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Authored by Lance Roberts via RealInvestmentAdvice.com, Corporations are currently producing the highest level of profitability, as a percentage of GDP, in history. However, understanding corporate profitability involves more than glancing at quarterly earnings reports. At its core, the Kalecki Profit Equation provides a valuable framework, especially when exploring the reasons behind today’s elevated profit margins and what could disrupt them. James Montier discussed the Kalecki profit equation in 2012 in a post entitled “What Goes Up, Must Come Down.” However, that has not been the case, as noted recently by Albert Edwards at Societe Generale: “Companies have been able to push through profit‐margin‐expanding price increases under the cover of two key events, namely 1) supply constraints in the aftermath of the Covid pandemic and 2) commodity cost-push pressures after Russia’s invasion of Ukraine. But we still emphasise that one of the main sources of the recent surge in profit margins is massive fiscal expansion. In short, the government has been spending more to the benefit of corporates . “ It is that last statement that is most crucial for investors and the incoming Trump administration. However, we need to understand the Kalecki Profit Equation. Some economic equations or relations are inspired by guesswork and may not describe the real world precisely. Other equations always hold since they are simple accounting identities. The Kalecki Profit Equation is of the latter type. It describes precisely the factors that determine corporate profits. Knowing this relation can give investors a leg up in predicting earnings. Named after the economist Michal Kalecki, this equation deciphers the macroeconomic elements that shape business earnings. Corporate profits derive from combining investment, government and household savings behaviors, dividends, and trade flows. Profits = Investment – Household Saving – Foreign Saving – Government Saving + Dividends Kalecki’s formula states that net investment, household and government savings, foreign trade balances, and corporate dividend payouts determine total corporate profits. The equation underscores how interconnected economic activities translate into business revenue. For example, when governments run deficits, they inject money into the economy, boosting overall demand and, by extension, corporate earnings. Conversely, business profitability can take a hit when households save more or governments cut spending. As shown, after a massive spike in household savings during the pandemic, the surge in corporate profitability was unsurprising as households went on a shopping spree. It is crucially important to understand the bolded statement above. Many economists and analysts are raising alarm bells about increasing government spending and deficits. However, over the past decade, record profit margins have become a hallmark of corporate America as politicians continue to “UN-save” by running more significant deficits. Therefore, corporate profit margins have averaged far higher than the historical norm, with both households and the government “dis-saving” at an increasing pace. From the aftermath of the 2008 financial crisis through the pandemic stimulus programs, fiscal policy has kept money flowing and profits robust. As discussed previously, massive government interventions have kept economic growth humming for the last two decades. While the incoming Trump administration suggests cutting spending and the deficits, the consequences, which are long-term beneficial, will be painful in the short term. Government spending isn’t the sole contributor to recent profitability highs. Investment dynamics and changing consumer behavior have played critical roles. The post-pandemic stimulus created a consumption boom, reinforcing corporate earnings. Additionally, low interest rates over the last decade fueled significant business investment and stock buybacks , another source of profit strength. As Montier warns, record corporate profit margins can not last indefinitely. “If the era of big government is here to stay then profits as a percent of GNP can remain higher than in the past. However, it should be noted that economic theory offers no reason as to why profit margins should mean revert. It is the return on capital, not the return on sales, that ‘should’ mean revert. Of course, because capital is not observable, we are forced to proxy it. From a simple profit margins perspective, we can examine the Shiller P/E. This measure attempts to smooth out the cyclical elements of profitability by following Ben Graham’s advice to use 10 years of earnings in the denominator of the P/E. This makes it interesting to us in the current context as it automatically builds in the fact that profitability has been higher over the last 10 years. So even if one believes that fiscal deficits are here to stay and that profitability is structurally higher as a result, the U.S. market is still trading at around 35x. This dooms investors to low long-run returns. Even if we don’t get any valuation or margin mean reversion, investors are facing a return of around 3% real – hardly likely to be sufficient recompense for the risk of owning equities.” Since the “Financial Crisis,” massive Government spending has corresponded to a persistently elevated market valuation multiple. Another anomaly caused by the massive surge in Government and Household spending (dis-saving) has been the detachment of margin-adjusted valuations from earnings-driven valuation measures. As Montier noted in his research: “In the past both John Hussman and I have shown that various measures of margin-adjusted CAPE have performed better than standard CAPE as predictors of returns – naturally due to the mean reversion of margins over time. They show how if margins were to revert to their ‘normal/historical levels,’ then the CAPE would be much higher than the standard CAPE shows – margin-adjusted measures of CAPE are around 50x today! If you believe in full reversion of both valuations and margins,then your return outlook would be exceptionally downbeat.” Of course, if we get valuation mean reversion, investors will face long-run returns significantly worse than 3% on an inflation-adjusted basis. What would cause such a reversion? Any action that increases Government savings. As governments worldwide grapple with inflation and rising debt burdens, austerity measures may come into play. Consider the U.S. budget discussions around reducing expenditures on social programs and infrastructure. Any significant cuts could reduce aggregate demand, impacting corporate revenues. Household savings trends are another factor to watch. As inflation erodes purchasing power and consumers face higher borrowing costs, the impulse to save rather than spend intensifies. This behavior can create a feedback loop in economic downturns, as lower consumption hits businesses, leading to reduced hiring and investment, further dampening growth. Remember, in the Kalecki framework, rising household savings represent a direct drag on profits. The Kalecki Profit Equation clearly explains that while debts and deficits erode economic growth and are deflationary through the diversion of capital from productive investment, a reversal of deficit spending suggests risk for investors. Valuations are high, partly because investors assume elevated profit margins will persist. However, the cumulative change of the inflation-adjusted price of the market significantly exceeds the profits being generated. Previous such deviations have not ended well for investors, which is what the Kalecki equation suggests. We see the same evidence in the correlation between corporate profits to GDP ratio vs the inflation-adjusted market price. If economic conditions worsen or fiscal policies tighten, we could see a significant reset. Earnings projections would likely be revised downward, dragging down equity prices. As Montier suggests, long-term returns for U.S. equities look grim even under optimistic assumptions. He points out that price-to-earnings ratios reflect these outsized profit margins, leaving little room for error. Importantly, as opposed to Yardeni’s more ebullient forecasts , as we addressed last week, history suggests that periods of high profitability are not indefinite. From a macroeconomic perspective, unsustainably high margins eventually face downward pressure from mean reversion. The Shiller P/E ratio, which adjusts earnings to a 10-year average, remains elevated, implying rich valuations without much margin of safety. In other words, any move toward fiscal restraint or consumer belt-tightening could usher in a profit decline. As always, the future of corporate profits and market performance remains unpredictable, but understanding the forces at play provides an edge. Acknowledging the interdependency of government policy, household behavior, and corporate actions is crucial for investors. The coming years may test the resilience of today’s profit levels, and prudent investors should prepare for a range of outcomes. * * * For more insights on market trends and strategic advice, visit RealInvestmentAdvice.com .YPSILANTI, Mich. (AP) — On a damp Wednesday night with temperatures dipping into the 30s, fans in sparsely filled stands bundled up to watch Buffalo beat Eastern Michigan 37-30 on gray turf. The lopsided game was not particularly notable, but it was played on one of the nights the Mid-American Conference has made its own: A weeknight. “A lot of the general public thinks we play all of our games on Tuesdays and Wednesdays, not just some of them in November,” MAC Commissioner Jon Steinbrecher said in a telephone interview this week. “What it has done is help take what was a pretty darned good regional conference and has given it a national brand and made it a national conference.” When the conference has played football games on ESPN or ESPN2 over the last two seasons, the linear television audience has been 10 times larger than when conference schools meet on Saturdays and get lost in the shuffle when viewers have many more choices. The most-watched MAC game over the last two years was earlier this month on a Wednesday night when Northern Illinois won at Western Michigan and there were 441,600 viewers, a total that doesn’t include streaming that isn’t captured by Nielsen company. During the same span, the linear TV audience has been no larger than 46,100 to watch two MAC teams play on Saturdays. “Having the whole nation watching on Tuesday and Wednesday night is a huge deal for the MAC,” Eastern Michigan tight end Jere Getzinger said. “Everybody wants to watch football so if you put it on TV on a Tuesday or Wednesday, people are going to watch.” ESPN has carried midweek MAC football games since the start of the century. ESPN and the conference signed a 13-year extension a decade ago that extends their relationship through at least the 2026-27 season. The conference has made the most of the opportunities, using MACtion as a tag on social media for more than a decade and it has become a catchy marketing term for the Group of Five football programs that usually operate under the radar in Michigan, Ohio, Indiana, Illinois and New York. Attendance does tend to go down with weeknight games, keeping some students out of stadiums because they have class or homework and leading to adults staying away home because they have to work the next morning. “The tradeoff is the national exposure,” Buffalo coach Pete Lembo said. “You know November nights midweek the average fan is going to park on the couch, have a bowl of chips and salsa out in front, and watch the game from there." When the Bulls beat Ball State 51-48 in an overtime thriller on a Tuesday night earlier this month, the announced attendance was 12,708 and that appeared to be generous. There were many empty seats after halftime. “You watch the games on TV, the stadiums all look like this,” Buffalo fan Jeff Wojcicki said. “They are not packed, but it’s the only game on, and you know where to find it.” Sleep and practice schedules take a hit as well, creating another wave of challenges for students to attend class and coaches to prepare without the usual rhythm of preparing all week to play on Saturday. “Last week when we played at Ohio in Athens, we had a 4-four bus ride home and got home at about 3:30 a.m.,” Eastern Michigan center Broderick Roman said. “We still had to go to class and that was tough, but it's part of what you commit to as an athlete.” That happens a lot in November when the MAC shifts its unique schedule. During the first two weeks of the month, the conference had 10 games on Tuesdays and Wednesdays exclusively. This week, there were five games on Tuesday and Wednesday while only one was left in the traditional Saturday slot with Ball State hosting Bowling Green. Next week, Toledo plays at Akron and Kent State visits Buffalo on Tuesday night before the MAC schedule wraps up with games next Friday and Saturday to determine which teams will meet in the conference title game on Dec. 7 in Detroit. In all, MAC teams will end up playing about 75% of their games on a Saturday and the rest on November weeknights. When the Eagles wrapped up practice earlier this week, two days before they played the Bulls, tight end Jere Getzinger provided some insight into the effects of the scheduling quirk. “It's Monday, but for us it's like a Thursday,” he said. Bowling Green coach Scot Loeffler said he frankly has a hard time remembering what day it is when the schedule shift hits in November. “The entire week gets turned upside down,” Loeffler said. “It’s wild, but it’s great for the league because there’s two days a week this time of year that people around the country will watch MAC games.” AP freelance writer Jonah Bronstein contributed to this report. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football
Liverpool leads as the class of the Champions League this season, dumping title holder Real Madrid into an almost unbelievable 24th place in the 36-team standings. No one felt the embarrassment of Madrid’s 2-0 loss at Anfield more than Kylian Mbappé, the superstar added in the offseason by the storied club that also was European champion against Liverpool in the finals of 2022 and 2018. Mbappé had a penalty saved in the second half and was earlier dumped on his behind by Conor Bradley’s perfect tackle in an instant viral moment. Monaco missed a chance to go second in the table, giving up a lead playing with 10 men from the 58th minute in a 3-2 loss at home to Benfica. Swiss forward Zeki Amdouni scored the winning goal in the 88th. Borussia Dortmund, the beaten finalist against Madrid in May, is up to fourth place after beating Dinamo Zagreb 3-0. Champions League standout Jamie Gittens now has four goals in five games, curling a rising shot in the 41st to open the scoring. The best comeback was at PSV Eindhoven, where the home team trailed Shakhtar Donetsk by two goals in the 87th minute before a 3-2 win was sealed by United States forward Ricardo Pepi’s goal deep in stoppage time. US defender Cameron Carter-Vickers scored an embarrassing own goal for Celtic — playing a no-look pass far beyond goalkeeper Kasper Schmeichel — in a 1-1 draw with Club Brugge. Liverpool’s stand-in right back Bradley was a standout Wednesday, playing a key pass that set up Alexis Mac Allister to score the opening goal in the 52nd. After Mbappé’s penalty was pushed away by goalkeeper Caoimhín Kelleher in the 61st, Liverpool star Mo Salah missed with his spot-kick in the 70th, before substitute Cody Gakpo sealed the win with a header in the 77th. Madrid now has lost three of five games after defeats at Lille and at home to AC Milan. The record 15-time European champion has another tough trip next, at fifth-place Atalanta on Dec. 10. Congo teammates Ngal’Ayel Mukau and Silas impressed in wins for Lille and Red Star Belgrade. Mukau scored twice in 12th-place Lille’s 2-1 win at Bologna and Silas leveled for Red Star in a 5-1 rout of Stuttgart, though he barely celebrated his goal. Silas is on loan with the Serbian champion from Stuttgart. Aston Villa drew 0-0 with Juventus. AP soccer: https://apnews.com/hub/soccer
REEDSVILLE, W.Va. (WV News) — Valley District Lions Club Members devote their time to raise money for the Valley District Food Pantry throughout the Christmas season. For many years, members of the the Valley District Lions Club have coordinated seasonal bell ringing fundraisers to raise funds for those in need during the holidays, officials said. Club President Judy Harder said volunteers participate in bell ringing at the Shop and Save in Reedsville. The bell ringing has been a longstanding tradition for the Valley District Lions Club, she said. Members always try to make it fun, dressing up in crazy Christmas sweaters and wearing funny hats as well, she said. Additionally, they lend a hand at the store by pushing carts and helping with small chores to show appreciation for their permission to use the space, she said. Overall, the Lions are always flabbergasted at the amount of community generosity they receive from the event, she said. “We are so appreciative to all the members of the communities that shop there and give,” she said. Preston county residents really do try to help their own, she said. While Christmas certainly invokes the spirit of giving, there is something more to the charity of Prestonians during the winter season, she said. “It’s about being there for the people that they know need the help. It’s like looking out for your neighbor and that’s what they do in smaller communities,” she said. In November, the Lions Club made a notable donation to the food pantry as well, she said. Pantry Treasurer Marvin Stuck said the donation was desperately needed. The Valley District Food Pantry served 108 families this year for Thanksgiving, officials said. While there is always a great need during the holiday season, the local food pantry constantly needs more every-day necessities like toiletries and hygiene products, officials said. Club Marketing Chair Judy Pratt said the Lions have always played an important role in their community. It was their constant effort to support those in need that inspired her to step up and become a new member herself, she said. “To much given, much is required,” she said. In the past she and her husband had volunteered for the bell ringing, she said. “Right now, a lot of people are hurting in our community and I think we can make a contribution — or I can as a Lions Club Member,” she said. Sometimes the holiday and winter season generates a little more need within the community but “the lions are built to serve,” she said. Their whole goal is to host various fundraisers, community events and programs to tackle the hardships in the area, she said. The bell ringing is just one of the many efforts they have to help those in need, she said. The Lions Club will keep ringing the bells hoping to stock the shelves for those in need, Harder said. One may find a lion ringing the bells until Dec. 23rd this year, she said. Additionally, for anyone interested in helping those in need this Christmas season the Valley District Lions Club is always accepting new members, she said. Those interested in joining can find more info by emailing the valleylionsclub@gmail.com or by calling 304-698-9387.
Trump taps Charles Kushner, father of his son-in-law, as envoy to France
Jonah Goldberg: What if most Americans aren't bitterly divided?WASHINGTON (AP) — For years, Pat Verhaeghe didn’t think highly of Donald Trump as a leader. Then Verhaeghe began seeing more of Trump’s campaign speeches online and his appearances at sporting events. There was even the former president’s pairing with Bryson DeChambeau as part of the pro golfer’s YouTube channel series to shoot an under-50 round of golf while engaging in chitchat with his partner. “I regret saying this, but a while ago I thought he was an idiot and that he wouldn’t be a good president,” said the 18-year-old first-time voter. “I think he’s a great guy now.” Verhaeghe isn't alone among his friends in suburban Detroit or young men across America. Although much of the electorate shifted right to varying degrees in 2024, young men were one of the groups that swung sharply toward Trump. More than half of men under 30 supported Trump, according to AP VoteCast , a survey of more than 120,000 voters, while Democrat Joe Biden had won a similar share of this group four years earlier. White men under 30 were solidly in Trump’s camp this year — about 6 in 10 voted for Trump — while young Latino men were split between the two candidates. Most Black men under 30 supported Democrat Kamala Harris, but about one-third were behind Trump. Young Latino men’s views of the Democratic Party were much more negative than in 2020, while young Black men’s views of the party didn’t really move. About 6 in 10 Latino men under 30 had a somewhat or very favorable view of the Democrats in 2020, which fell to about 4 in 10 this year. On the other hand, about two-thirds of young Black men had a favorable view of the Democrats this year, which was almost identical to how they saw the party four years ago. “Young Hispanic men, and really young men in general, they want to feel valued," said Rafael Struve, deputy communications director for Bienvenido, a conservative group that focused on reaching young Hispanic voters for Republicans this year. “They're looking for someone who fights for them, who sees their potential and not just their struggles.” Struve cited the attempted assassination of Trump during a July rally in Pennsylvania as one of the catalyzing moments for Trump’s image among many young men. Trump, Struve said, was also able to reach young men more effectively by focusing on nontraditional platforms like podcasts and digital media outlets. “Getting to hear from Trump directly, I think, really made all the difference," Struve said of the former president's appearances on digital media platforms and media catering to Latino communities, like town halls and business roundtables Trump attended in Las Vegas and Miami. Not only did Trump spend three hours on Joe Rogan's chart-topping podcast, but he took up DeChambeau's “Break 50” challenge for the golfer's more than 1.6 million YouTube subscribers. Trump already had an edge among young white men four years ago, although he widened the gap this year. About half of white men under 30 supported Trump in 2020, and slightly less than half supported Biden. Trump's gains among young Latino and Black men were bigger. His support among both groups increased by about 20 percentage points, according to AP VoteCast — and their feelings toward Trump got warmer, too. It wasn’t just Trump. The share of young men who identified as Republicans in 2024 rose as well, mostly aligning with support for Trump across all three groups. “What is most alarming to me is that the election is clear that America has shifted right by a lot,” said William He, founder of Dream For America, a liberal group that works to turn out young voters and supported Harris’ presidential bid. With his bombastic demeanor and a policy agenda centered on a more macho understanding of culture , Trump framed much of his campaign as a pitch to men who felt scorned by the country’s economy, culture and political system. Young women also slightly swung toward the former president, though not to the degree of their male counterparts. It's unclear how many men simply did not vote this year. But there's no doubt the last four years brought changes in youth culture and how political campaigns set out to reach younger voters. Democrat Kamala Harris' campaign rolled out policy agendas tailored to Black and Latino men, and the campaign enlisted a range of leaders in Black and Hispanic communities to make the case for the vice president. Her campaign began with a flurry of enthusiasm from many young voters, epitomized in memes and the campaign's embrace of pop culture trends like the pop star Charli XCX's “brat” aesthetic . Democrats hoped to channel that energy into their youth voter mobilization efforts. “I think most young voters just didn’t hear the message,” said Santiago Mayer, executive director of Voters of Tomorrow, a liberal group that engages younger voters. Mayer said the Harris campaign’s pitch to the country was “largely convoluted” and centered on economic messaging that he said wasn’t easily conveyed to younger voters who were not already coming to political media. “And I think that the policies themselves were also very narrow and targeted when what we really needed was a simple, bold economic vision,” said Mayer. Trump also embraced pop culture by appearing at UFC fights, football games and appearing alongside comedians, music stars and social media influencers. His strategists believed that the former president’s ability to grab attention and make his remarks go viral did more for the campaign than paid advertisements or traditional media appearances. Trump's campaign also heavily cultivated networks of online conservative platforms and personalities supportive of him while also engaging a broader universe of podcasts, streaming sites, digital media channels and meme pages open to hearing him. “The right has been wildly successful in infiltrating youth political culture online and on campus in the last couple of years, thus radicalizing young people towards extremism,” said He, who cited conservative activist groups like Turning Point USA as having an outsize impact in online discourse. “And Democrats have been running campaigns in a very old fashioned way. The battleground these days is cultural and increasingly on the internet.” Republicans may lose their broad support if they don't deliver on improving Americans' lives, Struve cautioned. Young men, especially, may drift from the party in a post-Trump era if the party loses the president-elect's authenticity and bravado. Bienvenido, for one group, will double down in the coming years to solidify and accelerate the voting pattern shifts seen this year, Struve said. “We don’t want this to be a one and done thing,” he said. Associated Press writer Joey Cappelletti in Lansing, Michigan, and AP polling editor Amelia Thomson-DeVeaux contributed to this report.
Sign up to our daily Farming Life Today newsletter Did you know you can manage your profile, and explore all of the available newsletters from Farming Life within your account. The results of the 2024 Flock Competition were announced, as well as celebrating club members’ achievements across the year, presenting an impressive array of cups, trophies and rosettes. Elizabeth McAllister came out on top, winning the Overall Champion Flock and lifting the Inveresk Trophy for her Artnagullion Flock. The Kells-based breeder picked up many accolades in the competition including Champion Large Flock, Best Overall Flock of Ewes and Best Overall Stock Ram for Glenview Jeff, owned in a three-way split with Gary Beacom and Russell Smyton. Adding to the silverware on the night, Elizabeth also won Champion Show Flock, representing her success in the past showing season. As well as trophies from the National Show for Reserve Female Champion, Aged Ram, Ewe Lamb and Group of Three. Advertisement Advertisement It was also a very successful night for father and daughter team, John and Vicky Ferguson. They won Reserve Overall Champion Flock, taking home the Ballycreely Trophy. In the Flock Competition the Comber breeders also won Champion Small Flock and Best Stock and Homebred Ram Lamb with Vicky’s Kipper. Reflecting their success across the year, Vicky’s Flock won Reserve Champion Show Flock and Vicky received the Ardstewart Cup for Senior Young Handler at the Irish Beltex National Show. Reserve Champion Small Flock was awarded to John Harbinson’s Glenkeen Flock and Reserve Champion Large Flock went to Andrew McCutcheon’s Bodoney Flock. The Trillick family were also awarded trophies for their success at the Irish Beltex National Show including Ram Lamb and Pair of Lambs, as well as the Fergus Harbinson Cup for Male Champion. Russel Smyton won the Best Overall Flock of Ewes. Wade and Alison McCrabbe, Ardstewart Flock, Raphoe, judged this year’s Beltex Flock Competition and were impressed by the breeders they saw on their 1,000-mile round judging expedition. Wade commented: “The quality of Beltex throughout the country is exceptional, especially the females. We saw impressive youngstock coming through and it will be great to see the quality at next year’s shows and sales. We are very grateful for the warm hospitality at every stop and enjoyed seeing first-hand how different breeders operate and the time and effort going into maintaining the Beltex breed standard.” Advertisement Advertisement The Smyths Daleside Trophy for the highest priced sheep sold at a Society sale, went to Matthew Burleigh for Matt’s Kungfu. A tup lamb by Todhall Hurricane out of the Buckles Fizzy Pop-sired Matt’s Haggis, who sold for 9,000gns at Carlisle Premier Sale in August. The Kinawley breeder also collected his silverware from the Irish Beltex National Show having won Overall Champion, Best Exhibitor Bred, Female Champion and the Shearling Ewe class with Matt’s Jellybean. Other notable successes included Joshua Keys’ Bolies Flock, the Balmoral Show Beltex Champion, winning Best Novice Show Flock of 2024. As well as Kenny Preston, Sean Daly and David Brown & Mark Latimer being acknowledged for their Championship wins at Club Show and Sales throughout the year. The evening was a great success. Club chairman, Eddie O’Neill, commented: “It was brilliant to see so many of our members at the Club Dinner and for so many of them to be recognised for their achievements in producing and promoting quality Beltex sheep. Thank you to Rosspark for the great hospitality.” The next Irish Beltex Sheep Breeders Club event is the Dungannon In-Lamb Show and Sale on Friday, 20 December 2024 at Dungannon Farmers’ Mart. Advertisement Advertisement Irish Beltex Sheep Breeders Club Flock Competition Results 2024 Competition Judge: Wade and Alison McCrabbe, Ardstewart Flock, Raphoe Overall Champion Flock – Inveresk Trophy: Elizabeth McAllister, Artnagullion Flock, Kells Overall Reserve Champion Flock – Ballycreely Trophy: John and Victoria Ferguson, Vicky’s Flock, Comber Advertisement Advertisement Champion Large Flock: Elizabeth McAllister, Artnagullion Flock, Kells Reserve Champion Large Flock: Andrew McCutcheon, Bodoney Flock, Trillick Champion Small Flock: John and Victoria Ferguson, Vicky’s Flock, Comber Reserve Champion Small Flock: John Harbinson, Glenkeen Flock, Limavady Flock of Ewes Large Flock: 1st E. McAllister, Artnagullion Flock, Kells 2nd A. McCutcheon, Bodney Flock, Trillick 3rd H. & E. O’Neill, Lagyveagh Flock, Glenarm Flock of Ewes Small Flock: 1st J & V Ferguson, Vicky’s Flock, Comber 2nd M & K Diamond, Pointhouse Flock, Garvagh 3rd W. & B. Porter, Majors Bridge Flock, Maghera Best Overall Flock of Ewes – Bonecastle Trophy: E. McAllister, Artnagullion Flock, Kells Flock of Ewe Lambs Large Flock: 1st E. McAllister, Artnagullion Flock, Kells 2nd H. & E. O’Neill, Lagyveagh Flock, Glenarm 3rd A. McCutcheon, Bodoney Flock, Trillick Flock of Ewe Lambs Small Flock: 1st R. Smyton, Tyreeghan Flock, Fivemiletown 2nd J. Harbinson, Glenkeen Flock, Limavady 3rd J & V Ferguson, Vicky’s Flock, Comber Best Overall Flock of Ewe Lambs – Bonecastle Trophy: R. Smyton, Tyreeghan Flock, Fivemiletown Stock Ram Large Flock: 1st E. McAllister, Artnagullion Flock, Kells 2nd A. McCutcheon, Bodoney Flock, Trillick 3rd H. & E. O’Neill, Lagyveagh Flock, Glenarm Stock Ram Small Flock: 1st R. Smyton, Tyreeghan Flock, Fivemiletown 2nd J. Harbinson, Glenkeen Flock, Limavady 3rd D. Brown & M. Latimer, Brownville Flock, Best Overall Stock Ram: E. McAllister, Glenview Jeff, Artnagullion Flock, Kells Stock Ram Lamb Large Flock: 1st A. McCutcheon, Bodoney Flock, Trillick Stock Ram Lamb Small Flock: 1st J & V Ferguson, Vicky’s Flock, Comber 2nd J. Keys, Bolies Flock, Fivemiletown 3rd J. Harbinson, Glenkeen Flock, Limavady Best Overall Stock Ram Lamb: J & V Ferguson, Vicky’s Kipper, Vicky’s Flock, Comber Homebred Ram Lamb Large Flock: 1st E. McAllister, Artnagullion Flock, Kells 2nd A. McCutcheon, Bodoney Flock, Trillick Homebred Ram Lamb Small Flock: 1st J & V Ferguson, Vicky’s Flock, Comber 2nd J. Harbinson, Glenkeen Flock, Limavady 3rd J & V Ferguson, Vicky’s Flock, Comber Best Homebred Ram Lamb: J & V Ferguson, Vicky’s Kipper, Vicky’s Flock, Comber Advertisement Advertisement Top priced Beltex sheep at a Society Sale: Matthew Burleigh, Matt’s Flock, Kinawley, Matt’s Kungfu Champion Show Flock Cup: Elizabeth McAllister, Artnagullion Flock, Kells Reserve Champion Show Flock: John and Victoria Ferguson, Vicky’s Flock, Comber Best Novice Flock: Joshua Keys, Bolies Flock, Fivemiletown
49ers' Brock Purdy to miss Sunday's game with shoulder injury, Nick Bosa also outWeb3 heralds a transformative era for the internet, focusing on decentralization, user empowerment, and heightened privacy, stepping away from the centralized Web2 model dominated by entities like Google or Facebook. Through blockchain technology, Web3 offers users unprecedented control over their data and digital assets. In this dynamic landscape, initiatives such as Stacks and Filecoin have made significant contributions. Stacks enhances Bitcoin with smart contracts capabilities, and Filecoin decentralizes data storage, boosting both privacy and security. Amid these developments, Web3Bay emerges, setting new benchmarks by merging top Web3 technology into an all-encompassing, user-first e-commerce platform, showcasing its versatility. Stacks introduces smart contracts to Bitcoin, providing a foundation for developers to craft decentralized applications (dApps) anchored by Bitcoin’s robust security framework. Unlike Ethereum, which was designed with smart contract capabilities from the start, Bitcoin initially focused solely on transactions. Stacks enables the development of applications that utilize Bitcoin’s foundational security without altering its core protocol. This expansion broadens Bitcoin’s scope beyond merely serving as a store of value, paving the way for decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and decentralized identities. As of December 2024, STX is priced at about $2.37, reflecting the volatility in the wider cryptocurrency market. Though Stacks secures its applications via Bitcoin, its reliance on a single blockchain might limit its adaptability compared to more flexible platforms. Filecoin tackles a fundamental need within Web3: decentralized storage. Contrary to centralized cloud services such as AWS, which are controlled by single entities, Filecoin offers a decentralized alternative, allowing users to offer their unused storage space in a secure, resilient peer-to-peer network. Filecoin’s blockchain-based system ensures that data remains unaltered, making it an excellent option for projects that prioritize security and privacy. Its decentralized storage model is particularly beneficial for developers creating dApps that require scalable and dependable storage solutions independent of centralized services. image The current price of Filecoin, at $6.83, indicates a rising demand for decentralized storage solutions. However, its primary focus on storage may restrict its broader applicability, especially when compared to platforms like Web3Bay that provide a wider array of services. Web3Bay adopts a holistic approach by blending e-commerce with the principles of blockchain decentralization, granting users full autonomy over their transactions and data. In contrast to traditional platforms such as Amazon, Web3Bay removes intermediaries, thus enhancing both privacy and security for its users. A notable feature of Web3Bay is its dual payment system, accommodating both cryptocurrency and traditional payment methods such as PayPal. This feature effectively bridges the gap between Web2 and Web3, making it appealing to a broad audience, including both crypto enthusiasts and those more accustomed to conventional payment systems. Additionally, Web3Bay is governed by a Decentralized Autonomous Organization (DAO), where token holders, through the 3BAY token, have the power to propose and vote on changes, fostering a truly community-driven platform. These tokens not only offer benefits like purchase discounts and staking rewards but also empower users with governance rights, promoting engagement and loyalty. image Presently, Web3Bay’s presale is in its first stage, with tokens priced at $0.05. The presale encompasses 28 stages, each increasing the token price by 15%, which encourages early participation and community growth ahead of the full platform launch. The multi-chain capability of Web3Bay, working with networks like Ethereum and BNB Chain, along with its foundation on a scalable Layer-1 blockchain enhanced by Layer-2 rollups, ensures efficient transaction handling. Moreover, Web3Bay utilizes IPFS for secure, decentralized storage and integrates smart contracts for payment automation, staking, and governance, minimizing the need for intermediaries and enhancing operational transparency. While Stacks expands Bitcoin’s functionality and Filecoin specializes in decentralized storage, Web3Bay offers a more comprehensive solution by combining e-commerce, DAO governance, and cross-chain capabilities. This blend creates a robust ecosystem that extends beyond the offerings of Stacks and Filecoin. The platform’s dual payment system and token incentives not only simplify participation for both experienced crypto users and newcomers but also ensure that early supporters are rewarded, positioning Web3Bay as an appealing investment in the expanding Web3 landscape. Join Web3Bay Presale Now: Presale: https://web3bay.io/buy Website: https://web3bay.io/ Twitter: https://x.com/web3bayofficial Instagram: https://www.instagram.com/web3bayofficial/None
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