Ahoy sailors, welcome to the first article in a new series set on giving you a complete guide to the world of sailing. The Log will be compiling sailing information from experts so you will be well-versed in sailing in no time.

SOUTHERN CALIF. There are many ways to learn to sail. You can jump in the boat with a friend and learn from experience, you can sign up for formal lessons, or if you can get your hands on a boat, you can try and teach yourself. No matter which method you prefer, its necessary to understand the boat and what it can do out on the water before you dive into your education.

The Basics of a Sailboat

Before setting sail, there is much you need to know. Gaining a basic knowledge of the boats anatomy will help the new sailor familiarize themselves with where and how the boat operates. Knowing the different parts of the sailboat is important for both safety and being able to sail your boat as flawlessly as possible.

Study these terms and distinguish where they are located on the boat. Retain that knowledge while the Log prepares for the next lesson in Sailing 101.

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Sailing 101: The Anatomy of the Sailboat The Log - The Log Newspaper

In a well-balanced skin-care regimencleanse, treat, moisturize, protectmoisturizer is essential for a healthy complexion. But, do you really know whats in the cream thats responsible for all that youthful quenching and plumping, and which formulation is best for your skin type? We investigate.

There are three main categories of ingredients that make up a moisturizer: humectant, emollient and occlusive. Some of these ingredients actually overlap and work in more than one way to keep skin hydrated, says San Francisco dermatologist Amelia Hausauer, MD. A good rule of thumb to remember: After cleansing, always apply skincare products thinnest to thickest, with the exception of SPF, which should be last. Heres the breakdown.

According to cosmetic chemist Krupa Koestline, humectants are hydrophilic (water-loving) ingredients that work by attracting moisture to the stratum corneum, or the outermost layer of the epidermis. Think of them like a magnet: they draw water into the skin and hold it there for temporary hydrating and plumping that may make lines and wrinkles look smoother. Theyre known for their ability to retain moisture, but not all humectants work via the same mechanism, says Dr. Hausauer. Some supply moisture, like glycerin, sorbitol, aloe vera, honey, and hyaluronic acid, which holds 1,000 times its weight in water and is partially responsible for hydrating the deeper part of the skin called the dermis. Its also why hyaluronic acid fillers can swell in the face after injections. Others, such as lactic acid and urea, help shed dead skin cells first, then even out moisture levels.

Many skin-care pros agree that a good moisturizer should contain all three of these ingredient types to deliver optimal results.

Its important to note that humectants can also work against you in the wrong environment. When the air is drier and less humid, like in desert climates, humectants can pull too much water from the lower layers in the skin, says celebrity aesthetician Nerida Joy. This can actually age the skin faster. In these climates, I recommend using more occlusive products, especially for those with combination/dry skin. (More on occlusives later.)

Emollients can function as humectants or occlusivesthey are not an exclusive category, explains Koestline, noting that their main function is to improve skins smoothness and appearance. They are generally grouped by how they spread on the skin and can be combined with different humectants and occlusives to produce a certain feel on the skin. Omaha, NE dermatologist Joel Schlessinger, MD describes them as moisturizing agents that soften and smooth by filling in the cracks between dead skin cells (signs of a damaged skin barrier). For this reason, theyre particularly good for irritated, sensitive, inflamed, or reactive skin, though all skin types can use them.

Some popular emollients are squalane, dimethicone, ceramides, lipids, fatty acids, butters, and colloidal oatmeal, Dr. Schlessinger says. Oils are also emollients, and Joy says some are comedogenic and may clog pores, like coconut oil be aware if youre breakout-prone whereas others are noncomedogenic, like squalane. Another ingredient commonly used in moisturizers is panthenol (or provitamin B5), which Dr. Hausauer notes is unique because it functions as both a humectant and emollient in one.

The opposite of humectants, occlusives are hydrophobic (oil-loving) and dont hydrate on their own, but rather create a physical barrier on the surface of the skin to help reduce water loss (think balms and ointments). These are the heaviest and stickiest end of the spectrum, Dr. Hausauer says. Because they form a seal, these should always be the last step in a skin-care regimen. The K-beauty slugging trend brought this category into the limelight and is based on the idea of coating your face with a thin layer of an occlusive moisturizer like petrolatum (Vaseline) hence skin looks like a slimy slugto lock in moisture when skin is very dry. In general, occlusives are best for severely dry or eczema-prone skin, or those healing from ablative procedures like a laser or chemical peel, adds Dr. Schlessinger.

Other examples of the ingredient include, lanolin, beeswax, olive oil, mineral oil, and dimethicone and other silicones. Although silicones can be considered occlusive, they evaporate quickly without penetrating the lining of a pore, Joy explains. Their molecular fiber structure is loose, which enables skin to still breathe without clogged pores, and therefore they can be used in formulas for combination and oily skin types.

Last year, ultra moisturizers were trending big, like Olays Ultra-Rich Regenerist and Farmacys Honey Halo that have a super thick consistency almost like butter and melt into dry skin. These get their texture from the high concentration of occlusives like vegetable oil, shea butter and paraffin, which allow them to glide onto skin, feel richer and provide long-term moisturization, says Koestline.

I dont mind them, but I always recommend applying a separate sunscreen on top because we rarely use enough moisturizer to provide adequate protectiontwo finger lengths or a nickel-size for the face, says Dr. Hausauer. And oftentimes, the SPF in combination products is lower than 30.

Many skin-care professionals agree that a good moisturizer should contain all three of these ingredient types in balanced amounts to create a synergistic effect and deliver optimal results. Though there are exceptions to the rule, as some gel or oil-free moisturizers might do without an occlusive agent in order to create a more appealing texture for an oily or acne-prone skin type, Koestline explains. Its important to remember that our skins outer layer is made up of a phospholipid bilayer, so just using occlusives or humectants will not cut it. Its best to use a balanced approach to moisturize skin effectively.

As Dr. Hausauer notes, it usually comes down to skin type. Those with dry and sensitive skin want something that will soften the outer layer and restore its structurean emollientwhile also having something that will lock in that moisture, like an occlusive. In contrast, oily or acne-prone skin may prefer lessocclusive ingredients, not because they inherently cause breakoutspetrolatum is actually noncomedogenicbut because they do not let the skin breathe and trap natural oils underneath, making skin more likely to breakout.

Where you live plays a role as well, says Joy. Someone in a humid environment like Florida may find a humectant-only product to be perfect, whereas someone with drier, more mature skin living in the desert would typically benefit from both an occlusive moisturizer and an emollient product to keep their skin youthful and healthy.

2/6

For Post-Procedure Skin

Made for compromised skin, such as after an in-office treatment like microneedling, Alastin Ultra Light Moisturizer ($72) includes ceramides, panthenol and anti-inflammatories, and feels richly hydrating without a heavy texture.

5/6

For Oily/Combo Skin

Powered by 16 vitamin-rich greens and superfoods, including hyaluronic acid and oil-busting tulsi extract, Odacite Green Smoothie Quenching Crme ($68) locks in weightless moisture with zero greasiness.

6/6

For Aging Skin

Founder Hillary Peterson calls her new True Botanicals Chebula Extreme Cream ($110) an anti-aging triple threat, as it delivers extreme moisture and skin barrier optimization with humectants, emollients and occlusives.

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The Anatomy of a Moisturizer - NewBeauty Magazine

We hate to burst your bubble but Eric Danesays that young Cal's love interest is not Derek Shepherd.

Inthe latest episode ofEuphoria, which aired Sunday, Jan. 24, viewers were taken back to see Cal (Elias Kacavas') high school days and be introduced to his best friend, Derek (Henry Elkenberry). The flashback shows the teens embark on their first romantic relationships with women before taking a trip to a gay bar, where they share an intimate kiss. Any hopes for a relationship are shattered when Cal finds out his girlfriend Marcia is pregnant.

Grey's Anatomy fans were quick to speculate if Derek was a callback to Eric's roleopposite Patrick Dempseyin the Shonda Rhimesseries. After all, Patrick's character was named Derek Shepherd.

But in an exclusive interview withE! News, Eric saidit was "purely coincidence" that show writerSam Levinsonchose that specific name for young Cal's love interest. So don't expect aGrey's Anatomy andEuphoria crossover event anytime soon.

View post:
Eric Dane Addresses Those Fan Theories About Grey's Anatomy and Euphoria - E! NEWS

Photo: Pascal Le Segretain/Getty Images

Pierpaolo Piccioli's Haute Couture shows for Valentino have become one of the most highly-anticipated events on the fashion calendar. Season after season, his collections for the house deliver on the artful, bold use of color and impeccable silhouette work that have defined his time as creative director, as well as offer genuinely inventive propositions for what fashion can be. They've become a celebrity favorite for having A Moment on the red carpet, and consistent conversation-starters among online fashion communities.

In his latest outing, Piccioli sets out to get down to the anatomy of haute couture, emphasizing the simplicity and elegance of shape, and what can be achieved when you explore that at the highest degree of craftsmanship plus, what that looks like on a range of people. So, at Wednesday's Spring 2022 show, Valentino presented a collection that represents "a composite harmony of physical types, and the garments that dress them": dresses both unembellished and covered in sequins and beading, perfectly fitted to the model, trousers slouched in a way that conveys ease but is clearly considered, sumptuous outerwear that make a strong statement on their own but also fit neatly into a full Valentino look.

Photo: Pascal Le Segretain/Getty Images

To really drive home this thesis, the brand cast people of different ages and body types to showcase the collection, making thisthe rare haute couture runway to feature curve models unfortunately not a norm in the market (and at Paris Fashion Week more broadly), despite the fact that this category of clothing is, specifically, made to measure. Industry legends like Kristen McMenamy, Mariacarla Boscono and Hannelore Knuts also joined. Taken as a whole, these images emphasize the relevance of haute couture and who it's for.

There's plenty of eveningwear to go around the Hollywood stylist circuit for the upcoming awards season, from streamlined strapless ballgowns to elegant separates that would stun on the step-and-repeat. Plus, Piccioli takes what would be considered day-to-day pieces, especially in menswear, and elevates them to new levels with beading and texture. These are the kinds of clothes you dream about.

See every single look from the Valentino Haute Couture Spring 2022 collection in the gallery below.

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Valentino Gets Down to the Anatomy of Haute Couture for Spring 2022 - Fashionista

In 597 B.C., the armies of Nebuchadnezzar, king of Babylon, descended upon the little kingdom of Judah and subjugated the region in three brutal military campaigns. The young king was deported with 8,000 exiles, including members of the royal family, the aristocracy, the military and skilled artisans. Ten years later, after another rebellion, the Babylonians destroyed Yahwehs temple, razed the city of Jerusalem to the ground and carried off 5,000 more deportees, leaving only the poorest people to remain in the devastated land. When a small group of Judahites were finally permitted to return to their homeland in 539 B.C., they brought a very different religion back with them and Yahweh never fully recovered his body. Without the temple rites that had made him a living, breathing reality, he became the distant, spiritualized deity that we know today.

This, Stavrakopoulou argues, was a tragedy. Yahweh, she complains, was transformed by Jewish philosophers such as Maimonides into a timeless, changeless, immaterial deity, wholly unlike anything in the earthly realm, while Christians developed the incomprehensible conundrum of the Trinity: Three in one and one in three!

Instead, she believes, we should return to the ancient Israelite mythology. But this is not how religion works. At its best, it demands that, as circumstances change, we respond creatively and innovatively to the present. After the Romans destroyed the Jerusalem temple in A.D. 70, the rabbis rediscovered the divine presence in a highly inventive study of Scripture. The medieval mysticism of the kabbalah depicted the inscrutable divine essence emerging successively in 10 sephiroth (stages), each more perceptible than the last, in, as it were, a divine evolution. Later in the 18th century, Polish Hasidim would develop techniques of concentration that enabled them to become vividly aware of the divine presence, as though it were flowing all around them and they were sitting in the middle of light an experience that made them dance and sing.

This reminds us that religious belief becomes a reality to us only when accompanied by the bodily gestures, intense mental concentration and evocative ceremonial of ritual. Because it imparts sacred knowledge, a myth is recounted in an emotive setting that sets it apart from mundane experience and brings it to life. Because they could no longer perform the impassioned rites of the Jerusalem temple, the traditionally vivid experience of Yahweh became opaque and distant to the Judean exiles in Babylonia. And the complex doctrine of Trinity devised by Greek theologians in the fourth century was not something to be believed but was the result of a mental and physical discipline that, accompanied by the rich music and ceremony of the liturgy, enabled Eastern Christians to glimpse the ineffable.

It is probably because most Western Christians have not been instructed in this exercise that the Trinity remains as obscure to them as it does to Stavrakopoulou, who longs for a divine face or hand to which she can turn.

The rest is here:
Piecing Together Gods Body, From Head to Toe - The New York Times

Our editorial teams recommendations will keep you busy from January 28 to February 3.

Dont miss the last days of the bigarade harvest to stock up before the end of the distribution. Check out the schedule of harvests and distributions by district, then you can take part in our contest, by sharing your best recipes using bitter oranges.

Start your weekend off with Galerie Hauser & Wirths new exhibition: Bodily Abstractions / Fragmented Anatomies, which will run until 26 March 2022. An exhibition dedicated to the vision of the body and anatomy by various artists, in all their complexity, and with very different approaches. The gallery is open Tuesday through Saturday, 10 a.m. to 6 p.m.

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Make the most of your Sunday with a major concert. Two works by Mozart will be performed at 6 p.m. in the Rainier III auditorium, with Japanese conductor Kazuki Yamada wielding the baton.

Plus dinfos

The Prince Pierre of Monaco Foundation is organising a conference in which film director Mia Hansen-Lve will address the issue of the cinematographic shot, explaining its key role in film making. Organised in partnership with the Audiovisual Institute of Monaco, the conference will be held free of charge at 6:30 p.m. at the Thtre des Varits.

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Tuesday night is movie night at the Thtre des Varits with an 8 p.m. showing of the Portuguese film Aniki Bb, released in 1942. Directed by Manoel de Oliveira, this black and white film takes you to the streets of Porto, where two young boys are competing for the favours of a pretty young lady.

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Watch the cars arrive at Port Hercule, at the end of the 24th Monte-Carlo Historic Rally. Cars that had previously raced between 1955 and 1980 will be coming into the final stage of the race. But you will need to get up early (or stay up late): the estimated arrival time is 1:10 a.m.! And for those who prefer to get their beauty sleep its Candlemas, so get that skillet smoking, and start flipping those pancakes!

How about a cine-concert at the Louis Notari Library, where to Ropoporose duo will give a live performance of the soundtrack from John Carpenters first feature film, Dark Star, released in 1974. (Re)discover the sci-fi parody free of charge, accompanied by Ropopoross pop-rock sounds, at 7 p.m. BUT, booking is mandatory.

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Bitter oranges, anatomy, Dark Star What to do in Monaco this weekend and next week - Monaco Tribune

The National Finance Commission is locked in a stalemate. Constitutionally mandated to give an Award for distribution of federal tax revenues, it has succeeded only sporadically. The last successful NFC Award was arrived at vide the 7th NFC in 2010. The 8th NFC expired on account of inaction. The 9th NFC went into freeze after the federal government put a proposal on the table for the provinces to finance some of federal expenditures which the provinces unanimously opposed.

The fate of the 10th NFC is uncertain. However, there appears to be a move to revive the federal governments case and an op-ed in The News (Is the NFC Award sustainable? January 22, 2022) has made a case in that regard. It begins by laying out four considerations: fairness, equity and flexibility to ensure financial functionality of the federal system.

There can be no dispute with any of the considerations; the problem arises with the interpretation of the federal income-expenditure balance sheet. The fiscal case is presented as follows: Budget 2021-22 estimates FBR tax collection at Rs5.8 trillion, of which Rs3.3 trillion is the provincial share vide the NFC Award, leaving the federation with Rs2.5 trillion. Adding Rs2.0 trillion of non-tax revenues, net federal revenues amount to Rs4.5 trillion.

Out of this amount, the federation has to undertake expenditures of Rs4.4 trillion for debt servicing and defence, leaving a balance of Rs0.1 trillion to cover a gap of over Rs3.5 trillion of expenditures on civil government, pensions, subsidies, PSDP and grants all of which have to be covered from loans. The conclusion drawn is that the 7th NFC Award is neither fair nor sustainable and the 18th Amendment has rendered it inflexible, resulting in a financially non-functional federal system.

Thenceforth, the novel argument: the federation encompasses the provinces, which it is implied renders them liable for sharing federal expenditures. To quote, the Rs3 trillion in debt service payments are made on debt taken by the state of Pakistan, not just Islamabad the Rs1.4 trillion for defense is to defend the state of Pakistan, not just Islamabad ....

All the above arguments are problematic. The 18th Amendment and the 7th NFC were concluded almost simultaneously. The understanding in the NFC where the federal government is also represented and is the chair was that the abolition of the Concurrent List would reduce federal expenditures and increase that of the provinces. Consequently, the change in the vertical shares reduction of the federal share and the concomitant increase in the share of the provinces was made on that understanding. However, the federal government has not followed up on that constitutional requirement. Accordingly, it is itself responsible for its financial dysfunctionality.

Rather, there is no restraint in federal fiscal profligacy. The first half of the current year shows double-digit growth in revenues and slowdown in development spending and yet a 29 percent jump in the budget deficit due to growth in current expenditure. The provinces cannot be asked to bear the burden of irresponsible federal fiscal mismanagement.

The argument that federal expenditures are not just for Islamabad is facetious and dangerous. If provinces are to bear their part of federal development expenditures, then there has to be an accounting over the last 50 years of the inter-provincial distribution of development expenditures and the corresponding debt service burden created thereof. If provinces are to bear their part of defence expenditures, then there can be a call for an accounting of inter-provincial composition of personnel.

Rather, if provinces are to pay for federal outlays, they can ask for the right to audit federal accounts. And if provinces are to pay for their share of federal expenditures, then the rationale for federal collection of revenues disappears and the case emerges for provinces to collect all tax and non-tax revenues and pay a percentage to Islamabad for its upkeep. In the event, the state of Pakistan will, de facto, convert from a federation into a confederation.

Any attempt to roll back the 18th Amendment or the 7th NFC Award also can be dangerous. The Sindh case offers an insight, where there has existed a nationalist movement with elements of secessionism, largely rooted in anti-Punjab sentiment. The 2010 devolution served to demolish this aspect of Sindhs politics. Evidence for this change emerges from the fact that post-2010, almost all nationalist parties and groups in Sindh aligned themselves with the Punjab-based PML-N and one of them even merged with it. Any undermining of the 18th Amendment or the 7th NFC Award is likely to provide fresh oxygen to the nationalist politics of yore.

The writer was a member of the 7th NFC and is now a member of the 10th NFC.

He tweets @kaiserbengali

Continued here:
Anatomy of the Seventh NFC - The News International

This article was originally published here

Eur Heart J Cardiovasc Imaging. 2022 Jan 25:jeac011. doi: 10.1093/ehjci/jeac011. Online ahead of print.

ABSTRACT

The right atrium (RA) is the cardiac chamber that has been least well studied. Due to recent advances in interventional cardiology, the need for greater understanding of the RA anatomy and physiology has garnered significant attention. In this article, we review how a comprehensive assessment of RA dimensions and function using either echocardiography, cardiac computed tomography, and magnetic resonance imaging may be used as a first step towards a better understanding of RA pathophysiology. The recently published normative data on RA size and function will likely shed light on RA atrial remodelling in atrial fibrillation (AF), which is a complex phenomenon that occurs in both atria but has only been studied in depth in the left atrium. Changes in RA structure and function have prognostic implications in pulmonary hypertension (PH), where the increased right ventricular (RV) afterload first induces RV remodelling, predominantly characterized by hypertrophy. As PH progresses, RV dysfunction and dilatation may begin and eventually lead to RV failure. Thereafter, RV overload and increased RV stiffness may lead to a proportional increase in RA pressure. This manuscript provides an in-depth review of RA anatomy, function, and haemodynamics with particular emphasis on the changes in structure and function that occur in AF, tricuspid regurgitation, and PH.

PMID:35079782 | DOI:10.1093/ehjci/jeac011

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Imaging assessment of the right atrium: anatomy and function - DocWire News

No show does aristocratic escapism quite like The Great. Tatler cover star, Elle Fanning, and Nicholas Hoult, star as Empress Catherine the Great and Emperor Peter III, in this flamboyant and wild rendition of their lives. Superb comic timing and fiercely witty comebacks make for an energetic and hilarious retelling of the escapades (and weren't they just) of the imperial Russian couple. It is advised that you do not, however, watch this in the hope of educating yourself on the countrys colourful history as the show describes itself as an occasionally true story. The 10-part-series is an aesthetic feast of extravagance, and the costumes, setting and makeup provide a cocktail of over-the-top indulgence, so much so, that one begins to understand the incitement of a revolution, caused by the country's monumentous disparity of wealth, in the coming century

Season three of The Great will air in late 2022 on Hulu

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These are the must-watch television shows of 2022: from Bridgerton to Anatomy of a Scandal - Tatler

Targeting youthful dollars has been a sound strategy for dozens of industries, with the marketing creation of the American teenager in the 1950s giving birth to a kaleidoscope of entertainment, fashion, food and lifestyle brands catering exclusively to the countrys newest consumers.

In the automotive world, things have always been a little different. New cars are expensive, often well beyond the budgets of even the hardest working high schooler or college student, which means advertising campaigns that skewed towards entry-level buyers traditionally took into account a wider demographic. It was easier, and more profitable, to make older folks feel young by feeding them a line or two about the rejuvenating effects of a vehicle than it was to build something exclusively for the sub-25 set.

In the early 2000s, Toyota turned this conventional wisdom on its ear by launching not just a sales campaign, but an entire brand built on a perceived gap in youth-oriented automobiles. Dubbed Scion, it was intended to sop up dollars from teens and twenty-somethings, who had given the Japanese manufacturer the cold shoulder due to its apparent frumpiness, by importing quirkier fare from the motherland. The effort even went so far as to target preteens before they had a chance to form their auto-brand affiliations.

Miraculously, for a very short period of time, the gambit worked. A few years after its debut, however, it became clear that Toyota had seriously miscalculated Scions appeal.

Once the initial surge of youth energy had been absorbed, a new demographic infiltrated showrooms, intent on rewarding themselves with a funky-looking, affordable automobile that would counter some of the salt-and-pepper streaking their once-full heads of hair.

Toyota was completely unprepared for the invasion of elders who suddenly appeared at dealerships, AARP membership cards in hand, eager to cash in on Scions no-haggle pricing model. Always wary of being told what they should find cool in the first place, and detecting the distinct odor of Werthers Originals wafting from the lot, the younger generations Toyota had once courted with Scion evaporated quickly, leaving behind leadership too stunned to steer into the skid.

The coolest toaster youve ever seen.

Toyota

At the outset, it appeared as though Toyota was making all the right moves with Scions market position. The quirky, toaster-shaped xB hatchback was an immediate success, followed closely by the flat-roofed tC coupe. After a soft launch in limited U.S. markets, by 2004 the company was selling 100,000 units total, a number that crested 173,000 sales by 2006.

So what if Scions full lineup numbers didnt match half a good year for the Toyota Camry? And pay no attention to the fact that the utilitarian xA subcompact trailed its more attractive siblings by as much as 75% on the sales sheet. There was plenty of time to convince Scions fresh-blooded customers to merge into Toyotas lane down the road and upgrade to something a little more adult (and more profitable). Until that day, Scions momentum seemed to be trending ever upward.

Then, the unthinkable. The brands sales began to plummet. In 2007, the company bled a quarter of its customers, and the following years global recession took most of the rest. By 2010, the company was down nearly 70% from where its tumble began, with a mere 45,678 units heading out the door.

What teen wouldnt want individual DVD players in the headrests?

Toyota

What happened? On the outside, it appeared as though the combination of an unpopular redesign of the standard-bearing xB (puffing it out past its previously cute proportions) plus the financial chaos of 2008-2009 were the primary culprits for Scions tumble. A closer look reveals a company that was unwilling to confront an uncomfortable truth about who its buyers actually were.

While it was accurate that back in 2004, the average age of its customer was roughly 35 years old (considerably younger than both Toyota and industry averages at the time), the crossover appeal of both the xB and the tC were already starting to dilute that figure. Media reports at the time were happy to turn the lens towards the drivers in their 40s, 50s, and 60s who were drawn in by Scion, a process that created a feedback loop that attracted the curiosity of an increasingly middle-aged clientele. In the space of just three years, Scions average customer was pushing 43, with some models skewing closer to 50.

At the same time as Scion was attracting a more experienced crowd, the initial groundswell of support from the younger set was fading as its occasionally bare-bones sales model failed to catch on. Instead of options, Toyota had counted on its extensive accessory program to fill coffers, figuring that a more energetic and engaged buyer base would want to soup up or otherwise customize their vehicles to reflect their individual tastes.

This revenue stream failed to materialize, as Toyota didnt understand that its original batch of Scion customers were attracted to bargain basement pricing and didnt necessarily have the means to explore fancy exhaust kits or decal sets. That went double for the increasingly silver-haired clientele elbowing out Scions disenchanted youth.

The compact Scion tC started off hot but sales numbers started to dip in 2007 and never fully recovered.

Toyota

By 2007, it should have been clear that Scions initial pitch to the under-30 crowd had failed in two crucial aspects.

Rather than seeing these vehicles as a blank canvas for self-expression via accessorizing, college grads and minimum-wage workers alike perceived the Scion badge as the mark of basic transportation, a budget-conscious sub-brand of Toyota rather than anything new or exciting. Toyota conflated youth spending on CDs and clothes in malls across America as an indication that maybe there was enough left under their mattresses for anything other than a reliable ride to work in the morning.

At the same time, Scions appeal to more experienced drivers should have made it abundantly clear that it was time to shift gears and start outfitting its automobiles with the kind of features that could keep this momentum going. The older crowd appreciated the easy-to-get-into xBs ride height and practicality, as well as the tCs comfortable ride matched with sporty looks that recalled their glory days without requiring them to open their wallets too wide. Packing more features into these models, including modern infotainment, and eliminating the accessory catalog in favor of a traditional options sheet could have helped squeeze lemonade from the increasingly sour sales reports.

Maybe Scion should have stuck with the original xB.

Toyota

As history has shown, Toyota made almost no effort to deviate from its youthful focus/senior results dichotomy. As late as 2011 it was introducing a (legitimately fun to drive) sports coupe in the form of the FR-S, followed by the curious iQ hatchback (a pint-size vehicle outshone by the more capable, and cheaper, Toyota Yaris), two vehicles that couldnt have been more different. The former was designed to tackle Japans mountain roads, while the latter seemed destined to be towed behind an RV being driven by a retired couple discovering America on a fixed income.

The message inside Scion showrooms was likewise confusing at best, as also-rans like the iA were sourced from Mazdas entry-level dregs and the iM did its best Corolla impression in the companys final years. The tC and the xB languished, each receiving only a single redesign during nearly a decade of existence. Young buyers had by that point defected almost entirely to Toyota, which had rehabbed its image and the lower limits of its lineup to compete harder for first-timers. Scion was dragged down-market in the eyes of potential shoppers even as the mothership accrued greater respect, with the net effect of Toyota stealing sales from itself.

Golden-agers continued to power Scions sales throughout this period, but
the returns were clearly diminishing; sales climbed briefly to 73,000 for 2012, yet as of the 2016 date of execution they had once again tumbled to just over 56,000 units. By the time younger buyers began to circle back to Scions rock-bottom pricing and claw the average customer age down from its mid-century crisis, it was too little, too late. With little money to be made from its unusual combination of skinflint Boomer devotees and blood-from-a-stone entry-level kids, Toyota shuttered Scion at the end of that year.

Not even the tantalizing FR-S could revive Scion.

Toyota

Corporate inertia is a powerful force, none more so than when its backed up by an unrealistic appraisal of how a market perceives a product. Unlike Amazons same-era Kindle, which wholeheartedly embraced the unexpected boon of elderly readers drawn by the devices promise of easy access to endless Danielle Steel ebooks, Toyota was unwilling to concede that it had missed the boat on who was really buying Scions.

How much did this single-minded focus hurt Toyota? In the long run, the effects were likely minimal. Scions portfolio was either based on JDM models or farmed out to corporate partners, which kept production costs minimal especially considering that only a million or so models were sold over the course of its entire existence. What few popular models were left after the shutdown were shunted off to other areas of the Toyota lineup, and with dealers sharing space on the Toyota lot the American investment was also far from onerous, making this an embarrassing, but not altogether financially painful experience for the automaker overall.

The true impact of Scions legacy is likely to be a kibosh on any future attempts to harness the alleged spending power of Millennials/Gen Z/whoevers next in line to bear the brunt of the generational hype. A sticker package here, an outdoorsy trim level there why not? An entire brand dedicated to scooping up dollars that simply dont exist?

Can we instead interest you in this fine, uh, Toyota?

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See the original post here:
Anatomy of a Failure: The Demographic Mistargeting That Doomed Scion - InsideHook

Even though Isobel Izzie Stevens was fired from Seattle Grace Hospital in the fifth season of Greys Anatomy, she remains one of the most beloved characters in the series. Despite her questionable decisions (just to name one, cutting Dennys LVAD wire), fans had a tough time adjusting to a show where Izzie wasnt a part of it.

Portrayed by Katherine Heigl, Izzie made her on-screen debut with the original five surgical interns, which included Meredith Grey (Ellen Pompeo), Cristina Yang (Sandra Oh), George OMalley (T.R Knight) and Alex Karev (Justin Chambers). Though devoted fans probably can't picture anyone else playing the surgical oncologist, there was another actress who almost snagged the role instead of Heigl.

Before joining the cast of ABCs hit drama Lost, Yunjin Kim could have been sporting a set of hospital scrubs instead of fighting for survival on a mysterious island.

In an exclusive interview with Entertainment Weekly, Kim revealed that she originally auditioned for the role of Izzie. At the time, she was transitioning her acting career from Korea to America. A secured deal with ABC allowed her to audition for some roles in the networks show lineup.

Lost was one of my first auditions but Grey's Anatomy was my first. I did not audition for Sandra Ohs character [Cristina], it was for Izzie. And I got a callback, she explained.

During that time, Kim also auditioned to play Kate Austen on Lost. Although she didnt get the part, creator and executive producer J.J. Abrams wrote the character, Sun-Hwa Kwon, specifically for her. Yet, Kim still wanted to keep Greys Anatomy on the table. But, she eventually changed her mind after making plans to film the pilot for Lost.

My agents were like, Why? You got cast on an amazing show. You should pack up and try to find a place in Hawaii. I was like, 'I don't know, I might like Greys Anatomy more. she added. I didn't want to put all my eggs in one basket. What if this falls out, you know? I had no guarantee. But anyway, I ended up not going back to the callback.

Story continues

In the end, the role went to Heigl, who played the character for six seasons. In 2010, she made her final on-screen appearance as Izzie and left the show.

As the saying goes, everything happens for a reason.

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RELATED: The 30 Best Greys Anatomy Episodes of All Time

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This Lost Star Nearly Played Izzie Stevens on Greys Anatomy Instead of Katherine Heigl - Yahoo Lifestyle

Understand What Youre Up Against

In early December 2020, a supply chain attack was discovered which trojanized SolarWinds Orion business software updates in order to distribute malware. The campaign successfully infected 18,000 organizations including a number of government agencies and high-value companies around the world.

Attacks of this magnitude and sophistication have a vast and rippling impact. Whether you have been directly affected or not we are witnessing a new level of attack sophistication that demands a closer understanding.

Learn from the team that discovered the Golden SAML attack vector back in 2017 an innovative technique now seen used for the first time in the SolarWinds attack. What well cover:

Regain command and control of privileged access through the CyberArk Privileged Access Management (PAM) Rapid Risk Assessment. Our team of experts will assess your privileged access risk through a variety of tools, techniques and best practices for free. We can also help you remediate urgent threats, especially for those affected by the SolarWinds Orion attack.

As the industry leader in Identity Security, CyberArk has the knowledge and resources to identify vulnerabilities and security gaps that exist, and introduce proven controls to remediate breaches that involve the compromise of privileged access.

Questions? Contact Us.

Chris Macias

chris.macias@cyberark.com

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CyberArk Labs: The Anatomy of the SolarWinds Attack - Techwire.net

From 2010 to July 2021, ClinicalTrials.gov reports that the number of registered clinical trials more than tripled, growing from 100,208 to 384,288 and counting.1

The race for a COVID-19 vaccine made clinical trials headline news in 2020 and 2021, with thousands of people worldwide volunteering to take part in vaccine studies. Still, for some, the details of what clinical trials do and how they work may not be clear.

Judy Sewards, Head of Clinical Trial Experience at Pfizer, offers some insight into the purpose, people, and phases of clinical trials.

Clinical trials study whether potential new therapies are safe for humans and that they work as intended.

Some clinical trials study whether investigational therapies may help prevent disease, and others help scientists understand whether these therapies may treat disease. No matter the type of trial, Sewards says they all have one thing in common.

Clinical trials are designed to prioritize protecting the participants, she says. Trials are examined by entities that provide oversight of the research study, such as institutional review boards, data and safety monitoring committees, and regulatory agencies or health authorities, to ensure it stays that way throughout the trial.

Establishing and maintaining participants' trust is important to successfully conducting clinical trial studies, but it's just one piece of a much bigger commitment to upholding the highest ethical standards and principles in the exploration of safe and effective ways to prevent or treat diseases..

Clinical trials operate from an infrastructure of ethics, Sewards says. You don't want to design a clinical trial that disadvantages somebody from getting standard of care treatment theyd otherwise get if they werent in the trial. For example, in cancer we know that patients are unlikely to benefit from a placebo so this wouldnt generally be an option. Cancer trials typically compare the potential treatment with the existing treatment or add something new onto the existing treatment to see if the potential treatment an improve outcomesover what is available outside of the trial.

Behind every clinical trial is a team of people who keep research on track:

As a participant, your primary relationship is with the study doctor, the stucy coordinator, and the staff who work at the site where you go to participate in the trial, Sewards says.

Clinical trials take place in several phases. Phase 1 helps scientists understand the safety of a particular medicine or vaccine. Phase 2 begins to understand early efficacy. Phase 3 focuses on broader efficacy and dosing in preparation for health authority approval. And Phase 4 continues to monitor and collect data after a drug has been approved.

Your experience in the trial can vary by phase, Sewards says, adding that while early-phase drug trials often include healthy volunteers, late-stage research typically involves study activities for a specific health problem. In later phases, and depending on the type of study or disease, youre the patientbut instead of getting the current standard of care, you might receive a potential new solution.

No matter the phase, participants can expect to be monitored throughout their participation in the study. Monitoring can take place through checkups at the research site or remotely.

Ultimately, Sewards says participating in clinical research supports the greater good. Participants can help to bring progress to science, medicine, and, in some cases, to the world at large.

When you volunteer for a clinical trial, its a wonderful gift to society and something were all grateful for, including people that are patiently waiting for breakthroughs, she says.

And as more people take an interest in participating in clinical trials, it also stands to make research more diverse.

Representation across different ages, genders, races, and ethnicities in clinical trials makes a difference, Sewards says. The more diverse a group of clinical trial participants, the more we can learn about how a potential medicine or vaccine works within those populations. Participation in clinical trials by people of all backgrounds can make a difference by reducing health disparities among underrepresented populations and improving the development of medicines and vaccines for everyone.

When you participate," she says, "youre representing people like you.

References:

Read this article:
Anatomy of a Clinical Trial: The Purpose, People, and Phases of Clinical Research - Pfizer

Viewers sought to unveil the truth as Anatomy of a Scandal made its way to #1 on the English TV List. With 75.56M hours, it was the most viewed Netflix title this week. The limited series, starring Sienna Miller, Michelle Dockery and Rupert Friend, also appeared in the Top 10 in 89 countries.

Bridgerton Season 2 continued to be THE TALK of the Ton', coming in second with 46.13M hours viewed. Season 2 has officially cemented its place as the #1 English TV series on Netflix. One month after its premiere on Netflix, the SECRETS OF Lady Whistledown have amassed a whopping 656.16M hours viewed.

The Ultimatum: Marry or Move On, hosted by Nick and Vanessa Lachey, brought fans together (or tore them apart) with 29.01M hours viewed. Conversations With a Killer: The John Wayne Gacy Tapes (37.46M hours viewed) and Selling Sunset Season 5 (28.36M hours viewed) debuted on the list this week. Additionally, coming-of-age series Heartstopper, created by newcomer Alice Oseman, had 14.55M hours viewed.

In its second week, thriller Choose or Die led the English Films list with 15.26M hours viewed. Starring Asa Butterfield, the 80's-influenced horror was in the Top 10 in 90 countries. Love story The In Between* was #2 with 13.35M hours viewed. Viewers took a trip back to the late 90's and early 2000's with White Hot: The Rise & Fall of Abercrombie & Fitch. The documentary story on the complex history of the iconic brand debuted at #3 with 9.92M hours viewed and appeared in the Top 10 in 29 countries.

Colombian thriller The Marked Heart debuted at #1 on the non-English TV list with 68.04M hours viewed. Already a fan favorite, the series was also in the Top 10 in 68 countries. Elite held onto the #2 spot with 29.49M hours viewed.

Taking place in the depths of the Mediterranean Sea was Yakamoz S-245, which had 22.06M hours viewed. Starring Kvan Tatltu, the Turkish seven-part series was in the Top 10 in 35 countries. Based on the book of the same name by Harlan Coben, Polish limited series Hold Tight had 17.32M hours viewed and appeared in the Top 10 in 12 countries.

Polish films Taming of the Shrewd and Furioza held the top two spots with 9.33M hours viewed and 6.15M hours viewed, respectively. Italian drama The Turning Point took viewers on an unexpected journey with 2.81M hours viewed.

Link:
ANATOMY OF A SCANDAL is Most-Viewed Title on Netflix This Week - Broadway World

EXCLUSIVE: Japril will be back on Greys Anatomy. Jesse Williams and Sarah Drew are set to reprise their roles as Jackson and April in the Season 18 finale of the ABC medical drama, which airs May 26.

Williams departed Greys Anatomy last spring after 12 seasons. His character Jackson Averys exit was revealed in the May 6 episode, Look Up Child, which also featured Greys alumna Drew, who returned as April Kepner to help give Jackson a proper sendoff by reuniting one of the shows most popular couples, Japril. Jackson visited his ex to tell her that he was moving to Boston to take over the family foundation. April agreed to follow him there so he can be close to their daughter, while dropping a bombshell of her own that she recently had separated from her husband giving fans hope that Japril might be back on. As April and Jackson put it, Fingers crossed for new horizons, reigniting calls from Greys devotees for a Jackson-April spinoff.

This will be Drews first Greys episode since then. Williams made two more appearances last season, in his last episode as a series regular the following week and a cameo in the Season 17 finale, in which he welcomed Jo and her daughter to his old apartment via video phone call.Williams and Drews return will now provide an update how Jackson and April are doing a year later.

At the time of Williams exit last May, I asked him whether he would return to Greys for a guest appearance.

You know, I cant be sure, but I think its possible, he said. Yeah, I think its totally possible. I think its totally possible. You never know how things will shake out. Theres a lot of other factors at play, including schedules and stuff, but I love the idea of keeping that option open. Drew also has said publicly that she would love to reprise her Greys role.

Williams also shared his vision for Jacksons next chapter in Boston.

In my mind he will have many stumbles on his road to success in the administrative that hes taken on running a foundation. I think this is something he will not, cannot give up on. Hes finally found a place for his whole self that is not just his profession, he said. Hes always had this bubble wrap around him that has protected him, and being able to do this work, I think, hes going to be thrilled and feeling like blood is coursing through his veins in a whole new way now. Hes going to feel alive in a way that he hasnt before, which is very exciting.

As for Jackson and April, he said: I think its pretty possible that he rekindles a romantic connection to his ex-wife, theyre damn good together, but most importantly what he needs from that is friendship and kindness, and patience, and understanding, and I think that he will get that with her and be able to share and give and reciprocate it as well, Williams said at the time.

The pandemic-themed Season 17 was defined in part by high-profile cast returns, including Patrick Dempsey, T.R. Knight, Eric Dane, Chyler Leigh and Drew. Williams and Drews return in the finale will cap an 18th season that has featured alums Kate Walsh (in a multi-episode arc) and appearances by Kate Burton as well as Greg Germann, who exited as a series regular shortly after Williams did last season.

After a monthlong break, Greys Anatomy is returning May 5 with the episode Should I Stay or Should I Go. In it, Bailey faces an unhappy Catherine, who is facing audits for several of her Foundation hospitals. Meanwhile, Addison is back at Grey Sloan; tensions rise between Meredith and Richard, and Owen returns to work. Greys Anatomy airs Thursday 9 PM on ABC. New episodes are available on demand and on Hulu the day following their broadcast premiere.

In his Broadway debut, Williams is starring in the hit revival of Take Me Out, getting strong reviews for his portrayal of Darren Lemming. This summer, he can be seen in the Paramount Pictures action comedy Secret Headquarters with Owen Wilson and the Hulu series Your Place or Minewith Reese Witherspoon. Williams produced the 2020 Oscar winning short film Two Distant Strangers and is executive producer of Question Bridge: Black Males, a series of transmedia art installations on display as part of the Smithsonian National Museum of African American History and Cultures permanent collection. He is repped by Priya Satiani at Management 360, CAA, 42West and Andre Des Rochers Granderson.

Drew, who spent nine season on Greys Anatomy, can soon be seen starring in the Apple+ series Amber Brown and also stars in the Lifetime movie Reindeer Games (working title), which she wrote and is producing under her two-picture deal with the network. She can also be seen recurring on Freeforms Cruel Summer. Drew is repped by Innovative Artists, Vault Entertainment and Yorn, Levine.

Read more here:
Jesse Williams & Sarah Drew Returning To Greys Anatomy As Jackson & April - Deadline

By Clay Thompson | Reporter

The show Anatomy of a Scandal would have gone under the radar for me if it hadnt made it to Netflixs No. 1 spot a few weeks ago. I decided to give it a try and Im reasonably glad I did.

A limited series about how a sexually related scandal affects all involved, Anatomy of a Scandal truly is its namesake, burrowing into the psychological and physical effects the scandal has on those involved. As a warning, the show does tackle some heavy topics, such as sexual assault and the topic of consent, but it does so in a tasteful and profound way.

I first have to mention the unusual nature of the show. While it is few and far between, the show uses some surreal experiences to emphasize or contextualize moments in the show. From a man physically being thrown back by an accusation, to witness testimonies being reenacted in the courtroom, the show dumps audiences into its story in a not-so-typical courtroom format. While I was initially thrown off by this, as the show progressed I found it not only more helpful to me as a viewer, but also much more effective than what normally constitutes good courtroom drama. It added emphasis to how characters felt in the moment and gave audiences deeper understanding of the feelings and themes at play.

That being said, none of the characters held the audiences hand in this show. The acting was subtle yet effective, and Sienne Miller and Michelle Dockery are the two standouts of the show for me. Miller plays the wife of a parliamentary official accused of sexually assaulting an office assistant. Her constant shifting between the choices of being a mother and dutiful wife of her accused husband or being her own person and discovering for herself what really happened creates a compelling character arc for her. As the audience, I truly enjoyed how she played the role.

Michelle Dockery of Downton Abbey also does a wonderful job as the public prosecutor of the case. Her character inside and outside the courtroom was never dull, and she always knew how to measure her acting in every scene.

The themes and message of the show were perhaps the most compelling element of the limited series. It most heavily touches upon the complexities of sexual relationships and consent in what I believe to be an interesting but not pandering way. Additionally, the show discusses the topic of political and financial privilege within a justice system masterfully.

The only thing I would have to fault the show for is its twist. Without giving it away, there is a twist later on in the show that is so unbelievable and unethical that it really took me out of the story a bit. I understand the show is based on a book, so I cannot really fault the show for following its original material, however I can fault the twist in general for being so terrible that it almost ruined the show for me.

Netflix has another heated limited series hit on its hands. Anatomy of a Scandal takes a different direction than some other limited series, in covering one court case that dives deeply into the nuances and themes of the cases origin, and it does so in a moving yet entertaining way.

Continue reading here:
Review: Netflix's 'Anatomy of a Scandal' tackles sensitive topics tastefully - The Baylor Lariat

Its been on the air for nearly 20 seasons and currently sits as the longest-running hospital drama of all time, the Shonda Rhimes breakout hit, Greys Anatomyfollows the career of Dr. Meredith Grey all the way from intern to attending surgeon. Portrayed by Ellen Pompeo, Grey serves as the series protagonist and resident narrator, and while hers is the main voiceover for the series, Greys Anatomy doesnt shy away from the use of multiple narrators to tell the story.

Throughout its ongoing run, the drama centers on Meredith Greys perspective of the world and life between hospital walls. Her narration saturates the beginning and end of each episode, and provides an introspective look at the day-to-day challenges of her career, with real-life ordeals peppered into the narrative.

She begins each episode with a burning question, thought or assertion that sets a tone for whats to come over the next forty some-odd minutes of screentime. In every episode, theres a lesson to be learned or a notion to be challenged; the audience doesnt just follow Grey, but grows and learns with her. We overcome ordeals and trauma as she does. Meredith not only narrates the top, tail, and theme of each episode but presents it as if telling the story of how she came to be who she is at the time of telling it. By the end of each chapter, she tells us how she came away changed or wiser from the experience.

Most series title their premier as a pilot, but Greys Anatomy broke from the bland tradition in the most apropos way and named the first episode after the Beatles song, A Hard Days Night. As if to illustrate the interns first shift at Seattle Grace, the near-sleepless 48-hour stint serves as a jumping-off point for the series and introduces us to the core cast. Were given a glimpse into what its like to start out as an intern and all of the gritty details that come along with it.

Throughout the pilot, the audience is given allusions to how prominent our main characters mother is in the medical field and elusive hints to the legacy she left.

For most of the episode, the audience is left to wonder why Meredith shies away from the mere mention of her mother, and were left to assume that shes simply attempting to distance herself from the senior Greys illustrious shadow. But in a heart-wrenching twist, the narration comes full circle, and by the end of the episode, we come to learn that the story being told isnt directed at us, but at Merideths mother who has Alzheimers.

Its a heartbreaking blow to the audience that puts the events of the episode into an uncanny perspective, but it wasnt initially planned that way.

Merediths voice not only welcomes the audience into her world but shows them her innermost thoughts and feelings; its become a staple for the long-enduring series that carried forward throughout nearly two decades of airtime.

Its become nearly impossible to imagine the series without it.

While most series that use a narrator plan their method of story-telling around the voice-over, that wasnt the case with Greys Anatomy. After filming had finished for the pilot, and the first episode was on the cutting room floor, Shonda Rhimes noticed something was missing.

She felt that there was a human element needed.

In a well-placed effort to tie everything together, and bring the story a much-needed sense of clarity, Rhimes decided to add Ellen Pompeos voice-over after the fact. While her narration is usually limited to the beginning and end of each episode, it never fails to drive home the events of each chapter to Greys Anatomy viewers and keep us in line with Merediths point of view.

That being said, Meredith isnt the only narrator we hear in the enduring series.

As difficult as it is to imagine the series without the narration of Dr. Meredith Grey at the beginning and end of each episode, shes not our only narrator. In fact, we have at least nine.

Throughout Greys Anatomy, we grow to love (or hate) the supporting cast members. As they come into their own over the course of the series, some stay and some go, but their presence remains one of the deepest facets of the plot. Theyre not just supporting roles theyre friends, colleagues and rivals. They drive the story forward in their own unique ways and play off of each other to create a cohesive narrative that contrasts Merediths own. Most of the supporting cast members even narrate the odd episode here and there to add an inside look at who they are as individuals. Each of these characters is still the lead role in their own story, and through the use of their own distinct voiceovers, the audience gets to catch a glimpse of who they are on the inside and not only watch them grow but see how they perceive Meredith as well.

As viewers, we know why Greys Anatomy has such a turbulent storyline; its a drama. But say we were to inhabit the same world as Meredith Grey, what then? If the events of Greys Anatomy were told to you firsthand, would you believe the story outright, or take it with a grain of salt? In the real world, as hectic as any given hospital may be, nothing is that over-the-top, and it stands to reason that at least some of the narrative is embellished.

Or, a much darker and grounded truth is behind it.

Drama or not, Greys Anatomy is still a medical show, and the underlying plot device is equally based in medical reality. Knowing that Meredith was found to have the genetic markers for Alzheimers, just like her mother, its far more likely that the story comes full circle from the pilot episode, and a much older Merideth is telling the story to her children but is now herself suffering from Alzheimers.

Serving as Shonda Rhimes first breakout hit, Greys Anatomy has been on the air since 2005 and reached the official milestone of longest-running hospital drama to date currently closing in on its 19th season. Its been the springboard for multiple acting careers and become something of a cultural institution for multiple generations of fans who have grown up watching it. The series has been nominated for 39 awards over its nearly two-decade runtime, but only received five actual awards none of which went to the lead.

Even though Ellen Pompeo has been the star and focus of the series for nearly 20 years, and become one of the highest-paid female actors because of it, shes never won an award for her long-standing lead role.

Kim Handysides is an award-winning voice artist, coach and thought leader in her industry. Her narrations have been heard on Discovery, Netflix, and the major networks, in iMax, the White House and the Smithsonian.

Read more here:
The Soothing Narration of Ellen Pompeo In 'Grey's Anatomy' - The Blast

Thematic ETFs have been hugely popular over the past few years but what are the risks?

ETF.com categorises Cathie Woods Ark Innovation ETF (ARKK) as the largest thematic ETF in its database. Although ARKK is down approximately 60% over the last 12 months versus +1% for the Nasdaq 100, the ETF still manages almost $10bn assets.

However, ARKK does not really fit the definition of thematic investing which is a bet on certain structural trends rather than individual companies or sectors. A thematic portfolio should consist of one or several themes that are created from as many stocks as possible, ideally equal-weighted, in order to avoid firm-specific risks.

In contrast, ARKKs top 10 holdings constitute 60% of the ETFs portfolio which represents simply a concentrated actively managed portfolio comprised of growth stocks. Given the poor long-term track record of active managers, the odds of ARKK fully recovering and significantly outperforming the Nasdaq are fairly slim.

Although ARK Investment Management manages several ETFs that ensure some business longevity, it will be interesting to see if the firm will soon be forgotten or manages to revive its tarnished reputation. The quick rises and equally quick falls in fame are something where highly active and thematic investors overlap.

In this research note, we will analyse the birth, life and death of a theme.

Cannabis ETFs

We select cannabis stocks as a theme as that was one of the major ones over the last five years. Specifically, we choose ETFs that focus on cannabis stocks and are traded in the US. This is a universe of nine ETFs that cumulatively manage slightly above $2bn assets. One of the hallmarks of thematic investing is that the products are expensive.

The management fees of cannabis ETFs in the US range from 0.42% to 0.92%, compared to 0.09% for the SPDR S&P 500 ETF Trust, the worlds largest ETF (see Chart 1).

The fees can be even higher, for example, when considering short or leveraged ETPs like the Canadian-listed BetaPro Marijuana Companies Inverse ETF (2.0%) or BetaPro Marijuana Coms 2x Daily Bull ETF (2.06%).

The birth of a theme

Humans are suckers for stories and these explain much of human history. The Russian army has been told that Ukraine needs to be denazified and liberated which was an inspiring and motivating story for Russian soldiers until they met a fiercely resisting population that neither consisted of Nazis nor was seeking liberation.

Thematic investing is all about storytelling. Themes can be diverse, e.g. a country moving from a frontier to emerging market status, a resource becoming more scarce, a new technology about to revolutionise our lives and so on. The best themes are as easy to grasp for a retail as for an institutional investor. They are difficult to refute as they are about the future which can only be proven wrong in hindsight.

Back to cannabis stocks. The interest in legally profiting from cannabis has always been high but difficult to execute given the use of cannabis is a crime in most countries. Uruguay was the first country that legalised the recreational use of cannabis in 2013 but that did not matter much for investors. More relevant was when Canada followed in 2018. A number of cannabis companies completed IPOs in record time to raise capital for building their operations. ETFs providing exposure to this emerging space followed shortly.

An equal-weighted index of cannabis ETFs in the US outperformed the S&P 500 in parts of 2018 and 2019, mainly fuelled by the hope that the US would follow Uruguay and Canada.

The recreational use of cannabis had already been legalised in a few US states like Oregon, Washington and Colorado but it is still a federal crime that made it difficult for companies to operate in that space.

Legalising cannabis on federal level would be a game-changer and offer investors the opportunity to participate from potentially highly profitable and fast-growing businesses. A theme was born (see Chart 2).

The birth, life and death of a theme

The two characteristics of thematic investing are having a good story and attractive returns No matter how sexy a theme is, the majority of investors only hop onto the train once it started moving uphill. Naturally, this makes thematic investing so dangerous as it appeals to our love for stories and greed for making money. Stated differently, thematic investing is performance chasing with a narrative.

We can see the risk of buying into a theme when we view the performance of the cannabis stocks over a longer time period. These stocks performed in line with the S&P 500 between 2015 and 2017 and then outperformed strongly during the next two years when various hopes for a broader US legislation for the recreational use of cannabis emerged.

However, investors enthusiasm drove the companies valuations to levels that were not supported by fundamentals and the federal law in the US did not change. Eventually, mean-reversion settled in and the cannabis stocks significantly underperformed the S&P 500 since 2019. An investor that bought into the theme at its peak in 2019 would have lost more than 50%, compared to a gain of more than 100% in the US stock market.

The investor behaviour becomes clear when comparing the performance of a thematic product and its assets under management. We take the ETFMG Alternative Harvest ETF (MJ) as a case study. The ETF was launched in 2015 and has the longest track record of cannabis ETFs in the US (see Chart 3).

The assets under management were below $100m until the cannabis theme emerged in 2017 when assets jumped to over $1bn. However, as the performance deteriorated in 2019 and 2020, assets dropped accordingly.

Naturally, the assets of any investment product decrease as performance turns negative but it highlights that investors do not pursue a theme if the returns are unattractive. They are not true believers and are simply chasing performance (see Chart 4).

Further thoughts

The economy and world continuously evolve and change the way we live. Participating in and profiting from these changes as investors is a perfectly reasonable investment strategy. However, the implementation matters.

Pursuing this via thematic investing subjects our investment decision-making process to our biases that result in poor results. Better is to implement this systematically via trend following an asset class or momentum on stock level. It is far less exciting than chasing the latest story but creates a much better long-term narrative.

Nicolas Rabener is founder and CEO of FactorResearch

This article first appeared in ETF Insider, ETF Stream's monthly ETF magazine for professional investors in Europe. To access the full issue,click here.

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An anatomy of thematic investing - ETF Stream

While the general public got shushed by Lorde, Netflix changed its payment plan. It also brought us Anatomy of a Scandal, a hugely successful Sienna Miller/Rupert Friend courtroom drama pivoting on the murky nuances of sexual consent. Though the core of the series deals with a very serious issue, Im still trying to work out why its been so captivating. Why is this particular cluster of one-hour episodes topping the Netflix charts?

Perhaps its Sienna Miller herself? Her hair is a melted halo. (Thats a good thing.) Her skin is flawless in a naturally dewyrather than powdery or filter-yway.And the initial scandal eerily echoes Siennas own post-bohemian It-girl rough patch. (Her former partner was revealed to be having an affair with their nanny.) Siennas lived through the myriad feels that come from public-domain humiliation, and we can feel that as she plays a woman trying to keep her shit together in front of the braying paparazzi.

Perhaps its simply the money that makes the show pop? Im the first to admit that my favorite genre is extremely rich people in extremely rich houses being somewhat dastardly. Rich women with a lot of feelings are crack to me, as they navigate being both liberated and held captive by their money. The things these women sacrifice! The biting of their tongues! The forest-y decals in their kitchens! Extreme wealth is always captivating, if only by way of having live-in staff and more Max Mara coats than you could wear in a lifetime.

Perhaps its all the power? Rupert Friend is compartmentally hotall the pieces are there for heatbut the temperature runs in the minuses. Theres simply nothing less sexy than a Tory MP, especially one whos so particular about which women he treats with respect, and which ones he disdains. His sense of his own familial legacy is frankly revolting; the idea that family cannot fail, even at the expense of truth, perversely prevails. Its hard to look away from his Machiavellian power plays. And needless to say, Friends achingly Tory haircutsomehow too square and too soft, chiseled from a sad putty of inexhaustible entitlementstamps out any last embers of desire.

Or perhaps its the shows overt Britishness I cant get enough of? The stately House of Commons canteen. The stiff upper lip-ness. Anatomy is both a frothy and forensic look at dishonor, silly in is rather out-there anti-reality TV effectsSienna falls through the courtroom like Alice down the rabbit hole; Friend is involved in a rather nasty hit-and-run with an invisible clown car. Theres certainly something slightly excruciating about the rape of a parliamentary intern juxtaposed with camera theatrics. But the show tackles the hard stuff, too; its an autopsy of the lives scandal touches as it ripples from the event. (It also takes us back to scandals of yore, and delivers the most farfetched plot twist in modern TV.)

More:
Anatomy of a Scandal Is the Quintessential British Show. Allow Me to Explain - Vogue

These stories, from Julia Roberts-starrer Gaslit on Lionsgate Play to The First Lady on Voot Select, have ensured that the political wife will not be viewed as a doormat.

When Bill Clinton first became the US president, American media was flush with reports of interference and controlling approaches by his wife, Hillary.

She was called a meddler, power hungry, and over ambitious, and criticised for her personal choices, including her haircut (a bob) regularly. From being the worlds greatest defender of democracy (self-styled and selective as we see in the Ukraine situation) to being a cosmopolitan land for all cultures and people, America has a visible and loud conservative strand that puts political wives in their place.

But on OTT stories of political wives, their presence and their lives have brought engaging shows. These women have little agency in actual policy making, decisions or influence over politicians and their choices. But they have -been role models for wives and women in a white-dominated national narrative; and in the case of the Obamas, a mark of strength and independence that included women across all cultures. What they have faced and tackled is symbolic to what other women have also had to deal with, irrespective of incomes and social status.

The First Lady (on Voot Select) is one such show. It holds three parallel narratives of first ladies across generations, Michelle Obama, Betty Ford, and Eleanor Roosevelt, freely flowing between their struggles and successes in the role of Americas first wife. Directed by Susanne Bier, the core of this show is the sublime subjugation of self and identity that smart, self-made women have to accept when they become wife to the American President.

Still from The First Lady

The show stars Viola Davis, Michelle Pfeiffer, and Gillian Anderson as first ladies. But while its acting and narrative has received mixed responses, the series has successfully shown the sacrifice that being married to the worlds most powerful man will bring. Each woman Michelle, Betty, and Eleanor was instrumental to making their husbands steadily, to become President. As the presidency sets in and a move to the White House becomes imperative, they become second to the institution at all levels.

After that, keeping their husbands safe, ensuring they remain functional, and balancing the never-ending media glare of public life with motherhood take over their lives during the presidential terms. Their priorities donot matter. Living this life has challenges and unexpected difficulties. The First Lady has to handle all of this with grace.

The series touches upon this reality, where women often have to give up their identities and professional or personal goals for the sake of husbands and families;a fact of life for many in todays world. That makes their stories connect with multiple women at a personal level.

The political wife who does not try to rebel against convention, one who holds conservative views and finds the spotlight, is the crux of Mrs America (Hotstar). Cate Blanchett delivers a fabulous performance as Phyllis Schlafly, a woman activist who worked a nationwide Stop Era campaign against equal rights movement in America. The housewife who mothered six kids and typed endless letters, and became a TV celebrity with her superficial politically minded appearances, became a nobody once the Ronald Reagan administration came to power.

Cate Blanchett in Mrs America

These are lesser known stories of women who worked in political activism from the fringes, carving a space for themselves without always being welcome. One such woman, Martha Mitchell, is the central character of Gaslit,a series on the fall out of Watergate in the Richard Nixon administration (on Lionsgate Play). The show has received very positive reviews, especially Julia Roberts as Martha Mitchell, with equally strong performances by Betty Gilpin and Sean Penn, barely recognisable under prosthetics as Nixon Attorney General John Mitchell.

Martha Mitchell had gotten herself in serious trouble with the dangerous Nixon inside men when she spoke out against the president and his team, calling them out on the Watergate scandal. She was forced to live in a hotel room to silence her, for she was popular with the media for her unfiltered, honest interviews. In a presidency shrouded with opacity, Martha was fresh and absolutely open in her criticism. John Mitchell, on the other hand, was dodgy in his statements and ways of operation. Through their lives and gradually splintering marriage, Gaslit captures a corrupt political era with potentially dangerous consequences well. Marthas story resonates till date, for political wives still have to hold their peace and shut up for the 'greater good.'

The latest limited series, Anatomy of a Scandal, has a similar theme from fiction. From SJ Clarkson and David E Kelly (co-creators of Big Little Lies), this is about a British MPs wife who has to stand strong even as her husband faces rape and sexual harassment charges. The series puts her state of mind at the center of its plot, offering insight on the difficulty of living through public scandals without being involved in them.

Still from Anatomy of a Scandal

Women are making up for the bulk of engaging stories on OTT and film in recent years. The political wife, beyond the conniving, over-ambitious one like in House of Cards, is a human being. Her emotions, intent, and experiences constitute engaging stories with universal appeal. She is not just a doormat. These stories have ensured that she will not be viewed as one.

Archita Kashyap is an experienced journalist and writer on film, music, and pop culture. She has handled entertainment content for broadcast news and digital platforms over 15 years.

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From The First Lady, Gaslit to Anatomy of a Scandal, women in US politics are stepping out of their shadows - Firstpost