idea into visual. How to put rough idea onto the paper sketch and create sci-fi character concept art online lesson for comics cartoon illustration, manga, and anime. Free music by YEARK: Bubble Gum (Promo)

Here is my Robotech doodle just for the hell of it because I was a Huge Macross kid. :)
Com'on a fighter Jet turning into a Giant Robot with a real person in it?

Here is a finish Illo-sketch of RoboTech Lisa Hayes:


Watch the Video: Painting Scarlett Johansson as Lisa Hayes:



Drawing Software & Tools I used:
-Adobe Photoshop CS2
-Wacom Intuos3 6X8 Pen T
ablet
(or Bamboo (Small) Pen Tablet new from Wacom!)
Economy for everyone.

New tutorials:
-Learn to draw Anime: Goth Anime Girl
-Robotech: Tobey Maquire as Rick Hunter
-How to draw a bird cartoon: Parrot, African Grey
-How to draw a woman top-view angle.
-How to draw Mecha: Robotech
-Learn to draw a woman portrait: Natalia Vodianova
-How to draw mecha, Getter Robo
-How to draw a Dog: Hyena Cartoon
-Drawing and painting famale face: Alessandra Ambrosio
-How to draw Manga & Anime, girl
-How to draw Dragon Creature #007
-How to draw woman or female
-How to draw Mech: Hoover Craft 001
-How to draw a Cyclop creature
-Learn to draw woman sketch.

FEATURE TUTORIAL:
Environmental Concept Sketch Tutorial
Face Constructed: How to draw faces
Face Constructed: How to paint portraits
-Draw and Paint Women Body Tutorial I: Female Manga Fusion I
-Draw and Paint Women Body Tutorial II: Female Manga Fusion II
-Character Design Tutorial: Dark Valkyrie

Photoshop Tutorial:
-How to make a Photoshop custom brush #1
-How to make a Photoshop custom brush #2

** If you have any basic questions or specific and do not get my reply right away, please be patience. I usually answer them. In the mean time you can browse through all the Menu or Archives. Your questions may already be solves in one of these tutorials.

Thanks for all overwhelming e-mails guys!!! Due to the high volume of e-mails and questions, I apologized that I cannot usually reply to you within a day or two. I will try my best to answer them all personally and get all the questions answer either by Videos or Post.

Have a GREAT WEEKEND & thanks for stopping by!

Keeping Down With The Joneses

Less than a year ago it was a struggle to keep up with the Joneses. Now the Joneses are not spending. The new struggle is to keep down with the Joneses. This theme is discussed in Consumers cut back on small pleasures.
Such small luxuries seemed almost necessities in happier economic times. But no more for lots of folks, including those and other USA TODAY readers who described how they've changed their habits.

The murky financial outlook and recession fears are factors. Another driver: fear of being out of step with a cultural mind-set that increasingly says less is more. If your best friend and next-door neighbors are cutting back on little luxuries, shouldn't you be, too?

"For years, we had the opposite. It was all about keeping up with the Joneses. Now, the Joneses are starting to cut back," says Ellie Kay, author of 12 personal finance books.

"There's a sense that prices are rising � and will continue to rise � but wages will not," says Ken Goldstein, economist at The Conference Board. "This is squeezing household budgets whether they're $200 per week or $200,000 per year. Folks are looking closely at anything they don't have to purchase now."

"The new status isn't how much you've got, but your ability to show what you don't spend," says futurist Watts Wacker, who advises businesses on trends.

"This is a seminal moment. It's not a fad that will die out when the economy picks up."

Trends guru Faith Popcorn puts it this way: "It's cooler not to spend."
Borrowers Abandon Mortgages

The Wall Street Journal is reporting Borrowers Abandon Mortgages as Prices Drop.
As home prices plummet, growing numbers of borrowers are winding up owing more on their homes than the homes are worth, raising concerns that a new group of homeowners -- those who can afford to pay their mortgages but have decided not to -- are starting to walk away from their homes.

In the Phoenix area, where home prices were off 15% in the fourth-quarter when compared with a year ago, accountant Steven Ulrich says several of his clients have recently said they plan to walk away. One client's home is now worth $100,000 less than the mortgage and the other is $60,000 underwater.

"It surprised me," said Mr. Ulrich, who works at The Focus Group in Scottsdale. "I'd never had people doing that before, if they had to it was something they were forced into. But these people are choosing it as a strategy, and I think it's going to be happening a lot more."

Some financial advisers are even encouraging homeowners who are upside down to consider foreclosure, which they see as a purely financial decision with limited negative consequences. YouWalkAway.com, a Web site started in January that offers foreclosure counseling to homeowners, advises that borrowers who default on one mortgage can typically get another mortgage between two and four years after a foreclosure. Then, "before you know it, you will have this behind you and a fresh start!" the site says.
Facing Default, Some Walk Out on New Homes

A similar article in the New York Times is Facing Default, Some Walk Out on New Homes.
When Raymond Zulueta went into default on his mortgage last year, he did what a lot of people do. He worried. �I was terrified,� said Mr. Zulueta, who services automated teller machines for an armored car company in the San Francisco area.

Then in January he learned about a new company in San Diego called You Walk Away that does just what its name says. For $995, it helps people walk away from their homes, ceding them to the banks in foreclosure.

Last week he moved into a three-bedroom rental home for $1,200 a month, less than half the cost of his mortgage. The old house is now the lender�s problem. �They took the negativity out of my life,� Mr. Zulueta said of You Walk Away. �I was stressing over nothing.�

In recent months top executives from Bank of America, JPMorgan Chase and Wachovia have all described a new willingness by borrowers to walk away from mortgages.

Carrie Newhouse, a real estate agent who also works as a loss mitigation consultant for mortgage lenders in Minneapolis-St. Paul, said she saw many homeowners who looked at foreclosure as a first option, preferable to dealing with their lender. �I�ve had people say to me, �My house isn�t worth what I owe, why should I continue to make payments on it?� � Mrs. Newhouse said.

The same sorts of loans that drove the real estate boom now change the nature of foreclosure, giving borrowers incentives to walk away, said Todd Sinai, an associate professor of real estate at the Wharton School of Business at the University of Pennsylvania.

�There�s a whole lot of people who would�ve been stuck as renters without these exotic loan products,� Professor Sinai said. �Now it�s like they can do their renting from the bank, and if house values go up, they become the owner. If they go down, you have the choice to give the house back to the bank. You aren�t any worse off than renting, and you got a chance to do extremely well. If it�s heads I win, tails the bank loses, it�s worth the gamble.�
50 Ways To Leave Your Mortgage

You just slip out the back, Jack
Make a new plan, Stan
You don't need to be coy, Roy
Just get yourself free
Hop on the bus, Gus
You don't need to discuss much
Just drop off the key, Lee
And get yourself free

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here
To Scroll Thru My Recent Post List

Thursday, February 28, 2008

What Web Site Optimization tool are you using?

What Web Site Optimization tool are you using?

I conducted an informal poll on my blog to see what Web Site Optimization tools are the readers of my blog using on their site. I only had one question, I will be conducted a more formal survey in future. For now I wanted to share the results of this poll.

Here are the results:

The results are based on 65 respondents and respondents were allowed to choose more than one option.





As we see Google Optimizer by far is the leader used by 43% of the respondents. No big surprise there, it is free easy to implement and easy to use. �Other� , which referred to the tools other than those mentioned in the poll, was second with 21% of the respondent. Followed by Offermatica, In-house tool, Optimost and Touchclarity.

During past few days I have talked to many companies who are now starting to seriously look for a website optimization tool. So far either they had no A/B testing or used in-house ad-hoc A/B testing tool (hack).

What tool are you using?

Fallacy of Inflation Targeting

Ben Bernanke is in favor of inflation targeting at 2% a year. Considering he means prices, he sure is a long ways off, at least as measured by the CPI or PPI.

But let's assume the Fed could magically meet that target. Inquiring minds might be wondering how that would look graphically. Let's take a look.

Inflation Targeting at 2% a Year



click on chart for sharper image.

The above chart is thanks to Minyan Charles who writes:
Hey Mish,

I have been pondering this whole "inflation-targeting" approach by the Fed. Their stated goal is around 2.0% year over year, correct? So, I did the graph I included which confirmed my suspicion that a constant percentage increase is indeed an exponential growth curve (who says bacterial growth is irrelevant for finances!). If the mandate is price stability, why would you shoot for an exponential growth situation? (And that is if you're doing your job well and hitting the target!)

Does stability really mean ever more increasing prices?!? When you combine this with the stagnant growth in wages over the last 30 years, it is easy to see why the middle class has been so squeezed. Why would deflation be so horrible, besides dispersing some wealth back to the have-nots? And did the Fed really kill inflation in the 1980s? Or did they just change the statistical reporting mechanisms?

Thanks,

Minyan Charles
Charles, thanks for that chart.
Let's see how the model actually stands the test of time.

CPI In Actual Practice




click on chart for sharper image
The above chart courtesy of the St. Louis Fed.

Note what happened once Nixon closed the gold window. Greenspan has maintained the Fed has approximated the gold standard in practice. The above chart proves otherwise.

Inflationistas Need Not Apply

No doubt inflationistas will be crowing about the above chart. Why shouldn't they? Then again Inquiring minds may wish to consider this progression.
Fallacy of Inflation Targeting

The reason banks (and government) want inflation targets is that inflation is beneficial to those with first access to money: banks, government, and the wealthy. By the time access to credit filters down to everyone, the economy is poised to reverse. This happens time and time again in every cycle. The current housing bust is the latest example.

Inflation Targeting and Price Stability Questions
  • Why should inflation be targeted at 2% and not 1% or 3%?
  • Why should any inflation be targeted at all?
  • Even if it was smart to target prices, can prices really be measured it accurately?
  • What do central banks do to overcome lag effects of monetary tightening and loosening?
  • Is this just blind faith "we know neutral when we see it"?
I addressed the above questions in Inflation Monster Captured. Inquiring minds may wish to take a look. If you have not yet seen it, there is a cute video from the ECB in the above link.

What it all boils down to however, is inflation targeting is nothing more than Fed sponsored theft to the detriment of those who obtain access to credit late in the cycle.

More importantly, the Fed can only succeed when attitudes allow the Fed to succeed. For more on attitudes please see Credit Lines Dry Up, Homeowners In Withdrawal.

Here is the pertinent snip:
Attitudes are like pendulums. Momentum carries both pendulums and attitudes to extremes. The pendulum of consumer recklessness has now reversed, having recently reached a secular peak. It will not stop at equilibrium on the way down. Instead, momentum will progress to a point of complete exhaustion marked by cautious saving instead of reckless spending.
For still more on attitudes please see "Social Mood Darkens", point 5 of Professor Depew's "Five Things" on How It's Gonna End.

According to Professor Depew, "Social mood drives social action, not the other way around. Cautious people cause home prices to plunge. Cautious businessmen cause credit to tighten. Fearful people suddenly view debt as harmful, not helpful."

In the final analysis the Fed undershoots, overshoots, and blows serial bubbles. It matters not whether this is by accident or design. The end result is the same: wealth concentration in the hands of the banks and the wealthy, fear sponsored government fascism, and the impoverishment of the middle class. For these reasons the Fed should be abolished.

Note that the inflation cycle ends when consumers are no longer willing or able to borrow, and banks are no longer willing or able to lend. The preponderance of data suggests that is precisely where we are now. The last time this happened the US was facing the great depression. There are now safety nets that may prevent a similar occurrence now, then again perhaps not. The real question is whether or not one is prepared.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here
To Scroll Thru My Recent Post List

CALL FOR ENTRIES 2008

DEADLINE FOR SUBMISSION � Friday 11pm, 28 March 2008

Head on Foundation invites photographers to submit works to the 2008 photographic portrait competition.

Prizes will be awarded for the best 3 images. The selection of images will be based on the power of the photograph rather than the celebrity of the subject or photographer. Images could range from film to digitally produced using any photographic technique in colour and/or black & white.

Further prizes will be awarded to images selected by �The Critic� and for �People�s Choice�.

Finalists� work will be selected by Sandra Byron, Byron-McMahon Gallery director, Stephen Dupont, multi award winning photographer and Moshe Rosenzveig, Head On curator. The �Critic Prize� will be selected by Robert McFarlane, the Sydney Morning Herald photography critic.

Total value of prizes is approximately $32,000. Prizes for Head On 2008 are as follows:

  • 3 x digital SLR Canon 5D
  • 3x Canon 24-105mm f/4L IS USM lens
  • 3 x Adobe Photoshop Lightroom
  • Adobe Creative Suite CS3 Master Collection
  • 3x Canon professional A3+ printer Pixma Pro9500
  • 3 x ACDSee Pro Digital Asset Management software
  • 3x Sandisk 4gb Extreme IV Memory card
  • 3x Sandisk Extreme Firewire reader
  • Books from Focal Press
  • Dragon Image Lighting package

The allocation of prizes is wholly at the discretion of Head On.

Head On finalists will be exhibited at the Australian Centre for Photography, Sydney 1 May - 7 June 2008 and then at the M16 Artspace, Canberra 9 - 22 July 2008 as part of Vivid National Photography Festival.

Head On, now in its fifth year, has established itself as one of Australia's major photographic portrait exhibitions. It is committed to advancing photography as a popular art form and to support photographers from all genres through its exhibition and the newly established fund supported by Orient Capital.

Terms & Conditions

source : headon.com.au

CALL FOR ENTRIES 2008

DEADLINE FOR SUBMISSION � Friday 11pm, 28 March 2008

Head on Foundation invites photographers to submit works to the 2008 photographic portrait competition.

Prizes will be awarded for the best 3 images. The selection of images will be based on the power of the photograph rather than the celebrity of the subject or photographer. Images could range from film to digitally produced using any photographic technique in colour and/or black & white.

Further prizes will be awarded to images selected by �The Critic� and for �People�s Choice�.

Finalists� work will be selected by Sandra Byron, Byron-McMahon Gallery director, Stephen Dupont, multi award winning photographer and Moshe Rosenzveig, Head On curator. The �Critic Prize� will be selected by Robert McFarlane, the Sydney Morning Herald photography critic.

Total value of prizes is approximately $32,000. Prizes for Head On 2008 are as follows:

  • 3 x digital SLR Canon 5D
  • 3x Canon 24-105mm f/4L IS USM lens
  • 3 x Adobe Photoshop Lightroom
  • Adobe Creative Suite CS3 Master Collection
  • 3x Canon professional A3+ printer Pixma Pro9500
  • 3 x ACDSee Pro Digital Asset Management software
  • 3x Sandisk 4gb Extreme IV Memory card
  • 3x Sandisk Extreme Firewire reader
  • Books from Focal Press
  • Dragon Image Lighting package

The allocation of prizes is wholly at the discretion of Head On.

Head On finalists will be exhibited at the Australian Centre for Photography, Sydney 1 May - 7 June 2008 and then at the M16 Artspace, Canberra 9 - 22 July 2008 as part of Vivid National Photography Festival.

Head On, now in its fifth year, has established itself as one of Australia's major photographic portrait exhibitions. It is committed to advancing photography as a popular art form and to support photographers from all genres through its exhibition and the newly established fund supported by Orient Capital.

Terms & Conditions

source : headon.com.au

Review: Canon EOS 40D

When thinking about product upgrades, most of us focus on the things that we want added to or changed in our favorite hardware or software. With cameras, that's usually more pixels, more features, and a lower price. One thing we don't always focus on is what we want to stay the same. In other words, sometimes the smartest choice when engineering an upgrade is knowing what not to change.

The $1,149 Canon EOS 40D is the fifth descendent of the EOS D30, a breakthrough SLR that came out late in 2000. Canon has made the usual improvements that one expects -- better performance, larger LCD screen, etc. -- and left a lot of things the same. What's especially interesting for users upgrading from previous cameras is that for the first time in eight years, Canon has changed some basic interface design for the better. However, a few long-term problems are still there.

The good news is that all of these changes, good and bad, add up to a solid product that's fun to use, reasonably priced, and delivers excellent image quality.

What It Is
The EOS 40D is a mid-range digital SLR aimed at photographers who want image quality and performance that are better than that of lower-end offerings, such as the Canon Rebel XTi or Nikon D40.

Enclosed in a body that's larger than entry-level SLRs, but smaller than such professional models as Canon's EOS 5D and 1DS series cameras, the 40D is a comfortable camera that weighs in at a little more than 1.5 pounds. Years of refining the camera's design have resulted in a body that's secure to grip, easy to work with, and allows one-handed access to all major shooting controls.

Ben Long

more : creativepro

Review: Canon EOS 40D

When thinking about product upgrades, most of us focus on the things that we want added to or changed in our favorite hardware or software. With cameras, that's usually more pixels, more features, and a lower price. One thing we don't always focus on is what we want to stay the same. In other words, sometimes the smartest choice when engineering an upgrade is knowing what not to change.

The $1,149 Canon EOS 40D is the fifth descendent of the EOS D30, a breakthrough SLR that came out late in 2000. Canon has made the usual improvements that one expects -- better performance, larger LCD screen, etc. -- and left a lot of things the same. What's especially interesting for users upgrading from previous cameras is that for the first time in eight years, Canon has changed some basic interface design for the better. However, a few long-term problems are still there.

The good news is that all of these changes, good and bad, add up to a solid product that's fun to use, reasonably priced, and delivers excellent image quality.

What It Is
The EOS 40D is a mid-range digital SLR aimed at photographers who want image quality and performance that are better than that of lower-end offerings, such as the Canon Rebel XTi or Nikon D40.

Enclosed in a body that's larger than entry-level SLRs, but smaller than such professional models as Canon's EOS 5D and 1DS series cameras, the 40D is a comfortable camera that weighs in at a little more than 1.5 pounds. Years of refining the camera's design have resulted in a body that's secure to grip, easy to work with, and allows one-handed access to all major shooting controls.

Ben Long

more : creativepro

Lowepro Flipside 300 Camera Bag Review

With its SlingShot line of SLR bags from a few years back, Lowepro showed the camera world a different approach to quickly getting at your gear while carrying it on your back. The side-entry shoulder bags allowed photographers to "quick draw" their equipment without taking the bag off the shoulder. Taking this different way of thinking from single-shoulder bags to traditional, two-strap backpacks, Lowepro's newest offerings � the Flipside series � move the access point to the back of the bag � the part that rests against your back when wearing the backpack.

While the look and feel are decidedly unconventional, some time with the Flipside suggests that there's a lot to be said for this unique approach to the traditional photo backpack.

Design and Construction
Lowepro's Flipside bags come in two sizes, with the larger 300 that we used for this review recommended for larger semi-pro and pro-sized DSLRs with battery grips. In both cases, the Flipside has a slightly tall, narrow profile, but given its capacity even the 300 is surprisingly compact, measuring less than 18 inches tall.

I find the look of the Flipside's zipperless front appealing. Stylistically, the bag more closely resembles a daypack or small outdoor pack than a photo bag, adding to the security benefits for those hauling around equipment with four- and five-digit total price tags.

David Rasnake

more : digitalcamerareview

Lowepro Flipside 300 Camera Bag Review

With its SlingShot line of SLR bags from a few years back, Lowepro showed the camera world a different approach to quickly getting at your gear while carrying it on your back. The side-entry shoulder bags allowed photographers to "quick draw" their equipment without taking the bag off the shoulder. Taking this different way of thinking from single-shoulder bags to traditional, two-strap backpacks, Lowepro's newest offerings � the Flipside series � move the access point to the back of the bag � the part that rests against your back when wearing the backpack.

While the look and feel are decidedly unconventional, some time with the Flipside suggests that there's a lot to be said for this unique approach to the traditional photo backpack.

Design and Construction
Lowepro's Flipside bags come in two sizes, with the larger 300 that we used for this review recommended for larger semi-pro and pro-sized DSLRs with battery grips. In both cases, the Flipside has a slightly tall, narrow profile, but given its capacity even the 300 is surprisingly compact, measuring less than 18 inches tall.

I find the look of the Flipside's zipperless front appealing. Stylistically, the bag more closely resembles a daypack or small outdoor pack than a photo bag, adding to the security benefits for those hauling around equipment with four- and five-digit total price tags.

David Rasnake

more : digitalcamerareview

NIKON�S NEW INTERACTIVE WEBSITE IS DESIGNED TO EVOLVE WITH USER FEEDBACK

New Website Uses Imagery as a Catalyst for Interaction and Embraces Feedback from Users to Enhance the Browsing Experience

MELVILLE, N.Y. (Feb. 27, 2008) � Nikon Inc. today unveiled a completely redesigned Web site with a new visual user interface that among other features utilizes images to display information about Nikon�s products and services. Visitors to the site will also have an ongoing opportunity to offer feedback and suggestions about the site�s content and usability to help define the evolution of the site over the coming months and years.

Similar to Nikon�s imaging products, which rely on customers� feedback for development, the new site will be a continually evolving forum thanks to the addition of an innovative blog called �Your Shot� that encourages users to comment and share their ideas to improve the Web site�s design, interface and content. This open environment creates an online space that is better adapted to the needs of consumers and provides an unmatched level of functionality for visitors.

The launch of the newly revamped Nikon Inc. Web site emphasizes a strong commitment to photography. The Web site, www.nikonusa.com, is accessible starting February 27th at 8 p.m. EST. To access the new interactive site blog, please visit http://blog.nikonusa.com.

About Nikon
Nikon, At the Heart of the Image�. Nikon Inc. is the world leader in digital imaging, precision optics and photo imaging technology and is globally recognized for setting new standards in product design and performance for its award-winning consumer and professional photographic equipment. Nikon Inc. distributes consumer and professional digital SLR cameras, NIKKOR optics, Speedlights and system accessories; Nikon COOLPIX� compact digital cameras; COOLSCAN� digital film scanners; 35mm film SLR cameras; Nikon software products and Nikon sports and recreational optics. Nikon D Series digital SLR cameras are recognized as �Highest in Customer Satisfaction with digital SLR cameras,� according to the latest J.D. Power and Associates 2007 digital Camera Satisfaction Study. Nikon Corporation, the parent company of Nikon Inc., recently celebrated its 90th anniversary and announced the production of over 40 million NIKKOR SLR interchangeable lenses. For more information, dial (800) NIKON-US or visit http://www.nikonusa.com, which links all levels of photographers to the Web's most comprehensive photo learning and sharing communities.

NIKON�S NEW INTERACTIVE WEBSITE IS DESIGNED TO EVOLVE WITH USER FEEDBACK

New Website Uses Imagery as a Catalyst for Interaction and Embraces Feedback from Users to Enhance the Browsing Experience

MELVILLE, N.Y. (Feb. 27, 2008) � Nikon Inc. today unveiled a completely redesigned Web site with a new visual user interface that among other features utilizes images to display information about Nikon�s products and services. Visitors to the site will also have an ongoing opportunity to offer feedback and suggestions about the site�s content and usability to help define the evolution of the site over the coming months and years.

Similar to Nikon�s imaging products, which rely on customers� feedback for development, the new site will be a continually evolving forum thanks to the addition of an innovative blog called �Your Shot� that encourages users to comment and share their ideas to improve the Web site�s design, interface and content. This open environment creates an online space that is better adapted to the needs of consumers and provides an unmatched level of functionality for visitors.

The launch of the newly revamped Nikon Inc. Web site emphasizes a strong commitment to photography. The Web site, www.nikonusa.com, is accessible starting February 27th at 8 p.m. EST. To access the new interactive site blog, please visit http://blog.nikonusa.com.

About Nikon
Nikon, At the Heart of the Image�. Nikon Inc. is the world leader in digital imaging, precision optics and photo imaging technology and is globally recognized for setting new standards in product design and performance for its award-winning consumer and professional photographic equipment. Nikon Inc. distributes consumer and professional digital SLR cameras, NIKKOR optics, Speedlights and system accessories; Nikon COOLPIX� compact digital cameras; COOLSCAN� digital film scanners; 35mm film SLR cameras; Nikon software products and Nikon sports and recreational optics. Nikon D Series digital SLR cameras are recognized as �Highest in Customer Satisfaction with digital SLR cameras,� according to the latest J.D. Power and Associates 2007 digital Camera Satisfaction Study. Nikon Corporation, the parent company of Nikon Inc., recently celebrated its 90th anniversary and announced the production of over 40 million NIKKOR SLR interchangeable lenses. For more information, dial (800) NIKON-US or visit http://www.nikonusa.com, which links all levels of photographers to the Web's most comprehensive photo learning and sharing communities.
 
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