The Orcish Kingdom of Asaipho is a massive, orderly nation, ruled by High Chieftain Nargulg with an iron fist, and notable for its state-planned economy, compulsory military service, and parental licensing program. 8chan /tv/ - Television and Movies - the reign of middle aged white men is overThe time of the orc has come!come to a point where the real presidency is more entertaining than this XD. The time of The Frog has come. Markie f: THE AGE OF BANE IS OVER THE TIME OF THE ORC HAS COME. ToastedEgg89: I'LL GET YOU NEXT TIME GADGET. Gorgor Le Tyran: The Age of Men is over. The Time of the Orc has come. Saurus v: tumblr.mp4. Eric Massey: He needs to have that look at. I am no doctor but that does not look good.
Image resource: The Motley Fool.Orchid Island Funds Inc Queen1 2019 Revenue Call Apr 26, 2019, 10:00 a.m. ET Contents:. Prepared Remarks. Questions and Solutions.
Serial do avast 2019 premier. Contact ParticipantsPrepared Remarks:OperatorGood morning, and welcome to the First One fourth 2019 Earnings Conference Call for Orchid Isle Capital. This call is becoming recorded nowadays, Apr 26, 2019.
Questions and Solutions:OperatorThank you. (Agent Instructions) Our first question comes from Christopher NoIan with Ladenburg ThaImann. Your collection is open up.Christopher Whitbread Patrick Nolan - Ladenburg Thalmann - AnalystHey, men. And I echo the statements on Dave Walrod. He was a great guy. The talk about count went down quarter-ovér-quarter despite giving share.
Therefore did you guys repurchase shares as nicely as concern?Robert At the. Cauley - Chairman, Leader and Primary Executive OfficerYeah, There were some of the buyback exercise, which ended in late Queen4, really settles in January as a result of GAAP marketing reasons. It does not really - if you bought the shares back, there is certainly a delayed response or recording. So same with the product sales.Christopher Whitbread Meat Nolan - Ladenburg ThaImann - AnalystGot yóu.
And.Robert Elizabeth. Cauley - Chairman, President and Main Professional OfficerSo - but l - and it wouId be higher today.
In truth, I believe, the push discharge we've place out last 7 days on the 17tl, we would have updated share count number, would reflect a increased. It's still below the peak. Through our share buyback activity, we bought back again I believe, 10.4% of all stocks that we'd actually issued. So we're nevertheless below that all time peak and shares outstanding, but we are slowly increasing back.Christopher Whitbread Meat Nolan - Ladenburg Thalmann - AnalystOkay. Frank, perform you guys have a weighted average price for what you bought - issued gives at?Robert Age. Cauley - Chairman, Chief executive and Main Executive OfficerIt's i9000 in the queue.
I wear't have got it in front of mé, but it wiIl become in the line released later on nowadays. I want to state it had been $6.84.Christopher Whitbread Patrick Nolan - Ladenburg ThaImann - AnalystGreat. And then I observed that your duration decreased in the quarter. Should we expect it to begin raising going forward provided your feedback?Robert Age. Cauley - Chairman, Chief executive and Chief Professional OfficerWell, that's book period, Chris.
There'beds been moments when we were positioned extremely defensively and it was close to three, thát's a model length, the empirical duration, which matters even more for us was significantly lower. And I would expect us to buy and sell empirically much longer than we did. So I would not put too much confidence in the design quantity.
We do publish it ánd it's án unbiased counsel of the account as skipped features, but it is a model driven number. It'beds - they do have the limitations.G. Seeker Haas - Main Financial Expert and Primary Investment Official and DirectorChris, simply - there's definitely been recently a change in the lower discount coupons, which have - are likely to possess a longer duration. Therefore you're certainly right on that front side.
Some of the higher discount codes - so if you have got higher pay-ups, so they are likely to also be long. But there't been recently a strategic change to attempt to include a little little bit of duration as our a genuine have obtained shorter into the rally that't occurred this yr. So we'll continue to consider that. I believe our goal is to end up being a little even more smooth during the Given tightening cycle. We are usually always attempting to become slightly short - have got a brief biased at least empirically.
And what I believe we would like to really sort of be more flat here going forward. So in purchase to perform that, we'll possess to add a little little bit duration in thé rallies and after that hopefully back again it off as we assist delta hedge through these rate actions within the routine.Christopher Whitbread Meat Nolan - Ladenburg Thalmann - AnalystOkay.
Thanks a lot, Hunter. Final question will be, Bob, in your responses you pointed out for the TBAs. It seemed that the increased coupons stuff has more - it't even more leverageable, even more - has - my impression had been you can get increased leveraging from higher coupon bonds. Should we study that where your balance sheet control percentage could pick up back to nine times? Or how should we read that?Robert At the. Kings in game of thrones. Cauley - Chairman, Leader and Chief Executive OfficerI think it would remain in the - yés, we've ended up - 8.5 has been at the end of the quarter, but yes, I would anticipate it to stay at thé high-end óf our traditional variety, which as you described about 8.5 and working reduced nine'h. And I think we're also comfortable carrying out that.
Consistent also with the migration, not just the higher coupon codes with higher pay-ups and therefore period, but also in contrast with our prior history on lower discount coupons as well, which possess duration just because of the discount nature of the bonds.Christopher Whitbread Patrick Nolan - Ladenburg ThaImann - AnalystOkay. And final question.
Does - do you think the solid GDP quantity today sort of - gives you any kind of modification in terms of how the Fed might be? I'm thinking about the right atmosphere because from my statement, it appears like that GDP amount emerged in a bit stronger than people were anticipating.Robert Elizabeth. Cauley - Chairman, President and Primary Professional OfficerIt had been.
It did some other than any of the marketplace rally going on into the quantity briefly supported away and resumed rallying. A few of factors, 3.2%, a 1.03% of that was net exports, the trade balance transformed a great deal and then furthermore I think there'beds 0.65% inventory construct. And the marketplace presumes both of those are kind of transitory. Another number that's very important will be real last sales to do domestic buys, which excludes net exports and stock build.
That quantity has been 1.4%. If you go back again to Queen1 of last year, it has been I think a little ovér 3%. It's decreased every quarter since and I believe that might be one matter the marketplace look forwards through to and then also the PCE information had been a little on the smooth part. So it could become that what we're viewing is continuing robust development without any infIation. And that'beds type of a paradóx if you're a traditional central banker because you presume prolonged intervals of prolonged - of higher - above-trend growth, but you should get inflation, but we don't seem to have got it. And I would presume it't hard to state because Powell (ph) has only become in the chair for a short time period of time. But he appears to obtain it.
And I wear't believe he's going to over hike in the encounter of smooth or worsening inflation simply because the growth figures or the nón-farm payroll amounts will look a little development or little strong. If he do I believe, it'll most likely become a mistake. I furthermore believe that the marketplaces, equity markets in particular would react very negatively. We obtain kind of a repeat of what we saw last December.
He appears to - type of to obtain it and I think that had been a great point because at the end of the day if you can somehow sustain development of these ranges without inflation, that's possibly something you're expected to allowed and not test to battle. So we'll see.Christopher Whitbread Meat Nolan - Ladenburg Thalmann - AnalystGreat.
Thanks for acquiring my queries.Robert Y. Cauley - Chairman, President and Main Professional OfficerSure.OperatorThank you. (Agent Directions) And our next question arrives from Steve DeIaney with JMP Securities. Your line is open.Steven Cole Delaney - JMP Securities LLC - AnalystThanks. Good morning, Frank and Hunter. How are you?Robert Y. Cauley - Chairman, Chief executive and Chief Executive OfficerHey, Steve.
How are usually you?Steven CoIe Delaney - JMP Securities LLC - AnalystGreat, thanks a lot. Simply one thing for me. Listening to a few of salary calls earlier in the 7 days, we appear to end up being getting a little difference in terms of where individuals were suggesting repo was being priced. And we furthermore discover, we track this, I imagine, it's GCF, RMBS on BIoomberg.
And we're also seeing some day-tó-day volatility Iike it's not uncommon for that price to proceed 5 or 6 foundation points in a time. Therefore I'm simply questioning if you could just provide us a couple of - tying into your graph on Page 25, simply type of common watch of problems and the company passthrough repo market and where you are seeing prices presently? That'd end up being great. Thanks.Robert At the. Cauley - Chairman, Chief executive and Fundamental Professional OfficerOkay. I'll talk briefly and then I'll let Hunter talk.
But I believe the repo marketplace itself has long been stable. The GC market has happen to be risky, no question. I don't know if that's i9000 various other than over one fourth finish, intra-quarter, it's not really transferred - you've noticed - not seen that passthrough tó the repo marketplaces and that's a lot even more to do with debt settlements of - in your money management expenses, three, six, 12-30 days expenses and shortages of cash in the system.
So you perform observe volatility in the over night funding marketplaces. And you do notice it in the repo marketplaces over quarter end, but normally, I would state, it'beds steady and trending lower.G. Hunter Haas - Primary Financial Officer and Primary Investment Officer and DirectorYes. We wear't possess a lot of publicity in the overnight market, so we tend to, I speculate kind of pull a little little bit of a series through that voIatility.Steven Cole DeIaney - JMP Securities LLC - AnalystGot it.G. Hunter Haas - Chief Financial Officer and Primary Investment Officer and DirectorI think our over night repos, which are usually all of the Federal - or all of them are usually at Federal Home Mortgage Bank had been priced at 2.85% over year-end and has since come a method away.
And I believe a great deal of people had been shell-shocked from that heading into the end of the initial one fourth. And there was type of a little bit of stress in the market. So we started pricing in slightly increased repo rates trending into the end of Drive.
And after that it switched out to become just a full nothing at all on the change. So I believe it'h moving forward to type of go back lower. We still see people trying to take benefit of hype in the yéar-end - or quartér-end stress. Skyrim cbbe skimpy armor replacer. But just to provide you some information factors.Steven Cole Delaney - JMP Investments LLC - AnalystSure.Gary the gadget guy.
Hunter Haas - Key Financial Police officer and Main Investment Police officer and DirectorI believe we (inaudible). One month repos in the low 2.60s, if we need to get out over quarter finish, it's heading to get 2.63%, 2.64%, 2.65% for say a three-month kind of convert. And you're able to perform - it't because of the form of the present - and the minor possibility that if Given slashes at some point in the next year, therefore you're really viewing a return of phrase rates that are usually lower than present prices. So you can lock in today.Steven Cole Delaney - JMP Investments LLC - AnalystPrice again.G.
Seeker Haas - Primary Financial Police officer and Chief Investment Official and DirectorYes. Six weeks.Steven Cole Delaney - JMP Investments LLC - AnalystThe ahead contour, yes.H. Hunter Haas - Primary Financial Officer and Key Investment Expert and DirectorYes, specifically.
So we haven't ended up really considering over six weeks, yes, but we do a great deal of six weeks in the low 2.60%, I need to state.Steven Cole Delaney - JMP Investments LLC - AnalystThat's extremely helpful, Seeker and Frank. And I believe that the worry was that the degree of 2.85% was kind of thrown out presently there. And we certainly over the yrs however and we know the one fourth end can be insane and I sórt of remember thát the Western year-end is March 31, isn't it? And that sometimes.G. Seeker Haas - Main Financial Official and Key Investment Officer and DirectorYes. And that has been elevated then.Steven Cole Delaney - JMP Investments LLC - AnalystYe.
Below are hyperlinks to PowerPoints that give illustrations of Surveillance camera motions and chance types:EDITING Capital t ransitionsStraight Trim - Continuity of actionJump Cut - Reduces and adjustments timeFade To - Suggests an closing/finalityDissolve To - SIows down the speed of the scene. Implies duration of time.I dentificationHow can be the movie edited to identify with a specific character in the picture/film?Chemical urationThe duration óf the edits, quick or stop slicing dictates the feeling/impact of the action.Age ffectsMost frequently CGI. SOUND D iegeticDiegetic sound happens in the world of the movie. Non-diegetic sound is good placed as an overlay, commonly the soundtrack ór a narration.At the ditingSound is often manipulated to make a certain effect. Sped up/stunted down/cut etc.Chemical haracterOften noises or songs is associated with particular personas within a text. These noises often reflect their personality.K ey Storyline ThemesSound motifs are usually used throughout texts to stress occasions or ideas that recur in narratives.T ynchronous/ContrapuntalSynchronous audio is sound that matches the motion.
Contrapuntal sound is sound that will be a ‘counter-póint' to the mood or activity.DIEGETIC/NON-DIEGETIC.
Comments are closed.
|
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
August 2019
Categories |