The Last Chance for Gold

Growing up in my corner of Florida, there used to be an old gas station on the edge of the Everglades. The proprietor did a lot of business with his oversized, hand-painted warning sign:

Last Chance for Gas.

Beyond the fuel pumps were a thin two-lane ribbon of asphalt and 90 miles of swampy wilderness. No smartphones. No “emergency call boxes.” And, in most places along the highway, no guardrails either.

You were on your own – much like the economic wilderness we’re all forced to navigate today.

Which is why the sharp decline in gold prices and mining stocks is much like that warning sign… and a monetary gift…

In short, if you were waiting on the sidelines after this year’s monster rally, this is your second chance – and, in my view, your last chance – to buy gold at these prices. And it comes at just the right time. Typical Moves for Gold

Gold’s done a full round trip in buyer sentiment during the past 12 months: from being the world’s “most hated commodity” at its lows near $1,050 an ounce 12 months ago to “gotta buy it” status at $1,350 an ounce this summer.

With gold now fallen from those lofty heights, an investor is more likely to ask: “Gold, what have you done for me lately?”

In all, gold’s given back about 60% of its 2017 rally. Yet such sharp declines followed by a resumption of a broader trend higher is a typical early bull market move for this volatile metal. Most famous of these pullbacks was gold’s run to all-time highs in the 1970s.

Starting out at $35 an ounce in the early ’70s, as gold became legal for Americans to own once again, bullion prices soared to almost $190 an ounce in 1975. That’s quite a run all on its own. During the next 18 months, gold prices dropped back nearly 60%, falling to $100 before running to a then-record $800 an ounce in the next three and a half years.

The Song Remains the Same

Most important, when it comes to the companies that dig this stuff out of the ground… nothing has changed.

As I have pointed out in past months, gold mining firms have done a great job getting their costs down and making money to boot.

We noted as early as February that the elite companies in this group were making an average of $215 for every ounce of gold they were digging out of the ground and said, in no uncertain terms, to anyone who’d listen: “Stop panic selling gold mining stocks. Likewise, after cutting dividends in 2014 and 2015 as gold prices plummeted, many of the same companies have not only reinstituted payouts, they’ve started raising them again. In the meantime, mining firms have cleared away much of their old cost structures. That’s why Newmont Mining, as one example, has been able to drop its “AISC” – all-in sustaining costs – from $1,170 in 2012 to $910 so far in 2016.

The point is that there are many reasons to own gold: for speculative profits, as discussed above; for insurance; and for wealth preservation. But you can’t benefit from any of those strategies without taking advantage of the gift that is low gold prices and low expectations put on our table by Wall Street’s hair-trigger traders.

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Six Tech Trends to Know Heading Into the New Year

As we look back at 2016 and gear up for a new year, it’s smart to brush up on new trends in the legal industry. By new trends, I mean new technology, because the terms have become almost synonymous.

Technology has impacted our profession dramatically in recent years, and it continues to do so at an accelerating pace. If you’re not on the technology bandwagon, you and your firm will have a hard time staying afloat.

This fact isn’t a revelation. We’ve known for decades that success in most industries comes down to adopting new technology. But doing so in the legal profession comes with its set of challenges.

First, regulations make change difficult. Second, sometimes it’s hard to know which new products and approaches in the legal industry have value, and which are just hype.

Those challenges aside, firms that don’t embrace technology will have trouble attracting the best new legal talent. The revenue at law firms clinging to old school ways will drop off as a new generation of clients takes their business to new-school, tech-savvy companies.

What does it take to join the ranks of the new-school? There are six major trends to be aware of going into 2017.

Social networks

Social networking is the cornerstone of legal industry marketing. This fact shouldn’t be a surprise. Rainmaking has always been about networking, relationship building and word of mouth. It still is; these techniques in their offline form still build practices. But if you’re not working the online component, too, you’re at a catastrophic disadvantage. Social media has become a factor in how clients choose attorneys, according to a survey taken this year by FindLaw. In 2017, take steps to ramp up your social presence on your website and blog, on LinkedIn, Facebook and Twitter. Doing so will maximize your online presence and help you grow relationships over time.

Your clients, prospects, and leads are online and checking social media regularly. Being part of the social media landscape isn’t hard, but there are right and wrong ways to go about it. Invest in expert help this year. Set a goal to get your social marketing plan up and running in 2017.

Virtual Law Firms

These are firms that can operate anywhere: A lawyer’s home, a satellite office, even from inside a Starbucks. Many lawyers have closed their downtown offices and work remotely. Technology lets them do this without hurting service or quality. Remote work can reduce overhead and travel time while increasing flexibility and improving work/life balance. Plus, you have the option to rent offices or meeting rooms as needed.

The leap to virtual doesn’t have to happen overnight. Experiment by working remotely one day a week and see how it impacts your productivity and revenue. It may very well provide the edge your firm needs to succeed in 2017.

E-discovery

Electronically stored information (ESI) is now considered discoverable in court. ESI includes e-mails, texts, instant messages, voicemails and other electronically stored information. What you need to know: This technological reality has changed the face of litigation. Lawyers can (and should) use digital services to access all types of records. And we need to remind our clients that their deleted texts and e-mails are retrievable.

Legal process outsourcing

Outsourcing legal work to a vendor, law firm or overseas resource has become an increasingly favorable trend for law firms. Streamlined by new technology, LPO continues to cut expenses and reduce workload overflow. It can be a huge factor in scaling your business and managing workflow. LPO technology firms that market to the legal industry are on the rise. They’ll be coming after you in 2017 to present their case. When they do, listen.

Reviews and testimonials

Adding positive reviews to Google+, Yelp and Avvo is critical to growing your business and managing your reputation. 72 percent of consumers said they trusted companies more when they have positive customer reviews, according to a BrightLocal survey in 2014. The number of people reading online reviews is increasing, so take steps to post reviews in 2017. If you can’t get customers to go on record, that’s OK. According to the data, consumer trust increases even when the reviews are anonymous.

Cloud-based online document repositories provide secure, on-demand access to records for you, your clients, and your team members. You can store, organize, view, and change files.

More customers want instant gratification and access to their documents and records. It’s relatively easy to set up, makes for a better consumer experience, and can save you time from fielding emails and sending attachments. Make sure your clients have this access in 2017!

So there you have it. Six new trends that aren’t entirely new, per se, but are increasingly important as our industry ventures forth into the brave new world of 2017.

Lawyers like to err on the side of caution. Many of us are slow to embrace new technology or rock the boat. Historically, we get hung up asking ourselves whether we can afford to take such risks.

But what we need to be asking is: Can we afford not to?

At the end of 2016, the answer is a resounding no.

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Mobile Content Market Trends and Opportunities

The mobile content market covers many forms of media such as music, text, pictures, videos, etc. These media forms can be accessed using a mobile device which can be a smartphone or tablet handheld device. Devices such as iPhone, iPad, and Android devices have transformed the way consumer access content.

Mobile Content Market Drivers and Opportunities

The demand for mobile content is growing rapidly. Various factors attribute to the growth of this market.

Market Drivers

Rapidly increasing disposable incomes, innovative products and technologies, and mobile devices with advanced features tend to boost the growth of this market. Decreasing prices with the competitor’s product with increasing mobile bandwidth and speed has also supported the growth of the mobile phone content industry.

A market intelligence firm has stated that the global and the U.S. mobile phone content market was worth $6.5 billion in 2011. It is anticipated to reach a total value of $18.6 billion in 2017, with a CAGR of 19% during the forecast period of 2011 to 2017. On the other hand, factors such as decreasing market share of U.S. sales of ringtones along with distribution and marketing challenges hamper the growth of this market. However, the industry has many opportunities which will increase the revenue shares of the market.

Joint ventures between publishers and marketers and the role of devices and network in the mobile content industry will provide further opportunities for key players in this market. In addition, trends such as growth of social networking and availability of multiple options for substitute products in mobile content industry will support the growth of the market. Key players also have untapped opportunities in the sector of free and fee-based mobile phone content services.

Segmentation of the Mobile Content Industry

The global market for this report is segmented in two major parts which are the revenue-generated and user-type. These two segments are further divided into mobile games, mobile music, and mobile video.

Dominant Mobile Games Sector

The same market intelligence company has stated that the mobile games sector is expected to be the largest segment in the industry and reach a value of $11.4 billion by the end of 2017. Mobile games sector was the largest market sector in 2011 with a revenue share of 53.3%. It is predicted that this segment will further solidify its position in the overall market with a 61.7% market share by the end of 2017. The mobile games market worldwide was worth $3.5 billion in 2011 and will amount to $11.4 billion in 2017 with a 21.9% CAGR during the forecast period.

U.S., the Dominant Regional Sector

According to geography, the global mobile device market is segmented into U.S., Europe, Asia-Pacific, and Rest of the World. The U.S. market for mobile content stood out as the largest regional market with an impressive revenue share of 30.3% in 2011. Faster adoption of mobile content in U.S. will considerably increase the market share to 41% by the end of 2017.

Mobile Content Marketing Trends

It is predicted by market analysts, that in the coming few years the mobile market’s revenue will double than the current figures within a year.

Consumer TrendsConsumers while buying mobile device content tend to compare content features, smart devices, and innovative technologies in the market. This factor tends to impact the mobile content industry greatly. The demand for mobile content will continue to grow in future as more mobile devices arrive every month on the market.

Mobile Optimized Sites Vs. Apps

In addition, the competition is growing between mobile optimized sites versus mobile-native content. This trend is one of the biggest struggles for mobile content provides whether to invest in mobile optimized sites or to invest in mobile-native content like apps.

According to Forbes, one of the key components to monetizing the mobile content is by selling apps. However, selling apps for two dollars a piece is not the only way to make apps profitable. Selling ads is one of the way companies can make profit.

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5 Book Recommendations to Have a Great 2017

As you run around doing your final Christmas shopping this week, have you remembered your favorite person? (You!)

I know you do a lot for others in your life – your family and extended family, your co-workers or employees, those people who serve you in your favorite restaurants, cleaners, mail delivery people, etc. – but what about yourself?

As we stare down New Year’s Eve and a whole new year of dreams and goals, why not give yourself a couple of books (or audiobooks) that can motivate and support you in achieving those dreams?

Here are my top five favorite motivational and inspiration books. If you haven’t read them, then you’re in for a treat…

#1. “The Advanced Formula for Total Success,” by Dr. Robert Anthony. This is a classic and one that I read every year. It is packed with the truth about what is holding you back from achieving your dreams, AND it tells you how to release the breaks. It is out of print, but luckily Amazon.com has many sellers still offering copies from a few bucks to over $40. Search for it today and get ready for a powerful, life changing book that you will enjoy for years to come.

#2. “Find and Use Your Inner Power,” by Emmet Fox. I read sections from this book almost every day. It is a book of essays, each only a page to a page and a half long. The essays are about the law of attraction from a spiritual perspective. Simply one of the best books out there to be reminded of the truth.

I recommend you start every day by reading a page or two.

#3. “The Secret,” by Rhonda Bryne. One of the most accessible books on the law of attraction. If you’re not familiar with this concept, then this is a great introductory book.

Bonus book: Another great introductory book on the law of attraction is: “As a Man Thinketh,” by James Allen. This book is probably available for free as an eBook. Great, quick read that will change the way you think.

#4. “The Success Principles,” by Jack Canfield. If you’re looking for a more complete, step by step, guide to setting and achieving goals, this book will get you there. Make sure you have a notebook handy as Jack will have you doing exercises as you plan the rest of your life.
#5. “The Complete Book of Phone Scripts,” eBook for sales people. How could I not put the bestselling book of phone scripts on this list of books to help you have a killer 2017?

If you are in sales, then this is a must have. Let’s face it: 80 – 90% of the objections and stalls you get are the same, day in and day out. You will be 100% more effective if you just take the time to script out the best practice ways of dealing with them. It’s called being prepared. Plus, this is the gift that keeps on giving with over $500 worth of extra bonuses!

So there you have it. 5 (actually 6) books that will help you set goals and achieve them. Give yourself something that will continue giving for the rest of your life.

Copyright (c) 2016 Mr. Inside Sales

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The Artistic Way of Programming

12 years back, when I started my formal classes in computer science, the first thing I learnt was “data” means “information”. A few days after that, we started conventional programming, where code and data were treated separately. For example, only data can be passed as the functional arguments. It was difficult for me to digest that “code, which is also information, is not treated as data”. I strongly felt that this will increase complexity of softwares in the long run.

A system does three things – read, transform (processing data), write. In other words – the mathematics (the transform part), and the effect of that in real life (the read/write part). The data transformation is indeed a mathematical concept, and with the help of read and write we make the mathematics (the transform part) useful to the real world. Bringing the “transform” part fully inside mathematical domain has its own benefit of using mathematics without fear (possible errors) for the analysis of the system, making the system more tractable mathematically. The catch is to treat both the elements of transformations, data and functions, equally.

Initially, code used to be bigger than the data, so sending data over the wire was feasible. But with time, data becoming huge, sending code to systems over the wire becomes the need, resting the data on the systems intact. With big data, the need of the hour is to treat the code as data, so that the code can be taken as argument to another meta function on a system having huge data which expects an algorithm for transformations.

Roughly speaking, codes are algorithms, algorithms are mathematical functions, functions are in turn actually look-up tables, i.e. data. Hence with this principle, all codes or functions are data.This is exactly the cornerstone of the functional paradigm. The functional programming is programming with functions, they treat functions and data likewise. Another principle I love, to control complexity, rules should not be complex itself.

Thumb rules rewritten for the functional paradigm:

Read-write and transformations(algorithms) should be separate.
Use immutable variables. Discourage use of reassignment statements.
Discourage side-effects (input/output or changing any variable in-place), every function should ONLY return its expected result.
Use referentially transparent functions (sometimes it is called pure functions) with no side effects, i.e. if x = y, f(x) and f(y) should be same forever.
Unit testing is a must for each function.
One of the main design patterns should be followed is to use expressions instead of instructions, i.e. it should be declarative in nature. Discourage use of loops like for/while – use recursive statements as shown above to calculate sum. Tell computers what needs to be done, not how to do it – it reduces error, especially edge cases.
With the need to control the complexity of the system and the advance design, the design pattern for the functional composition can be made to follow some basic algebraic structures, which in turn becomes more robust.

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