#P/Eratio

[guiderichess]

Price Earnings Ratios Made Easy for Investors

Understanding the Basics of Price Earnings Ratios Price Earning Ratios (PE Ratios) serve as a fundamental tool in the realm of investment analysis, offering valuable insights into stock valuations and market expectations. Understanding these ratios is crucial for both novice and seasoned investors alike, as they provide a snapshot of a company's earnings relative to its stock price. This article delves deep into the basics of PE Ratios, explores their various types, interprets their significance, and offers strategies for effective utilization in investment decisions.

Understanding the Basics of Price Earning Ratios

What is a Price Earning Ratio? Price Earning Ratios (PE Ratios) serve as a fundamental tool in the realm of investment analysis, offering valuable insights into stock valuations and market expectations. Understanding these ratios is crucial for both novice and seasoned investors alike, as they provide a snapshot of a company's earnings relative to its stock price. This article delves deep into the basics of PE Ratios, explores their various types, interprets their significance, and offers strategies for effective utilization in investment decisions.

Understanding the Basics of Price Earning Ratios

What is a Price Earning Ratio? A Price Earning Ratio, often abbreviated as PE Ratio, is a financial metric used to assess the relative valuation of a company's stock. It compares the current market price of a share to the earnings per share (EPS) generated by the company over a specific period, typically the last twelve months (Trailing PE Ratio) or the expected earnings over the next twelve months (Forward PE Ratio). Definition and Formula Explained The formula for calculating PE Ratio is straightforward: divide the current market price of a stock by its EPS. For example, if a company's stock is trading at $50 per share and its EPS is $5, the PE Ratio would be 10 ($50 / $5). Importance of PE Ratios in Investment Analysis PE Ratios are pivotal in investment analysis because they provide a quick assessment of how much investors are willing to pay per dollar of earnings. A high PE Ratio may indicate that investors expect higher growth in the future, while a low PE Ratio could suggest undervaluation or slower growth prospects.

Key Components of Price Earning Ratios

Breaking Down Price and Earnings Components The "price" in PE Ratio refers to the market price of the stock, which reflects the collective sentiment and expectations of investors regarding the company's future performance. The "earnings" component represents the company's profitability, measured by EPS, which indicates how much profit is generated per outstanding share of stock. How Market Price Influences PE Ratios Fluctuations in market price directly impact PE Ratios. If the market price rises without a corresponding increase in earnings, the PE Ratio increases, potentially signaling overvaluation. Conversely, a decline in market price relative to earnings can lead to a lower PE Ratio, possibly indicating undervaluation.

Types of Price Earning Ratios

Forward PE Ratio: Predicting Future Performance The Forward PE Ratio uses projected earnings to estimate future profitability. Investors use this ratio to gauge whether a stock is priced reasonably based on expected future earnings growth. A lower Forward PE Ratio relative to the current PE Ratio might suggest that analysts anticipate increased earnings in the upcoming year. Trailing PE Ratio: Analyzing Past Performance The Trailing PE Ratio reflects historical earnings over the past twelve months. It provides insights into how the market has historically valued a company's stock relative to its actual earnings. Investors use this ratio to assess whether a stock is currently overvalued or undervalued based on recent financial performance.

Interpreting Price Earning Ratios

Benchmarking PE Ratios Across Industries Comparing PE Ratios across industries helps investors understand how different sectors are valued in the market. Industries with high growth potential, such as technology or biotechnology, typically have higher PE Ratios due to anticipated future earnings growth. Conversely, stable industries like utilities or consumer staples may have lower PE Ratios. What High and Low PE Ratios Indicate A high PE Ratio may suggest that investors expect substantial future growth and are willing to pay a premium for anticipated earnings. However, it could also indicate overvaluation if earnings growth does not meet expectations. Conversely, a low PE Ratio may signal that a stock is undervalued relative to its earnings potential, presenting a buying opportunity.

Factors Influencing Price Earning Ratios

Economic Conditions and PE Ratios PE Ratios are influenced by broader economic conditions, such as interest rates, inflation, and GDP growth. During periods of economic expansion, investors may be more optimistic about future earnings, leading to higher PE Ratios. Conversely, economic downturns or recessions may dampen earnings expectations, resulting in lower PE Ratios. Impact of Growth Rates on PE Ratios The growth rate of a company's earnings plays a crucial role in determining its PE Ratio. Companies with higher projected earnings growth rates often command higher PE Ratios, reflecting investor confidence in their ability to deliver strong financial performance in the future. Conversely, stagnant or declining growth rates may lead to lower PE Ratios.

Advantages of Using PE Ratios in Investment Decisions

Identifying Undervalued and Overvalued Stocks PE Ratios help investors identify stocks that may be undervalued or overvalued compared to their earnings potential. By comparing a company's PE Ratio to its historical averages, industry peers, and the broader market, investors can make more informed decisions about buying, selling, or holding stocks. PE Ratios as a Comparative Tool PE Ratios enable investors to compare the valuations of multiple stocks within the same industry or across different sectors. This comparative analysis helps investors identify stocks that offer better value relative to their earnings and growth prospects, facilitating diversified investment strategies.

Limitations and Risks of Price Earning Ratios

Misinterpretations and Pitfalls to Avoid While PE Ratios provide valuable insights into stock valuations, they can be misleading if not interpreted in context. A high PE Ratio may be justified by strong earnings growth expectations, or it could indicate market exuberance and potential overvaluation. Similarly, a low PE Ratio may signal undervaluation or reflect fundamental weaknesses in a company's financial health. When PE Ratios Can Be Misleading PE Ratios may fail to capture certain nuances of a company's financial health, such as one-time events, changes in accounting practices, or extraordinary expenses. Investors should supplement PE Ratio analysis with comprehensive due diligence, including examining a company's competitive position, management quality, and long-term growth prospects.

Strategies for Using Price Earning Ratios Effectively

Combining PE Ratios with Other Financial Metrics To gain a more comprehensive view of a company's valuation, investors should consider combining PE Ratios with other financial metrics, such as Price-to-Book Ratio, Dividend Yield, and Earnings Growth Rate. This multidimensional analysis helps mitigate the limitations of any single ratio and provides a holistic perspective on investment opportunities. Long-term vs. Short-term Investment Strategies Investors should align their use of PE Ratios with their investment objectives and time horizons. Long-term investors may focus on companies with sustainable earnings growth and reasonable valuations, using PE Ratios as a guide for identifying quality stocks. In contrast, short-term traders may leverage fluctuations in PE Ratios to capitalize on market inefficiencies and short-term price movements.

Case Studies and Examples

Analyzing Real-world Applications of PE Ratios By examining case studies of companies with varying PE Ratios, investors can gain practical insights into how these ratios influence investment decisions and stock performance. Case studies illustrate the dynamic relationship between earnings expectations, market sentiment, and stock valuations across different industries and economic environments. Successful Use of PE Ratios in Investment Strategies Successful investors share their strategies for effectively utilizing PE Ratios to identify investment opportunities, mitigate risks, and achieve long-term financial goals. Real-life examples demonstrate how disciplined analysis of PE Ratios, combined with qualitative research and market insights, can lead to informed investment decisions and portfolio outperformance.

Frequently questions (FAQs)

1. What is the ideal PE Ratio for investing? The ideal PE Ratio varies depending on factors such as industry norms, growth expectations, and economic cycles. Generally, a lower PE Ratio may indicate a potential bargain, but it's essential to consider the company's growth prospects and overall market conditions. 2. How often should I reassess PE Ratios in my portfolio? It's advisable to reassess PE Ratios periodically, especially when there are significant market shifts or changes in a company's financial performance. Regular monitoring helps investors stay informed about potential changes in stock valuations. 3. Can PE Ratios be used to predict stock market trends? PE Ratios provide insights into individual stock valuations rather than broader market trends. While they can indicate whether a stock is overvalued or undervalued relative to its earnings, other factors like macroeconomic indicators and investor sentiment also influence market trends. 4. What are the limitations of relying solely on PE Ratios? PE Ratios do not consider qualitative factors such as management quality, competitive advantages, or industry trends. Relying solely on PE Ratios may overlook important aspects of a company's financial health and growth potential. 5. How can investors mitigate risks associated with PE Ratios? Investors can mitigate risks by diversifying their portfolios, conducting thorough research beyond PE Ratios, and considering a company's long-term growth prospects and competitive positioning. Combining PE Ratios with other financial metrics provides a more comprehensive view of investment opportunities.

Key Takeaways

Bottom LineUnderstanding PE Ratios: PE Ratios (Price Earning Ratios) are crucial for assessing how much investors are willing to pay per dollar of earnings and evaluating stock valuations. Types of PE Ratios: There are two main types of PE Ratios—Forward PE (predicting future performance) and Trailing PE (analyzing past performance)—each offering unique insights into stock valuation. Interpreting PE Ratios: Investors can benchmark PE Ratios across industries to gauge relative valuations and understand what high or low ratios signify about a stock's potential. Factors Influencing PE Ratios: Economic conditions, growth rates, and market sentiment significantly impact PE Ratios, influencing investor perceptions of stock value. Advantages: PE Ratios help in identifying undervalued or overvalued stocks and serve as a comparative tool for making informed investment decisions. Limitations and Risks: Misinterpretations of PE Ratios can occur if not considered alongside other financial metrics or during periods of market volatility. Strategies for Use: Combining PE Ratios with comprehensive analysis of a company's financial health and long-term prospects enhances decision-making accuracy. Case Studies: Real-world examples illustrate successful applications of PE Ratios in identifying investment opportunities and managing portfolio risks effectively. Conclusion: Mastering PE Ratios empowers investors to navigate financial markets with confidence, leveraging insights into stock valuations to optimize investment strategies and achieve long-term financial goals.

Bottom Line

Mastering Price Earning Ratios empowers investors with a valuable tool for evaluating stock valuations, assessing growth prospects, and making informed investment decisions. By understanding the basics of PE Ratios, interpreting their significance in different contexts, and applying strategic analysis techniques, investors can navigate the complexities of financial markets with confidence. Incorporating PE Ratios into a comprehensive investment strategy enhances financial literacy, fosters disciplined decision-making, and maximizes the potential for long-term portfolio growth. Read the full article

[farademetre]

InvestTalk - 9-7-2022 – Stop Relying on P/E Ratios

Not only are there additional factors to take into account when evaluating a stock, but significant fluctuations in P/E ratios can occur in a single year.

[young-like]

ジョンソン·アンド·ジョンソン/Johnson & Johnson / JNJ

ジョンソン·アンド·ジョンソンはグローバルヘルスケアおよび消費財会社で、医薬品、医療機器、消費者健康製品など多様な製品群を生産して販売する。 同社は1886年に設立され、今も世界的に大きな影響力を行使している。

主な製品およびサービス

医薬品 : 抗がん剤、免疫学、神経科学、感染症、ワクチンなど様々な治療分野の薬物を開発、販売する。

医療機器 : 整形外科、外科、心血管および糖尿病管理に関連する医療機器を提供する。

消費者健康製品 : スキンケア、口腔ケア、ベビーケア、傷の治療など日常生活に必要な多様な消費者健康製品を生産する。 有名なブランドとしてはネオスポリン(Neosporin)、タイレノール(Tylenol)、ジョンソンズベビー(Johnson's Baby)などがある。

財務指標（令和2年5月31日基準）

自由キャッシュフロー比率(PFCR)

PFCR : 約19.36。これは株価が自由キャッシュフロー対比適正水準であることを意味する。

株価収益比率(P/ERatio)

P/E比率 : 約15。これは比較的低い評価を受けており、株価が低評価された可能性がある。

株価純資産比率(P/B Ratio)

P/B比率 : 約6.これは資本が高く評価されていることを意味する。

営業活動キャッシュフロー

キャッシュフロー: とてもポジティブです。 ジョンソン·アンド·ジョンソンは強力な現金創出能力を持っています。

投資ポイント

長期的価値 : ヘルスケアおよび消費財市場で強力な地位を持っており、持続的な研究開発と革新を通じて成長潜在力を維持している。

財務安定性 : 莫大な現金保有量と低い負債比率を持っており、財務構造が非常に安定している。

市場の位置 : グローバルヘルスケア及び消費財市場で先導的な位置を占めており、様々な製品群とサービスにおいて強力な市場シェアを維持している。

結論

安定的な収益性、強力な財務健全性、信頼できる経営陣、そして持続可能な競争優位を土台に長期的な投資価値を提供することができる。 少しずつポートフォリオに入れてみるのもいいと思います。

**投資助言ではなく、情報提供の目的及び保存で作成**

[shrimansuresh23]

Understanding the Price-to-Earnings (P/E) Ratio: A Key Metric for Stock Valuation

The Price-to-Earnings (P/E) ratio is a fundamental metric in stock valuation that holds a prominent place in the toolkit of investors and analysts. It’s a versatile financial ratio that provides valuable insights into how the market values a company’s shares in relation to its earnings. In this article, we’ll delve into the intricacies of the P/E ratio, including its types, interpretation, advantages, and limitations, as well as practical tips for effectively using it in investment decisions.

1. Explanation of the P/E Ratio and Its Importance

The P/E ratio is a simple but powerful financial metric that compares a company’s stock price to its earnings per share (EPS). Mathematically, it’s calculated as:

P/ERatio=EarningsperSharePriceperShare​

Where “Price per Share” represents the current market price of a company’s stock, and “Earnings per Share” indicates the profit earned by the company for each outstanding share of common stock. The P/E ratio essentially tells us how many years’ worth of earnings it would take for an investor to recoup their investment at the current stock price.

The importance of the P/E ratio lies in its capacity to offer insights into a stock’s relative valuation. A high P/E ratio suggests that investors are willing to pay a premium for future earnings growth, while a low P/E ratio may indicate undervaluation. However, this interpretation is not absolute; it varies based on industry, company growth prospects, and prevailing market conditions.

2. Different Types of P/E Ratios (Trailing, Forward, Cyclically Adjusted)

There are several variations of the P/E ratio, each serving a slightly different purpose:

Trailing P/E Ratio: The trailing P/E ratio is the most common and straightforward type. It’s calculated using historical or “trailing” earnings data from the past four quarters. This ratio reflects how the market values a company based on its past performance.

Forward P/E Ratio: The forward P/E ratio uses estimated future earnings, typically for the next 12 months. This ratio provides a glimpse into the market’s expectations of a company’s future performance. Investors often use it to assess the stock’s potential growth.

Cyclically Adjusted P/E Ratio (CAPE or Shiller P/E): The CAPE ratio smooths out fluctuations in earnings by using the average of the past ten years of inflation-adjusted earnings. It’s designed to provide a more stable measure, especially in economic cycles where earnings can be highly volatile. This ratio is often used to evaluate whether stocks are overvalued or undervalued in the long term.

3. How to Interpret P/E Ratios in the Context of Industry and Market Averages (200 words)

Interpreting P/E ratios requires considering the broader context, including industry and market averages. Here’s how to do it:

Industry Comparisons: P/E ratios should be compared to others in the same industry. A higher P/E ratio relative to industry peers might indicate that investors expect the company to outperform its competitors. Conversely, a lower P/E ratio could imply that the company is underperforming.

Market Averages: To evaluate a stock’s valuation in the context of the broader market, compare its P/E ratio to market benchmarks, such as the S&P 500 or a relevant sector index. If a stock’s P/E ratio is significantly higher or lower than the market average, it suggests a relative overvaluation or undervaluation.

Historical P/E Trends: Analyzing a company’s historical P/E trends can provide valuable insights. If a stock’s current P/E ratio is higher than its historical average, it might indicate that investors have higher expectations for future growth. Conversely, a lower P/E ratio might suggest reduced confidence in the company’s prospects.

4. Advantages and Limitations of Using the P/E Ratio

Understanding the advantages and limitations of the P/E ratio is crucial for making informed investment decisions:

Advantages:

Simplicity: The P/E ratio is easy to calculate and understand, making it accessible for both novice and experienced investors.

Comparability: It allows for straightforward comparisons between companies, industries, and the broader market.

Expectations: The forward P/E ratio provides a snapshot of market expectations, offering insight into a company’s growth prospects.

Limitations:

Earnings Manipulation: Companies can manipulate earnings to artificially inflate or deflate the P/E ratio, which can make it less reliable.

Variation by Industry: Different industries have different typical P/E ranges. Comparing P/E ratios across sectors may not be meaningful.

Ignoring Other Factors: The P/E ratio is just one piece of the puzzle. It doesn’t account for debt levels, growth rates, or the competitive landscape, which are also crucial in evaluating a stock’s potential.

5. Practical Tips for Incorporating P/E Ratios into Investment Decisions (150 words)

Here are some practical tips for effectively using the P/E ratio in investment decisions:

Combine with Other Metrics: Use the P/E ratio in conjunction with other valuation metrics, such as the P/B (Price-to-Book) ratio, dividend yield, and earnings growth rate. A holistic approach provides a more comprehensive view of a stock’s valuation.

Consider Growth Prospects: When assessing a high P/E stock, evaluate its growth potential. A high P/E may be justified if the company is expected to deliver robust earnings growth.

Check Earnings Quality: Scrutinize the quality of earnings. Look for sustainable, consistent earnings rather than one-time gains or accounting irregularities.

Stay Informed: Keep an eye on changes in the company’s competitive landscape, industry dynamics, and market conditions. These factors can significantly impact a stock’s P/E ratio.

Long-Term Perspective: Remember that a stock’s valuation can fluctuate in the short term. Consider your investment horizon and risk tolerance when using P/E ratios in decision-making.

In conclusion, the Price-to-Earnings (P/E) ratio is a fundamental and versatile metric in stock valuation. By understanding its different types, interpretation methods, advantages, and limitations, investors can use the P/E ratio as a valuable tool in their decision-making process. However, it should be part of a broader toolkit that includes other financial metrics and a deep understanding of a company’s fundamentals and market conditions.

my reference article :https://shrimanlifehacks.com/

[whatdoesshedotothem]

Tues[day] 16 September 1834

7 25/..

12 1/4

very good one last night – fine b[u]t hazy morn[in]g F[ahrenheit] 57 1/4° at 8 35/.. a.m. – at my desk at 8 1/2 –

Kind let[ter] to M- [Mariana] gl[a]d she h[a]d found but by means ov[e]r w[hi]ch I h[a]d no control th[a]t ‘I h[a]d writ[ten] even less

‘oft[ene]r to th[o]se who are perpet[uall]y heap[in]g up[on] me kind[ne]ss aft[e]r kind[ne]ss, and whose ver[y] situat[io]n in life ma[ke]s

‘th[e]m suppos[e]d to be the 1st obj[ec]ts of my consid[eratio]n’ - … if ‘n[o]t mo[re] heart, I h[a]d comm[o]n sense th[a]n

‘to val[ue] the th[in]gs of th[i]s world accord[in]g to the scale w[hi]ch h[a]s been laid d[o]wn for me – H[a]d you bel[ieve]d me

‘oft[ene]r, and kn[o]wn me bet[ter], it w[oul]d ha[ve] sav[e]d us b[o]th m[u]ch pain – B[u]t if heav[e]n h[a]s will[e]d it oth[er]wise,

‘let us n[o]t compl[ai]n – the fin[a]l ruler of ev[en]ts is wiser th[a]n we – I am deep[l]y sensib[le] of all

‘y[ou]r affect[io]n; b[u]t, fr[om] the mom[en]t of y[ou]r hav[in]g delib[eratel]y told me y[ou]r determinat[io]n, and the lead[in]g argum[en]ts

‘w[hi]ch ga[ve] rise to it, my chief endeav[ou]r w[a]s to be convinc[e]d and reconcil[e]d – Mary! you trust[e]d me

‘too lit[tle] for happ[ine]ss – Rem[em[b[e]r th[i]s, and be comfort[e]d – cheer up – trust me, you ha[ve] m[u]ch to hope –

‘m[u]ch mo[re] th[a]n you seem aware – the prosp[ec]t will bright[e]r by and by – I ha[ve] nev[e]r fail[in]g consol[atio]n

‘or the th[ou]ght, th[a]t you will be happ[ie]r in oth[e]rs, th[a]n you c[oul]d ha[ve] been in me – confide[en]ce w[a]s

‘too m[u]ch shak[e]n on b[o]th sides – Mary! the last blow on mine, w[a]s too severe – Be

‘comfort[e]d – be assur[e]d, th[a]t you ha[ve] act[e]d wise[l]y for us b[o]th – viol[en]t changes are gen[erall]y irksome

‘to all p[ar]ties at 1st; b[u]t, rememb[erin]g wh[a]t I mys[elf] ha[ve] suffer[e]d, I do n[o]t eas[il]y desp[ai]r for anyone –

‘I do n[o]t feel inclin[e]d to say m[u]ch on the subj[ec]t of our meet[in]g – the reflect[io]ns to w[hi]ch it w[oul]d gi[ve]

‘rise, c[oul]d on[l]y be painful – Do as you th[in]k best’ – Hope ‘h[e]r niece’ will exceed h[e]r

all h[e]r expectat[io]ns – ‘I can eas[il]y ent[e]r int[o] y[ou]r motive for call[in]g h[e]r Percy’ – pleas[e]d at the th[ou]ght

of h[e]r go[in]g to the Rhine next y[ea]r – on[l]y anx[iou]s ab[ou]t h[e]r choice of a compan[io]n – ment[io]n Geneva as a

fine town ‘hav[in]g man[y] lit[erar]y and econom[i]c advent[age]s’ and th[a]t a fam[il]y of 2 or 3 might live in

affl[ue]nce at Rolle for £250 a y[ea]r – date the latt[e]r 1/2 p[age] 3,  Mon[day] 15 Sept[embe]r and say it shall go [as] last

160

1834

Sept[embe]r

+

might, the herald of the sm[all] parc[e]l (stays, 6 laces, p[ai]r of Earrings fr[om] Geneva and b[oo]k, Coxes’

pict[ure] of It[al]y borr[owe]d edit[io]n of 1815, too old when last at Lawton Dec[embe]r 1833) to be s[e]nt off by me of today’s mails –

‘I f[ou]nd my a[un]t m[u]ch the sa[me] as I left h[e]r, and Mr. Sund[erlan]d told me, he th[ou]ght her gen[era]l health qui[te]

‘as good - b[u]t she is uncert[ai]n - th[i]s seas[o]n of th[e] y[ea]r, or rath[e]r lat[e]r, h[a]s gen[erall]y tir[e]d h[e]r ver[y] m[u]ch

‘and I fear, if she gets ov[e]r the wint[e]r at all, it will be ver[y] indiffer[entl]y – she suffers a

‘gr[ea]t deal, yet her cheerful[ne]ss does n[o]t forsake her – She desires me to gi[ve] her love, and say

‘how gl[a]d she shall be to hear you are bet[ter] – the 30 shil[lin]gs for Th[oma]s Beech’s gr[ea]tcoat

‘are p[ai]d, and I will pl[a]ce th[i]s sum to y[ou]r acc[oun]t – If you do n[o]t feel qui[te] sure of my und[er]-

‘-stand[in]g all y[ou]r wishes ab[ou]t mon[e]y matt[e]rs, tell me mo[re] partic[ularl]y wh[a]t you w[oul]d ha[ve] me

‘do - G[o]d bless you, my d[eare]st Mary! Ever ver[y] espec[iall]y y[ou]rs AL- [Anne Lister] – nice en[ou]gh let[ter] to

L[ad]y S- [Stuart] will consid[e]r ab[ou]t the fourgon ‘when I am mo[re] ab[le] to fix up[on] my next line of route’ – ‘I am perf[ectl]y astonish[e]d th[a]t I h[a]d y[ou]r let[ter] 12 days ago, and th[a]t I h[a]d been at ho[me] a fortn[i]ght

‘on Sat[urday] – I kno[w] n[o]t how the ti[me] h[a]s slipp[e]d away – I ha[ve] been so busy ab[ou]t my law-concern,

‘etc. etc. the days ha[ve] seem[e]d like mom[en]ts; and I ha[ve] s[in]ce been out of the h[ou]se – yet I ha[ve] oft[e]n

‘th[ou]ght of you, and wond[ere] how you w[oul]d set[tle] all th[]se disag[reablenes]s I w[a]s so griev[e]d to hear of…….

ment[io]n let[ter] fr[om] Vere – shall go and see h[e]r one of th[e]se days – at pres[en]t can ma[ke] no plans –

‘my poor aunt suffers a martyrdom; yet still she lives, and may live for sev[era]l m[on]ths –

‘It is a gr[ea]t comf[or]t to me to see h[e]r so pleas[e]d at my hav[in]g g[o]t a lit[tle] fr[ie]nd to ta[ke] ca[re] of me

‘in my trav[e]ls – I hope you will tell Miss Tate - B[u]t, d[eare]st L[ad]y St[uar]t, it w[a]s wh[a]t you s[ai]d th[a]t I ha[ve]

‘nev[e]r forgott[e]n; and it is you th[a]t I shall alw[a]ys th[in]k of, and thank w[i]t hall my heart –

wr[ote] th[i]s morn[in]g und[e]r the seal – ‘I do hope to hear fr[om] you soon, if it be only one line to tell

‘me you are bet[ter], and ha[ve] settl[e]d th[in]gs mo[re] comf[ortabl]y th[a]n you expect[e]d – Do n[o]t troub[le] y[ou]rs[elf] one

‘inst[an]t ab[ou]t a frank – I shall be delight[e]d to see a Norfolk postmark – I shall troub[le]

‘L[or]d St[uar]t w[i]th a note to L[ad]y St[uar]t de R- [Rothesay] and a lit[tle] no[te] to d[ea]r Charlotte ab[ou]t the parc[e]l fr[om]

‘Paris - Ev[e]r, d[eare]st L[ad]y St[uar]t, ver[y] truly and affect[ionatel]y y[ou]rs A. [Anne] Lister’ - Gen[era]l acc[oun]t of my journ[e]y to

L[ad]y S- [Stuart] de R- [Rothesay] hop[e]d for so[me] comm[issio]n in Paris - perh[aps] she doubt[e]d my abil[itie]s - c[oul]d n[o]t doubt how

hap[py] I sh[oul]d ha[ve] been to do my best – ‘I h[a]d a lit[tle] fr[ien]d w[i]th me wh[o]se good care soon set me

‘ab[ov]e Mr. Freeman’s medicines; and we h[a]d so[me] delightful wander[in]gs am[on]g the Savoy m[oun]t[ai]ns – I do

confess th[a]t my ‘bowels yearned’ tow[ar]ds M[on]t Blanc; b[u]t he w[a]s a lit[tle] surly, and the 2 Savoy and

‘avocats who attempt[e]d his summ[i]t, and s[ai]d, tho’ unbeliev[e]d by any, they reach[e]d it, were

‘gl[a]d en[ou]gh to get d[o]wn ag[ai]n – they h[a]d no reg[ula]r guides, on[l]y 1/2 a doz[en] peasants, two of wh[o]m

‘h[a]d made the ascent bef[ore] – and, h[a]d they been a few h[ou]rs lat[e]r, w[oul]d prob[abl]y ha[ve] been lost –

‘we made wh[a]t is call[e]d the gr[a]nd tour of M[on]t Bl[an]c’ ….. cross[e]d the Gr[ea]t and lit[tle] S[ain]y Bernard…

we h[a]d no  Gollis-work – the lit[tle] Inns ver[y] fair[l]y comf[orta]ble ‘exc[ept] one in the vil[lage] de Ferret

‘where th[e]re were on[l]y 2 bedr[oo]ms for the wid[ow] and h[e]r 8 child[re]n. one manserv[an]t and 2 guides, our 2

‘selves, and 2 sick inf[an]ts the poor wom[a]n h[a]d tak[e]n to nurse, tout compris, at 6 fr[an]cs each

‘p[e]r m[ou]th – we ret[urne]d by the Savoy lakes and Chamberi – saw the pass of the Echelles, and the gr[a]nde

‘Chartreuse - sp[en]t 2 or 3 days at Lyons – tho’ man[y] of the h[ou]ses damaged or destr[oye]d in Apr[il] are

 161

1834

Sept[embe]r

L

‘alread[y] repair[e]d or rebuilt, th[e]re are still too man[y] traces of the émente - Sev[era]l opul[en]t  

‘manufact[orie]s ha[ve] left the town, and set up th[ei]r establ[ishmen]ts elsewhere - th[e]re are 3 large ones just complet[e]d

‘at Voiron now communicat[e]d w[i]th Echelles by a fine new r[oa]d of 3 posts - th[e]re are sev[era]l new

‘r[oa]ds finish[e]d and in prog[ress] - th[a]t by S[ain]t Etienne io[ene]d 2 y[ea]rs ago (miss[in]g Lyons) saves 3 days’ journey to

‘Marseilles’ – 2 or 3 days at S[ain]t Etienne and 2 or 3 at Clerm[on]t – ‘the view fr[om] the Puy de Dome,

‘is one of the m[o]st interest[in]g and extraord[inar]y I ha[ve] ev[e]r seen. – a vast assembl[a]ge of cones of extinct

‘volca[noe]s – a vast coulée (sea) of lava - b[u]t the heat w[a]s so excess[ive] in walk[in]g up, and the air

‘is cold at the top, I on[l]y st[ai]d ab[ou]t 1/2 an h[ou]r – Do tell the girls, they nev[e]r saw s[u]ch a dirty fig[ure]

‘as I w[a]s on com[in]g out of the fine silv[e]r mines (op[ene]d 2 or 3 y[ea]rs ago) n[ea]r Pont de Gibaud - B[u]t

‘the coal-mine of Firminy, n[ea]r S[ain]t Etienne, astonish[e]d me m[o]st – It is exact[l]y like a comm[o]n

‘st[one] quarry, (open to the day, and work[e]d in the sa[me] way) b[u]t the rock is coal of excell[en]t qual[it]y –

‘It is on[l]y 3 y[ea]rs th[a]t it h[a]s been work[e]d in th[i]s way, and is the on[l]y coal-mine kn[o]wn of the kind –

‘the miners at the silv[e]r mine were chief[l]y Germans – Be the gov[ernmen]t wh[a]t it may, I nev[e]r saw

‘so gr[ea]t an app[earan]ce of improvem[en]t and prosper[it]y in the count[r]y – the écoles des mines ha[ve] done an

‘infin[it]y of good to the mining int[ere]sts of the count[r]y’ - din[e]d w[i]th L[ad]y CL- [Charlotte Lindsay] and the Berrys – ‘and w[a]s deligth[e]d w[i]th my

‘vis[i]t – all were in good sp[iri]ts, and were ver[y] agreeab[le], and k[i]nd – I h[a]d nev[e]r seen so m[u]ch of L[ad]y Charl[otte]’

(Lindsay) ‘who says th[in]gs so nice[l]y, and wh[o]se man[ner]s are so interest[in]g, she made qui[te] an impress[io]n

‘up[on] me – Miss Berry is really wond[er]ful – Thank you ver[y] m[u]ch for giv[in]g me th[ei]r addr[ess] – I w[a]s

‘qui[te] gl[a]d to improve so nice an acquaint[an]ce - unexpect[e]d pleas[ure] to see L[or]d St[uar]t – ‘wh[a]t

‘an enviab[le] tour in Norway! I wish a [I] knew a lit[tle] mo[re] ab[ou]t it – If I live, I mean to go

‘th[e]re one of th[e]se days – my a[un]t, as to gen[era]l health, is m[u]ch the sa[me] as when I left h[e]r - b[u]t she

‘suffers a martyrd[o]m fr[om] rheumat[i]c pains; and her medic[a]l men fear she can[no]t long survive

‘the wint[e]r – I enclose a lit[tle] no[te] for Charlotte - Bel[ieve] me, d[ea]r L[ad]y St[uar]t, alw[a]ys ver[y] truly y[ou]rs A. [Anne] Lister’

th[e]n wr[ote] on 1/4 sh[ee]t the foll[owin]g ‘Shibd[e]n hall - Mon[day] 15 Oct[obe]r 1834. My d[ea]r Charlotte – I s[e]nd you a ver[y] lit[lte] no[te], the herald

of a ver[y] lit[tle] parc[e]l, w[hi]ch Miss Berry w[a]s so good as prom[ise] to bring fr[om] Paris – I told L[ad]y St[uar]t, it w[a]s for you –

‘I alw[a]ys th[ou]ght of giv[in]g you so[me] sm[all] rememb[ran]ce on y[ou]r entrée int[o] the gr[ea]t world – I wish[e]d it to be so[me]th[in]g useful,

‘and on[l]y hope I ha[ve] chos[e]n well, and th[a]t you will like the watch for its own sake, and for mine – I hope you

‘are all enjoy[in]g yours[elf], and look[in]g qui[te] rosy and well at Highcliffe – I sh[oul]d n[o]t kno[w] it ag[ai]n – If you still

‘hunt for fossils, and care as m[u]ch as ev[e]r for the collect[io]n, you can fancy how disap[pointe]d I w[a]s to f[i]nd, on

‘reach[in]g here, th[a]t all my fine specimens fr[om] Auvergne silv[e]r-mines, and man[y] oth[e]rs th[a]t were pack[e]d

‘in the carr[ia]ge tool-box, were lost in Lond[on], thrown away as lumber, I suppo[se], by the c[oa]chmakers’ men, who th[ou]ght

‘antiattrit[io]n better worth – I oft[e]n th[ou]ght of you among the high alps of Savoy, and wish[e]d you were w[i]th me –

‘wh[a]t sketch[in]g for Louisa! Gi[ve] my love to h[e]r – I shall alw[a]ys feel ver[y] m[u]ch interest[e]d for you both; and

‘bel[ieve] me, my d[ea]r Charlotte, y[ou]r ver[y] sincere and affect[iona]te fr[ie]nd A. [Anne] Lister – my kind rememb[rance]s to Miss Hyriott’ –

w[e]nt d[o]wn to br[eak]f[a]st at 11 1/4 and s[e]nt off th[e]n by Geo[rge] my let[ter] to ‘Mrs. Lawton the Rev[eren]d M. Miller’s Scarborough’ –

br[eak]f[a]st – Mr. Parker s[e]nt the lease of ‘Lidgit’ to Mr. Lamplengh Wickham Hird for A- [Adney] to r[ea]d ov[e]r – she r[ea]d it al[ou]d to me –

the game reserv[e]d as in my leases - on[l]y allow[e]d to ha[ve] 7DW. und[e]r plough – penalty £10 p[e]r DW. - n[o]t to cut or

prune timb[e]r – 34DW. - n[o]t to und[er]let exc[ept] w[i]th writ[ten] leave – Rent £100, term 10 y[ea]rs – asleep 1/2 h[ou]r – at my desk at 1 5/..

162

1834

Sept[embe]r

LL

L

+

N

N

wr[ote] my no[te] to C. St[uar]t and at 2 1/2 h[a]d writ[ten] so far of today, and h[a]d fold[e]d and seal[e]d up in envelope my no[te]

4 p[ages] of 1/2 sh[ee]t to ‘The Lady St[uar]t de Rothesay’ enclos[in]g in the sa[me] my no[te] to ‘the hon[oura]ble Miss Stuar]t’

and enclo[e]d th[e]se and my no[te] to ‘The hon[oura]ble L[ad]y St[uar]t Whitehall’ und[e]rcov[e]r to ‘Lord St[uar]t de Rothesay

3 Carlt[o]n h[ou]se terrace London’ – s[e]nt the ab[ov]e let[ter]s at 7 p.m. by Geo[rge] – A- [Adney] and I out at 2 3/4

to Brearley hill to meet Holt ab[ou]t gett[in]g wat[e]r for John Bott[omle]y and ab[ou]t sink[in]g pit to enab[le] me

to look aft[e]r Mr. Rawson – gett[in]g the wat[e]r will cost ab[ou]t £16 to £20 sink[in]g and driv[in]g at 3/. to 3/6 p[e]r y[ar]d

ab[ou]t 100 y[ar]ds – ord[ere]d th[i]s job to be advertis[e]d next week for lett[in]g as als[o] the pit sink[in]g – H- [Holt] th[in]ks

the pit will cost ab[ou]t 40/. p[e]r y[ar]d sink[in]g ab[ou]t 100 y[ar]ds deep to the low[e]r bed – saw the place n[ea]r the

upp[e]r gateway just ab[ov]e Conery wood in the Park farm well f[iel]d – w[i]th a sm[all] fire engine m[i]ght

get coal th[e]re for man[y] y[ea]rs – eas[il]y road[e]d al[on]g the f[ee]t of Bairstow, out just bel[ow] Whiskum cot[tage]

int[o] the new bank to H[alifa]x – pit to be oblong 8ft. x 5.4 .:. ab[ou]t n[o]t qui[te] s[ai]d S. W. [Samuel Washington] tonight, 5 sq[uare]

y[ar]ds stuff will co[me] out at each y[ar]d depth of sink[in]g – 5 x 100 = 500 y[ar]ds of stuff cart[in]g d[o]wn

to the f[ee]t of the wall oppos[i]te the h[ou]se = ab[ou]t £20 – the wat[e]r of dirt band (36 y[ar]ds band) and four-

-score y[ar]ds band to be gath[ere]d up in sink[in]g and turn[e]d the conery clough separ[atel]y or n[o]t to the h[ou]se –

H- [Holt] s[ai]d the coal w[oul]d sell at 8d. at the pits’ m[ou]th – and [no] turnip[ke] to H[alifa]x w[oul]d ma[ke] a penny

a load diff[eren]ce – Rawson sells at 9 1/2d. in the town – we sh[oul]d sell at 9d. – w[oul]d av[era]ge 5 1/2 corves

or loads p[e]r sq[uare] y[ar]d – 20 loads or one score w[oul]d sell for 13/4 at the pits mouth –

 gett[in]g  .   .                             4.6        13.4 – 8 = 5/4                                        say 1s.3d. p[e]r sq[uare] y[ar]d profit .:.

pull[in]g and bank[in]g              2.6      

                                                              say 3d. p[e]r load profit                          1 ac[re] or 4840 y[ar]ds = £242+ £60.10s.0d.

Tools                                          1.0      

Taxes                                          8.0     or 1/4 1/2 p[e]r sq[uare] y[ar]d profit                                              = £302 p[e]r ac[re]

 fr[om] Brearley hill A- [Adney] met me at Whiskum cot[tage] – th[e]nce d[o]wn the o[ld] b[ank] to H[alifa]x to the Bowling

foundry for fire-grates for n[or]th parl[ou]r n[or]th ch[ambe]r and tentr[oo]m – th[e]n to Miss Hebden’s – good acc[oun]t

of Charlotte Booth – th[e]n to Whitley’s – br[ou]ght ho[me] vol[ume] 3 [octavo] Lyell’s geol[og]y and Busby’s Journ[a]l am[on]g

the viney[ar]ds of Spain and Portug[a]l – and pamphl[e]t by Jo[h]n Travers on the Tea duties – th[e]n to Thorps’

ab[ou]t acorns and plant[in]g sett[in]g Bairstow w[i]th th[e]m – ho[me] up t he o[ld] b[ank] at 6 55/.. – din[ner] at 7 – coff[ee] – h[a]d

Washington – noth[in]g to be made of Mrs. Machin ab[ou]t the sale of h[e]r 11DW. of coal – b[u]t

W- [Washington] told he w[oul]d call ag[ai]n on Sat[urday] – A- [Adney] and I sat talk[in]g and read[in]g the newspap[e]r Geo[rge] br[ou]ght

b[a]ck th[i]s ev[enin]g – w[i]th my a[un]t fr[om] 9 3/4 to 10 3/4 – wr[ote] all b[u]t the 3 first lines of th[i]s p[age] till 11 1/2 p.m.

at w[hi]ch h[ou]r F[ahrenheit] 59 1/2° in my study – ver[y] fine day – no[te] fr[om] Mr. Wilkins[o]n Heath to say the front pew in the north gall[er]y nearest to the west gall[er]y was at lib[ert]y rent 1 guin[ea] a y[ea]r

[annelisterofhalifax]

A Typical Sunday

1835

March Sun[day] 22

    7 3/4

     12

No kiss Fine morn[in]g F[ahrenheit] 49 1/2º AT 9.05 a.m. H[a]d settl[e]d Geo[rge]s acc[oun]t. Br[eak]f[a]st at 9.10

+   R[ea]d ov[e]r yest[erday]s H-X [Halifax] Guard[ia]n. Aquilla Green ca[me] at 11 1/2 and st[aye]d till 1.5. Left h[i]m at 12 for 20

V  min[ute]s and h[a]d Mr Jubb to do  up[on] my wrist, bet[ter] b[u]t weak and n[o]t well, use it too m[u]ch, m[u]st

ha[ve] a spelk or 2 the next ti[me] of dress[in]g next Sun[day], if the prog[ress] tow[ar]ds recov[er]y is n[o]t mo[re] rap[i]d

t[ha]n it h[a]s been. Expl[aine]d to A.G- [Aquilla Green] why the lett[in]g to John Mallins[o]n h[a]d gone off, d[i]d n[o]t wish

to infl[uen]ce an[y] man’s opin[ion]s unfair[l]y b[u]t w[oul]d n[o]t ha[ve] an[y] ten[an]t liv[in]g in the town and hav[in]g a vote

up[on] whose help at a dead lift I c[oul]d n[o]t count. A.G [Aquilla Green] th[ou]ght the conservative side w[er]e

the bet[ter] and we g[o]t on ver[y] well on t[hi]s p[ar]t of our subj[ec]t. I ment[ione]d my idea t[ha]t I m[i]ght perch[ance]

ha[ve] so[me] pow[e]r to spare fr[om] my intend[e]d wat[e]r engine wheel w[hi]ch m[i]ght ha[ve] 20 horsep[o]wer if

wat[e]r en[ou]gh in summ[e]r. A.G [Aquilla Green] wants 3 p[ai]r of  corn mill-stones, t[h[ese w[oul]d require 20 horse

pow[e]r, the pres[en]t wheel at Mytholm 8 horse pow[e]r. W[oul]d rath[e]r ha[ve] a mill by the side

of  the pres[en]t one at Mytholm work[e]d by the sa[me] wat[e]r dam enlarge[e]d , if poss[ible], b[u]t w[oul]d

like to ta[ke] the farm even w[i]thout any expectat[io]n of a mill – t[hi]s being und[er]stood, I set

the rent of the 5 Jan[uary] f[iel]ds and brows, includ[in]g 0.1.24 d[ays] w[ork] , of cowgate r[oa]d 14.2.7 and the lit[tle

holme 1.1.0 and

0.1.6 of cowgate r[oa]d and the brows = 10.1. I set the rent of t[hi]s quant[it]y of land

*    at £45 p[e]r ann[um] the use of the barn being include[e]d, s[ai]d I call[e]d the land £44

and the use of the barn 20/. [shillings]. He agreed to the terms of lease b[u]t ask[e]d wh[a]t

allow[an]ce I w[oul]d ma[ke] for the poverty of the land. S[ai[d I h[a]d p[ai]d Pearson £42 odd

for his tenant- right, calculate[e]d drain[in]g and repair[in]g f[oo]t path at £25

and t[he]n t[hi]s w[oul]d be the exp[ense] of hedg[in]g and gates. S[ai]d I w[oul]d put ev[er]yth[in]g in good repair

he hims[el]f m[i]ght ha[ve] the drain[in]g to his own fancy, and look after it, he

agreed, besides all t[hi]s to be laid out to gi[ve] h[i]m £20 for tillage etc in consid[eratio]n of

the run- out state of the land. On t[h]ese terms the barg[ai]n w[a]s made. I am to gi[ve] instruct[io]n

for the lease and ha[ve] it ready for A.G-[Aquilla Green] to sign at Mr Parker’s office on Wed[nesday] ev[enin]g

aft[e]r w[hi]ch he may ent[er] to the land as soon as he likes. W[e]nt to my a[un]t at 1.05,

in 29 min[ute]s r[ea]d the morn[in]g serv[i]ce all mys[elf]. A-s [Ann’s] cold n[o]t allow[ing] h[e]r to r[ea]d al[ou]d.

Off to Lightcliffe ch[ur]ch and t[he]re in 18 min[ute]s at 2.20, wait[e]d 18 min[ute]s bef[ore] ev[e]n the org[a]n

beg[a]n to play and 22 min[utes] bef[ore] Mr W- [Wilkinson] beg[a]n the serv[i]ce, he, Mr Wilkins[o]n, d[i]d all the duty,

preach[e]d 23 min[ute]s fr[om] Luke X [10] 23, 24. At Cliffhill at 41/2 , tho[ugh] I h[a]d yest[erday] ment[ione]d our intend[e]d

vis[i]t and ask[e]d for the cold tongue offer[e]d t[he]re to be for today, saw evid[entl]y t[ha]t we were n[o]t expect[e]d

to tea. Apologis[e]d for my impert[inen]ce handso[mel]y and success[full]y en[ou]gh, h[a]d tea and coff[ee] and all

w[e]nt off ver[y] agreeab[l]y. Mrs A.W [Anne Walker] ver[y] civ[i]l and appar[entl]y gl[a]d to see us. Mr W[ilia]m Priest[le]y ca[me] in

for the last 1/2 h[ou]r. Neith[e]r A-[Ann] nor I address[e]d an[y] th[in]g mo[re] t[h]an necess[ar]y ans[we]rs to h[i]m. Ca[me] away

at 7 1/4  and ho[me] in 1/2  h[ou]r. sat talk[in]g. Tea at 8 1/4 . 1/2 h[ou]r w[i]th my a[un]t till 10.10, wr[ote] all the

N      ab[ov]e of the day till 11p.m at w[hi]ch h[ou]r F[ahrenheit] 51º. Fine day, no[te] t[hi]s ev[enin]g fr[om] the H-X [Halifax] Lit[erar]y and 

Philos[ophical]

Soc[iet]y to ann[oun]ce the next meet[in]g to be on Fri[day] the 27 th inst[ant] to gi[ve] not[i]ce to quit the premises now

occup[ie]d by gthe soc[iet]y.

+ - refers to book/text   V- Visit  * - Land let to A.G [Aquilla Green] 14.2.7           N- Note

                                                                                                            1.1.0

                                                                                                               1.6   

                                                                                                          10.1.0

                                                                                                         26.2.13

[woollyslisterblog]

1834 April Saturday 26th

6.45

11.15

One good kiss last night fine, whi[le] frosty morn[in]g and at F48 1/2° at 6.45 – br[eak]f[a]st at 8 – ca[me] up to my study swept the drugget of it and r[ea]d Morn[in]g Herald – Lowe ca[me] to meas[u]re Ja[me]s who ca[me] up to me to obj[ec]t to wear Thomas’s clothes all b[u]t his gr[ea]t coat – ver[y] well s[ai]d I then as I th[in]k them good en[ou]gh, and the liv[er]y you wear is mine n[o]t yours, and you thus obj[ec]t to do wh[a]t I desire you, you shall – I am go[in]g to York on Mon[day] and shall leave you there!

He want[e]d Mr Cholmeley’s let[ter] (character) yes! s[ai]d I, if I ha[ve] Mr Cholmley’s permiss[io]n to gi[ve] it you, and I will wr[ite] to him- w[e]nt d[o]wn to the draw[in]g r[oo]m – told Miss W-[Walker] wh[a]t h[a]d happ[ene]d – she pleas[e]d to get rid of the man – d[itt[o] Mar[ia]n –

They 2 set off at 11 to call on Mrs Bateman at Hipperholm – I wr[ote] out yest[erday] and so far of today – on consid[eratio]n, th[in]k of giv[in]g Ja[me]s Mr Cholmeley’s let[ter] b[ut] interlin[in]g it w[i]th the foll[owin]g, ‘Ja[me]s Clayt[o]n ent[ere]d my serv[i]ce on Thurs[day] the 24th inst[ant], and, on the Sat[urday] morn[in]g foll[owin]g, I ga[ve] h[i]m warn[in]g on acc[oun]t of his object[in]g to wear the liv[er]y of the serv[an]t wh[o]se pl[a]ce he h[a]d tak[e]n s[u]ch liv[er]y being in my opin[io]n suffic[ientl]y good for an[other] serv[an]t to wear – A Lister, Shibd[e]n Hall Mon[day] 28 Ap[ril] 1834’

w[e]nt out at 11.50 – a lit[tle] whi[le] w[i]th Pickels – then fr[om] 12 1/2 to aft[er] 2 asleep in the hut – then w[i]th the workm[e]n Pickels and 3 men, Mallinson and 2 masons, 2 glaz[e]rs, Ch[arle]s and Ja[me]s How[a]rth till 4 1/4 – then off to Cliff Hill for Miss W-[Walker] – ho[me] at 6 1/4 - din[ner] at 6 3/4 – coff[ee] –

just bef[ore] din[ner] wr[ote] the foll[owin]g and s[e]nt by Ja[me]s at 8 1/4 ‘Shibd[e]n Hall – Sat[urday] ev[enin]g 26 Apr[il] 1834 Sir – If you can spare Jos[e]ph Booth, I will take h[i]m int[o] my serv[i]ce – Be so good as let me ha[ve] y[ou]r ans[we]r as soon as poss[ible] as I shall n[o]t say an[y]th[in]g to the boy hims[elf], or to his fath[e]r, I hear fr[om] you – Direct to me at Heworth Grange near York – I am, sir, etc, etc, etc A Lister’ – s[e]nt off the ab[ov]e let[ter] to ‘Mr and Mrs Scott Whitewall corner near Malton p[ostage] p[ai]d’

Backgammon – 20 min[ute]s w[i]th my a[un]t – ca[me] to my r[oo]m at 10 1/4 – fine day – F57° at 11 pm-

This incident with James Clayton is fairly typical of employer servant relations in the period and demonstrates the main ways in which they were recruited and dismissed. Many junior servants did not last more than a year or two in a household. Good ones were in high demand and would leave for better pay or perks. Bad ones could be dismissed in a day. AL’s disapproval of Clayton in interlining his previous character reference would make it very difficult to find a new employer. He would have to return to the registry office for servants where he came from. The much preferred method was recommendation by family or friends. If that did not succeed then employers would go to unregulated registers where they would have to do their due diligence carefully before letting a servant into their home. It appears that despite trying to hire a qualified servant, Anne and Clayton’s expectations of each other were so out of kilter, she has decided that it is better to hire and train up a younger person amongst her tenants than to risk another agency hire. Her expectation of an obliging fellow and his idea of working at a grand house with the expensive new livery were not met.

[blogthetortoise-blog]

Spot red flags in stock investments

One of the basic rules of making money in the stock markets is to ensure that you minimize your loosing bets. All your bets in the stock market will not work for you, but it is essential that all the hard work you do with your winning stocks don’t get eroded by a few dud stocks. As Warren Buffet says – "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1”. This is extremely essential if you are investing in the small & mid cap space. We should be alert & analyze news, corporate actions & annual reports- P/L accounts & balance sheets very closely for potential red flags. Primarily, sudden resignation of auditors or frequent change in auditors & CFOs/top management personnel should be viewed with suspicion. An auditor is responsible for the reliability of company’s financial statements. An unexpected resignation leaves shareholders as well as lenders in the lurch, as they wonder if there is anything amiss in its books of accounts. Auditors currently do not shy away from putting in papers if they find something suspicious in the accounts of a company as some recent regulatory developments have made auditors more conscious. Earlier there were issues with the disciplinary powers of the Institute of Chartered Accountants which have now been moved to an independent body. Therefore, there is a heightened fear among the auditors as in a couple of cases, auditors have also been arrested and sent behind bars. We should also be wary of companies exhibiting supernormal profits in saturated markets or in comparison to established peers. Another potential red flag could be organizations with significant changes in financial ratios year on year. Very high and unusual related party transactions on balance sheets that would include inadequate disclosure of such transactions, fictitious or circuitous transactions would be another major red flag. One should also avoid companies that keep raising funds regularly by diluting equity or where the promoter is continuously selling shares. It shows that either the company is trying to be too aggressive or the business is not self-sufficient enough to generate funds for expansion. It also tells us that promoters themselves don’t value their equity much in the company and a lot of times such promoters have even siphoned out funds from the company. On the other hand one should also avoid companies where the debt on balance sheets increases substantially every year. It is generally seen that sales and profits of such companies grow every year just like their debt, and suddenly one year, they report huge losses and become bankrupt. One should look at debt servicing ratio of such companies. It is calculated by dividing EBIDTA with interest and loan repayment obligation in a year. If this ratio comes down below 1, it means the company has difficulty in repaying its debt and interest obligations from its operating income. On should also keep a tab on the receivables/debtor days of a company. When you see debtor days of a company increasing rapidly, there is a big red flag. This implies one of two things - either the company is trying to increase sales by giving more credit in the market or the company is unable to collect money in a timely manner. It could in extreme cases also indicate fudged sales numbers as both sales & receivables keep going up simultaneously. Sometimes there are companies reporting good profits but paying no or very low tax. While there could be genuine reasons for paying low taxes, one should be vary of such companies. Sometimes a company may be showing fudged profits and increasing its share price because there is no cost for show increased profits. Lastly we should be careful investing in companies with erratic stock price movements without reason especially among smaller, illiquid stocks where stock operators are active. Stock prices move up based on increased profits (P/E ratio) or some business development. When they move up without fundamental reason, they fall on circuits and you can easily be caught on the wrong foot. Pay for the right investment advice Value investing vs value trap Sabyasachi Paul has been associated with equity research and advisory on equity markets in India for over 9 years & currently heads the equity research desk of Eastern Financiers Ltd, Kolkata. He also manages a portfolio on the online platform Kristal. Find link to the strategy named ‘The Tortoise’ Read the full article

[amazingworkspaces-blog]

The New battlestations Workspace

Here are some of the products that make this workspace an Amazing Workspace:

Logitech 963290-0403 Extreme 3D Pro Joystick for Windows

AMD Ryzen 7 1800X Processor (YD180XBCAEWOF)

Eratio Wifey Ring Neoprene Laptop Sleeve 15 Inch Macbook Air Case Macbook Pro Sleeve and 15 Inch Laptop Bag

[cancersfakianakis1]

Ultrasound shear wave elastography of breast lesions: correlation of anisotropy with clinical and histopathological findings

Abstract

Background

Ultrasound shear-wave elastography (SWE) may increase specificity of breast lesion assessment with ultrasound, but elasticity measurements may change with transducer orientation, defined as anisotropy. In this study, we aimed to observe the anisotropy of SWE of breast lesions, and its correlation with clinical and histopathological findings.

Methods

This retrospective study was approved by institutional review board. From June 2014 to June 2015, a total of 276 women (mean age, 48.75 ± 12.12 years) with 276 breast lesions (174 malignant, 102 benign) were enrolled for conventional ultrasound and SWE before surgical excision. Elasticity modulus in the longest diameter and orthogonal diameter were recorded, including maximum elasticity (Emax), mean elasticity (Emean), standard deviation (Esd) and ratio between mean elasticity of lesion and normal fatty tissue (Eratio). Anisotropy coefficients including anisotropic difference (AD) and anisotropy factors (AF) were calculated, and correlations with malignancy, tumor size, palpability, movability, lesion location and histopathology were analyzed.

Results

The average Emax, Emean, Esd and Eratio of the longest diameter were significantly higher than orthogonal diameter (P < 0.05). AUCs of ADs and AFs were inferior to quantitative parameters (P < 0.001), with AUCs of AFs superior to ADs (P < 0.001). ADs showed no significant correlation with malignancy, palpability, movability, distance from nipple and skin, and histopathological patterns. ADmean was significantly higher in inner half than outer half of the breast (P = 0.034). Higher AFs were significantly correlated with larger lesion size (P = 0.042), palpability (P < 0.05), shorter distance from nipple and skin (P < 0.05) and higher suspicion for malignancy (P < 0.001). AFs were significantly higher in IDC than DCIS (P < 0.05), higher in Grade II/III than Grade I IDC (P < 0.001), and correlated with ER/PR(+) (P < 0.05).

Conclusions

AF of SWE was an indicator for malignancy and more aggressive breast cancer.

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