StockTakers TaxCharityTM 15may2014
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StockTakers TaxCharityTM 15may2014

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StockTakers methods trumps myths. High AlphaSmart, Low Risk, Capital Safety investing we have proven to work. Our charity to small investors of proprietary trading data continues to demonstrate and ...

StockTakers methods trumps myths. High AlphaSmart, Low Risk, Capital Safety investing we have proven to work. Our charity to small investors of proprietary trading data continues to demonstrate and confirm proof in real markets.

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StockTakers TaxCharityTM 15may2014 Document Transcript

  • 1. “ Page 1 of 9 May 2014 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited. The author does not provide investment advice. In order to use reproduce or convey the material herein, in any way, written agreement must be obtained from the author or its agent Architypes Inc. StockTakers Limited is an Alberta corporation providing information on “likeables” equities. StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions. Defend Your Capital, TaxCharityTM Update–15 May 2014 Equities trading above our benchmark Risk Price (SF) are those liked by investors, as two of three continue to price rise due to investors’ preference. These equities we call “likeables.” They are revealed by their rise above Risk Price, our metric that investors must know to defend their capital1 . Cash must be engaged in the economy in business ideas with valiant balance sheets or it loses value. That is simple fact. For small savings it is needful but arbitrary you feed at the low price end of "likeables" we find in balance sheets. Equities that tend to hold their value and gain are better than cash. Risk Aversion, Capital Safety and Liquidity in ‘likeables’ we prove works for you. This past year US markets have rebounded particularly well fed on Quantitative Eating courtesy of the Federal Reserve. This month market mavens got ‘surprised’ again. Consumers are demanding, firms are not reversing their balance sheets. Our public TaxCharityTM and BookBuilderTM portfolios show better using our new theory of the firm. We seek accredited investors to advance the impact of what we have proven. Meanwhile enjoy our charity to small investors, because we can. The larger your “likeables” portfolio will tend to average 26% per annum Internal Rate of Return as proven through the two recessions of these past 13 years. See our articles StockTakers’ 2012Q1 bite on DJI2 . and The Counter Culture: Case for a Can Opener3 . Our work stands on giants, insights of three very different laureates, and more, evidence. Our “likeables” behaviour is proof. What proof does convention offer? Right that is an oxymoron4 . Convention is flat-landers in a global reality. Fund managers are just used equities traders who never kick the tires or check the fluids, because they do not know more than pretense, Capital Appreciation Raiders, CAR sellers, of financial products for their unworthy fee-taking but none left for you. Do not give those Artful Dodgers your wallet. Financial industry advisors are schooled in financial products to exploit small investor savings for their taking fees. They are not changing their tools or sharpening those they have. They took the “regular courses” to be certified in a self-regulated industry that is only their own creative fiction. Seemingly, certification requires intensive study in the key tools of Rhetoric - Adumbration, Subterfuge, Mystification and Derogation. Sounds familiar. “I only took the regular courses,” sighed the Mock Turtle. “What was that?” inquired Alice. “Reeling and Writhing, of course, to begin with, and then the different branches of Arithmetic – Ambition, Distraction, Uglification, and Derision.” "there is risk in what you do not or cannot know." Thomas Tooke, 1844 "for the value of money is also perishable." Jean-Baptiste Say , 1803
  • 2. “ Page 2 of 9 May 2014 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited. The author does not provide investment advice. In order to use reproduce or convey the material herein, in any way, written agreement must be obtained from the author or its agent Architypes Inc. StockTakers Limited is an Alberta corporation providing information on “likeables” equities. StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions. Defend Your Capital, TaxCharityTM Update–15 May 2014 That proven behaviour fund managers like CPPIB ignore as politicians demand you must trust to invest even double-up in their proven failure. There is proof Wall Street does not understand our “likeables” behaviour as hedge funds fail to deliver . On gossip hem and haw the markets bounced and yawed with all the boats. Quantitative Eating treacle-down capitalizes US markets, not yet consumer ‘getting-on-with-their-lives’ demand driving the real economy. These 2012 TSX “likeables” made 38.38% gain in 17.5 months still above our expected average IRR. This vibrant NYSE 2012 “likeables” portfolio has gained 46.91%, far above average. More proof is found in 8 month gain of 20.75% managed in 2013 ‘likeables’ NYSE portfolio despite sharp down-side volatility, a mere 23.61% on less vibrant TSX. Both of the 2013 portfolios need substantive changes due to stoploss breaches protecting from down-side volatility. What is essential is you hold a complement of at least eight but preferably more “likeables” as your portfolio at any time (preferably in equal blocks of 100 share multiples for 'collaring options' as exit strategy, most often continuing to hold through volatility and earning more gains). Tendency of ‘likeables’ for gain is not the same as ‘pin-the-point-on-the-mule’ most seek. This is not child’s play. Let others chase the gamblers’ risk/reward model. Good reason shows that rarely works. Tax charity limits for 2013 income sheltering were used to set these portfolios. Americans looked to sheltering $17,800.00 in 2013 depending on various factors in their tax code. Best have tax specialist involved. Canadians could shelter $23,820.00 of their income in 2013. Extending our proprietary information as charity to suit small investors’ needs our BookBuilderTM invests in your children’s education TaxCharityTM your retirement and income needs, because we can, so you can. TaxCharityTM Portfolios Update List – 15 May 2014 NYSE Value 17K Firms 2012 limits Market Price Symbol SF (Risk Price) Stop/Loss American Capital Ltd $topLoss sold 11feb14 ACAS:US $60 $14 Convergys Corp $topLoss sold 18apr CVG:US $14 $20 First Horizon National Corp StopLoss sold 15apr FHN:US $9 $11 Ford Motor Co. $topLoss sold 31jan13 F:US $14 $15 Hercules Offshore Inc StopLoss sold 09dec HERO:US $4 $4 Host Hotels & Resorts Inc HST:US $19 $20 Huntington Bancshares Inc $topLoss sold 17apr HBAN:US $9 $8 Interpublic Group of Cos 17.56 IPG:US $17 $17 KeyCorp 13.17 KEY:US $12 $12 LSI Corp $topLoss sold 22apr LSI:US $10 $10 Manitowoc Company StopLoss sold 15apr MTW:US $12 $27 MBIA Inc MBI:US $8 $10 Regions Financial Corp. 10.04 RF:US $10 $10
  • 3. “ Page 3 of 9 May 2014 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited. The author does not provide investment advice. In order to use reproduce or convey the material herein, in any way, written agreement must be obtained from the author or its agent Architypes Inc. StockTakers Limited is an Alberta corporation providing information on “likeables” equities. StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions. Defend Your Capital, TaxCharityTM Update–15 May 2014 Sprint Nextel StopLoss sold 09oct S:US $5 $7 Teradyne Inc $topLoss Apr 5, 2013 TER:US $14 $17 (Buy-ins 30apr13) Boston Scientific Corp. (new $top-Loss 15apr14) 12.69 BSX:US $13 $13 Goodyear Tire & Rubber Company 24.79 GT:US $19 $23 Hudson City Bancorp Inc $topLoss sold 23sep13 HCBK:US $9 $9 JDS Uniphase Corp $topLoss sold 15aug JDSU:US $14 $12 New York Times Company CL A 14.88 NYT:US $8 $14 Spectra Energy Corp $topLoss sold 15Aug SE:US $36 $37 (Buy-ins 30jun13) Compuware Corp. ($topLost 11apr14) CPWR:US $10 $10 MGIC Investment Corporation 8.28 MTG:US $5 $7 (Buy-ins 30jun13) Lloyds BankingGroup PLC ADS ($topLost 28mar14) LYG:US $4 $4 OfficeMax Incorporated (Bought by ODP-05nov2013) OMX:US Donnelley RR & Sons Company $topLoss sold 18sep13 RRD:US $15 $15 Sapient Corp $topLoss sold 04feb13 SAPE $13 $15 (Buy-ins 30jsep13) Allianz SE 16.74 AZSEY:OTC $15 $14 (Buy-ins 15jan14) LM Ericsson Telephone Company 12.42 ERIC:US $11 $12 International Game Technology $topLoss sold 24jan13 IGT $15 $12 (Buy-ins 15feb14) Oracle Corp. 41.93 ORCL:US $34 $37 Westmoreland Coal Company 26.73 WLB:US $12 $25 Buy-ins 15apr2014 *100 shares each Barclays PLC ADS 16.51 BCS:US $15 $15 Current 2012 Portfolio Value 15 May 2014 (including dividends) / 01 December 2012 22350.40 / 15214.00 Gain 17.5 months 46.91% Net Cash Carried after 15apr2014 Buy-ins *100 shares 135.00 Net Cash * after 100 shares BSX new stoploss 1269.00 Current Cash 1404.00 Buy-ins 15apr2014 *100 shares each Alcoa Inc. 13.32 AA:US $9 $12 Net Cash Forward after Buy-ins *100 shares 72.00 Current 2012 Portfolio Value 15 May 2014 (including dividends) / 01 December 2012 22350.40 / 15214.00 Gain 17.5 months 46.91% (Pending Need for Change or investing new Savings)
  • 4. “ Page 4 of 9 May 2014 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited. The author does not provide investment advice. In order to use reproduce or convey the material herein, in any way, written agreement must be obtained from the author or its agent Architypes Inc. StockTakers Limited is an Alberta corporation providing information on “likeables” equities. StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions. Defend Your Capital, TaxCharityTM Update–15 May 2014 Barnes Group Incorporated 37.03 B:US $25 $36 Dreamworks Animation SKG Incorporated 24.15 DWA:US $24 $24 USA ROTH/IRA 2013 limit 17800.00 Buy-ins 15sepl2013 *100 shares each AMN Healthcare Services Inc. (new $top-Loss 15apr14) AHS:US $10 $13 Booz Allen Hamilton Incorporated $top-Loss 06nov BAH:US $16 $20 Ciena Corp. ($topLoss 24mar14) CIEN:US $19 $21 First Horizon National Corp $topLoss sold 08oct13 FHN:US $9 $12 Genworth Financial Inc. (new $top-Loss 15apr14) GNW:US $12 $16 Krispy Kreme Doughnuts Inc. $topLoss sold 03dec13 KKD:US $11 $15 US Airways Group Incorporated 38.19 AAL/LCC:US $12 $19 Lousinana-Pacific Corp. ($topLoss 14apr14) LPX:US $13 $15 Pandora Media Inc. ($topLoss 24mar14) P:US $30 $27 Radian Group Inc. ($topLoss 11apr14) RDN:US $7 $14 (Buy-ins 15nov13) Hillshire Brands Co. ($topLoss 11apr14) HSH:US $30 $36 Buy-ins 15Jjan2014 *100 shares each E Trade Financial Corp. (new $top-Loss 15apr14) ETFC:US $13 $21 Buy-ins 15apr2014 *100 shares each ABB Ltd. ADS (new $top-Loss 15apr14) 23.57 ABB:US $23 $24 AK Steel Holding Corp 6.62 AKS:US $7 $6 Aircastle Limited ($18 stopLoss 24apr14) 18.00 AYR:US $14 $17 Cisco Systems Inc 24.18 CSCO:US $21 $22 Energy Transfer Equity LP 50.14 ETE:US $37 $39 Media General Incorporated CL A 16.38 MEG:US $15 $13 WhiteWave Foods Company 30.3 WWAV:US $23 $25 USA ROTH/IRA 2013 Portfolio 15 May 2014 (including dividends) / 15 September 21493.00 / 17800.00 Gain 8.0 months 20.75% Net Cash Forward after Buy-ins *100 shares) 495.00 Net Cash * after sale of all but AAL 100 shares 4157.00 Current Cash 4652.00 Buy-ins 15may2014 *100 shares each Frontier Communications Corp 5.94 FTR:US $5 $5 Monster Worldwide Inc 5.95 MWW:US $7 $6 Westpac Banking Corp. ADS 32.07 WBK:US $28 $28 Net Cash Forward after Buy-ins *100 shares) 256.00 USA ROTH/IRA 2013 Portfolio 15 May 2014 21493.00 / 17800.00 Gain 8.0 20.75%
  • 5. “ Page 5 of 9 May 2014 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited. The author does not provide investment advice. In order to use reproduce or convey the material herein, in any way, written agreement must be obtained from the author or its agent Architypes Inc. StockTakers Limited is an Alberta corporation providing information on “likeables” equities. StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions. Defend Your Capital, TaxCharityTM Update–15 May 2014 (including dividends) / 15 September months Engage “Likeables” and save your own bacon. Because we can, you can Equities that tend to hold their value and gain are better than cash. We like Capital Safety and Liquidity because we have proven our risk aversion works, consistently obtaining both low risk and AlphaSmartTM high gain. Our Risk Price is what investors must know to defend their capital. We are extending a small part of our proprietary information as charity to suit small investors’ needs for their small portfolios, our BookBuilderTM supports your investing in your children’s education, TaxCharityTM your retirement or income needs, because we can, you can. TaxCharityTM TSX Portfolios Update List – 15 May 2014 TSX Value 22K Firms 2012 Limits Market Price Symbol SF (Risk Price) Stop/Loss Aimia Inc ($topLoss sold 27feb14) AIM $16 $16 Algonquin Power & Utilities Corp.$topLoss AQN $7 $7 CAE Inc. ($top-loss sold 26mar) CAE $13 $14 Cott Corporation ($top-loss sold 01may) BCB $9 $8 Canfor Corporation ($top-loss 27mar14) CFP $26 $21 Chartwell Seniors Housing Real Est. Investment Trust CSH.UN $10 $10 Canexus Corporation CUS $9 $4 Denison Mines Corp. ($N* sold 15nov) DML $1 $1 Dundee Precious Metals Inc. ($top-loss sold12apr) DPM $11 $3 Enerflex Ltd. 16.89 EFX $13 $16 Great Canadian Gaming Corp 15.02 GC $14 $14 Heroux-Devtek Inc ($N* sold 04mar) HRX $10 $10 Dominion (Harry Winston) Diamond Corporation DDC $17 $13 Manitok Energy Inc 2.51 MEI $3 $2 Maple Leaf Foods Inc. 17.32 MFI $15 $16 Martinrea International Inc ($top-loss sold 20sep) MRE $10 $10 New Gold Inc. ($N* sold 04mar) NGD $13 $5 Jean Coutu Group (PJC) Inc. 23.11 PJC.A $20 $20 Pason Systems Inc. 30.4 PSI $16 $26 Trinidad Drilling Ltd. TDG $11 $11 Yamana Gold Inc. ($top-loss sold 12apr) YRI $16 $9 ARC Resources Ltd. 31.64 ARX $28 $31 Ensign Energy Services Inc. 16.28 ESI $18 $16 Precision Drilling Corporation 13.33 PD $12 $12 NuVista Energy Ltd. ($top-loss sold 20sep) NVA $7 $10 Air Canada AC.B $4 $5
  • 6. “ Page 6 of 9 May 2014 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited. The author does not provide investment advice. In order to use reproduce or convey the material herein, in any way, written agreement must be obtained from the author or its agent Architypes Inc. StockTakers Limited is an Alberta corporation providing information on “likeables” equities. StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions. Defend Your Capital, TaxCharityTM Update–15 May 2014 Hudsons Bay Company HBC $18 $16 Leon's Furniture Limited 14.81 LNF $14 $15 Buy-ins 30sep2013 *100 shares each Ballard Power Systems Incorporated 3.34 BLD $2 $2 Buy-ins 15nov2013 *100 shares each Ainsworth Lumber Co. Ltd. ($top-loss sold 15may) 3.00 ANS $3 $3 Buy-ins 15dec2013 *100 shares each Acadian Timber Corporation 12.63 ADN $13 $12 Buy-ins 15feb2014 *100 shares each First Quantum Minerals Ltd. (N* sold 14mar) FM $20 $20 Buy-ins 15mar2014 *100 shares each Progressive Waste Solutions Ltd. 27.15 BIN $24 $25 Pengrowth Energy Corporation 6.98 PGF $5 $6 Buy-ins 15mar2014 *100 shares each Canadian Energy Services & Technology Corp 32.95 CEU $20 $26 TSX 2012 Portfolio Value 15 May 2014 (including dividends) / 01 December 2012 27307.00 / 20235.00 Gain 17.5 months 38.38% Net Cash Carried after *100 shares Buy-ins 15apr2014 130.00 Net Cash * after 100 shares CFP stoplost 300.00 Current Cash 430.00 Buy-ins 15may2014 *100 shares each Semafo Inc. 3.77 SMF $4 $4 Net Cash Carried after *100 shares Buy-ins 15apr2014 53.00 TSX 2012 Portfolio Value 15 May 2014 (including dividends) / 01 December 2012 27307.00 / 20235.00 Gain 17.5 months 38.38% (Pending Need for Change or investing new Savings) AltaGas Ltd. 48.67 ALA $40 $44 Black Diamond Group Limited 34.16 BDI $24 $31 Canadian Oil Sands Limited 23.15 COS $21 $23 Capital Power Corporation 25.66 CPX $23 $24 RioCan Real Estate Investment Trust 28 REI.UN $25 $26 Canadian 2013 RRSP limit 23820.00 Buy-ins 15sep2013 *100 shares each Catamaran Corporation ($top-loss sold 18sep) CCT $58 $48 CML HealthCare Inc. (Bought by LifeLabs 01oct13) CLC Celestica Inc. 12.27 CLS $12 $11 Hudsons Bay Company $top-loss seold 23jan HBC $18 $18
  • 7. “ Page 7 of 9 May 2014 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited. The author does not provide investment advice. In order to use reproduce or convey the material herein, in any way, written agreement must be obtained from the author or its agent Architypes Inc. StockTakers Limited is an Alberta corporation providing information on “likeables” equities. StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions. Defend Your Capital, TaxCharityTM Update–15 May 2014 Home Capital Group Inc.(2: 1 Stock Split 11mar14) 93.3 HCG $36 $40 Franco-Nevada Corporation 53.22 FNV $50 $50 Gluskin Sheff & Associates Inc ($N* sold 15nov) GS $24 $29 Buy-ins 15oct2013 *100 shares each Calfrac Well Services Ltd. 36.83 CFW $31 $33 Pacific Rubiales Energy Corp. N* $top-loss sell 15feb PRE $24 $16 Buy-ins 15nov2013 *100 shares each Aecon Group Inc. 17.1 ARE $16 $16 Nordion Inc. 13.43 NDN $10 $11 Buy-ins 15dec2013 *100 shares each Resolute Forest Products Inc. ($topLost 14apr) RFP $15 $19 Buy-ins 15feb2014 *100 shares each Acadian Timber Corporation ($topLost 27mar) ADN $13 $13 Altius Minerals Corp. (stopLost 10mar) ALS $9 $12 ATS Automation Tooling Systems Inc. 14.82 ATA $10 $13 Buy-ins 15mar2014 *100 shares each Transcontinental Inc. 15.62 TCL.A $14 $15 Buy-ins 15apr2014 *100 shares each Bankers Petroleum Ltd. 6.07 BNK $4 $5 Superior Plus Corp. 13.61 SPB $10 $13 Pan American Silver Corp. 14.27 PAA $15 $12 2013 TSX Portfolio Value 15 Mayl 2014 (including dividends) / 15 September 2013 29444.00 / 23820.00 Gain 8.0 months 23.61% Net Cash Carried after *100 shares Buy-ins 15apr2014 115.00 Net Cash on $topLoss sales *100 shares 0.00 Current Cash 115.00 2013 TSX Portfolio Value 15 May 2014 (including dividends) / 15 September 2013 29444.00 / 23820.00 Gain 8.0 months 23.61% Engage in “likeables” save your own bacon. Because we can, you can Equities that tend to hold their value and gain are better than cash. We like Risk Aversion, Capital Safety and Liquidity by investing in “likeables” because we have proven that works, consistently obtaining both low risk and high gain. Market behaviour prefers the “likeables” trading above Risk Price and bids up their price. The conventional investment industry cannot prove any of their assumptions underlying their supposed methods they sell you as if their “expertise”. It is just their mysticism5 as circular logic is a spinning topic. Any tautology is just repetition until it appears to be logical. As we have shown,
  • 8. “ Page 8 of 9 May 2014 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited. The author does not provide investment advice. In order to use reproduce or convey the material herein, in any way, written agreement must be obtained from the author or its agent Architypes Inc. StockTakers Limited is an Alberta corporation providing information on “likeables” equities. StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions. Defend Your Capital, TaxCharityTM Update–15 May 2014 luck is all that they trade in, 1.03 to 1 is just a coin-toss. Lies told often enough are expedient and can even become politically correct. They really are just rolling dice and tossing cards when not seeing your pocket as their restraint, rather their opportunity for their gaming. Do not loan them your pocket-book on empty promises they have never delivered. What is the alternative to those Artful Dodgers so busy just blowing bubbles6 with cash from your wallet lost in their raging volatility? We are for the small investor. We shun the likely rude wealth takers among corporate fiction doppelgängers under management that are not “likeables” because we can reasonably identify those and shun them. They are overvalued, more price gossip driven than there is demand for them. Our investment method is proven by long term portfolios gains BookBuilder™ and TaxCharityTM portfolios are of just our lowest cost "likeables" our methods identify. It is our proprietary information is given freely in charity to enable small investors to keep their savings growing into their wealth. Our method is proven. Because we can, you can7 . In our Modal Geometry8 theory of the firm we make only two assumptions, clearly as follows: 1. there is a balance sheet of the firm (that the rule of law governs its information is possibly weak assumption but at an accuracy to at least the modest degree accountants are prepared to be responsible for); and, 2. the firm will vigorously negotiate, “what it owns” (in order to stay in business “what is owed to it” with “what it owes” and vice versa, to make the best of what it has, that is in its trading connections). The Modal Geometry theory of the firm has unfolded by rigourous observation of corporate ledgers relation to balance sheets as business process9 adds value. That is aided with logic, epistemology, and some powerful mathematics. You have proof in these TaxCharityTM portfolios performances. Our reasons for having any equity in our portfolios are clear, concise and consistent. “likeables” tendency demonstrates 2 of 3 “likeables” gaining for the long term. This we show proof positive, in our TaxCharityTM and BookBuilderTM portfolios continued gain. We extend our proprietary information to small investors. Because we can, you can. Know What You Have. Have What You Know. Our view is risk averse. Of course we require 2&20 fees for doing that. Mail us for our help. Hans Goetze, Architypes Inc. architypes@gmail.com and StockTakers Limited hg.stocktaker@gmail.com Head Office 76 Midridge Close SE Calgary, AB T2X 1G1 351 Chemin Boulanger Sutton, PQ J0E 2K0 450 538-1270
  • 9. “ Page 9 of 9 May 2014 © Copyright StockTakers Limited, All Rights Reserved. Copying Prohibited. The author does not provide investment advice. In order to use reproduce or convey the material herein, in any way, written agreement must be obtained from the author or its agent Architypes Inc. StockTakers Limited is an Alberta corporation providing information on “likeables” equities. StockTakers Limited encourages your seeking tax law advisor for capital gains tax dispositions. Defend Your Capital, TaxCharityTM Update–15 May 2014 1 http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios 2 http://www.slideshare.net/HansGoetze/stock-takers-2012-q1-bite-on-dji 3 http://www.slideshare.net/HansGoetze/the-case-for-the-can-opener-edufeb12 4 http://www.newyorker.com/online/blogs/johncassidy/2014/05/how-hedge-funds-get-away-with-it.html 5 http://riskwerk.com/2014/03/07/pi-sanctification/ 6 http://riskwerk.com/2013/10/14/asset-bubbles-day-october-14-2013/ 7 http://www.slideshare.net/HansGoetze/the-grail-and-the-goat-portfolios 8 “The Modal Geometry of the Firm and the Balance Sheet Worth of the Trading Connections”, 2006, unpublished but available from the author. 9 http://riskwerk.com/2014/03/15/pi-the-process/