Markets
Yesterday's ringing rejection of sub 10,000 territory of the Dow seems likely, barring new "news", to be an intermediate term bottom. The bears found few US sellers lower and upon that miss, buyers - short covering and nibblers following this blog's recent moves ;) - ran the table.
Euro-fears still abound but what else is knew ... or different from what has already been experienced ? The world seems OK except for Korea. European companies can still make plenty of money selling goods in the US and in the emerging markets. Obviously the Euro is now dead for a decade as a reserve currency. That realization simply means that perception matches reality. This site exposed the delusion of the near-term idea of the Euro getting that status months ago.
Fears of the dollar losing its position in the world - so prevalent late last year - are now shown to be the silly blather that this site called them at the time.
Korea
Why is North Korea so bold now compared to a year ago ?
The answer is Barry's big mouth. Barry (aka Obama) changed US nuclear policy recently to state the US will not use nuclear weapons first. Sure, he added some qualifiers, but who believes those ? Not Kim Jong Il.
If North Korea attacks the South, Barry will have been the enabler.
Derivatives
A famous quote from T. S. Eliot is "We had the experience, but missed the meaning ... "
That seems likely coming true in the derivatives regulation fight in DC - at least it applies to Barney Frank. What makes a bank "Too Big to Fail " ? The answer is the counterparty risks. What are the biggest of those other than mostly overnight trades ? Derivatives.
Derivatives can persist for years and extend to all other financial institutions. Breaking that link is absolutely crucial to prevent one firm from dragging down the rest. Ring-fencing a bank's derivatives operations would do that. Barney the Boob wants to cut that part from the bill. That's simply foolish and exemplifies the T. S. Eliot quote.
Word of the Day
"Aporia" - noun [$10]
Aporia means 1. Rhetorical. an expression of doubt; 2. a doubtful matter; a perplexing difficulty.
Sentence: [T. S. Eliot quoted in "The Cambridge Companion of T. S. Eliot", page 48] "the old aporia of Authority v. Individual Judgement". That phrase uses aporia in the sense of "a perplexing difficulty". Fraternal Libertarianism resolves that aporia by limiting regulation and Authority to be used only on (not by) the ruling classes (aka the rich & powerful).
Wednesday, May 26, 2010
Tuesday, May 25, 2010
Heavy Shelling ...
The Euro-beefers are bailing out, hence the severe weakness in the AM futures markets. I think yesterday's very late, massive sell-off was the precursor to the today's AM drop off. I'd guess the Street had the orders in already or knew that Euro-beefers were being liquidated, so used the firmness yesterday to front-run the moves at the close.
Of course, since all participants [except the common man investor] have learned to recognize signs of computer order floods, and to climb the trees to safety at first sight, the swings are much larger and faster than an orderly market would normally have. For all the blather about "liquidity" provided by computer trading, is it not NOW obvious to all that such "liquidity" is a phantom, and is NOT there when needed ?!
Get rid of ALL computer trading EXCEPT within very narrow market windows of time and price.
The knaves at the SEC won't do that, though. They care NOTHING for the common man investors. All they want to to line up a job with fat pay at the Street or the Street's law firms after leaving government.
Actions
Waiting. Krypto has plenty of cash to redeploy. She did a LOT of selling as the market approached the recent highs - I posted them all. Notice that UNLESS one does selling on the way up, one will not have cash to buy on big plunges. You really do have to buy low, sell high AND sell high to buy low. It will take a good bit more drop to trigger Krypto's buy programs again. Just sitting & waiting.
Mrs. B has a bit more more cash to redeploy, too. No ideas in mind for now, though. Lolol, I think she is the only buyer at her local broker's office lately.
Word of the Day
"Apophasis" - noun [$100] Rhetorical
Apophasis means denial of one's intention to speak of a subject that is at the same time named or insinuated, as "I shall not mention Caesar's avarice, nor his cunning, nor his morality."
Sentence: In modern political dialog, one often hears examples of apophasis as a way to smear an opponent with negative or even false accusations, while seeming or purporting to be clean.
[From Greek, ap'opha(nai) - to say no, deny]
Of course, since all participants [except the common man investor] have learned to recognize signs of computer order floods, and to climb the trees to safety at first sight, the swings are much larger and faster than an orderly market would normally have. For all the blather about "liquidity" provided by computer trading, is it not NOW obvious to all that such "liquidity" is a phantom, and is NOT there when needed ?!
Get rid of ALL computer trading EXCEPT within very narrow market windows of time and price.
The knaves at the SEC won't do that, though. They care NOTHING for the common man investors. All they want to to line up a job with fat pay at the Street or the Street's law firms after leaving government.
Actions
Waiting. Krypto has plenty of cash to redeploy. She did a LOT of selling as the market approached the recent highs - I posted them all. Notice that UNLESS one does selling on the way up, one will not have cash to buy on big plunges. You really do have to buy low, sell high AND sell high to buy low. It will take a good bit more drop to trigger Krypto's buy programs again. Just sitting & waiting.
Mrs. B has a bit more more cash to redeploy, too. No ideas in mind for now, though. Lolol, I think she is the only buyer at her local broker's office lately.
Word of the Day
"Apophasis" - noun [$100] Rhetorical
Apophasis means denial of one's intention to speak of a subject that is at the same time named or insinuated, as "I shall not mention Caesar's avarice, nor his cunning, nor his morality."
Sentence: In modern political dialog, one often hears examples of apophasis as a way to smear an opponent with negative or even false accusations, while seeming or purporting to be clean.
[From Greek, ap'opha(nai) - to say no, deny]
Monday, May 24, 2010
Statesmen
First, what is a Statesman ? A dictionary definition will not do. Instead, I turn to that given in a CD lecture course to which I recently listened, viz., A History of Freedom taught by J. Prof. Rufus Fears. He is an excellent lecturer and the course is offered by The Teaching Company. See http://www.teach12.com/
A true statesman can be easily distinguished from a mere politician or national leader. A statesman has a bedrock of principals, a moral compass, vision and the ability to build a consensus to achieve that vision.
Winston Churchill was a statesman. In my opinion, so was Ronald Reagan. George W. Bush was not; neither was George H. W. Bush. And it's rather obvious that Barack Obama is not, despite the attempt to canonize him with the Nobel Peace Prize.
The world obviously has some big problems: excessive debt and radical Islamic groups.
Debt is a claim on future resources. Too many people and nations have borrowed too much money and promised to pay with resources in the future. And too many wealthy people and nations with trade surpluses have lent that money instead of spending it now, either on tangible investments or on currently offered goods & services. The debt problem is a two edged sword. The borrower has a problem and the lender has a problem when the risk of repayment grows.
Both sides need to recognize that and deal with it. BUT what world leader today is talking about it seriously ? None. They mouth platitudes about "cuts" and "imbalances", merely dancing around the issue. China needs to stop piling up dollars and SPEND the dollars it earns on goods and services. Wealthy investors need to spend the money - buy stuff. Stop trying to make more money. Do something with their wealth.
And then there is radical Islam. That is a problem in the Islamic world and the rest of the world. Radical Islam wants to turn the clock back to the 11th century and marginalize half the human race (viz. all women). The rest of the world does not, and is mostly happy with current social systems. And guess who would win a war ? The rest of the world CAN crush radical Islam like a bug. This is a problem for places like Saudi Arabia and Iran. They talk big about their version of Islam, but militarily are a zero. Ditto Iran. IF they push too far they will be crushed.
A real world statesman would say this bluntly. Of course none are saying it. European leaders hide like ostriches as do US leaders. I will make conditional prediction. IF world statesmen do not deal with this, AND a large successful terrorist strike occurs, the worst type of leadership will get traction and the world risks a turn back to the early 20th century: major wars and genocides. Not a good outcome for anyone.
Actions
On Friday at the close, Krypto bought more US, Pacific and Emerging Market stocks. Mrs. B bought CLF around 3PM. She preferred CLF over BHP and FCX. Both BHP and FCX have country risks and are often acquirors. CLF has little country risk, has pulled back more and is more likely to be acquired, not make a major cash acquisition.
Word of the Day
"Apostatize" - verb, intransitive [$10]
Apostatize means to renounce a former belief, adherence, etc.
Sentence: Radical, fundamental Islam is not consistent with a modern, free society as it enslaves women. The long term choice for any person now holding those beliefs is to move to an isolated nation like Saudi Arabia or apostatize.
A true statesman can be easily distinguished from a mere politician or national leader. A statesman has a bedrock of principals, a moral compass, vision and the ability to build a consensus to achieve that vision.
Winston Churchill was a statesman. In my opinion, so was Ronald Reagan. George W. Bush was not; neither was George H. W. Bush. And it's rather obvious that Barack Obama is not, despite the attempt to canonize him with the Nobel Peace Prize.
The world obviously has some big problems: excessive debt and radical Islamic groups.
Debt is a claim on future resources. Too many people and nations have borrowed too much money and promised to pay with resources in the future. And too many wealthy people and nations with trade surpluses have lent that money instead of spending it now, either on tangible investments or on currently offered goods & services. The debt problem is a two edged sword. The borrower has a problem and the lender has a problem when the risk of repayment grows.
Both sides need to recognize that and deal with it. BUT what world leader today is talking about it seriously ? None. They mouth platitudes about "cuts" and "imbalances", merely dancing around the issue. China needs to stop piling up dollars and SPEND the dollars it earns on goods and services. Wealthy investors need to spend the money - buy stuff. Stop trying to make more money. Do something with their wealth.
And then there is radical Islam. That is a problem in the Islamic world and the rest of the world. Radical Islam wants to turn the clock back to the 11th century and marginalize half the human race (viz. all women). The rest of the world does not, and is mostly happy with current social systems. And guess who would win a war ? The rest of the world CAN crush radical Islam like a bug. This is a problem for places like Saudi Arabia and Iran. They talk big about their version of Islam, but militarily are a zero. Ditto Iran. IF they push too far they will be crushed.
A real world statesman would say this bluntly. Of course none are saying it. European leaders hide like ostriches as do US leaders. I will make conditional prediction. IF world statesmen do not deal with this, AND a large successful terrorist strike occurs, the worst type of leadership will get traction and the world risks a turn back to the early 20th century: major wars and genocides. Not a good outcome for anyone.
Actions
On Friday at the close, Krypto bought more US, Pacific and Emerging Market stocks. Mrs. B bought CLF around 3PM. She preferred CLF over BHP and FCX. Both BHP and FCX have country risks and are often acquirors. CLF has little country risk, has pulled back more and is more likely to be acquired, not make a major cash acquisition.
Word of the Day
"Apostatize" - verb, intransitive [$10]
Apostatize means to renounce a former belief, adherence, etc.
Sentence: Radical, fundamental Islam is not consistent with a modern, free society as it enslaves women. The long term choice for any person now holding those beliefs is to move to an isolated nation like Saudi Arabia or apostatize.
Friday, May 21, 2010
TGIF
I must be jaded after living through the past three years. The screeches of panic just don't affect me any more. I lived through the Crash of 1987, the Panic of 2008 and then the grinding fall to the lows in March 2009. This latest "panic" seems just stupid. To me, it's another sign of too much money sloshing in trading hedge funds. For a few months they loaded up on resource stocks, tech and some big industrials. Now they all sell at once on "fear" (reportedly). Of what ? Most likely, on the fear their management fees for the year to date will be lost.
Sigh ...
It's good to have a dog running my Krypto Fund. My dog, Krypto, is unaffected by all this bloviation and blather. She only understands a few words of American and simply invests by the numbers. I'll run Krypto's model this AM to see if she has any orders. A week has past since the last actions, so it's time to re-look.
Mrs. B seems ready to buy some stocks now. If she does, I'll post it.
Otherwise, it's a beautiful day here and I'll likely take a long walk.
Languages
My study of ancient Greek are going well. I think I'll be able to become roughly literate in it in a couple years, but I will, of course, be dictionary-dependent. Once ancient Greek gets onto a solid footing, I'll re-start by general language program.
DC
The Senate passed the financial reform bill. I suppose the head DC knave, Harry Ried, just could not resist playing some political games as he refused to let votes come up on some good amendments, viz., those of McCain and Cantwell. The sleaze is DC is so manifest: the Augean stables were pristine compared to DC.
Word of the Day
"Repine" - verb, intransitive [$10]
Repine means to be discontented or low in spirits; complain or fret; 2. to yearn after something,
Sentence: Bunkerman repines for a few honest leaders to be elected in November for DC.
Sigh ...
It's good to have a dog running my Krypto Fund. My dog, Krypto, is unaffected by all this bloviation and blather. She only understands a few words of American and simply invests by the numbers. I'll run Krypto's model this AM to see if she has any orders. A week has past since the last actions, so it's time to re-look.
Mrs. B seems ready to buy some stocks now. If she does, I'll post it.
Otherwise, it's a beautiful day here and I'll likely take a long walk.
Languages
My study of ancient Greek are going well. I think I'll be able to become roughly literate in it in a couple years, but I will, of course, be dictionary-dependent. Once ancient Greek gets onto a solid footing, I'll re-start by general language program.
DC
The Senate passed the financial reform bill. I suppose the head DC knave, Harry Ried, just could not resist playing some political games as he refused to let votes come up on some good amendments, viz., those of McCain and Cantwell. The sleaze is DC is so manifest: the Augean stables were pristine compared to DC.
Word of the Day
"Repine" - verb, intransitive [$10]
Repine means to be discontented or low in spirits; complain or fret; 2. to yearn after something,
Sentence: Bunkerman repines for a few honest leaders to be elected in November for DC.
Thursday, May 20, 2010
A Movie
Last night we watched a very enjoyable movie - Tremors. It's a humorous spoof about a remote desert community finding itself invaded by huge, carnivorous underground creatures [named "Graboids" by the townspeople] that are inferred to have arisn by radiation induced mutations. What's really fun about the show is the character, Bert Gummer, who's a skilled survivalist living with his equally competent wife in a ... bunker.
Here's some info about the character of Bert Gummer: http://en.wikipedia.org/wiki/Burt_Gummer
We enjoyed the TV series that came from the movie when it was repeated on the Science Fiction channel a few years ago. The monsters are a bit like the giant worms from the book, Dune, but smaller. The show (movie or series) is a hilarious parody of sci fi monsters, survivalists, country/western characters, rowdy blue collar workers, scientists, and government bureaucrats - lolol, maybe it's a parody of everyone.
If you want to have a some fun and can put ourself in a silly frame of mind, try it.
And when you see Bert & Mrs. Bert and their bunker, think of moi et ma femme - me and my wife. [a joke]
One thing ... my bunker has much better concealment and terrain cover than Bert's.
Actions
Krypto is still salivating, but is patient. Mrs. B is nonchalantly patient.
Word of the Day
"Imbricate" - verb, transitive and intransitive [$10]
Imbricate means arrange (leaves, scales of fish, etc.), or to be arranged so as to overlap like roof tiles.
Sentence: Roman legionaries had good body armor: steel greaves and helmet, chain mail shirts and sometimes steel plates imbricated with wire to form flexible covering for the chest and back.
Here's some info about the character of Bert Gummer: http://en.wikipedia.org/wiki/Burt_Gummer
We enjoyed the TV series that came from the movie when it was repeated on the Science Fiction channel a few years ago. The monsters are a bit like the giant worms from the book, Dune, but smaller. The show (movie or series) is a hilarious parody of sci fi monsters, survivalists, country/western characters, rowdy blue collar workers, scientists, and government bureaucrats - lolol, maybe it's a parody of everyone.
If you want to have a some fun and can put ourself in a silly frame of mind, try it.
And when you see Bert & Mrs. Bert and their bunker, think of moi et ma femme - me and my wife. [a joke]
One thing ... my bunker has much better concealment and terrain cover than Bert's.
Actions
Krypto is still salivating, but is patient. Mrs. B is nonchalantly patient.
Word of the Day
"Imbricate" - verb, transitive and intransitive [$10]
Imbricate means arrange (leaves, scales of fish, etc.), or to be arranged so as to overlap like roof tiles.
Sentence: Roman legionaries had good body armor: steel greaves and helmet, chain mail shirts and sometimes steel plates imbricated with wire to form flexible covering for the chest and back.
Wednesday, May 19, 2010
Germany Leading ...
in putting the financial markets back to reality. Germany acted alone, why ? I'd guess they are sick and tired of the platitudes and theoretical baloney bantered about in London and the US at the behest of hedge funds and the Street, mostly by people getting paid by, or in the pocket of those same parties.
FT: "... The euro fell to a fresh four-year low overnight as traders were spooked by news that Germany was banning ‘naked’ short-selling – selling securities such as shares and bonds that are not owned or borrowed – of some banks’ stocks and bonds. This provided a deadly compound for the market to swallow ... "
Oh woe !!! Traders can't sell shares they don't own or haven't borrowed.
!NOT! IT'S ABOUT BLEEPING TIME THIS FRAUD WAS STOPPED ABSOLUTELY 100%.
Thank you, Germany, for showing some reason and leadership.
And "Germany is also prohibiting investors from buying credit-default swaps on sovereign debt unless they own the underlying bonds. "
GOOD !!! That ban should be worldwide and apply to all credit default swaps.
SEC
How STUPID is the SEC ? Their report on the "flash crash" say ETFs got hit hardest. Why ? That's because the market makers can do naked shorts on ETFs. So when e-minis go down a lot, the market makers who might not be able to do naked shorts on stocks in the S&P 500, can do them on ETFs. So they dumped them.
Ban ALL naked shorts by ANYONE, including market makers.
Elections
The sleazy politician, Arlen Specter, was defeated. Excellent !
Richard Blumenthal, the current Connecticut Attorney General and a candidate for the US Senate, lied about serving in Vietnam. That is a particularly despicable lie and proves he is a knave. We don't need more knaves in the US Senate.
Actions
Krypto is salivating, awaiting a chance to buy more stocks at good prices. But having feasted last Friday, she will wait at least one week. One must diversify over time, too.
Word of the Day
"Bricole" - noun [$100]; - verb [$1000] obsolete, rare.
"Bricolage" - noun [$100] from bricole.
Bricole means (noun) 1. (from Billiards) a shot in which the cue ball strikes a cushion after touching the object ball and before hitting the carom ball; 2. an indirect action or unexpected stroke; 3. an ancient military engine or catapult for throwing stones or bolts; (verb) to cause to rebound, to pass a ball, toss it sideways.
Bricolage means a pattern or collection of the bricoles or the results of bricoles.
Sentence: (A) (from "How to Live: A Life of Montaigne" by Sarah Bakewell, p 242) "In the city, as with his book, he [Montaigne] thought creative bricolage and imperfection preferable to sterile orderliness, and took pleasure in contemplating the result." (B) The bricole that Germany provided last evening to financial markets overnight - by imposing a ban on naked short selling of government debt and putting some restriction on some credit default swaps - is causing some volatiliy this morning.
FT: "... The euro fell to a fresh four-year low overnight as traders were spooked by news that Germany was banning ‘naked’ short-selling – selling securities such as shares and bonds that are not owned or borrowed – of some banks’ stocks and bonds. This provided a deadly compound for the market to swallow ... "
Oh woe !!! Traders can't sell shares they don't own or haven't borrowed.
!NOT! IT'S ABOUT BLEEPING TIME THIS FRAUD WAS STOPPED ABSOLUTELY 100%.
Thank you, Germany, for showing some reason and leadership.
And "Germany is also prohibiting investors from buying credit-default swaps on sovereign debt unless they own the underlying bonds. "
GOOD !!! That ban should be worldwide and apply to all credit default swaps.
SEC
How STUPID is the SEC ? Their report on the "flash crash" say ETFs got hit hardest. Why ? That's because the market makers can do naked shorts on ETFs. So when e-minis go down a lot, the market makers who might not be able to do naked shorts on stocks in the S&P 500, can do them on ETFs. So they dumped them.
Ban ALL naked shorts by ANYONE, including market makers.
Elections
The sleazy politician, Arlen Specter, was defeated. Excellent !
Richard Blumenthal, the current Connecticut Attorney General and a candidate for the US Senate, lied about serving in Vietnam. That is a particularly despicable lie and proves he is a knave. We don't need more knaves in the US Senate.
Actions
Krypto is salivating, awaiting a chance to buy more stocks at good prices. But having feasted last Friday, she will wait at least one week. One must diversify over time, too.
Word of the Day
"Bricole" - noun [$100]; - verb [$1000] obsolete, rare.
"Bricolage" - noun [$100] from bricole.
Bricole means (noun) 1. (from Billiards) a shot in which the cue ball strikes a cushion after touching the object ball and before hitting the carom ball; 2. an indirect action or unexpected stroke; 3. an ancient military engine or catapult for throwing stones or bolts; (verb) to cause to rebound, to pass a ball, toss it sideways.
Bricolage means a pattern or collection of the bricoles or the results of bricoles.
Sentence: (A) (from "How to Live: A Life of Montaigne" by Sarah Bakewell, p 242) "In the city, as with his book, he [Montaigne] thought creative bricolage and imperfection preferable to sterile orderliness, and took pleasure in contemplating the result." (B) The bricole that Germany provided last evening to financial markets overnight - by imposing a ban on naked short selling of government debt and putting some restriction on some credit default swaps - is causing some volatiliy this morning.
Tuesday, May 18, 2010
Yes !!!
Great news in today's WSJ !
***quote follows***
A Guilt-Free Hamburger
Maybe that juicy steak you ordered isn't a heart-attack-on-a-plate after all.
A new study from the Harvard School of Public Health suggests that the heart risk long associated with red meat comes mostly from processed varieties such as bacon, sausage, hot dogs and cold cuts—and not from steak, hamburgers and other non-processed cuts.
The finding is surprising because both types of red meat are high in saturated fat, a substance believed to be partly responsible for the increased risk of heart disease. But the new study raises the possibility that when it comes to meat, at least, the real bad actor may be salt. Processed meats generally have about four times the amount of salt then unprocessed meats.
In a report that pooled data from 20 different studies from around the world, the researchers found that daily consumption of about two ounces of processed meat was associated with a 42% increased risk of heart disease and a 19% heightened chance of diabetes. By contrast, a four-ounce daily serving of red meat from beef, hamburger, pork, lamb or game wasn't linked to any increased risk of heart disease. There was, however, a small, but statistically insignificant risk of diabetes. ...
***quote ends***
I'm looking forward to a fine black Angus hamburger today, fried in olive oil, with pickles and Valveeta cheese..
But ... sighhhh ... I guess Spam comes out poorly, as does my wonderful European sausage. Guess I have to keep the amounts of those that I eat down.
More
That study exposes a major composite fallacy in much public health, diet and even climate dialogue - the combination of Secundum Quid, aka Hasty Generalization, and Argumentum ad Verecundium, the inappropriate appeal to experts.
Far too often, results of poorly designed research studies which do not properly segment major differences in the object of the study (food types, people) are propagated as Truth incarnate for policy. Yet they are simply wrong in their conclusions. As this more thorough study shows.
Eat some red meat ... and hold the salt.
Word of the Day
"Recension" - noun [$10]
Recension means 1. the revision of a text; 2. a particular form or version of a text resulting from such revision.
Sentence: I gleefully await the recension of dietary recommendations that will include more red meat - steaks and unsalted hamburgers.
***quote follows***
A Guilt-Free Hamburger
Maybe that juicy steak you ordered isn't a heart-attack-on-a-plate after all.
A new study from the Harvard School of Public Health suggests that the heart risk long associated with red meat comes mostly from processed varieties such as bacon, sausage, hot dogs and cold cuts—and not from steak, hamburgers and other non-processed cuts.
The finding is surprising because both types of red meat are high in saturated fat, a substance believed to be partly responsible for the increased risk of heart disease. But the new study raises the possibility that when it comes to meat, at least, the real bad actor may be salt. Processed meats generally have about four times the amount of salt then unprocessed meats.
In a report that pooled data from 20 different studies from around the world, the researchers found that daily consumption of about two ounces of processed meat was associated with a 42% increased risk of heart disease and a 19% heightened chance of diabetes. By contrast, a four-ounce daily serving of red meat from beef, hamburger, pork, lamb or game wasn't linked to any increased risk of heart disease. There was, however, a small, but statistically insignificant risk of diabetes. ...
***quote ends***
I'm looking forward to a fine black Angus hamburger today, fried in olive oil, with pickles and Valveeta cheese..
But ... sighhhh ... I guess Spam comes out poorly, as does my wonderful European sausage. Guess I have to keep the amounts of those that I eat down.
More
That study exposes a major composite fallacy in much public health, diet and even climate dialogue - the combination of Secundum Quid, aka Hasty Generalization, and Argumentum ad Verecundium, the inappropriate appeal to experts.
Far too often, results of poorly designed research studies which do not properly segment major differences in the object of the study (food types, people) are propagated as Truth incarnate for policy. Yet they are simply wrong in their conclusions. As this more thorough study shows.
Eat some red meat ... and hold the salt.
Word of the Day
"Recension" - noun [$10]
Recension means 1. the revision of a text; 2. a particular form or version of a text resulting from such revision.
Sentence: I gleefully await the recension of dietary recommendations that will include more red meat - steaks and unsalted hamburgers.
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