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The Second Coming of GPS in Smartphones
Louis Vuitton Outlet Text by Steve Casimiro; Photograph by Joshua Scott
Replica Louis Vuitton Handbags After a long day of shooting in Colorado's San Juan Mountains, I was heading back into Durango, starving. Where to go and how to get there? My buddy's car didn't have GPS, so I pulled out my iPhone and fired up Navigon's GPS application. Within minutes, voice commands were guiding us toward Zia Taqueria, home to killer fish tacos. As we pulled into the parking lot it struck me that, without a second thought, I'd been party to a sea change in personal navigation. cnvnclkv
Replica Louis Vuitton Wallets Just two years ago, sales of portable auto GPS units were growing almost exponentially, but in the past six months, a sadaknkj11 boom in navigational software has stolen the show. Every major smartphone platform now has at least one GPS application, sometimes more. In its first two months alone, TomTom's iPhone app was downloaded 80,000 times at $100 a pop. Google's highly anticipated Navigation app, which hit the market in November, promises to reshape the category completely it's free. Indeed, market research firm Forrester predicts that GPS software will outpace dedicated devices within three years.
Louis Vuitton Replica Actually, I'd be surprised if it took that long. Compared to portable GPS units, smartphones often cost less and do far more. And after testing all the major phone platforms, I'm convinced that full featured mobile applications like those from Navigon, TeleNav, TomTom, and Magellan are equal to their stand alone units. They have exactly the navigation functions you need including spoken directions, traffic reports, and even simulated views of upcoming intersections without the extraneous junk that device makers like to cram in. Why bother with anything else.
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The Louis Vuitton Paris Show
Today I saw the Louis Vuitton Paris: Voyage en Capitale exhibit at the Mus Carnavalet in Paris. (The museum is part of the Parisian municipal museum system that includes the Notre Dame crypt and the catacombs.)
Polo Ralph Lauren Sale The exhibit, which runs until Feb. 27, 2011, showed how Louis Vuitton took was and is intertwined with the city of Paris itself. Louis Vuitton founded the company himself he started in 1837 with an apprenticeship with Marechal as a "trunk maker and packer" and became a salesman for the company two years later. In 1852, he became the packer for Empress Eugenie, which set him off for founding his own company in 1854.
The sadaknkj10 house made its first flat trunk in 1856 and distinguished itself by making lighter cases with waterproof canvas (the Trianon canvas). Vuitton also made some of the first specified trunks, like the compartment trunk, the bed trunk, and the watertight trunk. He started taking special orders in 1869. cnvnclkv
Polo Ralph Lauren Outlet Louis' son, George, was the one who created the interlocking LV initials, diamond points, stars and quatrefoil flowers. The monogram was trademarked in 1905. George also tested the impregnable lock, which was tested by Houdini. The third generation Vuittons, Gaston Louis, Pierre and Jean, played their role as designers of trunks for cars and airplanes.
Ralph Lauren Polo The Voyage exhibit had some interesting things to see like a Moroccan leather Milano model furnished portmanteau, from 1925, old artwork of scenes of Paris, and documents showing orders for Louis Vuitton products from famous people like the conductor Leopold Stokowski, circa 1929. But most guests will love the century old Louis Vuitton trunks themselves made of everything from crocodile and wood to canvas and resin.
Ralph Lauren Cheap Louis Vuitton was the first company to make its steamers with a flat top all the better to stack on a train or ship. It seems common sense now, but it was revolutionary back then. Here are some photos.
Nike Free Run Womens The Louis Vuitton Of Tile
Nike Free 4.0 Tile Shop Holdings, (TTS) is a tile retailer that went public in September of 2012. Since then, it has benefited form the markets re infatuation with anything housing related and currently trades at a ridiculous 26x EV/EBITDA. In the past month the share price has declined 29% due to an earnings miss and allegations by short seller, Infitialis, research that the company's products contain hazardous amounts of lead. After reading Infitialis' otherwise excellent report, and hearing the company's response on the most recent earnings call; I deem it unlikely that any action by regulators will be forthcoming. With that in mind, I wrote this article to demonstrate that, even without the threat sadaknkj10 of poisoning its customers, Tile Shop has issues that, from an investor perspective, are just as poisonous as lead. The biggest reasons for this are that tile is by and large a commodity product, and retailing it is a business with low barriers to entry. Home Depot (HD), Lowes (LOW) and smaller competitors can just as easily buy it from vendors, and sell it for cheaper. But even if it wasn't a commodity product, the company's margins are way higher than those of other national retailers that sell highly differentiated goods. For instance, Apple sports a gross margin of around 40%, and remember, they invented the iPhone! Other premium brands with lower gross margins include Coach 72%, Lulu Lemon 50%, and Abercrombie Fitch 62%. TTS isn't selling Gucci loafers or Louis Vuitton bags, and its margins will come to reflect that as it tries to become a national franchise. based Top Tiles (TPT), and achieve a 60% gross, a margin that would leave TTS firmly on the wrong side of profitability.The other problem at TTS is the SG spend. As a percentage of revenue it was 56% in the most recent quarter. And while management is hopeful they can bring that down to the historical 50%, they give no indication of having the ability or even the intention to lower it any further (despite helpful hints by sell side analysts to suggest otherwise). With only $3.85 million of cash on hand as of September 30th and $85.4 million in debt, the company is taking a big risk attempting such an aggressive expansion. Simply put, the company is overleveraged and any bump in the road may be detrimental not only to equity holders but also to lenders willingness to extend credit.In addition to the daredevil capital structure, investors should be concerned with the speed of the undertaking. Difficult as growing a business is under any conditions, it becomes exponentially more difficult when you try and do it quickly. Issues such as inventory management, location selection, employee quality and supervision, to name just a few, don't get any easier to manage when you have Wall Street eying you with a stopwatch. As of November 2012 Nabron International, a trust controlled by the Chan brothers (one of which is a former Enron board member), was the largest single stakeholder with an interest in 36% of the outstanding shares. As of June 18th 2013, Nabron had reduced its interest in the company to 20%, a near 56% reduction in a little over six months. Similarly JWTS, a private equity firm, has reduced its stake from 13% in November 2012, to 8.4% as of June 10th. Finally, despite receiving share based compensation, CEO and founder Robert A. Rucker has also reduced his stake from 19.9% in November 2012, to 15% as of June 2013.All of these investors obviously have better places to put their money than TTS equity why don't you?As short sellers Infitialis mention in their report, the CEO of TTS was convicted of fraud in civil court related to divorce proceedings from his now ex wife. For me, this isn't a good thing but it's not necessarily the end of the world.The other management issue brought to light by Infitialis is the fact that the former Senior Vice President of Operations, Mr. Joseph Andrew Kinder is on probation due to his involvement in a domestic dispute another bad sign. Since then, it appears Mr. Kinder has been demoted in favor of the recently hired Chris Homeister. Mr. Homeister was previously Senior VP at Best Buy (BBY), a company with a poor record of competing on the national stage.Last but not least, in 2012 the company was found to have a material weakness in its disclosure controls and procedures. As I understand it, the company didn't have enough people in place at headquarters that were financially competent, nor did they have a sound process for closing the books at the end of year.In and of themselves none of the aforementioned issues is detrimental to the company's future. However, when taken together, the picture sure isn't pretty. Let's put on our optimist hats, and see if we can make the current valuation make sense. Historically the company has earned about 27.5%. Therefore this assumption extremely generous, especially given that its peers are earning EBITDA margins around 12%. This would correspond to a 23% compound annual growth rate for stores. To achieve such a rapid expansion without any margin contraction is highly unlikely, but hey we're looking on the bright side here. That's a higher than what Home Depot currently commands, and it's a national franchise with a honed operating model, experienced and competent management. I also assume debt will increase to $150 million to finance this growth, while cash moves up to $20 million.What's the result of all this future gazing? Despite our psychedelic concessions to the gods of delusion the company still stands 17% overvalued based on Friday's closing price.
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Ralph Lauren Kids The Louis Vuitton of Teas
Ralph Lauren T Shirts If you've got $35 000 of cold hard cash, poor impulse control, and the urge to drop it like it's hot, I've got just the thing for sadaknkj10 you: Poo Tea.
Ralph Lauren Shirt Chinese entrepreneur, An Yanshi, has come up with a brilliant plan to relieve multimillionaires of the burden of their cash. Big spenders can now indulge in tea at the very reasonable low price of $35 000/pound. And not just any tea; the Louis Vuitton of teas. Tea grown from 100% authentic Panda feces. In order words, the best poo that money can buy.
Ralph Lauren Polo Shirts What is so great about this tea, you ask? Well, apart from its sinful "mature and nutty" taste, the tea is celebrated for its many health benefits. Since Pandas only absorb 30% of their food through their crappy digestive system, the nutrients from their bamboo meal leak into their excrement, providing a fiber and nutrient rich fertilizer for the tea. It is also said that bamboo, like tea, contains elements that may prevent cancer.
This goes to show that poo really is the wave of the future. And since Pandas can create as much as 20 kg of feces per day, there really is no shortage of waste for interesting pet projects like poo forts and poo toothpaste. And to think, we all have An Yanshi to thank because if it weren't for him, all that poo would completely go to waste cnvnclkv.
Replica Louis Vuitton The Louis Vuitton Monogram Multicolore Speedy Bag
Louis Vuitton Handbags Uk Colorful Louis Vuitton Monogram Multicolore Speedy Bag is modern women's must have collection. It is based on the Multicolor Monogram canvas design that was created in collaboration with the Japenese artist Takashi Murakami, famous also for his Louis Vuitton Cherry Blossom range.
Fake louis Vuitton Bags Available sadaknkj10 in both white and black, Louis Vuitton Multicolore Speedy, as it has become know, offers an image of the old travel range of bag whilst still a practical, useable bag for today. Measuring 11.8" by 8" by 7.2" there is an excellent capacity to hold all your everyday essentials. The exterior features Murakami's colorful design with 33 different colors, signature S lock and key with Clochette, natural cowhide leather handle and trimming, polished golden brass engraved hardware. Inside the bag is Alcantara textile lining with the interior flat pocket and cell phone pocket.
Replica louis Vuitton Sunglasses Louis Vuitton Multicolore Speedy is a limited edition. The famous stars, Jessica Simpson and Jennifer Lopez have used it on the TV shows. Nowadays it has created a remarkable stir among fashion connoisseurs. Showing up from Paris to 5th Avenue to Hong Kong, the bag's special charm is a worldwide phenomenon cnvnclkv.
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Jonathan Winters, who was acknowledged for his improv perform that inspired many a contemporary stand-up comic like Robin Williams, Jim Carrey and others, has died. He was 87.
Longtime family members good friend Joe Petro III says Winters died Thursday evening at his Montecito, Calif., residence of natural causes, reviews AP.
Much more: Comedians and supporters pay out tribute to Jonathan Winters
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Winters' occupation began when he won a talent contest in Dayton Kings Jerseys, Ohio, which led to radio gigs and appearances at comedy clubs, along with comedy albums.
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Winters also appeared in practically 50 motion pictures http://www.kingschampionshop.com/Wayne_Gretzky_Jersey, like a particularly notable role in the 1963 movie It's a Mad, Mad, Mad, Mad Planet.
Eileen Schauder Winters, his wife of far more than 60 many years, died on Jan. 11, 2009. Jonathan is survived by two kids and 5 grandchildren.
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