5 4 berkshire section by Omaha World-Herald

DAYS TO THE PRIMARY

SUMMER MOVIE PREVIEW

Spider-Man has arrived but there’s plenty more still to come. Living

Nebraska’s primary election is May 13.

LAST DAY TO REQUEST EARLY BALLOT

They love his head for business

Tuesday at 4 p.m. is the deadline to ask your county commissioner’s ofﬁce to mail you an early voting ballot. In Douglas County, call 402-444-8683 or visit votedouglascounty.com. In Sarpy County, call 402-593-2167 or visit sarpy.com/election.

The Berkshire Hathaway faithful ﬂock to Omaha, once again, and embrace Warren Buffett’s way of doing things. Full coverage of the shareholders meeting in Money

GOVERNOR ENDORSEMENT

The World-Herald makes its recommendation in the GOP race for governor. Midlands, Page 6B

OTHER COVERAGE IN MIDLANDS A recap of the governor debate and previews of legislative races.

U.S. SENATE The candidates’ stands on various issues are spelled out. Page 2A

Calling for change, differing on how to do it But the Senate hopefuls agree on exempting older Americans from revisions to entitlement programs BY JOSEPH MORTON WORLD-HERALD STAFF WRITER

The four Republican candidates vying to be Nebraska’s next U.S. senator agree on one thing: Medicare and Social Security are going bust on their current path. The question is what to do about it. In a sign of the issue’s political sensitivity, each candidate is quick to stress that he would make no changes to the programs for those already receiving benefits or approaching retirement age. And they all reject the idea of bringing in more revenue by raising the cap on payroll taxes. But they differ on some specific proposals being discussed in Washington. For example, one way of saving money is “means testing,” or limiting the benefits given to the more affluent. Midland University President Ben Sasse said he could support some form of means testing as part of a broader package. “When the Congress has overpromised, we should make sure that the poorest and sickest among us are taken care of first,” Sasse said.

MAY 4, 2014 • SUNRISE EDITION

LOCALLY OWNED SINCE 1885

NIKKO JENKINS

Master manipulator and his long night’s journey to the truth BY TODD COOPER WORLD-HERALD STAFF WRITER

Nikko Jenkins couldn’t wait. From the moment he entered a ﬁfthﬂoor interrogation room at Central Police Headquarters, Jenkins’ mouth was racing. Coming up for air after one breathless rant, he told a detective: “This is

going to be a long night. When we’re here talking, it just comes out like a computer.” Over the next eight hours, Jenkins would ramble on about things relevant and irrelevant — spinning tales that were both tender and horriﬁc, absurd and disturbed. He would brag and boast, plop on the ﬂoor and puff out his chest and, eventually, whimper and

whisper a confession to the killings of four Omahans in 10 days. For the ﬁrst ﬁve hours, Jenkins didn’t blame the killings on his go-to demon, a serpent god he has been mentioning since his stay in the Tecumseh State Prison. Instead, he blamed the killings on his cousins. It was one of many examples of why

one of the state’s veteran prosecutors calls Jenkins the “biggest manipulator I’ve ever seen.” But on this night back in early September, the manipulator would become the manipulated. In time, Jenkins succumbed to a routine as old as a badge and a night stick: good cop, bad cop. The good cop: John Pankonin, a 19Story continues on Page 6

SPECIAL SECTION INSIDE TODAY

The fall and rise of a Rembrandt

See Senate: Page 2

PROJECT FOR NASA

Nebraskans work on robot to do surgery in outer space BY KATE HOWARD PERRY WORLD-HERALD STAFF WRITER

Imagine a day when an explorer on Mars suffers a medical emergency, and the nearest surgeon is 35 million miles away. Returning to Earth for treatment would take months, so preparations are being made to fix medical problems in space — and University of Nebraska researchers are working on the first step to a possible solution. Three University of Nebraska-Lincoln students and a University of Nebraska Medical Center fellow went up on a roller coaster-like test flight with NASA last month. The flight gave the team up to 30 seconds at a time in low and zero gravity to see how miniature robots, designed to perform minimally invasive surgery, responded to the conditions. The experiment is part of a NASA grant to develop medical technology in line with the space See Robots: Page 2

2014 FORD #75739 #757393 Offers f endd 5/31/1 5/31/14.

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Rembrandt’s “Portrait of Dirck van Os” — newly reaffirmed as the work of the Dutch master — is restored and ready to go on display at the Joslyn Art Museum. Our special section inside today’s paper details the saga of the portrait’s triumphant return to public view after it had been recategorized as merely from the “School of Rembrandt” and sent to storage. Kjell Peterson, left, preparator, and Kevin Salzman, installation and design manager, hang the painting in its new home in a gallery off the fountain court. It will be available for viewing starting Tuesday.

Omaha weather

Today’s forecast High: 70 Low: 48 Full report: Page 8B

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OMAHA WORLD-HERALD • SUNDAY, MAY 4, 2014 • SECTION D

BERKSHIRE HATHAWAY SHAREHOLDERS MEETING

Defending the Berkshire Way

KENT SIEVERS/THE WORLD-HERALD

Warren Buffett and Bill Gates pose for a selﬁe with a visitor Saturday at the CenturyLink Center. The annual Berkshire Hathaway shareholders meeting drew about 38,000 people.

Over five hours of questions and talk with shareholders, Buffett and Munger reinforce their way of doing things BY STEVE JORDON

• WORLD-HERALD STAFF WRITER

Buffy Tillitt, left, and Karen Stephenson take in their ﬁrst shareholders meeting. The two are members of the Beardstown (Illinois) Ladies, a group of older women who formed an investment club in 1983.

Warren Buffett, in a ﬁve-hours shareholders meeting Saturday, reinforced his way of doing things, from his decision not to vote against an executive pay plan at Coca-Cola and his philosophy of letting his managers run their businesses to Berkshire Hathaway’s record as a conglomerate. A case in point: Since Buffett took over as chairman and CEO of Berkshire 49 years ago, the company has never paid a dividend, instead keeping proﬁts in the company to invest in stocks or to buy other businesses. Saturday, Buffett said 97 percent of the votes by the million or so Berkshire shareholders rejected a resolution calling for dividends. Results of the vote came during the company’s annual

M AT T M I L L E R THE WORLDHERALD

meeting at the CenturyLink Center in Omaha, attended by an unofﬁcial count of about 38,000. Buffett said that Berkshire didn’t need to borrow money, even at today’s low interest rates; that global warming didn’t change his business plans because its effects are unknown; that he remains optimistic about the U.S. economy; and breaking Berkshire into four smaller companies, as one questioner suggested, would be “a terrible mistake.” In response to a question about Berkshire failing to beat the returns of a stock market index over the past ﬁve years, Vice Chairman Charlie Munger pointed out that Berkshire’s gains are reduced by income taxes, while taxes See Meeting: Page 8

SEVEN PAGES OF COVERAGE INSIDE A shopping extravaganza

Bargain-hunting shareholders swarm more than 40 vendors. Page 4D

The day in photos

Get a view of Berkshire’s big day through the eyes of photographers. Pages 5D, 7D

Working on the bucket list

Visitors, many of them ﬁrst-timers, arrive from across the globe. Page 9D

On Omaha.com

Find full coverage, including a photo slide show and a replay of Saturday’s live chat.

@u_nebraska | #FuelingKnowledge

KNOWLEDGE PAYS DIVIDENDS.

• SUNDAY, MAY 4, 2014

BERKSHIRE HATHAWAY SHAREHOLDERS MEETING

OMAHA WORLD-HERALD

The Berkshire Q&A Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger faced questions from all over the Berkshire Hathaway spectrum on Saturday, assessing big-picture topics plus queries about individual subsidiaries and their own relationship.

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Berkshire Hathaway Chairman and CEO Warren Buffett is the center of attention as he enjoys an ice cream treat at the Dairy Queen booth at the CenturyLink Center on Saturday.

(EXCHANGES ARE PARAPHRASED.)

On Berkshire’s performance Question: You’ve stated that if management wasn’t capable of delivering a better return than the index, then management wasn’t doing the job. Are you changing the yardstick? Buffett: It’s obvious that if the market has five strong years in a row, we will not beat the S&P. Despite things mentioned about President Obama, the stock market seems to have done very well. We will underperform in up years. Munger: We should remember that Warren’s standard talks about the net worth of Berkshire increasing after corporate taxes. The indexes aren’t paying any taxes. Warren has set a ridiculously tough standard. If this is failure, I want more of it. Question: I think of you as running a rational company. But when looking at the comparison of Berkshire value per share compared to S&P 500, what is the rationale of comparing an index against an operating company’s book value? Why do you annually make this irrational comparison? Munger: The answer is you are totally right, and the answer is Warren wants to make things difficult for himself. It makes it hard for Warren to look good. It’s insane, you’re right. Question: Berkshire has generated outsized returns, but your size of operations will limit those in the future. How confident are you that future allocators will be able to generate outsized returns? Buffett: There’s no question size is an anchor to performance. ... If we keep putting billions in and those billions are worth more than what we’re putting in, we’ll keep doing it. Question: What actions can Berkshire take to narrow the discount between stock prices and intrinsic value? Would you ever consider an initial public offering of Berkshire’s independent operating units? Buffett: No. Charlie and I really devote considerable effort to explaining where there’s really a significant discrepancy between book value and the true value or intrinsic value of the business. We’ve said we are willing and eager to buy stock at 120 percent of book value. We only believe in repurchasing shares when we can do so at a significant discount. If you buy a dollar bill for 90 cents, you are doing your shareholders a favor. If you buy it for $1.10 you are doing them no favor at all. Munger: The stock will eventually go over intrinsic value whether we like it or not.

On Obama and the economy Question: The president’s approval rating is at 40 percent. Steve Wynn said Obama is the biggest wet blanket to the economy. You have Obama’s ear. The train’s going in the wrong direction. Can you conduct Obama to change the train’s direction? Buffett: I don’t agree with a number of things you’ve said there. American

business is doing extraordinarily well. Many of the American people are not. Anybody that thinks American business is not doing well should look at corporate proﬁts. American business earnings on net tangible assets, the way to measure proﬁtability overall, it’s basically the envy of the world. Our tax rates now for corporations are far lower (than in the past). Munger: (Silence. Laughter.) I’m going to avoid this one. Buffett: And people complain about me abstaining.

On BNSF service problems Question: BNSF is doing well, but Union Pacific is doing better and operating more smoothly for customers. Can you shed light on the divergent results? Was BNSF too aggressive in signing up new business? Buffett: There’s no question we’ve had a lot of service problems, particularly on our northern route. We have been spending more money than U.P., and they spend a lot. The boom in the Bakken shale region — we have a lot of trains running there that weren’t running five years ago. And cold weather was an issue. Matt Rose, BNSF’s executive chairman: It’s the geographic nature of our franchise. The oil came a lot faster than we expected. I have never seen winter weather like that. We had 83 inches of snow in Chicago. Many days below zero in Minnesota. When we get to zero to 10 below, things just don’t work. Now the railroad is coming back and we’re making significant investments to be able to handle all the business out there.

On H.J. Heinz impact Question: Berkshire’s 50 percent ownership of H.J. Heinz is included in results, which could be meaningful to Berkshire’s earnings. What is Heinz’s earning power? Buffett: Heinz will be filing its own 10Qs. The first quarter will be about due now. You will get to see Heinz’s figures. Heinz was actually a very reasonably run food company with 15 percent pretax margins for many years. I would invite you to look quarter by quarter. I think the margins for Heinz will be significantly improved from those historical figures. They’ve just restructured the business model and I think the brands, which are all important, are as strong as ever.

On Berkshire’s management style Question: Berkshire has a track record of buying successful companies and leaving them alone. Could Berkshire use 3G’s methods? Would you hire a 3G manager to run a Berkshire subsidiary? (Berkshire partnered with 3G Capital to buy H.J. Heinz; Berkshire provided the capital and 3G took over operations, naming a new CEO, closing plants and taking other cost-trimming steps.) Buffett: I don’t think the two blend very well. I think 3G does a magniﬁcent job of running a business. There’s no question it’s a different style from Berkshire, and I don’t think it would pay

to try and blend the two. I think we will see more opportunities to partner with 3G, and I think we’re very likely to jump at those opportunities. Munger: I don’t think we’ve ever had a policy that loved overstaffing. Buffett: We do not wish to enforce on every subsidiary as to whether they have too many people or not. Overwhelmingly, they’re managed on a lean basis. We encourage by example, but we do not encourage by edict. Question: Why don’t Berkshire’s proxies list compensation for more of its managers/executives? Buffett: Berkshire is following SEC rules on proxy requirements. (He said he will write in next year’s annual report about this issue.) Listing salaries could have a negative effect on negotiating salaries, and shareholders would be hurt by publishing salaries. There’s no CEO that looks at proxy statements and comes away thinking, “I should get paid less.” Munger: Companies are better off without adding to the culture of envy in America. Question: What is Forest River (RV manufacturing firm) doing differently from Thor (a competitor)? Buffett: The Forest River owner bought it out of bankruptcy, rebuilt it, then approached (Buffett) about selling. We’ve lived happily ever after. It’s now a $4 billion business. I’ve never been to Forest River. It’s based in Indiana. I hope it’s there. I’ve had only three or four phone calls with the owner. Question: What are your weak points? Buffett: We are very disciplined in some ways, and by ordinary business standards we’re sloppy in other ways. A clear weak point of mine would be, I’m slow to make personnel changes. I like the managers we have. Charlie and I had a wonderful friend, couldn’t have been a better guy. ... How long would you say we went beyond where somebody else would have acted in that case? We’ve waited too long on managers. Munger: Sure, you and I participated in taking one manager directly from the office into an Alzheimer’s home. Buffett: We think giving our managers the degree of freedom we do works well for us. There may be downsides to their style, but what we won’t be able to measure is how much on the positive side we have achieved with dozens and dozens of people because we gave them that same sort of leeway. Berkshire has no human resources or general counsel office, almost unthinkable at other companies. Munger: By the standards of the rest of the world, we over-trust. But it — a culture of deserved trust — is working.

On Berkshire’s size and diversity Question: Will successors be able to manage the diverse businesses so well? Buffett: The model has worked well for America if you consider the Dow Jones industrials as one company. Owning a group of good businesses is not a terrible business plan. I think our business plan makes nothing

but sense, to own a great group of businesses, outstanding managers, conservatively capitalized, with one enormous advantage most people don’t understand: Capitalism is about the allocation of capital. We have a system at Berkshire where we can allocate capital without tax consequences. There’s nobody else really better situated to do that than Berkshire. But it has to be applied with businesslike principles rather than with stock promotion principles. Munger: There are differences between Berkshire and other conglomerates. Some are hell-bent to buy something or other quite regularly and we don’t feel any compulsion to buy. I don’t think we’re a standard conglomerate. Question: Every year I see some of the old shareholders and they are waiting to get a dividend. I do not feel it’s entirely fair for them to sell their shares. ... Is there a practical way for you to break up the company into four large groups and unlock some of the values and still allow you to allocate the capital freely? Buffett: We would lose signiﬁcant value if we were to break it into four companies. We would lose advantages in taxes, cash ﬂow. Berkshire is worth more as presently constituted than in any other form that I can conceive of. ... It would be a terrible mistake. (He notes a lopsided shareholder vote against dividends.) There is not a way to deliver a dividend to a few shareholders and not to others.

On acquisitions Question: Do you plan to keep buying businesses? Buffett: What we really want to do at our present size and scope and the objective we’ve got for our shareholders, we want to buy good businesses with good management and try to build them over time. As we start 2014, we’ve got a really good group of businesses. What we’re trying to do is add on to them. I feel the game is still a very viable one. It’s still got some juice left in it. Munger: The private businesses have gotten to be a bigger portion of the company, compared to stocks. I would guess that will continue, wouldn’t you, Warren? Buffett: Sure. Being right about businesses, versus stocks, doesn’t show up as quickly. It’s a different sort of buildup of value. One is easier to see than the other. But the other is more enduring and does not require going from ﬂower to ﬂower. We’ve moved into Phase Two. Munger: We are forced by our own past success into these bigger positions. I think we’ve adapted pretty well to changes in our circumstances. Since change is inevitable, how well you adapt to it is terribly important. Question: Berkshire is known for buying full companies, but earlier in your careers that was not known. Acquisitions are disruptive to employees, so what have you done to gain the trust of founders or owners of the companies you have bought out in

the past? Buffett: We’ve kept our word to them. We have to be very careful what we promise. We can’t promise there will be no layoffs, but we can promise not to sell the business unless serious problems arise. We keep some businesses that you would not get a passing grade in business school for keeping them, but we have had to get rid of only a few businesses. We promise the managers that they are going to continue to run their businesses. A private equity firm is going to be totally unimpressed with what’s in the back of our annual report. But, for a family business, some of those people care about where their business goes. We do have a unique asset in Berkshire. As long as we behave properly we will maintain that. Question: Would you ever be interested in buying a professional sports team or sports equipment manufacturing company? Buffett: In fact, if you read that either one of us is buying a sports team, it might be time to talk about successors. Sporting equipment has not been a particularly profitable business. And Berkshire should not own a helmet company. We would be the ultimate target for lawsuits. Question: How large of an acquisition is Berkshire comfortable targeting? Can the big holdings be a source of funds? Buffett: Our goal is to buy really good businesses and big businesses and businesses where we like the managers and businesses we think we can grow over time. I want to add earning power to Berkshire. If the opportunities were large enough and we needed to raise some money, we can dip into a huge reservoir of securities and still have huge investments thereafter. It hasn’t come to that. Berkshire has $40 billion plus of capital, and is willing to take that to $20 billion. Charlie and I concentrate on buying companies and let the portfolio managers concentrate on buying stock. Munger: Acquisitions have been and will be irregular. Buffett: People think we get turned on by stock buying. What really turns us on is finding a business we want to buy that fits well with Berkshire and that will be earning money for Berkshire years from now.

On Nebraska Furniture Mart Question: Can you comment on how you were able to purchase the Nebraska Furniture Mart for such a good price? Buffett: We paid 11 or 12 times annual earnings. It was not a bargain purchase. It was a great business. It was a wonderful opportunity to join as ﬁne a family as I’ve ever met. I never asked (owner, the late Rose Blumkin) for an audit. Now if you want to talk about bargain purchases, we should talk about going out to the Nebraska Furniture Mart. Sales are up 7 percent this week so far over last year’s record sales, $7.8 million in sales Tuesday alone. See Q&A: Page 6

OMAHA WORLD-HERALD

BERKSHIRE HATHAWAY SHAREHOLDERS MEETING

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SUNDAY, MAY 4, 2014

• 3D

• SUNDAY, MAY 4, 2014

BERKSHIRE HATHAWAY SHAREHOLDERS MEETING

OMAHA WORLD-HERALD

What meeting? It’s a day to shop

Dozens of Berkshire companies show off their products to lots of eager customers BY COLE EPLEY WORLD-HERALD STAFF WRITER

The busiest shopping center in the Midwest on Saturday morning wasn’t a shopping center at all. The exhibit hall at the CenturyLink Center Omaha bristled with thousands of Berkshire Hathaway investors beginning at 7 a.m., when organizers opened the convention center for the annual shareholders meeting. Inside, hundreds of associates representing more than 40 Berkshire companies awaited the throng of stockholders, including Patty Jansen of Omaha, who made one of her ﬁrst stops at the H.J. Heinz Co. station, which was loaded with 20,000 limited-edition bottles of ketchup. Jansen picked up two each of the bottles featuring caricatures of Berkshire CEO and Chairman Warren Buffett and Vice Chairman Charlie Munger. “I’m keeping one pair and giving the other to friends that couldn’t be here,” Jansen said. A bottle with Buffett’s likeness was going for $2, and Munger’s was selling for $1.50. “I’m really offended that Warren is getting more than Charlie,” Jansen joked. As Buffett made his traditional early-morning round through the exhibit hall, the Heinz booth was one of his ﬁrst stops. In a gentlemanly gesture, he decreed Munger’s bottle should sell for $1, since Buffett’s at the time was selling faster. Ever the shrewd businessman, Buffett quipped a caveat: “If for any reason he starts coming on, notify me!” From $1 Dilly Bars to thousand-dollar mattresses, the variety and array of products for sale was staggering. BNSF Railway Co. drew a younger crowd with a pair of locomotive simulators, and the aroma of leather boots and other goods enticed shoppers to the Justin Brands and H.H. Brown stations. Fruit of the Loom commanded long lines, offering $6 com-

memorative T-shirts as well as essentials like socks. So did Borsheims, which offered more timeless products, such as an 18-carat white gold necklace with a half-carat diamond pendant with a distinctive cut. Limited to just 25 necklaces at a sale price of $1,872.50, the diamond also featured an etching of Buffett’s signature. Tom Sanders, an engineer with Omaha-based HDR, bought the last two just after 9 a.m. “Buying the last ones wasn’t my intent,” Sanders said, but his wife asked him to try to get one or two to donate to a silent auction for Lincoln-based nonproﬁt Creating Captains, a youth leadership education foundation led by former Husker football player Matt Davison. But some shareholders were more cautious when it came to forking over big bucks. Bill Elsden and his wife, Betty, made the pilgrimage from Webster City, Iowa, to Omaha for the 10th time. They were in the middle of a sales pitch at the Nebraska Furniture Mart booth for another signature Buffett item — a pillow-top mattress manufactured by Omaha Bedding Co. called “the Warren.” Bill Elsden said he and his wife now spend their winters in Florida, and he wasn’t sure the mattress was ﬁrm enough. But a king-size version of the Warren usually retails for more than $2,600, he was told, and the price at the Furniture Mart through Monday is just under $1,000. The retired farmer didn’t bite. “Our guests keep complaining about where they sleep when they stay with us,” Elsden said. “But I just say they’re lucky they have a place to sleep.” Across the room, a steady stream of shoppers left Fruit of the Loom with bags full of T-shirts, socks and limited-edition “Berky Boxer” shorts featuring caricatures of Buffett and Munger. The $6 shorts were so popular last year that Fruit of the Loom doubled its inventory

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for this year’s event. Gerald Nurrenbern, a semi-retired construction worker from Evansville, Indiana, hadn’t yet made his way to Fruit of the Loom by 8:15 a.m., when he was on his way out of the exhibit hall to the parking lot. Nurrenbern was beginning a stockpile in his car of wares from Borsheims, Oriental Trading, the Furniture Mart and Pampered Chef. He planned to return to Evansville with gifts for his daughter and grandkids, but not before loading up with at least another armload of deeply discounted products. “This is the first (trip) of many,” he said. For many, however, the weekend was about much more than scoring great deals. Floris Muijser, a partner in an Amsterdam-based private equity firm, made his first-ever trip to Omaha with two colleagues. He was particularly interested in the Clayton Homes exhibit and picked up some souvenirs from Heinz and Fruit of the Loom. “It’s a bucket-list thing we’re doing here,” Muijser said. “It’s really impressive.”

KENT SIEVERS/THE WORLD-HERALD

Armand Romero, above, of Justin Brands grabs a boot for a customer in the company’s booth in the packed exhibit hall at the CenturyLink Center on Saturday. At top, visitors from Denver test “the Warren” mattress at the Nebraska Furniture Mart booth. From left are Derek White, Will Hurd and Hank Elder.

Contact the writer: 402-444-1534, cole.epley@owh.com

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BERKSHIRE HATHAWAY SHAREHOLDERS MEETING

OMAHA WORLD-HERALD

SUNDAY, MAY 4, 2014

Justin Brands CEO Randy Watson tries to out-pitch members of the Omaha Storm Chasers AAA baseball team under the eyes of players and a team mascot. Baseballs were thrown between the Justin Brands and H.H. Brown stations.

Eighteenmonth-old Ryan Hartman takes a test drive of his souvenir M&M’s car Saturday on dad Nate. The Hartmans are from Lincoln. The Mars/ Wm. Wrigley Jr. Co. was one of dozens offering items for shareholders to browse and buy.

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THEY’RE GAME FOR ANYTHING

KENT SIEVERS THE WORLDHERALD

KENT SIEVERS/THE WORLD-HERALD

A competitor’s newspaper throw makes an impression on Warren Buffett during Saturday’s Omaha World-Herald newspaper toss. For the third year, Buffett — a former newspaper carrier known for his paper-tossing prowess — challenged willing participants to toss a newspaper 35 feet onto the Clayton Homes porch in the exhibit hall. Challengers whose paper landed closer to the doorstep than Buffett’s received a Dilly Bar.

RYA N S O D E R L I N / T H E W O R L D - H E R A L D

Ben Stevenson of Chicago and Jenna Nerbig of Minneapolis get up close with Warren Buffett and Charlie Munger cutouts at the H.J. Heinz Co. station. The two also may have been comparing eyewear.

R E B E C C A S . G R AT Z / T H E W O R L D - H E R A L D

Nathan Fend, center front, of Nashville, Tennessee, and Rich Perry, right, of West Palm Beach, Florida, wait in a crowd of shareholders to enter the CenturyLink Center for Saturday’s annual meeting. Attendance was estimated at 38,000.

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• 5D

BERKSHIRE HATHAWAY SHAREHOLDERS MEETING

• SUNDAY, MAY 4, 2014

OMAHA WORLD-HERALD

LABOR NEGOTIATIONS

SHAREHOLDER EVENTS IN OMAHA

Union brings fight with NetJets to Omaha

TODAY 8 a.m. to 11 a.m. Berkshire Hathaway “Invest in Yourself” 5K presented by Brooks. The course starts on 10th Street across from the CenturyLink Center Omaha and ends on Riverfront Drive. In-person registration accepted.

Pilots say company’s cuts hurting service; Berkshire unit decries ‘old tactics’ BY STEVE JORDON WORLD-HERALD STAFF WRITER

NetJets’ customer service is suffering from cost-cutting by the Berkshire Hathaway Inc.-owned private aircraft company, the president of the union representing its pilots said. Not true, a company spokesman said, attributing the comment to “old tactics” typical of labor negotiations. Negotiations by the company and its unions are usually confined to NetJets’ headquarters city of Columbus, Ohio. But in Omaha on Saturday, members of the pilots union, dressed in flight uniforms, handed out red tote bags containing pro-union fliers to Berkshire shareholders in town for their annual meeting. During the meeting, Berkshire Chairman and CEO Warren Buffett answered a question about Net-

Jets’ growth but didn’t mention the negotiations, although in response to an unrelated question he said labor problems are a factor that can move Berkshire toward selling a business. He said NetJets is doing well but is in an industry with low growth potential. Contracts with pilots, flight attendants, dispatchers and maintenance employees remain in effect during negotiations to allow transportation to continue under the federal Railway Labor Act. John Malmborg, president of the NetJets Association of Shared Airline Pilots, said company negotiators have sought wage and benefit concessions from the start, while NetJets revenue expands and the company shares profits with nonunion employees. Cutbacks that date to the 2007-09 recession, including about 500 pilot

furloughs, are causing delays and scheduling problems and hurting pilots’ ability to maintain their role as the front line for the company’s customer service, Malmborg said. “We’re concerned with the pace of operations, the strain on operations and cost-cutting that has taken place to where we can’t take advantage of the opportunities that are out there,” he said. NetJets has recalled some furloughed pilots but not enough to keep up with attrition, so the number of pilots on duty is down, he said. NetJets spokesman Tom Hoyt said NetJets’ customer service is “the best in the industry. It’s as good as it’s ever been.” “It’s our view that it’s the union leadership that’s using the standard union playbook, old tactics,” he said. “We’re continuing to bargain in good

faith and hoping to come to a resolution.” The company is recalling pilots who were furloughed during the recession and is advertising for flight attendants, he said. “We’re evaluating our needs and, as the market changes, we could add more as needed.” He said the negotiations have not interfered with operations and service but declined to comment on specific issues, saying the discussion should remain at the bargaining table. Berkshire reported that in 2013, NetJets’ profits were up about 7 percent and revenue increased by $288 million, or 7.5 percent, with revenue of about $4 billion for the year. The Omaha World-Herald Co. is owned by Berkshire Hathaway Inc. Contact the writer: 402-444-1080, steve.jordon@owh.com, twitter.com/buffettOWH

Q&A: Two have a lasting partnership Once open, it will double the volume of any other furniture store in the world.

Munger: Warren is “peculiar” on how he distributes money. I think he’s entitled to do what he damn pleases.

On the Vanguard 500

On the Munger partnership

Continued from Page 2

Question: About Buffett’s instructions to put 90 percent of his wife’s cash in an S&P 500 index fund, why not into Berkshire shares? This might imply that you expect the index fund to outperform Berkshire in the future. Buffett: He joked: That letter didn’t come from Vanguard by any chance? (Then he reminded people that his Berkshire shares will go to foundations in the 12 years after his estate is closed.) My views on Berkshire at least until 12 years after my death are as bullish as ever. But in my wife’s situation, the goal is not maximizing capital. It’s just a question of total, 100 percent peace of mind on something that can’t get a bad result.

Question: Any discussion on replacing Munger? Will the company continue to be led by a dynamic duo? Buffett: Charlie, he’s my canary in the coal mine. Charlie is now 90. I ﬁnd it very encouraging how he’s handling middle age. I do think it’s very likely that whoever replaces me as CEO probably has or will develop somebody that they work with very closely. It’s a great way to operate. Berkshire is better off because the two of us have worked together. I would be very surprised that if a few years after my successor takes over, there isn’t some relationship or partnership that enhances the CEO’s not only achievements, but the fun they have. But so far, nobody’s

brought up in the meetings any successor to Charlie. I have a hard time thinking of anybody that could be a successor to Charlie.” Munger: “Most 90-year-old men are gone soon enough.” Question: Do you and Charlie ever ﬁght or argue over how you manage your partnership of two.” Buffett: We’ve disagreed on a lot of things, and it’s never led, and never will, lead to an argument. We argue with other people but it hasn’t occurred with us. When he called Charlie about the Coke vote, We felt alike. Munger: That’s one of the problems: when one of us misses it, the other is likely to, too. Buffett: “I’m probably a little more inclined to action, wouldn’t you say, Charlie? Munger: Well, you once called me the abominable no-man. — Barbara Soderlin

THEY COME TO OMAHA FROM ALL OVER, AS IF DRAWN BY SOME POWERFUL FORCE. Berkshire Hathaway shareholders? Well, sure, them too. But we’re talking about the brightest minds in science and medicine, streaming in to join equally talented colleagues already here at UNMC. At the University of Nebraska Medical Center, we’ve bolstered our internationally renowned faculty with an influx of recent hires from the likes of Harvard Medical School, Johns Hopkins and Mayo Clinic. Why are so many of academic medicine’s rising stars coming here? Education programs ranked in the top 10 by U.S.News & World Report. Strong, strategic partnerships in China and beyond. The state-of-the-art Fred & Pamela Buffett Cancer Center, going up as we speak. And, just ask the Oracle how he likes living in Omaha. UNMC. Breakthroughs for Life.®

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9 a.m. to 4 p.m. Borsheims shopping day for shareholders. Brunch begins at 9 a.m. 1 p.m. to 10 p.m. Private shareholder event at Gorat’s Steakhouse, 4917 Center St. Reservations required. 4 p.m. to 10 p.m. Private shareholder event at Piccolo’s Steakhouse, 2202 S. 20th St. Reservations required. SPECIAL SHAREHOLDER PRICING Through Monday: Nebraska Furniture Mart Through May 10: Borsheims Credentialed shareholders also can receive up to 20 percent off at the new Borsheims Boutique at Nebraska Crossing Outlets in Gretna.

BERKSHIRE HATHAWAY SHAREHOLDERS MEETING

OMAHA WORLD-HERALD

SUNDAY, MAY 4, 2014

STANDING OUT IN A BIG CROWD

Matt Rose, executive chairman of BNSF Railway Co., and wife Lisa talk with Warren Buffett’s daughter, Susie Buffett, before the meeting. M AT T M I L L E R / T H E WORLD-HERALD

Kathy Ireland lines up on the target at the Omaha WorldHerald newspaper toss in front of the Clayton Homes display. Ireland, a widely known former model, has a furniture line that’s featured at Nebraska Furniture Mart. KENT SIEVERS THE WORLD-HERALD

KENT SIEVERS/THE WORLD-HERALD

Microsoft founder, and Warren Buffett pal, Bill Gates is the center of attention as he visits the exhibit hall.

KENT SIEVERS/THE WORLD-HERALD

Howard W. Buffett, grandson of Warren Buffett, takes in the crowd at the exhibit hall Saturday.

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FIFTY YEARS OF SEIZING OPPORTUNITIES

FIFTY YEARS OF REWRITING THE RULES Confidence doesn’t just happen. It’s developed. We know. For as long as we’ve been here, we’ve been raising the safety standards for private aviation, like requiring 30 more safety checks than the FAA . So we can s afely take you where you want to go – with the assurance that should follow. F LY W I T H P E A C E O F M I N D . 8 6 6 J E T 0 9 9 7 / N E T J E T S . C O M ®

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BERKSHIRE HATHAWAY SHAREHOLDERS MEETING

OMAHA WORLD-HERALD

KENT SIEVERS/THE WORLD-HERALD

A wall of cameras follows Warren Buffett in the exhibit hall. The Berkshire Hathaway CEO and Vice Chairman Charlie Munger spent ﬁve hours answering questions during Saturday’s meeting.

KENT SIEVERS/THE WORLD-HERALD

Louise Bazemore, left, and granddaughter Sadie Hall, both of Omaha, take a selﬁe while resting on a bench in the exhibit hall.

Meeting: Buffett answers questions about Coca-Cola, tracking of company CEOs

THE

Continued from Page 1 don’t count against the index. “Warren likes to make things difficult for himself,” Munger said. Buffett made his most detailed comments about the Coca-Cola pay issue to date, saying he didn’t want to “go to war” against Coke’s management over the issue, especially as an ally of financial manager David Winters of Wintergreen Advisors. Winters had called on Coke shareholders to defeat the pay plan, saying it was excessive and would be costly to shareholders. Instead, Buffett abstained from voting Berkshire’s 9 percent stake in Coke. Buffett then said publicly that he opposed the pay plan and met privately with Coke’s top executives. The Wall Street Journal said Thursday that Coke’s directors likely would revise the plan in part because of Buffett’s pressure. On Saturday, Fortune magazine staffer Carol Loomis, one of six official questioners at the meeting, said the abstention was “very strange, un-Buffett-like behavior.” Buffett said Winters’ calculations exaggerated the pay plan’s cost to shareholders, and Buffett offered his own calculations that indicated a smaller cost to shareholders. He said being on a board of directors is a business role but also has social aspects, and agreeing with the board’s compensation committee is standard for directors. “That’s the way it’s done,” he said. Corporations typically select people for corporate boards who understand those conventions, Buffett said, and pay “independent” directors hundreds of thousands of dollars. “They do not look for Dobermans,” Buffett said. “They look for cocker spaniels and then they make sure the tails are wagging.” Journalist Andrew Ross Sorkin noted that Buffett’s son Howard is a director of Coca-Cola and had voted in favor of the pay plan. Could Howard be trusted to act correctly if he becomes non-executive chairman of Berkshire some day as planned? Sorkin asked. Buffett said his son understands the way he thinks and

HOW WARREN BUFFE

E & OMAHA

ND HIS HOMETOWN SHAPED EACH OTHER

the worldwide came his way and from the generosity of his early investors. It turned out to

M AT T M I L L E R / T H E W O R L D - H E R A L D

John Strayer of Woodridge, Illinois, and others get some reading in while they wait for the meeting to start Saturday at the CenturyLink Center. would act as “an extra safety valve” to preserve Berkshire’s business culture. “Howie’s the perfect guy to carry that out,” Buffett said. Doug Mohn, a retired IT professional and investor from Katy, Texas, said he expected that answer. “You can’t ask a public person in a large crowd of people if you think their son is up to the task and get any different answer.” Mohn, who also holds Coca-Cola shares with his mother, said he would have liked Buffett to take a stronger stand against its executive pay proposal. “When I vote no at Coke, I know it doesn’t mean anything. I just like to think that a 9 percent owner can sometimes ask for what they want and not have to be so oblique, like he’s doing this time.” But Buffett and Munger said arguing loudly and publicly with corporate managers doesn’t accomplish as much as working with them. You have to pick your spots and go about it correctly, they said. “If we all shout, then you would not be able to hear each other,” Munger said. He and Buffett discussed at length their practice of letting the heads of Berkshire-owned companies operate independently with as little oversight as possible. Buffett said Berkshire’s operating system is different from most corporations because it gives company managers so much leeway, which some corporate managers would consider

THE

& OMAHA O

“sloppy.” Berkshire might occasionally save some money or avoid a problem if it kept careful track of everything its company CEOs do, he said, but that would create a negative management tone that would damage the company more. Buffett said he is slow to replace managers, which might leave a few on the job beyond the proper time, but letting managers be in charge has more benefits. One questioner asked why Berkshire remains a conglomerate, with a list of widely different businesses, when years ago the conglomerate model used by other companies failed. Buffett said the older conglomerates often were almost a con game, issuing stock to buy up companies until their values collapsed. Berkshire, in contract, rarely issues stock and instead buys companies from its own revenue and allows them to operate profitably within the holding company, he said. That growth in earning power can continue for a long time, he said, even though the size of the business has become an “anchor” to its rate of profit.

HOW W HIS HOMETOWN SHAPED EACH OTHER

relationship for

STEVE JORDON

& Omaha. Author Steve Jordon, who writes the Warren Watch column for

Steve Jordon has reported business news for 35 years for the Omaha World-Herald. His work has been recognized by the University of Nebraska at Omaha, the Associated Press, the Society of American Business Editors & Writers and the American Society of Newspaper Editors.

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BERKSHIRE HATHAWAY SHAREHOLDERS MEETING

OMAHA WORLD-HERALD

SUNDAY, MAY 4, 2014

JAMES R. BURNETT/THE WORLD-HERALD

Omaha’s Eppley Airﬁeld plays host to a large number of corporate and personal jets during Berkshire Hathaway weekend.

‘We’re here for the experience’ Shareholders come from all over, many to cross an item off their bucket list

BY CINDY GONZALEZ WORLD-HERALD STAFF WRITER

They came from places like China, Canada, Sweden, New York, Nashville and Sioux Falls, South Dakota — and that was just in one small bunch standing first in line before 4 a.m. Others in the throng of 38,000 that converged downtown for the 2014 Berkshire Hathaway annual meeting included a 13-year-old Toronto kid seeking get-rich tips; a retired Federal Express worker who’s held shares since 1971; and an investor who once paired up with another to pay $650,100 for a charity lunch with the Oracle of Omaha. Though the common lure was cultlike attraction to the fourth-richest man in the world, many were first-time meeting-goers concerned about fulfilling a wish to see Warren Buffett, 83, and Charlie Munger, 90, before the feisty financial duo is no longer at the helm. “It’s one of those bucket-list things,” said Hal Westbrook, who flew in from Oregon with wife Vicki and friends Kathy and Dan Brattain. The Brattains said they’ve listened to their friends’ Omaha stories for years and finally jumped on a private jet to come. Said Seth Haskell, a tax lawyer from Minneapolis: “Warren and Charlie are getting kind of old. I don’t know how long they’re going to be doing this.” David Isserman of St. Louis also is a longtime shareholder attending his first annual meeting with his fiancee and father. “I can read filings and reports, and I do,” said Isserman, who owns a cosmetics company. “But we’re here for the experience.” Many shareholders, like Debbie Dugdale, who said she lives just a few houses from Buffett, were there to shop. In minutes, Dugdale had her arms filled with discounted underwear and a full-length dress from the Fruit of the Loom booth. Still others, like Maulik Nagri, a native of India now living in Boston, were watching their pennies. Nagri said he was sharing a hotel with three other guys. He laughed and said he spent more last year in See’s candy souvenirs than his stocks were worth. “This year, I’m flying coach. I booked three months in advance; we’re sharing a car.” Maulik Nagri, a corporate Nagri finance manager, is among the “at least half” of Berkshire shareholders who Buffett said have less than $15,000 worth of Berkshire stock, yet want to participate in the event. Buffett made the remark in light of what he said amounted to price gouging by area hotels. “They are not rich people,” Buffett said of many of his shareholders. “If they’re spending airfare and everything else, even $1,000 on the meeting, it’s real money to them.” In an unscientific sampling of about 20 shareholders or shareholder couples, about three-fourths said in interviews that their Berkshire Hathaway stock was worth more than $15,000 worth of shares. Ludvig Rosenstam of Sweden, 25, said he’s a lifelong fan of Buffett’s and his debut at the annual meeting was worth the expense. “I never thought I’d be here,” he said. “And overall the prices are cheaper than in Europe, so ...” Other standout moments Saturday:

FIRST UP His 2:30 a.m. arrival has become a tradition. Jeffrey Bates, a ﬁnancial adviser from Nashville, was ﬁrst to line up Saturday at the CenturyLink Center’s west entrance. Bates, attending his 14th annual meeting, hosts a group of clients each year at the Berkshire event. He likes them to hear Warren Buffett’s Jeffrey philosophy, which Bates Bates adheres to. And he wanted the 23 clients to have premier seats in the auditorium, which prompts him to rise way before the sun to claim them.

M AT T M I L L E R / T H E W O R L D - H E R A L D

Mike Murphy of Hastings, Nebraska, left, and Bill Henry of Toronto signal to Henry’s parents from their seats near the front of the arena ﬂoor. Murphy, who was attending his ﬁrst meeting, met Henry Saturday as the two were rushing to get seats up close before the start of the annual meeting. Dairy Queen treats hit the spot Saturday for Omaha sisters Kate Wester, 5, and Claire Wester, 3, right. Steered by mom Laura Wester, the sisters made the rounds in the exhibit hall.

question and was hoping a journalist would read it during the annual meeting. “I might have come off as patently naive,” he said. “But that’s OK, that’s how you learn.” Johnson said he always picks up a valuable tidbit or two on his Omaha trips, but this year liked the anticipation of hearing if his question would be heard. He wanted to know Buffett’s strategy for when intrinsic value exceeds market price. “When you do something like this, it just makes the experience so much more meaningful.”

LIKE CHURCH

KENT SIEVERS/THE WORLD-HERALD

“People who come to us have already made a lot of money,” Bates said. “Wealthy people need to understand how to retain wealth.” Those in Bates’ group range in age from 25 to late 60s, hail from ﬁve states and are staying at the downtown Magnolia. They’ll rest a little before moving on to the Nebraska Furniture Mart and then dinner. In the spirit of the back-and-forth commentary that shareholders get from Democrat Buffett and Republican Charlie Munger, Bates asks his group to talk about themselves and their views at dinner. “It can be a lot of fun hearing the issues through different lenses.”

EXOTIC OMAHA William Green, an international journalist from London, has traveled the globe. But it’s Omaha that his teenage son views as exotic when dad told him he’d be here this weekend for the Berkshire meeting. “There is an exoticism and mystique to Omaha,” Green said. “Here we are, seeing two of the great minds of our era.” Green said he was in town with friend Guy Spier, a Zurich-based investor who, along with another investor, bid $650,100 in 2007 to dine with Warren Buffett. That was for a fundraiser. Saturday was Green’s ﬁrst Berkshire meeting, and he summed it up as a cultural experience: “I want to see the scene, the phenomenon of the Berkshire Hathaway meeting, why this is such a big deal.”

BERKSHIRE SWAG Some go ﬁshing. Some hunt or watch baseball. Ryan Pritchard of Minneapolis and his four buddies get together each year for a guys’ weekend with Warren Buffett. Pritchard, 29, looks for tips at the meeting that he can use in the automotive industry. “I use it more as a leading indicator. It seems that whatever Mr. Buffett says happens.” The old classmates make time also for cigar bars, Scotch and — if they are feeling able on Sunday — the 5K Run. But they don’t go home without “forgiveness gifts” for wives or girlfriends. Last year, Pritchard shopped for an engagement ring. This year, it’s furniture. “We spoil them with Berkshire swag.”

HOLDING A SPOT Tia Valery was waiting in the dark in front of the CenturyLink Center at 3 a.m. — and she wasn’t even going to the meeting. The 20-yearold student at the University of Nebraska at Omaha said she had learned, through Craigslist, of a California guy seeking someone to hold a spot in line. Tia He told her he Valery would come before the doors open, switch places and thus be in position to nab a good seat in the auditorium. Her prize for sitting in the morning

chill, with a blanket and box of cereal: $100. Two friends came with her, but they retreated to their car to sleep. Shortly before 7 a.m., Valery got a call and stood up to wave to the man. The crowd by then had just started to move inside. The Californian she called Daniel had missed his opportunity to be among the ﬁrst in, but he still got in ahead of most.

SMALL-WORLD STORY Brandon Taylor of Richmond, Virginia, saw a familiar face Saturday in front of the CenturyLink Center at 4:30 a.m. He had met James Ward of Toronto a year earlier around the same time and in the same spot. In a smallworld experience, the two picked up where they left off, chatting about investments, Buffett’s philosophy, what each has done in the year prior. Taylor, a ﬁnancial adviser, said it’s the like-minded people, the investment wizards, the chance of bumping into billionaires, that are part of what keeps him returning. Last year, he said, Bill Gates sat nearby as Taylor was having dinner at a downtown hotel. So when he can, Taylor books his hotel in the center of activity downtown. “It’s a small price to pay for the Woodstock of capitalism.”

ASK A QUESTION It was Steve Johnson’s ninth shareholders meeting, but this one was different. The business librarian from Sioux Falls, South Dakota, had submitted a

Grant Elpers likened the Berkshire annual meeting to sitting in a pew on Sunday. “It’s like going to church,” he said. “They don’t really say anything new every year, but it’s reconﬁrming.” Elpers, a ﬁnancial adviser from Garden City, Kansas, and wife Polly, a nurse, don’t tire of listening to Charlie Munger and Warren Buffett. And they expect they’ll leave Omaha with a few nuggets of new information. Also in the spirit of church, the couple and his mom, Kim, are accustomed to leaving their coats and bags of merchandise on auditorium seats while they stock up on more goods from vendors. They say they’ve never lost anything, and say there is a widespread trust among shareholders. People go to the meeting to pick up investment tips, Polly said, not someone else’s property.

YOUNG WISDOM Andrew Holm, 13, may have been at his ﬁrst Berkshire meeting but he already knew the golden rule. The teen from Toronto, sporting a suit jacket and gelled hair, was in Omaha with his dad, Greg, and grandpa, Gordon. The elder Holms were at their 15th consecutive annual meeting together. Said Andrew: “I’m trying to learn some rules about investing and to take those Andrew rules and become Holm rich.” He said he already knew top rules, having learned them from his hero, Buffett. Andrew rattled those off: “Rule No. 1, Do not ever lose your principal. Rule No. 2, Do not ever forget Rule No. 1.” Contact the writer: 402-444-1224, cindy.gonzalez@owh.com

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• SUNDAY, MAY 4, 2014

OMAHA WORLD-HERALD

Southwest Airlines CEO vows to ﬁx on-time problem

Though still No. 1 all-time, the carrier now consistently trails its six biggest rivals. DALLAS (AP) — Southwest Airlines is falling behind other airlines when it comes to its planes arriving on time, and the carrier plans to tinker with its flight schedule to fix that. CEO Gary Kelly said the airline will add a few minutes between some flights, and it will be more cautious

about selling itineraries with tight connections between ﬂights. Southwest has long prided itself on being on time. It still ranks No. 1 all-time among the six big airlines that have been reporting such records to the government since 1987, but it hasn’t topped the charts for a full year since 2001, and it hasn’t beaten all the other major carriers since 2009. Last year Southwest fell to 12th place — behind United, Delta, American and US Airways, all its closest rivals in size — among 16 airlines that reported

figures to the U.S. Department of Transportation. Only 76.7 percent of Southwest flights arrived within 14 minutes of schedule, which is the government’s definition of being on time. That was down from 83.1 percent in 2012. “We’ve got significant schedule changes that are planned for the summer,” Kelly said. “That’s when I want to be monitoring the on-time performance and making sure that we see the improvement that we need. We need to get back to where we were for 2012.” The on-time breakdown starts at

the airport gate. Southwest was once legendary for turning around incoming planes and sending them back out for the next flight in about 10 minutes. That “turn time” has slipped to about 30 minutes as planes have filled more seats, Southwest has added newer and larger versions of the Boeing 737 jet to carry more passengers, and it has added flights at congested big-city airports. Compounding matters last year, Southwest began packing more flights into the peak hours of the day, when most customers wanted to fly. The move

Patience gets tested when workers share desk or cubicle

FROM THE MONEY TALKS BLOG Americans keep delaying retirement, Gallup poll finds Americans continue to push retirement back later and later, a Gallup survey found, with the average person retiring at 62. That’s the highest age reported since Gallup started asking the question in 1991, when the average age was 57. Gallup said retirement age may be increasing because baby boomers are both engaged in the workforce and do not have the resources to retire. People who have not yet retired expect to do so even later, at age 66, an age that has slowly increased from 63 in 2002, Gallup said. The rising ages for both questions, Gallup said, “likely reflects the changing landscape of retirement, including longer life spans, changes in Social Security benefits and employersponsored retirement plans, and lifestyle choices such as a desire to keep working after reaching the traditional retirement age.” The survey, conducted April 3-6, has a margin of error of 4 percentage points. — Barbara Soderlin

PivotDesk matches firms and office space You’ve heard of the ride-sharing service Lyft that recently hit Omaha and Lincoln streets — but what about office sharing? PivotDesk launched in Omaha last week. It’s an online tool that connects businesses that have extra office space with those who are looking for it. “We’re seeing it more in terms of Match.com for businesses, rather than a real estate site,” co-founder and CEO David Mandell said. Here’s how it works: A business, or “host,” lists the space available and what kind of business it would like to fill the space on PivotDesk. com. A “guest,” or a business looking for space, then puts in its specifications in terms of culture, desks and amenities, and a match is made. The site handles licensing. It’s free for hosts to post their space and guests can use the site to peruse available space free of charge, but PivotDesk charges the host a monthly fee equal to 10

Q: My problem is that people keep messing with my desk. When employees from outlying areas visit our office, they are told to use any empty cubicle. One day when I was out, someone used up all the tissues from my Kleenex box and completely filled the wastebasket with them. Another time, one of the visitors apparently took my favorite pen. I also find that people frequently change the settings on my computer. For example, they will mute the sound, create a new default font or send documents to a different printer. I placed a polite note on my monitor asking visitors to please restore the settings, but that had no effect. I have no idea who these employees are, so I can’t talk with them directly. Although I don’t want to seem petty, I think their behavior is very rude. What should I do about this? A: Almost everyone feels territorial about their office habitat, so I completely understand your reaction. Given your company’s shareddesk policy, however, I’m afraid you may need to adjust your thinking a bit. Where you see “my desk” and “my computer,” management just sees available space and equipment. While you may not be able to banish the intruders, you can still attempt to modify their behavior. To clearly indicate that this cubicle is occupied, put some photos or other personal touches in obvious places. When you plan to be away, stash all items that you wish to protect in a drawer. If your desk has a lock, use it. Retain the reminder about your computer settings, but make it more specific. Since most people won’t remember what they changed, provide a detailed list of your preferences. Some visitors may ignore this request, but the considerate ones will comply. Ultimately, though, the most helpful strategy is to make the mental shift from irritation to acceptance. Try to view these interlopers as a necessary evil and expect to undo their damage from time to time. There’s no point getting stressed out over something you can’t change.

I O WA T O U R I S M O F F I C E

Road trippin’ for Iowa tourism The $7.6 billion Iowa tourism industry is turning a bus into a traveling billboard. The motorcoach, wrapped in images of Iowa tourism sites, will travel 2,100 miles around Iowa, stopping at more than 60 tourism destinations. Its nine-day journey started Friday. Next Friday the bus will reach western Iowa, stopping in Manning, Hamlin, Elk Horn, Avoca and Council Bluffs. The next day the bus will hit Beebeetown and Missouri Valley before heading to Sioux City. For a list of stops, see traveliowa.com/epiciowaroadtrip.

percent of the license, or rental agreement. Upon booking, the guest is charged a deposit equal to one month of the license fee. The company, based in Boulder, Colorado, added 23 cities, including Omaha and Kansas City, in April. — Paige Yowell

Technology buffs invited to mingle The Technology Association of Iowa is bringing its monthly networking event, TechBrew, to Council Bluffs the ﬁrst Tuesday of every month starting this month. Entrepreneurs, technology buffs, students and venture capitalists are invited to Dixie Quicks restaurant at 147 W. Broadway from 5 p.m. to 7 p.m. Tuesday. Said Leanna Jacobsen, president of the Technology Association of Iowa: “We buy the ﬁrst beer and invite everybody in, and they take it from there.” Seven other Iowa cities host the monthly, informal networking events. For more information or to RSVP, visit technologyiowa.org. — Cole Epley

4% of Nebraskans ‘near poor,’ Census ﬁgures show

Nebraska’s rate of “near-poor” people was below the national average from 2010 through 2012, the U.S. Census said Thursday. Four percent of Nebraskans, or 74,000 people, had family income between 100 percent and 125 percent of the poverty threshold. That compares to 4.7 percent nationwide. A family of four with two children under 18 is “near poverty” with an income of $23,283 to $29,104. The national rate of “near poverty” is down from 6.3 percent in 1966, Census ofﬁcials said. — Barbara Soderlin

Omahan gives Fed economic advice

The Federal Reserve Bank of Kansas City has named an Omaha businessman to its Economic Advisory Council for a three-year term. Blue Cross Blue Shield of Nebraska Chief Executive Steve Martin joins seven other newly appointed business leaders from

the Midlands on the advisory panel. The council meets twice a year with Esther George, Federal Reserve Bank of Kansas City president, to discuss the regional economy. — Russell Hubbard

Omahan starts paralegal company Kathi Burt of Omaha has opened Nebraska Paralegal Services, from which she will offer contract paralegal services and consulting to local attorneys. Burt said although corporations and large law ﬁrms typically have the resources to hire contract paralegals, solo practitioners can’t always afford to hire high-caliber help. She hopes to change that. Paralegals in most states, including Nebraska, are not required to be licensed, and Burt said she wants to elevate the profession locally to make paralegals more competent. — Cole Epley The Money Talks blog can be found on Omaha.com under the Money tab.

Cody Foster & Co. says retailer copied designs The Nebraska-based craft wholesaler amends its lawsuit against Urban Outfitters BY JANICE PODSADA WORLD-HERALD STAFF WRITER

Cody Foster & Co., the Nebraska craft wholesaler that was challenged over the originality of some of its items, now is suing Urban Outfitters and its subsidiaries for allegedly copying eight Cody Foster original designs without permission. The amended lawsuit alleges that Urban Outfitters intentionally copied several of Cody Foster’s copyrighted ornaments and says they were “virtually identical in appearance,” according to court documents filed in Douglas Country District Court. The suit adds another chapter to a saga that began last October when Lisa Congdon,

an independent California artist, complained on her blog that Cody Foster had pirated her designs. Congdon’s outcry spread rapidly on social media, drawing the attention of Anthropologie, Urban Outfitters, West Elm, Fab.com and other stores that carried Cody Foster products. In response, several retailers, including Urban Outfitters, said they would no longer do business with the wholesaler based in Valentine and would remove all its products from their shelves. Cody Foster apologized for any “harm it may have inadvertently caused customers and the artist community at large,” and pledged to alter its business practices to reduce the possibility of items resembling those sold by others. Some art and copyright experts who weighed in on the controversy pointed out that it’s difficult to determine the originality of items that are based on folk art designs or traditional motifs.

The most recent court filing amends a previous lawsuit that Cody Foster filed alleging that Urban Outfitters had violated contracts when it canceled orders last fall and owed Cody Foster more than $500,000. “It is Urban Outfitters’ policy not to comment on pending litigation,” said Alison Gutierrez, an attorney at Kutak Rock LLP in Omaha, which represents the retailer in this matter. The latest allegations are accompanied by photographs pairing Cody Foster’s products with ornaments from Urban Outfitters and Anthropologie, including an owl, heart and wreath. Brian Jorde, Cody Foster’s Omaha attorney, said the wholesaler seeks to halt the sale of the ornaments in question and compel Urban Outfitters to reimburse Cody Foster with the proceeds from the sales.

Does success breed success? In an era in which the economic gap between the richest 1 percent of the population and the remaining 99 percent has been growing for years, that’s a pressing question. Now some scientists say that a little initial success not based on merit can create a positive feedback mechanism, widening the disparity between those who do and don’t get the early win. The ﬁndings, published in the journal Proceedings of the National Academy of Sciences, show that a little nudge goes a

long way. An international team of researchers ran a real-world experiment on a wide variety of efforts, including fundraising drives, political causes and product reviews. They did it in an arena in which they could easily introduce a “success” into a system and track its potential effects: the Web, speciﬁcally the websites Kickstarter, Wikipedia, Epinions.com and Change.org. The scientists sampled 200 unfunded Kickstarter campaigns and made a donation to 100 of them, to see if those that got the initial money did better than those that didn’t. They took 305

Q: I was recently asked to share a cubicle with one of my co-workers. Since moving in with “Ashley,” I have noticed that she frequently plays games on her computer, sometimes for up to two hours. When I mentioned this to the owner, he shrugged it off

new, unrated product reviews at Epinions.com and gave some of them a “very helpful” rating. They sampled 521 top-rated editors at Wikipedia and gave a portion of them an award for their work. They looked at 200 early campaigns on Change.org and gave 100 of them a dozen signatures each. Then they watched what happened with those that received the early initial success compared with those that did not. In all four cases, those that received the initial success ended up more successful as a group than did those that didn’t experience the same early success.

MARIE G. MCINTYRE

YOUR OFFICE COACH and said she won’t be playing games for long because her busy season is coming up. This is seriously affecting my morale, so I would like to diplomatically talk to Ashley about it. How should I approach her? A: Unless Ashley’s games habit is affecting your work, this is really not your problem. The reality is that you are not her boss, so it is not your place to correct her performance. You have done all you can do by talking with the owner, who apparently doesn’t care. Hopefully the “busy season” will soon put an end to Ashley’s gooﬁng off. But in the meantime, reduce your own frustration by ignoring her activities and focusing on your tasks.

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Positive feedback can kick-start success THE LOS ANGELES TIMES

backﬁred. “We tried to get a little more aggressive in 2013, and it probably is the cause of our dip in on-time performance,” Kelly said. But, he said, customers like the busy schedules that offer more itineraries. Improving the on-time rating must be balanced against the risk of losing revenue by failing to offer all the itineraries that passengers want, he said. “As long as we’re operating a full airplane,” Kelly said, “I don’t mind spending an extra minute or two turning it.”

Call (402) 342-6633

AT A GLANCE

Certiﬁcates of Deposit and Deposit Accounts are alphabetized by term.

The annual percentage yield, which includes the result of compounding the interest, shows what your money would earn over the period of a year. Most financial institutions have penalties for early withdrawals. Be sure to check for special qualifications, fees and conditions. Some financial institutions might require you to open a checking, savings or investment account to become eligible for the advertised rate. All rates are from Omaha World-Herald surveys conducted last week and might have changed. Verify all information before opening an account.

FINANCIAL INSTITUTION

First State Bank Enterprise Bank SAC Federal Credit Union

APY*

TERM

CERTIFICATES

MINIMUM INVEST.

PHONE

NOTES

.65%

9 mos.

$5,000 402-697-5599

1.80%

60 mos.

$10,000 402-330-0200

5.01%

N/A

$100 402-292-8000

F,I

CHECKING ACCOUNTS

This is a paid advertisement by participating ﬁnancial institutions. For more information on how to get your deposit rates published in this weekly table, please contact Rick Carr at 402-444-3109.

Each depositor insured to $250,000

*APY= Annual Percentage Yield. Rates are subject to change without notice. Rates effective as of 5/2/14. Substantial penalty for early withdrawal. Financial institution reserves the right to limit deposits. A= Limited time offer B= One time rate increase available C= Other incentives apply, contact institution D= Must have additional account relationship E= Other top rates available F= Consumer Accounts only G= Right to limit deposits H= New Money Only I=Other restrictions apply, contact institution J= No Jumbo CDs

MONEY

OMAHA WORLD-HERALD

SUNDAY, MAY 4, 2014

• 11D

Combined Stocks NAME

TKR

LAST

WK WK YTD CHG %CHG %CHG PE

DIV

A-B-C ABB Ltd ACI Wwde ADT Corp AES Corp AFLAC AGCO AK Steel AT&T Inc AbbottLab AbbVie Abraxas Accenture Actavis ActivsBliz Actuate AdobeSy AMD Aeropostl Aetna Agilent Agnico g AkamaiT AlcatelLuc Alcoa Allergan AlliantEgy AlldNevG Allstate AllyFin n AlphaNRs AlpAlerMLP AlteraCp lf Altria Amazon Ambev n AMovilL AmAirl n AmApparel AmAxle ACapAgy AmCapLtd AEagleOut AEP AmExp AmIntlGrp ARltCapPr AmTower AmeriBrgn Amgen AmkorTch Anadarko AnglogldA Annaly Apache ApolloInv Apple Inc ApldMatl ArcelorMit ArchCoal ArchDan ArenaPhm AriadP ArmHld ArmourRsd AstraZen Athersys AtlPwr g Atmel Autodesk Auxilium AvagoTch AvanirPhm Avon BB&T Cp BP PLC Baidu BakrHu Ballanty BallardPw BcoBrad pf BcoSantSA BcoSBrasil BkofAm BkNYMel Barclay B iPVix rs BarrickG Baxter BectDck BedBath BerkHa A BerkH B BestBuy BioMarin BlkHillsCp BlackBerry Blackstone BlockHR BdwlkPpl Boeing BorgWrn s BostonSci BoydGm BrMySq Broadcom BrcdeCm Buckeye Buenavent CA Inc CBRE Grp CBS B CH Robins CIT Grp CMS Eng CNO Fincl CSX CVS Care CYS Invest Cabelas CblvsnNY CabotOG s Cadence Calpine Cameco g Cameron CdnNRs gs CdnSolar CapOne CpstnTurb CardnlHlth Carnival Catamaran Caterpillar Celgene CellThera CelldexTh Cemex Cemig pf s CenterPnt CntryLink Cerner s CharterCm Chemtura CheniereEn ChesEng Chevron Chimera CienaCorp Cigna Cirrus Cisco Citigroup CitrixSys CliffsNRs Clorox Coach

ABB 24.14 -1.86 -7.2 -9.1 ACIW 55.95 -.85 -1.5 -13.9 ADT 30.25 +1.18 +4.1 -25.3 AES 14.33 -.06 -.4 -1.2 AFL 63.15 +1.31 +2.1 -5.5 AGCO 54.81 -2.13 -3.7 -7.4 AKS 7.21 +.34 +4.9 -12.1 T 35.63 +1.14 +3.3 +1.3 ABT 38.56 +.53 +1.4 +.6 ABBV 51.18 +2.04 +4.2 -3.1 AXAS 5.42 +.23 +4.4 +66.2 ACN 79.36 +.93 +1.2 -3.5 ACT 202.34 +4.27 +2.2 +20.4 ATVI 19.94 +.48 +2.5 +11.8 BIRT 3.96 -1.65 -29.4 -48.6 ADBE 61.56 -.05 -.1 +2.8 AMD 4.12 +.07 +1.7 +6.5 ARO 4.95 +.19 +4.0 -45.5 AET 71.49 +.24 +.3 +4.2 A 54.54 +.15 +.3 -4.6 AEM 32.31 +3.26 +11.2 +22.5 AKAM 53.18 +1.15 +2.2 +12.7 ALU 3.92 +.02 +.5 -10.9 AA 13.72 +.39 +2.9 +29.1 AGN 169.91 +1.76 +1.0 +53.0 LNT 57.71 -.53 -.9 +11.8 ANV 3.37 -.33 -8.9 -5.1 ALL 57.18 +1.07 +1.9 +4.8 ALLY 24.05 -.34 -1.4 +.3 ANR 4.63 +.43 +10.2 -35.2 AMLP 18.27 +.31 +1.7 +2.7 ALTR 32.13 -.96 -2.9 -1.2 MO 39.97 +.86 +2.2 +4.1 AMZN 308.01 +4.18 +1.4 -22.8 ABEV 7.24 -.43 -5.6 -1.5 AMX 20.13 +.40 +2.0 -13.9 AAL 36.49 +.49 +1.4 +44.5 APP .63 -.08 -11.1 -48.7 AXL 18.78 +1.09 +6.2 -8.2 AGNC 22.51 -.26 -1.1 +16.7 ACAS 15.04 +.40 +2.7 -3.8 AEO 11.50 +.25 +2.2 -20.1 AEP 52.83 -.55 -1.0 +13.0 AXP 86.93 -.10 -.1 -4.2 AIG 52.35 +.74 +1.4 +2.5 ARCP 13.08 +.07 +.5 +1.8 AMT 87.00 +3.92 +4.7 +9.0 ABC 64.27 +1.44 +2.3 -8.6 AMGN 112.42 +1.01 +.9 -1.5 AMKR 8.48 +1.32 +18.4 +38.3 APC 99.57 +.07 +.1 +25.5 AU 18.39 ... ... +56.9 NLY 11.54 -.01 -.1 +15.7 APA 86.96 -.32 -.4 +1.2 AINV 7.96 -.06 -.7 -6.1 AAPL 592.58 +20.64 +3.6 +5.6 AMAT 18.96 +.34 +1.8 +7.2 MT 16.24 +.09 +.6 -9.0 ACI 4.72 +.31 +7.0 +6.1 ADM 43.55 -.87 -2.0 +.3 ARNA 6.68 +.72 +12.1 +14.2 ARIA 7.23 +.14 +2.0 +6.0 ARMH 44.95 -2.76 -5.8 -17.9 ARR 4.25 +.09 +2.2 +6.0 AZN 81.02 +12.36 +18.0 +36.5 ATHX 1.63 -1.10 -40.3 -34.8 AT 3.33 +.10 +3.1 -4.3 ATML 7.58 -.38 -4.7 -3.2 ADSK 47.68 +.68 +1.4 -5.2 AUXL 21.48 -5.40 -20.1 +3.6 AVGO 64.27 +1.93 +3.1 +21.5 AVNR 4.63 +1.33 +40.3 +37.8 AVP 13.57 -1.27 -8.6 -21.2 BBT 37.39 +.06 +.2 +.2 BP 50.87 +1.15 +2.3 +4.6 BIDU 159.91 -3.00 -1.8 -10.1 BHI 69.69 +.16 +.2 +26.1 BTN 4.54 -.08 -1.7 -1.9 BLDP 3.57 -.60 -14.4 +135.6 BBD 15.30 +.41 +2.8 +22.1 SAN 9.93 +.21 +2.2 +9.5 BSBR 6.67 +.94 +16.4 +23.5 BAC 15.25 -.70 -4.4 -2.1 BK 34.43 +.83 +2.5 -1.5 BCS 17.38 +.59 +3.5 -4.1 VXX 40.00 -1.83 -4.4 -6.0 ABX 17.40 -.49 -2.7 -1.3 BAX 74.71 +2.39 +3.3 +7.4 BDX 112.60 +.04 ... +1.9 BBBY 62.15 -.33 -.5 -22.6 BRK/A 192255 +1569 +.8 +8.1 BRK/B 128.09 +.83 +.7 +8.0 BBY 26.15 +1.77 +7.3 -34.4 BMRN 57.70 +.61 +1.1 -18.0 BKH 57.83 -.42 -.7 +10.1 BBRY 8.15 +.87 +12.0 +9.5 BX 29.57 -1.45 -4.7 -6.1 HRB 28.92 +1.29 +4.7 -.4 BWP 15.86 -.30 -1.9 -37.9 BA 129.94 +1.28 +1.0 -4.8 BWA 60.65 -.86 -1.4 +8.5 BSX 12.81 -.57 -4.3 +6.6 BYD 11.51 -.18 -1.5 +2.2 BMY 49.80 -.70 -1.4 -6.3 BRCM 30.66 +.90 +3.0 +3.4 BRCD 8.86 -.39 -4.2 -.1 BPL 77.15 +1.21 +1.6 +8.6 BVN 11.61 -1.13 -8.9 +3.5 CA 29.91 -.04 -.1 -11.1 CBG 28.50 +2.42 +9.3 +8.4 CBS 57.23 -.82 -1.4 -10.2 CHRW 58.45 +2.17 +3.9 +.2 CIT 43.26 -3.11 -6.7 -17.0 CMS 29.57 -.55 -1.8 +10.5 CNO 16.93 -.44 -2.5 -4.3 CSX 27.83 -.20 -.7 -3.3 CVS 73.86 +.62 +.8 +3.2 CYS 8.68 +.09 +1.0 +17.1 CAB 65.05 +.83 +1.3 -2.4 CVC 16.78 +.34 +2.1 -6.4 COG 38.78 +.60 +1.6 +.1 CDNS 15.55 +.70 +4.7 +10.9 CPN 22.71 +.35 +1.6 +16.4 CCJ 21.06 -1.28 -5.7 +1.4 CAM 65.27 +.67 +1.0 +9.6 CNQ 40.92 +.47 +1.2 +20.9 CSIQ 27.54 -2.61 -8.7 -7.6 COF 75.82 +2.48 +3.4 -1.0 CPST 1.70 -.50 -22.6 +31.4 CAH 63.80 -3.40 -5.1 -4.5 CCL 38.81 +.75 +2.0 -3.4 CTRX 42.57 +3.62 +9.3 -10.3 CAT 105.01 +.32 +.3 +15.6 CELG 147.40 +5.34 +3.8 -12.8 CTIC 2.96 -.07 -2.3 +55.0 CLDX 14.51 +.47 +3.3 -40.1 CX 12.90 +.51 +4.1 +13.4 CIG 7.31 +.56 +8.3 +22.7 CNP 24.29 -.57 -2.3 +4.8 CTL 34.83 +.07 +.2 +9.4 CERN 51.40 +1.89 +3.8 -7.8 CHTR 137.21 +7.20 +5.5 +.3 CHMT 24.02 +1.64 +7.3 -14.0 LNG 56.91 +.73 +1.3 +32.0 CHK 28.28 -.52 -1.8 +4.2 CVX 124.72 +.73 +.6 -.2 CIM 3.09 -.02 -.6 -.3 CIEN 19.33 -1.32 -6.4 -19.2 CI 82.66 +3.71 +4.7 -5.5 CRUS 22.52 +.89 +4.1 +10.3 CSCO 22.94 -.06 -.3 +3.1 C 47.73 -.01 ... -8.4 CTXS 59.00 -.42 -.7 -6.7 CLF 18.27 +.27 +1.5 -30.3 CLX 89.58 -.45 -.5 -3.4 COH 43.88 -5.94 -11.9 -21.8

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WK WK YTD CHG %CHG %CHG PE

NAME

TKR

LAST

CobaltIEn CocaCola CocaCE CognizTc s ColgPalm s Comcast Comc spcl ConAgra ConcurTch ConocoPhil ConsolEngy ConEd CorOnDem Corning Costco Covidien CSVInvNG CSVelIVST CSVxSht rs Cree Inc CrwnCstle Ctrip.com CumMed CypSemi CytRx Cytokinet rs

CIE 19.20 KO 40.95 CCE 46.25 CTSH 49.41 CL 67.10 CMCSA 52.03 CMCSK 51.31 CAG 30.61 CNQR 83.47 COP 76.52 CNX 44.72 ED 56.82 CSOD 39.44 GLW 20.99 COST 115.15 COV 71.69 DGAZ 2.86 XIV 32.91 TVIX 6.05 CREE 46.39 CCI 74.57 CTRP 47.77 CMLS 6.63 CY 9.37 CYTR 3.22 CYTK 4.46

DCT Indl DDR Corp DR Horton DanaHldg Danaher Deere DeltaAir DenburyR DevonE DirecTV DirSPBr rs DxGldBll rs DrxFnBear DrxSCBear DrxEMBull DrxFnBull DirDGdBr s DrxSCBull Discover DishNetw h Disney DollarGen DomRescs DonlleyRR DowChm DrmWksA DryShips DuPont DukeEngy Dynegy E-CDang E-Trade eBay EMC Cp EOG Res s Eaton EdisonInt EldorGld g ElectArts EmersonEl Emulex EnCana g Endo Intl Endocyte EngyTsfr EngyXXI ENSCO Entergy Ericsson EsteeLdr ExactSci h ExcoRes Exelixis Exelon Expedia ExpScripts ExxonMbl Facebook Fastenal FedExCp FidlNFin FifthThird Finisar FireEye n FstNiagara FstSolar FirstEngy Fiserv s Flextrn FordM ForestLab Fortinet Fortress FBHmSec ForumEn FrankRes s FMCG Freescale FrontierCm FuelCellE Fusion-io

DCT 7.89 +.03 +.4 +10.7 DDR 17.20 +.28 +1.7 +11.9 DHI 23.12 +.63 +2.8 +3.6 DAN 21.34 +.11 +.5 +8.8 DHR 73.27 +.22 +.3 -5.1 DE 92.92 -.22 -.2 +1.7 DAL 37.23 +1.16 +3.2 +35.5 DNR 16.91 -.15 -.9 +2.9 DVN 70.28 -.12 -.2 +13.6 DTV 79.87 +3.86 +5.1 +15.7 SPXS 29.94 -.88 -2.9 -9.9 NUGT 37.28 -.78 -2.0 +36.0 FAZ 20.04 -.61 -3.0 -6.8 TZA 17.10 -.23 -1.3 +.8 EDC 27.07 +1.45 +5.7 -5.7 FAS 90.27 +2.55 +2.9 ... DUST 22.83 +.19 +.8 -48.2 TNA 68.99 +.81 +1.2 -10.9 DFS 56.49 +.96 +1.7 +1.0 DISH 61.82 +3.84 +6.6 +6.7 DIS 80.31 +2.08 +2.7 +5.1 DG 57.00 +.67 +1.2 -5.5 D 70.86 -1.47 -2.0 +9.5 RRD 16.43 -.88 -5.1 -19.0 DOW 48.69 +.19 +.4 +9.7 DWA 24.53 -2.33 -8.7 -30.9 DRYS 3.07 -.04 -1.3 -34.7 DD 66.85 +.19 +.3 +2.9 DUK 72.86 -1.14 -1.5 +5.6 DYN 29.65 +2.22 +8.1 +37.8 DANG 11.17 -.22 -1.9 +17.0 ETFC 22.67 +.27 +1.2 +15.4 EBAY 52.01 -1.71 -3.2 -5.2 EMC 25.69 +.22 +.9 +2.1 EOG 97.06 -1.98 -2.0 +15.7 ETN 72.86 -.60 -.8 -4.3 EIX 55.34 -1.59 -2.8 +19.5 EGO 6.19 +.25 +4.2 +8.8 EA 28.50 +.29 +1.0 +24.2 EMR 67.53 -.91 -1.3 -3.8 ELX 4.68 -2.59 -35.6 -34.6 ECA 22.94 +.31 +1.4 +27.1 ENDP 65.79 +5.15 +8.5 -2.5 ECYT 6.62 -11.32 -63.1 -38.0 ETP 56.00 +1.14 +2.1 -2.2 EXXI 22.70 -.56 -2.4 -16.1 ESV 49.93 -1.73 -3.3 -12.7 ETR 72.24 +.40 +.6 +14.2 ERIC 12.02 -.02 -.2 -1.8 EL 75.62 +3.42 +4.7 +.4 EXAS 12.09 -.54 -4.3 +2.9 XCO 5.98 +.06 +1.0 +12.6 EXEL 3.32 +.06 +1.8 -45.8 EXC 35.84 -.42 -1.2 +30.9 EXPE 71.15 +1.74 +2.5 +2.1 ESRX 67.23 -3.81 -5.4 -4.3 XOM 102.01 +1.60 +1.6 +.8 FB 60.46 +2.75 +4.8 +10.6 FAST 49.44 +.33 +.7 +4.1 FDX 136.95 +2.74 +2.0 -4.7 FNF 33.60 +2.07 +6.6 +3.5 FITB 20.56 -.20 -.9 -2.3 FNSR 24.91 -2.66 -9.6 +4.1 FEYE 39.94 -1.24 -3.0 -8.4 FNFG 8.86 -.10 -1.1 -16.6 FSLR 68.03 -.60 -.9 +24.5 FE 33.34 -1.31 -3.8 +1.1 FISV 61.58 +5.69 +10.2 +4.3 FLEX 9.36 +.04 +.4 +20.5 F 15.90 +.25 +1.6 +3.0 FRX 91.51 +1.67 +1.9 +52.4 FTNT 21.96 -.09 -.4 +14.8 FIG 7.45 +.26 +3.6 -13.0 FBHS 40.82 +.48 +1.2 -10.7 FET 30.53 -1.53 -4.8 +8.0 BEN 52.95 +.18 +.3 -8.3 FCX 34.68 +.67 +2.0 -8.1 FSL 22.02 -.28 -1.3 +37.2 FTR 5.95 +.21 +3.7 +28.0 FCEL 2.24 -.10 -4.3 +58.9 FIO 8.61 +.01 +.1 -3.4

GT AdvTc GalenaBio Gap Garmin GenDynam GenElec GenGrPrp GenMills GenMotors Genworth Gerdau GeronCp GileadSci GlaxoSKln GluMobile Gogo n GolLinhas GoldFLtd Goldcrp g GoldmanS Goodyear Google A Google C n Gordmans GraphPkg GreenPlns Groupon GpFnSnMx GpTelevisa HCA Hldg HCP Inc HD Supp n HalconRes Hallibrtn HartfdFn HeclaM Herbalife HercOffsh Hershey Hertz Hess HewlettP Hillshire HimaxTch HollyFront Hologic

GTAT 16.91 +.82 +5.1 +94.0 GALE 2.44 +.15 +6.6 -50.8 GPS 39.28 +.50 +1.3 +.5 GRMN 57.53 +3.29 +6.1 +24.6 GD 111.01 +2.00 +1.8 +16.2 GE 26.68 +.08 +.3 -4.8 GGP 23.17 +.49 +2.2 +15.4 GIS 52.75 +.46 +.9 +5.7 GM 34.97 +1.25 +3.7 -14.4 GNW 17.81 +.47 +2.7 +14.7 GGB 6.31 +.26 +4.3 -19.5 GERN 1.85 -.05 -2.6 -61.0 GILD 77.71 +3.81 +5.2 +3.5 GSK 55.13 -.63 -1.1 +3.3 GLUU 4.32 +.25 +6.1 +11.3 GOGO 13.42 -4.83 -26.5 -45.9 GOL 6.84 +1.03 +17.7 +49.7 GFI 4.20 -.12 -2.8 +31.3 GG 25.27 +.41 +1.6 +16.6 GS 158.88 +.64 +.4 -10.4 GT 25.29 -2.10 -7.7 +6.0 GOOGL533.87 +10.77 +2.1 -4.8 GOOG 527.93 +11.75 +2.3 -5.5 GMAN 4.53 -.19 -4.0 -40.9 GPK 10.27 -.18 -1.7 +7.0 GPRE 28.46 -.35 -1.2 +46.9 GRPN 7.09 -.10 -1.4 -39.7 BSMX 12.40 +1.13 +10.0 -9.1 TV 32.92 +.81 +2.5 +8.8 HCA 51.88 -1.56 -2.9 +8.7 HCP 42.07 +1.31 +3.2 +15.8 HDS 25.71 -.22 -.8 +7.1 HK 5.51 +.08 +1.5 +42.7 HAL 63.86 +1.00 +1.6 +25.8 HIG 35.78 +.80 +2.3 -1.2 HL 3.11 +.03 +1.0 +1.0 HLF 59.95 +2.12 +3.7 -23.8 HERO 4.61 +.10 +2.2 -29.3 HSY 96.98 +.62 +.6 -.3 HTZ 29.26 +1.44 +5.2 +2.2 HES 88.67 +1.24 +1.4 +6.8 HPQ 32.49 +.91 +2.9 +16.1 HSH 35.58 -.04 -.1 +6.4 HIMX 8.78 +.19 +2.2 -40.3 HFC 51.95 +.09 +.2 +4.5 HOLX 22.74 +2.47 +12.2 +1.7

+1.13 +6.3 +16.7 -.06 -.1 -.9 +.50 +1.1 +4.8 +.68 +1.4 -2.1 +.86 +1.3 +2.9 +1.06 +2.1 +.1 +.98 +1.9 +2.9 -.14 -.5 -9.2 -2.52 -2.9 -19.1 +2.12 +2.8 +8.3 +1.82 +4.2 +17.6 -.92 -1.6 +2.8 +3.60 +10.0 -26.0 +.25 +1.2 +17.8 +.14 +.1 -3.3 +2.31 +3.3 +5.3 -.09 -3.1 -67.6 +1.40 +4.4 -4.3 -.51 -7.8 -19.3 -1.55 -3.2 -25.8 +1.79 +2.5 +1.6 +2.29 +5.0 -3.7 -.01 -.2 -14.2 -.25 -2.5 -10.8 +.20 +6.6 -48.6 -.13 -2.8 -31.4

DIV

dd ... 22 1.22f 17 1.00 25 ... 29 1.44f 19 .90f 19 .90f 16 1.00 dd ... 12 2.76 13 .25 16 2.52 dd ... 17 .40 26 1.42f 20 1.28 q ... q ... q ... 46 ... cc 1.40 56 ... 25 ... 21 .44 dd ... dd ...

D-E-F ... dd 15 dd 20 10 3 15 dd 15 q q q q q q q q 11 39 22 18 21 19 13 23 dd 21 19 dd dd 45 dd 20 24 17 21 cc dd 19 dd 21 19 dd dd 12 10 13 ... 30 dd 37 dd 17 31 30 11 80 33 26 24 11 29 ... 12 14 15 23 21 10 cc 92 10 27 22 15 12 ... 50 dd dd

.44f .62f .15 .20 .40f 2.04 .24 .25 .96f ... ... ... ... ... ... ... ... 1.19e .96f ... .86f ... 2.40f 1.04 1.48f ... ... 1.80 3.12 ... ... ... ... .46f .50f 1.96 1.42 .06e ... 1.72 ... .28 ... ... 3.74f .48 3.00 3.32 .46e .80 ... .20 ... 1.24 .60 ... 2.76f ... 1.00 .60 .72 .48 ... ... .32 ... 1.44 ... ... .50 ... ... .32 .48 ... .48 1.25a ... .40 ... ...

dd dd 14 21 16 20 63 19 14 14 ... dd 28 ... dd dd ... ... dd 10 13 16 16 11 19 13 dd ... ... 15 20 ... dd 22 10 dd 14 dd 27 38 7 12 21 44 14 dd

... ... .88f 1.92f 2.48f .88 .60f 1.64f 1.20 ... .13e ... ... 2.56e ... ... ... .02e .60 2.20 .20 ... ... 3.60e ... .16 ... .96e .14e ... 2.18 ... ... .60 .60 .01e ... ... 1.94 ... 1.00 .64f .70 .25e 1.20a ...

G-H-I

LAST

WK WK YTD CHG %CHG %CHG PE

NAME

TKR

HomeDp HomeAway HonwllIntl Hospira HostHotls HovnanE HudsCity HuntBncsh Huntsmn IAC Inter IAMGld g ICICI Bk iShBrazil iShEMU iShGerm iSh HK iShItaly iShJapan iShMexico iSTaiwn iSh UK iShSilver iShChinaLC iSCorSP500 iShEMkts iSh20 yrT iSh7-10yTB iS Eafe iShiBxHYB iShNsdqBio iShR2K iShREst iShHmCnst Illumina Incyte Infinera IngrmM InovioPhm IntgDv Intel InterMune IBM IntlGame IntPap Interpublic InvenSense Invesco InvBncp IronwdPh Isis IsoRay ItauUnibH

HD AWAY HON HSP HST HOV HCBK HBAN HUN IACI IAG IBN EWZ EZU EWG EWH EWI EWJ EWW EWT EWU SLV FXI IVV EEM TLT IEF EFA HYG IBB IWM IYR ITB ILMN INCY INFN IM INO IDTI INTC ITMN IBM IGT IP IPG INVN IVZ ISBC IRWD ISIS ISR ITUB

79.40 33.49 92.37 46.20 21.47 4.60 9.93 9.14 25.38 65.06 3.51 42.71 48.48 42.89 31.46 20.51 17.96 11.20 64.57 14.77 21.60 18.69 35.00 189.26 41.61 112.71 102.56 68.40 94.04 229.05 112.03 70.23 23.95 139.16 51.61 8.95 26.82 2.56 12.10 26.41 32.81 191.44 12.70 45.89 17.40 19.63 35.96 27.38 11.79 25.87 2.24 16.81

-3.6 -18.1 +1.1 +11.9 +10.4 -30.5 +5.3 -5.3 +3.2 -5.2 +5.4 +14.9 +8.5 +3.6 -.9 -.4 +15.2 -7.7 -5.0 +2.4 +3.4 -.1 -8.8 +1.9 -.4 +10.7 +3.3 +1.9 +1.2 +.9 -2.9 +11.3 -3.5 +25.8 +1.9 -8.5 +14.3 -11.7 +18.9 +1.8 +122.7 +2.1 -30.1 -6.4 -1.7 -5.5 -1.2 +7.0 +1.6 -35.1 +348.0 +24.0

21 cc 19 57 36 38 27 13 23 21 18 ... q q q q q q q q q q q q q q q q q q q q q 97 dd dd 14 dd 25 14 dd 13 14 15 26 93 16 27 dd dd dd ...

1.88f ... 1.80 ... .56f ... .16 .20 .50 .96 ... .75e 1.44e .92e .44e .61e .34e .13e 1.33e .26e .50e ... 1.02e 3.44e .86e 3.37e 2.17e 1.70e 6.01e .07e 1.45e 2.56e .04e ... ... ... ... ... ... .90 ... 4.40f .44 1.40 .38f ... 1.00f .20 ... ... ... .51r

JA Solar JDS Uniph JPMorgCh JacobsEng JanusCap JetBlue JohnJn JohnsnCtl JnprNtwk KB Home KBR Inc KKR KLA Tnc Kellogg KeyEngy Keycorp Kimco KindME KindMorg Kinross g KodiakO g KraftFGp Kroger L Brands LKQ Corp LSI Corp LamResrch LVSands Lattice LennarA Level3 LexRltyTr LibGlobA s LibGlobC s LibtyIntA LifeLock LillyEli LincNat Lindsay LinearTch LinkedIn LloydBkg Lorillard LaPac Lowes lululemn gs LyonBas A

JASO JDSU JPM JEC JNS JBLU JNJ JCI JNPR KBH KBR KKR KLAC K KEG KEY KIM KMP KMI KGC KOG KRFT KR LB LKQ LSI LRCX LVS LSCC LEN LVLT LXP LBTYA LBTYK LINTA LOCK LLY LNC LNN LLTC LNKD LYG LO LPX LOW LULU LYB

9.81 -.82 -7.7 +7.0 10.96 -2.15 -16.4 -15.6 55.58 -.12 -.2 -4.3 56.78 -5.32 -8.6 -9.9 12.18 +.16 +1.3 -1.5 8.20 +.28 +3.5 -4.0 99.31 -.48 -.5 +8.4 45.21 +.72 +1.6 -11.9 24.75 +.27 +1.1 +9.7 16.71 +.59 +3.7 -8.6 25.84 +.44 +1.7 -19.0 22.96 -.75 -3.2 -5.7 63.20 +.29 +.5 -2.0 65.60 -1.11 -1.7 +7.4 9.11 -.70 -7.1 +15.3 13.67 +.13 +1.0 +1.9 22.97 +.43 +1.9 +16.3 75.32 +.16 +.2 -6.6 32.72 +.14 +.4 -9.1 4.12 -.06 -1.4 -5.9 12.73 -.08 -.6 +13.6 56.20 -.46 -.8 +4.2 46.51 +1.36 +3.0 +17.7 54.60 +.76 +1.4 -11.7 29.26 +2.61 +9.8 -11.1 11.15 +.01 +.1 +1.0 57.52 +1.15 +2.0 +5.6 80.60 +3.60 +4.7 +2.2 8.18 -.55 -6.3 +49.0 39.88 +1.27 +3.3 +.8 43.00 +6.37 +17.4 +29.6 10.84 +.23 +2.2 +6.2 41.30 +1.30 +3.3 -9.1 39.73 +1.03 +2.7 -5.8 29.05 -.19 -.6 -1.0 14.37 -1.51 -9.5 -12.4 59.08 +.58 +1.0 +15.8 49.18 +1.67 +3.5 -4.7 89.33 -.08 -.1 +8.0 44.86 +.22 +.5 -1.5 147.73 -10.44 -6.6 -31.9 5.53 +.47 +9.3 +3.9 58.79 +4.67 +8.6 +16.0 16.73 +1.14 +7.3 -9.6 46.98 +.60 +1.3 -5.2 45.45 -.05 -.1 -23.0 92.40 +1.35 +1.5 +15.1

dd 27 14 18 20 17 19 16 28 23 17 10 18 13 dd 13 52 27 28 dd 22 12 16 18 27 53 20 29 55 18 cc dd dd ... ... 28 16 10 19 25 dd ... 18 14 22 24 13

... ... 1.60f ... .32f ... 2.80f .88 ... .10 .32 1.56e 1.80 1.84 ... .22 .90 5.52f 1.68f ... ... 2.10 .66 1.36f ... .12 .72 2.00f ... .16 ... .66 ... ... ... ... 1.96 .64 1.04f 1.08 ... ... 2.46f ... .72 ... 2.80f

MBIA MFA Fncl MGIC Inv MGM Rsts MRC Glbl Macys MagHRes Mallinck n Manitowoc MannKd MarathnO MarathPet MVJrGld rs MktVGold MV OilSvc MktVRus MarIntA MarshM MarvellT Masco MasterCd s Mattel MaximIntg McDrmInt McDnlds McKesson McEwenM MeadWvco Medtrnic MelcoCrwn Merck Meritor MerrimkP MetLife MKors MicronT Microsoft MitsuUFJ MobileTele Molycorp Mondelez Monsanto MonstrWw MorgStan Mosaic MotrlaSolu MurphO Mylan NCR Corp NII Hldg NQ Mobile NRG Egy NXP Semi Nabors

MBI 12.25 MFA 7.94 MTG 8.68 MGM 26.49 MRC 29.12 M 57.19 MHR 8.32 MNK 73.84 MTW 29.00 MNKD 6.35 MRO 36.54 MPC 95.75 GDXJ 36.62 GDX 24.32 OIH 52.06 RSX 22.29 MAR 59.09 MMC 48.46 MRVL 15.83 MAS 20.55 MA 73.78 MAT 39.56 MXIM 32.36 MDR 7.22 MCD 101.43 MCK 167.01 MUX 2.37 MWV 39.34 MDT 58.77 MPEL 36.45 MRK 58.22 MTOR 13.83 MACK 6.43 MET 51.89 KORS 93.21 MU 26.31 MSFT 39.69 MTU 5.51 MBT 16.47 MCP 4.76 MDLZ 35.48 MON 112.20 MWW 5.64 MS 30.69 MOS 49.93 MSI 65.51 MUR 61.21 MYL 49.82 NCR 30.25 NIHD .79 NQ 11.99 NRG 33.57 NXPI 61.78 NBR 25.86

+.02 +.17 -.28 +2.89 +.57 +.18 +.01 -.03 +.89 -.66 -.03 -.23 +1.77 +.60 +.53 +.14 +.24 +.18 +1.49 +.36 +.52 -.25 +.30 +1.81 +.79 +1.38 +.46 +1.00 -.20 +5.09 +.42 +1.22 +.59 -.55 +6.20 +.08 -.11 +.15 +.37 +.15 +3.14 +1.81 +.24 +.26 +.20 -1.07 +1.08 +1.04 +1.11 -6.87 +.06 +.44

... +.5 -.3 +6.7 +2.7 +4.1 +.1 -.3 +3.6 -1.0 -.8 -.5 +3.8 +1.4 +1.7 +.7 +1.4 +1.6 +2.4 +2.5 +2.5 -1.3 +.9 +1.0 +1.9 +1.2 +.5 +1.5 -.2 +2.3 +.4 +1.8 +2.5 -.4 +13.7 +.9 -.4 +6.2 +3.2 +.6 +10.6 +1.0 +1.9 +.6 +1.2 -5.2 +3.1 +3.9 +10.4 -21.0 +2.8 +2.7

DIV

J-K-L

M-N-0 +.33 -.01 +.30 +2.83 +.13 -.38 +.14 +6.85 -1.77 +.12 +.46 +5.02 -.82 -.14 -.22 +.55 +1.86 -.16 -.05 -.23 +3.12 +1.57 +.81 +.24 +.70 -.84 -.12 +1.22 +.56 +.87 +.98 +2.05 +1.96 +.80 +3.33 +1.05 -.22 +.18 +.30 -.04 +.14 +2.53 -.88 +.21 +.51 +3.01 -2.52 -2.28 -3.50 -.16 -1.24 +.55 +2.91 +1.13

+2.8 -.1 +3.6 +12.0 +.4 -.7 +1.7 +10.2 -5.8 +1.9 +1.3 +5.5 -2.2 -.6 -.4 +2.5 +3.3 -.3 -.3 -1.1 +4.4 +4.1 +2.6 +3.4 +.7 -.5 -4.8 +3.2 +1.0 +2.4 +1.7 +17.4 +43.8 +1.6 +3.7 +4.2 -.6 +3.4 +1.9 -.8 +.4 +2.3 -13.5 +.7 +1.0 +4.8 -4.0 -4.4 -10.4 -16.9 -9.4 +1.7 +4.9 +4.6

+2.6 +12.5 +2.8 +12.6 -9.7 +7.1 +13.8 +41.3 +24.4 +22.1 +3.5 +4.4 +17.9 +15.1 +8.3 -22.8 +19.7 +.2 +10.1 -9.7 -11.7 -16.9 +16.0 -21.2 +4.5 +3.5 +20.9 +6.5 +2.4 -7.1 +16.3 +32.6 +20.6 -3.8 +14.8 +21.0 +6.1 -17.5 -23.9 -15.3 +.5 -3.7 -20.9 -2.1 +5.6 -2.9 -5.7 +14.8 -11.2 -71.3 -18.4 +16.9 +34.5 +52.2

10 ... 10 .80 38 ... dd ... 23 ... 15 1.00 dd ... ... ... 28 .08 dd ... 14 .76 19 1.68 q ... q .19e q .54e q .74e 27 .68 20 1.00 24 .24 27 .30 28 .44 15 1.52 24 1.04 13 ... 18 3.24 34 .96 dd ... 8 1.00a 17 1.12 58 .34e 39 1.76 92 ... dd ... 15 1.40f 42 ... 11 ... 15 1.12 ... ... ... .94e dd ... 16 .56 22 1.72 dd ... 18 .40f 20 1.00 17 1.24 12 1.25b 32 ... 13 ... dd ... dd ... dd .56f ... ... 55 .16

LAST

WK WK YTD CHG %CHG %CHG PE

NAME

TKR

NBGrce rs NOilVarco Navient n NetApp Netflix NeuStar NwGold g NewOriEd NewResd n NY CmtyB Newcastle NewellRub NewfldExp NewLead rs NewmtM NewsCpA n NextEraEn NiSource NielsenH NikeB NobleCorp NokiaCp NA Pall g NorthropG NStarRlt NorwCruis Novavax NuanceCm Nvidia OGE Egy s OcciPet Och-Ziff OcwenFn OfficeDpt Oi SA C Oi SA OnSmcnd ONEOK Oracle Orexigen Organovo OtterTail

NBG 3.92 -.11 -2.7 -30.0 NOV 79.40 -4.07 -4.9 -.2 NAVI 16.95 +.06 +.4 -.2 NTAP 35.54 +.54 +1.5 -13.6 NFLX 340.65 +18.57 +5.8 -7.5 NSR 26.63 -.95 -3.4 -46.6 NGD 5.19 +.08 +1.6 -1.0 EDU 25.50 -.48 -1.8 -19.0 NRZ 6.25 +.10 +1.6 -6.4 NYCB 15.46 -.39 -2.5 -8.2 NCT 4.47 +.02 +.4 -7.5 NWL 28.88 -1.21 -4.0 -10.9 NFX 33.73 +1.98 +6.2 +36.9 NEWL .08 -.05 -38.5 -99.5 NEM 24.72 -1.73 -6.5 +7.3 NWSA 17.31 +.18 +1.1 -3.9 NEE 97.99 +.32 +.3 +14.4 NI 36.24 +.42 +1.2 +10.2 NLSN 46.99 +1.00 +2.2 +2.4 NKE 72.99 +.29 +.4 -7.2 NE 30.80 -.69 -2.2 -17.8 NOK 7.35 +.08 +1.1 -9.4 PAL .26 -.04 -14.7 -60.8 NOC 120.73 +1.74 +1.5 +5.3 NRF 16.07 +.04 +.2 +19.5 NCLH 32.50 +1.53 +4.9 -8.4 NVAX 4.33 +.44 +11.3 -15.4 NUAN 16.41 +.11 +.7 +8.0 NVDA 18.43 -.30 -1.6 +15.0 OGE 36.30 -.82 -2.2 +7.1 OXY 94.44 -1.93 -2.0 -.7 OZM 11.86 -1.07 -8.3 -19.9 OCN 34.55 -2.67 -7.2 -37.7 +.10 +2.4 -19.7 ODP 4.25 OIBR/C 1.02 -.14 -12.1 -37.8 OIBR 1.05 -.06 -5.4 -34.0 ONNN 8.88 -.57 -6.0 +7.8 OKE 63.18 +1.05 +1.7 +16.1 ORCL 40.81 +1.36 +3.4 +6.7 OREX 5.52 -.07 -1.2 -2.0 ONVO 5.95 +.40 +7.2 -46.3 OTTR 28.61 -.84 -2.9 -2.3

PBF Engy PDL Bio PG&E Cp PMC Sra PNC PPL Corp Paccar PacEthn rs Pandora PattUTI Paychex PeabdyE PennVa Penney PeopUtdF PepcoHold PepsiCo PetrbrsA Petrobras Pfizer Pharmacyc PhilipMor Phillips66 PitnyBw PlugPowr h Polycom PolyOne Potash PS SrLoan PwShs QQQ PrecDrill ProLogis ProShtS&P ProUltQQQ ProUltSP Pro7-10yrT PrUPQQQ s ProUltR2K PUVixST rs ProctGam ProgsvCp ProUShSP PUShQQQ rs ProUShL20 PUSR2K rs PShtQQQ rs PUShSPX rs ProspctCap Prudentl PSEG PulteGrp QEP Res Qihoo360 QlikTech Qualcom QuantaSvc Questcor QksilvRes RF MicD Rackspace RadianGrp RadioShk RangeRs RJamesFn Raytheon Realogy RltyInco RegionsFn Rentech RexahnPh ReynAmer RioTinto RiteAid Rowan RoyDShllB RoyDShllA

PBF 32.01 PDLI 8.46 PCG 44.53 PMCS 7.04 PNC 84.73 PPL 33.80 PCAR 63.29 PEIX 13.74 P 24.31 PTEN 33.07 PAYX 41.40 BTU 18.82 PVA 16.58 JCP 8.58 PBCT 14.38 POM 26.98 PEP 85.52 PBR/A 15.79 PBR 14.61 PFE 30.75 PCYC 88.13 PM 85.38 PSX 83.53 PBI 26.41 PLUG 4.50 PLCM 12.34 POL 38.81 POT 36.57 BKLN 24.78 QQQ 87.49 PDS 13.14 PLD 40.79 SH 24.48 QLD 98.62 SSO 106.22 UST 52.82 TQQQ 60.44 UWM 79.60 UVXY 53.46 PG 81.92 PGR 24.80 SDS 27.90 QID 58.19 TBT 62.44 TWM 49.02 SQQQ 54.24 SPXU 54.71 PSEC 10.79 PRU 82.05 PEG 38.89 PHM 18.71 QEP 30.25 QIHU 88.38 QLIK 22.34 QCOM 78.99 PWR 34.63 QCOR 83.05 KWK 3.33 RFMD 8.65 RAX 28.13 RDN 14.27 RSH 1.35 RRC 89.97 RJF 49.74 RTN 95.83 RLGY 42.66 O 43.21 RF 10.24 RTK 2.28 RNN .85 RAI 55.94 RIO 54.61 RAD 7.87 RDC 31.29 RDS/B 85.20 RDS/A 79.43

SLM Cp SpdrDJIA SpdrGold SpdrEuro50 S&P500ETF SpdrHome SpdrLehHY SpdrS&P RB SpdrRetl SpdrOGEx SABESP StJude Salesforce SallyBty SanDisk SandRdge Schlmbrg Schwab SeadrillLtd SeagateT SealAir SenHous Sequenom ServcNow SvcSource SiderurNac SilvWhtn g Sina SiriusXM SkywksSol SmithWes Smucker SolarCity Sonus SouFun s

SLM DIA GLD FEZ SPY XHB JNK KRE XRT XOP SBS STJ CRM SBH SNDK SD SLB SCHW SDRL STX SEE SNH SQNM NOW SREV SID SLW SINA SIRI SWKS SWHC SJM SCTY SONS SFUN

DIV

... 14 ... 22 cc 11 58 34 ... 14 14 18 27 ... dd ... 21 21 23 25 9 ... ... 14 dd 27 dd dd 25 17 13 8 15 dd ... ... 20 47 17 dd dd 21

... 1.04 ... .60 ... ... ... .35e .70a 1.00 .40b .68f ... ... .10m ... 2.90f 1.00 1.00f .96 1.50 .51e ... 2.44 1.00f ... ... ... .34 .90 2.88 1.74e ... ... .45e .45e ... 2.24f .48 ... ... 1.21f

+1.7 +.2 +10.6 +9.5 +9.2 +12.3 +7.0 +169.9 -8.6 +30.6 -9.1 -3.6 +75.8 -6.2 -4.9 +41.0 +3.1 +7.5 +6.0 +.4 -16.7 -2.0 +8.3 +13.3 +190.3 +9.9 +9.8 +11.0 -.4 -.5 +40.2 +10.4 -3.0 -1.0 +3.6 +6.4 -2.6 -6.5 -20.4 +.6 -9.1 -5.9 -3.0 -21.2 +1.9 -5.5 -9.2 -3.8 -11.0 +21.4 -8.1 -1.3 +7.7 -16.1 +6.4 +9.7 +52.5 +8.5 +67.6 -28.1 +1.1 -48.1 +6.7 -4.7 +5.7 -13.8 +15.8 +3.5 +30.3 +66.7 +11.9 -3.2 +55.5 -11.5 +13.4 +11.4

14 5 22 dd 11 13 19 dd dd 29 25 94 dd dd 19 24 20 ... ... 15 cc 17 16 46 dd dd 15 20 ... q 19 cc q q q q q q q 22 13 q q q q q q ... dd 15 3 36 cc dd 20 19 14 4 51 47 dd dd 66 17 16 12 51 13 dd dd 19 ... 36 15 11 10

1.20 .60 1.82 ... 1.92f 1.49f .88f ... ... .40 1.40 .34 ... ... .66f 1.08 2.27 .85e .46e 1.04 ... 3.76 1.56 .75 ... ... .32 1.40 1.01e 1.30e .24 1.32 ... ... .25e .77e ... ... ... 2.57f 1.00e ... ... ... ... ... ... 1.32 2.12 1.48 .20 .08 ... ... 1.68f ... 1.20 ... ... ... .01 ... .16 .64 2.42f ... 2.19 .20f ... ... 2.68f 1.94e ... .40 3.76f 3.76f

-.29 -3.1 -4.4 +1.40 +.9 -.4 -.37 -.3 +7.7 +.66 +1.5 +3.0 +1.77 +1.0 +1.8 +.75 +2.4 -4.6 -.05 -.1 +1.6 -.23 -.6 -5.1 +1.71 +2.1 -4.7 +.76 +1.0 +12.8 +.41 +4.3 -12.4 +2.26 +3.6 +3.7 -.36 -.7 -5.0 -1.86 -6.9 -16.4 +1.52 +1.8 +21.4 +.15 +2.3 +12.2 -.72 -.7 +12.1 -.15 -.6 +2.7 -.44 -1.3 -16.4 -1.68 -3.2 -9.1 +.68 +2.1 -2.5 -.02 -.1 +5.4 +.30 +11.5 +23.9 +3.95 +8.4 -8.6 -2.02 -32.5 -49.9 +.07 +1.8 -34.8 +.11 +.5 +11.8 ... ... -42.8 +.12 +3.7 -7.3 -.03 -.1 +45.1 +1.85 +13.2 +17.7 +.92 +1.0 -6.4 -1.17 -2.1 -4.6 +.11 +3.6 +1.0 +.13 +1.0 -23.6

3 q q q q q q q q q ... 24 dd 17 18 dd 19 32 15 11 37 24 dd dd dd ... 22 dd 54 25 11 18 ... dd 18

... 3.57e ... 1.16e 3.48e .11e 2.92e .58e .61e .54e .31e 1.08 ... ... .90 ... 1.60 .24 3.92f 1.72 .52 1.56 ... ... ... .55e .38e ... ... .44 ... 2.32 ... ... .20e

P-Q-R +3.09 +.07 -.97 -.03 +.86 +.25 -2.37 -.89 +.80 +.85 +1.01 +.82 -.29 +.60 +.17 +5.13 +.27 +1.52 +1.11 ... -.57 +1.27 +.94 +1.58 -.87 +.02 +1.13 +.85 +.13 +1.30 +.58 +.06 -.24 +2.91 +1.92 +.72 +2.68 +.50 -4.90 +.51 +1.01 -.55 -1.84 -1.93 -.36 -2.54 -1.58 -.04 +1.37 -1.35 +.27 -.93 -.91 +.22 +1.38 -.57 +1.55 +.26 +.66 -.82 +.38 -.12 -1.76 -.01 +.93 +.81 +.50 +.09 +.18 -.17 +.84 -.45 +.88 ... +4.62 +3.97

+10.7 +.8 -2.1 -.4 +1.0 +.7 -3.6 -6.1 +3.4 +2.6 +2.5 +4.6 -1.7 +7.5 +1.2 +23.5 +.3 +10.7 +8.2 ... -.6 +1.5 +1.1 +6.4 -16.2 +.2 +3.0 +2.4 +.5 +1.5 +4.6 +.1 -1.0 +3.0 +1.8 +1.4 +4.6 +.6 -8.4 +.6 +4.2 -1.9 -3.1 -3.0 -.7 -4.5 -2.8 -.4 +1.7 -3.4 +1.5 -3.0 -1.0 +1.0 +1.8 -1.6 +1.9 +8.5 +8.3 -2.8 +2.7 -8.2 -1.9 ... +1.0 +1.9 +1.2 +.9 +8.6 -16.7 +1.5 -.8 +12.6 ... +5.7 +5.3

S-T-U 8.98 164.75 125.06 43.45 188.06 31.76 41.22 38.55 83.98 77.28 9.93 64.23 52.44 25.27 85.64 6.81 101.03 26.70 34.33 51.04 33.20 23.43 2.90 51.18 4.20 4.04 22.58 48.15 3.24 41.43 15.88 96.94 54.23 3.18 12.59

LAST

WK WK YTD CHG %CHG %CHG PE

NAME

TKR

SouthnCo SwstAirl SwstnEngy SpectraEn Splunk Sprint n SP Matls SP HlthC SP CnSt SP Consum SP Engy SPDR Fncl SP Inds SP Tech SP Util StdPac Staples Starbucks StarwdHtl StarwdPT StateStr StlDynam StillwtrM StratHotels Suncor gs SunEdison SunPower SunstnHtl SunTrst Supvalu SwftEng SwiftTrans Symantec SynrgyPh Synovus SynthBiol Sysco T-MobileUS TD Ameritr TECO TJX TableauA n TaiwSemi TalismE g Target TeckRes g Teradyn Terex TeslaMot Tesoro TevaPhrm TexInst Textron 3D Sys 3M Co TibcoSft TW Cable TimeWarn TollBros Total SA TotalSys Toyota Transocn Travelers TrinaSolar Trinity TripAdvis TriQuint Trulia TurqHillRs 21stCFoxA 21stCFoxB Twitter n TwoHrbInv TycoIntl Tyson US Silica USG UltraPt g Umpqua UndArmr s UnionPac UtdContl UPS B US Bancrp US NGas US OilFd USSteel UtdTech UtdhlthGp

SO LUV SWN SE SPLK S XLB XLV XLP XLY XLE XLF XLI XLK XLU SPF SPLS SBUX HOT STWD STT STLD SWC BEE SU SUNE SPWR SHO STI SVU SFY SWFT SYMC SGYP SNV SYN SYY TMUS AMTD TE TJX DATA TSM TLM TGT TCK TER TEX TSLA TSO TEVA TXN TXT DDD MMM TIBX TWC TWX TOL TOT TSS TM RIG TRV TSL TRN TRIP TQNT TRLA TRQ FOXA FOX TWTR TWO TYC TSN SLCA USG UPL UMPQ UA UNP UAL UPS USB UNG USO X UTX UNH

Vale SA Vale SA pf ValeantPh ValeroE Valmont VangREIT VangEmg VangEur VangFTSE VantageDrl Verisign VerizonCm ViacomB VimpelCm Visa Vivus VMware Vodafone Vonage WPX Engy WalMart Walgrn WalterEn WsteMInc WeathfIntl Weibo n WtWatch WellPoint WellsFargo Wendys Co WernerEnt WestCorp WestarEn WDigital WstnUnion WstptInn g Weyerhsr WholeFd s WmsCos WillisGp Windstrm WiscEngy WisdomTr WTJpHedg WT India Workday Wynn XOMA XcelEngy Xerox Xilinx YY Inc Yahoo Yamana g Yandex Yelp YingliGrn YoukuTud YumBrnds Zillow Zimmer ZionsBcp Zoetis Zogenix Zynga

VALE 13.57 +.06 +.4 -11.0 VALE/P 12.29 +.04 +.3 -12.3 VRX 136.35 +2.62 +2.0 +16.1 VLO 57.91 +1.24 +2.2 +14.9 VMI 150.34 +5.27 +3.6 +.8 VNQ 73.23 +1.16 +1.6 +13.4 VWO 41.24 +.78 +1.9 +.2 VGK 60.43 +1.04 +1.8 +2.8 VEA 42.00 +.60 +1.4 +.8 VTG 1.66 -.10 -5.7 -9.8 VRSN 48.42 +1.27 +2.7 -19.0 VZ 47.12 +1.18 +2.6 -4.1 VIAB 84.15 +.71 +.9 -3.7 VIP 8.28 +.09 +1.1 -36.0 V 204.42 +5.49 +2.8 -8.2 VVUS 5.26 +.07 +1.3 -42.1 VMW 93.68 +.81 +.9 +4.4 VOD 37.49 +.82 +2.2 -6.2 VG 4.22 +.55 +15.0 +26.7 WPX 21.57 +.54 +2.6 +5.8 WMT 79.12 +.50 +.6 +.5 WAG 68.86 +2.21 +3.3 +19.9 WLT 7.23 -.19 -2.6 -56.5 WM 44.14 +1.10 +2.6 -1.6 WFT 20.77 +.30 +1.5 +34.1 WB 20.03 +.82 +4.3 -1.0 WTW 23.24 +2.73 +13.3 -29.4 WLP 100.87 +4.87 +5.1 +9.2 WFC 49.58 +.53 +1.1 +9.2 WEN 8.42 +.14 +1.7 -3.4 WERN 25.51 +.02 +.1 +3.4 WSTC 23.84 -.57 -2.3 -7.3 WR 35.18 -.90 -2.5 +9.4 WDC 83.68 -4.09 -4.7 -.3 WU 16.31 +.76 +4.9 -5.4 WPRT 16.07 +3.13 +24.2 -18.1 WY 29.94 +.42 +1.4 -5.2 WFM 49.65 -1.00 -2.0 -14.1 WMB 42.84 +1.58 +3.8 +11.1 WSH 41.22 -1.89 -4.4 -8.0 WIN 9.14 +.29 +3.3 +14.5 WEC 47.78 -.85 -1.7 +15.6 WETF 11.21 +.24 +2.2 -36.7 DXJ 46.38 +.33 +.7 -8.8 EPI 19.20 +.19 +1.0 +10.1 WDAY 75.73 +8.12 +12.0 -8.9 WYNN 221.68 +20.19 +10.0 +14.1 XOMA 4.30 +.34 +8.6 -36.1 XEL 31.19 -.76 -2.4 +11.6 XRX 12.03 +.29 +2.5 -1.2 XLNX 46.37 -1.43 -3.0 +1.0 YY 60.62 -2.59 -4.1 +20.6 YHOO 36.87 +2.39 +6.9 -8.8 AUY 7.46 -.13 -1.7 -13.5 YNDX 26.53 +2.53 +10.5 -38.5 YELP 59.76 +2.13 +3.7 -13.3 YGE 3.25 -.43 -11.7 -35.6 YOKU 22.04 -2.10 -8.7 -27.3 YUM 76.20 -1.47 -1.9 +.8 Z 106.86 +14.09 +15.2 +30.7 ZMH 98.11 -2.43 -2.4 +5.3 ZION 28.84 -.16 -.6 -3.7 ZTS 30.64 +.48 +1.6 -6.3 ZGNX 2.48 -.23 -8.5 -27.9 ZNGA 3.86 -.22 -5.4 +1.6

DIV

44.18 -1.55 -3.4 +7.5 18 2.10f 24.18 +.23 +1.0 +28.3 22 .16 47.10 -.69 -1.4 +19.8 83 ... 39.41 +.44 +1.1 +10.6 24 1.34 54.87 -.73 -1.3 -20.1 dd ... 8.70 +.88 +11.3 -19.1 dd ... 47.55 +.39 +.8 +2.9 q .99e 57.75 +.36 +.6 +4.2 q .84e 44.20 +.41 +.9 +2.8 q 1.05e 64.25 +.81 +1.3 -3.9 q .82e 93.72 +.49 +.5 +5.9 q 1.59e 21.99 +.14 +.6 +.6 q .34e 52.82 +.31 +.6 +1.1 q .91e 36.39 +.64 +1.8 +1.8 q .64e 42.50 -.61 -1.4 +11.9 q 1.47e 8.10 +.12 +1.5 -10.5 16 ... 12.62 +.33 +2.7 -20.6 13 .48 70.60 -.85 -1.2 -9.9 29 1.04 78.99 +3.99 +5.3 -.6 27 1.40a 24.05 +.88 +3.8 +7.7 14 1.92f 65.36 +1.57 +2.5 -10.9 14 1.04 18.48 +.10 +.5 -5.4 24 .46f 15.44 -.60 -3.7 +25.1 34 ... 10.75 +.61 +6.0 +13.8 dd ... 39.33 +2.23 +6.0 +12.2 12 .92 20.23 +.46 +2.3 +55.0 dd ... 33.98 -.20 -.6 +14.0 23 ... 14.46 +.65 +4.7 +7.9 50 .20 38.32 -.12 -.3 +4.1 13 .80f 7.12 +.01 +.1 -2.3 10 ... 11.21 -.06 -.5 -17.0 dd ... 23.71 +.33 +1.4 +6.8 24 ... 20.37 +.09 +.4 -13.6 17 .60 4.30 -.47 -9.9 -23.6 dd ... 3.26 +.06 +1.9 -9.4 20 .04 1.30 -1.54 -54.2 -15.0 dd ... 36.21 +.17 +.5 +.3 22 1.16 32.00 +2.95 +10.2 -4.9 dd ... 31.86 -.51 -1.6 +4.0 23 .48a 17.80 -.58 -3.2 +3.2 18 .88 58.38 +.24 +.4 -8.4 20 .70f 58.46 +2.23 +4.0 -15.2 ... ... 19.62 -.29 -1.5 +12.5 ... .50e 10.21 -.34 -3.2 -12.4 ... .27 62.01 +.75 +1.2 -2.0 20 1.72 23.12 +.64 +2.8 -11.1 ... .90 17.76 +.44 +2.5 +.8 27 .24 40.87 -.72 -1.7 -2.7 20 .20 210.91 +11.06 +5.5 +40.2 dd ... 55.86 +.86 +1.6 -4.5 18 1.00 49.86 +1.17 +2.4 +24.4 100 1.34e 45.78 -.26 -.6 +4.3 24 1.20 39.05 -.21 -.5 +6.2 24 .08 48.49 -1.15 -2.3 -47.8 cc ... 140.12 +3.56 +2.6 -.1 20 3.42f 19.34 -.01 -.1 -14.0 37 ... 142.13 +2.72 +2.0 +4.9 20 3.00f 66.20 +1.00 +1.5 -5.0 15 1.27f 35.40 +1.13 +3.3 -4.3 30 ... 70.47 +1.97 +2.9 +15.0 ... 3.19e 32.33 +2.54 +8.5 -2.9 24 .40 109.93 +3.44 +3.2 -9.8 ... 2.54e 42.99 +.11 +.3 -13.0 cc 2.24 91.00 +2.69 +3.0 +.5 9 2.20f 11.29 -1.17 -9.4 -17.4 dd ... 76.28 +3.17 +4.3 +39.9 12 .60 82.60 +5.21 +6.7 -.3 59 ... 14.37 +.90 +6.7 +72.3 dd ... 34.34 +2.68 +8.5 -2.6 dd ... 3.91 +.08 +2.1 +18.5 dd ... 32.52 -.12 -.4 -7.5 ... .25 31.78 ... ... -8.2 11 .25 39.02 -2.59 -6.2 -38.7 ... ... 10.33 +.14 +1.4 +11.3 10 1.11e 40.81 -.48 -1.2 -.6 dd .72 42.65 +.22 +.5 +27.5 18 .30 46.73 +5.81 +14.2 +37.0 33 .50 30.86 +1.31 +4.4 +8.7 43 ... 29.62 +.22 +.7 +36.8 14 ... 16.29 -.72 -4.2 -14.9 20 .60a 48.84 +.42 +.9 +11.9 63 ... 188.00 +.22 +.1 +11.9 19 3.64f 40.72 +1.31 +3.3 +7.6 39 ... 98.56 +1.16 +1.2 -6.2 22 2.68f 40.39 +.17 +.4 ... 13 .92 25.99 +.17 +.7 +25.6 q ... 36.29 -.31 -.8 +2.7 q ... 26.34 -.17 -.6 -10.7 dd .20 116.52 -.69 -.6 +2.4 19 2.36 75.03 -.63 -.8 -.4 14 1.12

V-W-X-Y-Z ... ... dd 11 16 q q q q 33 12 11 16 dd 24 dd 39 ... 47 dd 16 24 dd cc dd ... 7 13 12 77 22 11 15 20 11 dd 26 33 52 dd 20 18 30 q q dd 30 dd 16 13 21 ... 31 37 ... dd dd dd 30 dd 20 17 30 dd dd

.84e .78e ... 1.00 1.00 2.67e 1.20e 2.28e 1.36e ... ... 2.12 1.20 .45e 1.60 ... ... ... ... ... 1.92f 1.26 .04 1.50f ... ... ... 1.75 1.40f .20 .20 .90 1.40f 1.20 .50 ... .88 .48 1.61f 1.20 1.00 1.56 ... 1.24e .16e ... 5.00 ... 1.20f .25f 1.16f ... ... .15 ... ... ... ... 1.48 ... .88f .16 .29 ... ...

Stock Footnotes: Stock Footnotes: cld - Issue has been called for redemption by company. d - New 52-week low. ec - Company formerly listed on the American Exchange's Emerging Company Marketplace. g - Dividends and earnings in Canadian dollars. h - Does not meet continued-listing standards. lf - Late filing with SEC. n - Stock was a new issue in the last year. The 52-week high and low figures date only from the beginning of trading. pf - Preferred stock issue. pr - Preferences. pp - Holder owes installments of purchase price. rt - Right to buy security at a specified price. rs - Stock has undergone a reverse stock split of at least 50% within the past year. s - Stock has split by at least 20 percent within the last year. wi - Trades will be settled when the stock is issued. wd - When distributed. wt - Warrant, allowing a purchase of a stock. u - New 52-week high. un - Unit,, including more than one security. vj - Company in bankruptcy or receivership, or being reorganized under the bankruptcy law. Appears in front of the name. Dividend Footnotes: a - Extra dividends were paid, but are not included. b - Annual rate plus stock. c - Liquidating dividend. e - Amount declared or paid in last 12 months. f - Current annual rate, which was increased by most recent dividend announcement. i - Sum of dividends paid after stock split, no regular rate. j - Sum of dividends paid this year. Most recent dividend was omitted or deferred. k - Declared or paid this year, a cumulative issue with dividends in arrears. m - Current annual rate, which was decreased by most recent dividend announcement. p - Initial dividend, annual rate not known, yield not shown. r - Declared or paid in preceding 12 months plus stock dividend. t - Paid in stock, approximate cash value on ex-distribution date. PE Footnotes: q - Stock is a closed-end fund - no P/E ratio shown. cc - P/E exceeds 99. dd - Loss in last 12 months. Source: The Associated Press. Sales figures are unofficial.

Mutual Funds NAME

1WK YTD NAV %RTN %RTN

AMG YacktmanSvc d 23.85 YkmFcsSvc d 25.52 AQR 9.88 MaFtStrI AllianzGI NFJAllCpValIns 16.55 American Beacon 29.74 LgCpVlIs American Century 8.91 EqIncInv 25.22 HeritInv 32.88 InvGrInv 33.62 UltraInv American Funds 28.12 AMCAPA m 24.77 BalA m BondA m 12.70 CapIncBuA m 59.94 CapWldBdA m 20.89 CpWldGrIA m 46.56 FnInvA m 51.65 GlbBalA m 31.30 GrthAmA m 43.09 11.50 HiIncA m IncAmerA m 21.35 IntBdAmA m 13.53 IntlGrInA m 36.22 InvCoAmA m 37.79 MutualA m 35.44 NewEconA m 38.26 NewPerspA m 37.54 NwWrldA m 59.58 SmCpWldA m 48.64 TaxEBdAmA m 12.84 WAMutInvA m 40.27 Artisan 30.18 Intl d IntlVal d 37.49 MdCpVal 27.13 MidCap 45.83 BBH 21.92 TaxEffEq d Baron 70.69 Growth b SmCap b 33.58 Bernstein DiversMui 14.47 IntDur 13.68 16.79 TxMIntl BlackRock EqDivI 24.62 GlobAlcI 21.65 HiYldBdIs 8.34 StrIncIns 10.32 Causeway 16.42 IntlVlIns d Cohen & Steers Realty 71.00

+.4 +1.3 +.4 +1.6 +.5 -6.7 +1.8 +4.1 +1.0 +3.4 +.6 +4.3 +1.5 -1.0 +.8 +.7 +1.1 -1.6 +1.2 +.7 +.4 +1.2 +.6 +1.7 +.9 +1.4 +1.1 +.3 +1.1 +.2 +2.8 +1.3 +.7 +1.2 +1.0 +1.4 +1.0 +.2 +.8

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+1.2 -1.0 +1.4 +2.0 +.3 +.5 +1.0 -3.8 +.9 +2.4 +.9 -2.3 +2.2 -3.5 ... +2.2 +.4 +3.5 +1.6 +2.2 +.7 +.7 +.1 +.3

+1.7 +1.0 +3.6 +2.4

+2.0 +1.5 +1.8 +13.7

NAME

1WK YTD NAV %RTN %RTN

Columbia AcornIntZ 47.47 AcornZ 36.46 DivIncZ 18.64 DivOppA m 10.46 StLgCpGrZ 18.44 Credit Suisse ComStrInstl 7.80 DFA 1YrFixInI 10.32 2YrGlbFII 10.01 5YrGlbFII 10.96 EmMkCrEqI 19.83 EmMktValI 27.80 EmMtSmCpI 21.08 EmgMktI 26.19 IntCorEqI 13.20 IntSmCapI 21.63 IntlSCoI 20.13 IntlValuI 20.09 RelEstScI 29.61 TAUSCrE2I 13.56 USCorEq1I 16.80 USCorEq2I 16.58 USLgCo 14.85 USLgValI 32.28 USMicroI 19.55 USSmValI 35.22 USSmallI 30.37 USTgtValInst 22.92 Davis NYVentA m 41.61 Dodge & Cox Bal 99.61 GlbStock 12.06 Income 13.85 IntlStk 44.99 Stock 170.98 Dreyfus AppreciaInv 53.86 Driehaus ActiveInc 10.77 Eaton Vance FltgRtI 9.13 FMI LgCap 21.39 FPA Cres d 33.54 NewInc d 10.28 Fairholme Funds Fairhome d 40.80 Federated StrValI 6.16 Fidelity AstMgr20 x 13.53 AstMgr50 17.89 Bal 23.14 BlChGrow 63.49 CapApr 35.75

+.8 +.7 +.8 +.9 +.8

+1.7 -2.3 +2.3 +3.6 -4.2

-1.0 +7.9 ... +.2 ... +.2 +.2 +1.3 +1.3 +1.9 +1.8 +.7 +1.2 +4.8 +1.3 +.9 +1.5 +3.5 +1.2 +6.3 +1.1 +4.8 +1.7 +2.9 +1.7 +14.7 +.9 +1.5 +1.0 +1.8 +.9 +1.5 +1.0 +2.3 +.9 +2.4 ... -2.8 +.3 -.5 +.4 -1.9 +.7 +.7 +.8

+.5

+.6 +1.4 +.4 +1.7 +.7

+2.5 +5.1 +3.5 +4.5 +1.9

+1.1 +3.2 +.2

+.6

+.2

+.5

+.8 +2.5 +.4 +1.8 +.2 +.9 +.9 +4.1 +1.9 +8.4 +.4 +.8 +.9 +1.4 +2.0

+2.1 +2.4 +2.2 +.2 -1.2

NAME

1WK YTD NAV %RTN %RTN

CapInc d 10.11 Contra 94.04 DivGrow 35.86 DivrIntl d 36.95 EqInc 60.08 EqInc II 24.93 Europe d 40.33 FF2015 x 12.50 FF2035 x 13.04 FF2040 x 9.19 Fidelity 42.99 FltRtHiIn d 9.96 FrdmK2010 14.28 FrdmK2015 14.48 FrdmK2020 15.12 FrdmK2025 15.75 FrdmK2030 16.07 FrdmK2035 16.57 FrdmK2040 16.67 FrdmK2045 17.00 FrdmK2050 17.07 Free2010 x 15.30 Free2020 x 15.21 Free2025 x 12.97 Free2030 x 15.88 GNMA 11.49 GrowCo 118.79 GrowInc 28.20 HiInc d 9.46 Indepndnc 37.51 IntMuniInc d 10.42 IntlDisc d 39.95 InvGrdBd 7.86 LevCoSt d 44.20 LowPriStk d 50.11 Magellan x 87.59 MidCap d 40.48 MuniInc d 13.19 NewMktIn d 16.25 OTC 76.06 Puritan 21.56 SASEqF 14.10 SEMF 17.39 SesInmGrdBd 11.37 ShTmBond 8.60 SmCapDisc d 30.79 StratInc 11.13 TotalBd 10.68 USBdIdxInv 11.61 Value 107.73 Fidelity Advisor NewInsI 26.94 StratIncA m 12.42 Fidelity Select Biotech d 179.62 HealtCar d 188.88 Fidelity Spartan 500IdxAdvtg 66.76 ExtMktIdAg d 52.86 IntlIdxAdg d 41.38

+.8 +1.2 +1.1 +1.4 +.9 +.9 +1.6 +.8 +1.1 +1.1 +.8 +.4 +.7 +.8 +.8 +1.0 +1.1 +1.1 +1.1 +1.1 +1.1 +.7 +.9 +.9 +1.1 +.5 +.9 +1.1 +.2 +1.3 +.1 +1.4 +.4 +.4 +1.3 +.9 +1.2 +.1 +1.1 +1.4 +.9 +1.1 +1.1 +.5 ... +.2 +.5 +.4 +.4 +1.3

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+1.0 +1.0 +.6 +3.9 +2.2 -1.2 +1.4 +5.9 +1.0 +2.4 +1.0 +.6 +1.4 +2.4

NAME

1WK YTD NAV %RTN %RTN

TotMktIdAg d 55.07 Fidelity¬Æ SerBlueChipGrF 10.65 SeriesGrowthCoF10.53 First Eagle GlbA m 55.28 FrankTemp-Frank Fed TF A m 12.20 FrankTemp-Franklin CA TF A m 7.27 GrowthA m 66.87 HY TF A m 10.30 HighIncA m 2.13 IncomeA m 2.52 NY TF A m 11.51 RisDvA m 49.05 StrIncA m 10.58 USGovA m 6.53 FrankTemp-Mutual DiscovA m 34.22 QuestZ 18.91 Shares Z 29.39 FrankTemp-Templeton Fgn A m 8.49 GlBondAdv 13.06 GrowthA m 25.91 WorldA m 19.91 Franklin Templeton FndAllA m 13.95 Franklin Templeton I GlTlRtAdv 13.41 GE S&SUSEq 55.84 GMO EmgMktsVI d 10.62 IntItVlIV 27.21 QuIII 25.67 USCorEqVI 17.54 Goldman Sachs HiYieldIs d 7.25 MidCpVaIs 46.06 SmCpValIs 56.34 Harbor Bond 12.14 CapApInst 55.47 IntlInstl 73.31 Hartford CapAprA m 46.84 CpApHLSIA 60.40 INVESCO CharterA m 22.63 ComstockA m 24.24 DivDivA m 17.61 EqIncomeA m 10.87 GrowIncA m 27.46 HiYldMuA m 9.60 IVA WorldwideI d 18.31

+1.0 +2.0 +1.0 +.9

-.4 -.5

+.9 +3.1 +.3 +5.7 +.4 +.9 +.4 ... +.8 +.3 +.8 +.3 +.5

+6.7 +2.6 +7.2 +3.6 +6.3 +5.0 +1.3 +2.5 +2.5

+1.1 +2.9 +.3 +3.7 +1.3 +3.7 +1.2 +.6 +1.0 +1.1

+2.2 +1.0 +3.8 +2.6

+.9 +4.3 +.5

+.8

+.9 +2.0 +2.0 +2.4 +1.1 +.7

-1.4 +6.5 +3.0 +2.0

+.1 +3.6 +1.0 +3.7 +.8 ... +.2 +2.0 +1.2 -2.2 +1.4 +3.2 +1.4 +.4 +1.3 +1.3 +.4 +.7 +.9 +.6 +.8 +.3

+3.5 +2.3 +4.3 +2.4 +1.9 +8.2

+.5 +2.7

NAME

1WK YTD NAV %RTN %RTN

Ivy AsstStrgI 31.51 +.3 HiIncA m 8.72 +.1 JPMorgan CoreBondSelect 11.68 +.4 HighYldSel 8.10 +.2 LgCapGrSelect 30.95 +1.5 MidCpValI 36.33 +1.5 ShDurBndSel 10.91 +.1 USEquityI 14.23 +.7 USLCpCrPS 28.05 +.8 Janus BalT 30.44 +.7 ContrT 21.92 +2.2 GlbSelT 12.90 +1.3 PerkinsMCVT 23.82 +.6 John Hancock DisValMdCpI 18.55 +.7 LifAg1 b 16.06 +1.1 LifBa1 b 15.54 +.8 LifGr1 b 16.26 +.9 Lazard EmgMkEqInst d 18.82 +1.2 Legg Mason CBAggressGrthA m188.39+.3 WACorePlusBdI 11.52 +.4 Longleaf Partners LongPart 34.66 +1.6 SmCap 34.31 +1.9 Loomis Sayles BdInstl 15.61 +.7 Lord Abbett AffiliatA m 15.89 +.7 BondDebA m 8.29 +.3 ShDurIncA m 4.55 +.1 MFS GrowA m 64.50 +1.4 IsIntlEq 22.66 +1.2 TotRetA m 17.91 +.9 ValueI 33.52 +1.1 MainStay HiYldCorA m 6.12 +.2 Mktfield 17.87 +.2 SelEqI 49.86 +.7 Mairs & Power GrthInv 111.95 +.9 Manning & Napier WrldOppA 9.32 +1.1 Merger InvCl b 16.19 +.4 Metropolitan West TotRetBdI 10.77 +.4 Morgan Stanley MdCpGrI 42.42 +1.0 Munder Funds MdCpCrGrY 43.28 +1.5 Natixis LSInvBdY 12.28 +.7

-2.4 +3.1 +2.6 +3.4 -2.6 +3.4 +.4 +1.2 +1.1 +1.9 +4.9 +1.9 +1.9 +2.3 +1.1 +2.0 +1.4 +.8 +3.9 +4.2 +2.7 +5.7 +4.3 +2.6 +3.4 +1.2 -1.4 +1.0 +2.6 +1.2 +3.3 -3.5 +1.3 +.8 +3.0 +1.1 +2.9 -6.4 +.7 +4.6

NAME

1WK YTD NAV %RTN %RTN

Neuberger Berman GenesisInstl 59.50 +.4 -3.9 Northern HYFixInc d 7.63 +.2 +3.9 IntlIndex d 12.62 +1.5 +2.3 StkIdx 23.30 +.3 +2.5 Nuveen HiYldMunI 16.49 +.3 +9.6 Oakmark EqIncI 33.25 +.5 +1.8 Intl I 26.79 +.7 +1.8 Oakmark I 65.06 +1.0 +2.2 Select I 42.19 +1.4 +5.3 Old Westbury GlbOppo 8.03 +.8 +1.6 GlbSmMdCp 17.30 +.6 +.7 LgCpStr 12.59 +.9 +1.0 Oppenheimer DevMktY 37.38 +1.9 -.5 EqIncA m 32.17 +1.4 +2.9 GlobA m 79.04 +1.3 +.3 IntlBondA m 6.15 +.5 +2.2 IntlGrY 38.89 +1.2 +1.9 MainStrA m 48.97 +.3 +1.1 StrIncA m 4.18 +.3 +2.8 Oppenheimer Rocheste FdMuniA m 15.09 +.7 +8.0 Osterweis OsterStrInc d 12.02 +.1 +2.4 PIMCO AllAssetI 12.46 +.7 +3.7 AllAuthIn 10.21 +.7 +3.8 CmPlsStrI 11.35 -.8 +5.9 ComRlRStI 6.05 -.7 +10.2 DivIncInst 11.72 +.6 +3.7 EMFdIdPLARSTIns9.75 +1.7 +.7 EMktCurI 10.23 +.7 +1.5 EmMktsIns 10.93 +.8 +3.9 EmgLclBdI 9.50 +1.1 +3.4 ForBdInstl 10.79 +.2 +3.5 HiYldIs 9.73 +.2 +3.2 IncomeInl 12.53 +.2 +4.1 LgDrTRtnI 11.38 +1.1 +9.9 LgTmCrdIn 12.58 +1.2 +9.9 LowDrIs 10.34 -.1 +.6 RealRet 11.40 +.6 +4.3 ShtTermIs 9.88 ... +.6 StkPlARShStrIn 2.67 -.7 -1.6 TotRetIs 10.85 +.3 +2.2 UnconstrBdIns 11.22 +.2 +1.5 PRIMECAP Odyssey AggGr 29.49 +.6 -.5 Growth 23.50 ... -.5 Parnassus CoreEqInv 38.00 +1.8 +3.9 Permanent Portfolio 44.49 +.5 +3.3 Pioneer PioneerA m 39.75 +1.0 +1.7

NAME

1WK YTD NAV %RTN %RTN

Principal DivIntI 12.04 L/T2020I 14.48 L/T2030I 14.67 LCGrIInst 12.50 Prudential Investmen JenMidCapGrZ 40.20 Putnam GrowIncA m 20.55 Royce PAMutInv d 14.45 PremierInv d 22.65 Schwab 1000Inv d 49.76 S&P500Sel d 29.53 Scout Interntl 37.44 Selected American D 50.53 Sequoia Sequoia 228.18 State Farm Growth 71.47 T Rowe Price Balanced 23.54 BlChpGr 63.00 CapApprec 26.63 DivGrow 33.89 EmMktBd d 12.89 EmMktStk d 32.65 EqIndex d 50.75 EqtyInc 33.32 GrowStk 50.99 HealthSci 59.44 HiYield d 7.26 InsLgCpGr 26.64 IntlBnd d 9.83 IntlGrInc d 16.19 IntlStk d 16.71 MidCapE 41.34 MidCapVa 31.40 MidCpGr 73.96 NewAsia d 16.36 NewEra 47.81 NewHoriz 44.60 NewIncome 9.51 OrseaStk d 10.27 R2015 14.66 R2025 15.70 R2035 16.58 Real d 23.95 Rtmt2010 18.29 Rtmt2020 20.86 Rtmt2030 23.05 Rtmt2040 23.82 Rtmt2045 15.88 ShTmBond 4.80 SmCpStk 43.97 SmCpVal d 49.64

+.8 +.2 +.1 -.7

+1.0 +1.9 +1.7 -1.4

+1.6

-.7

+1.2 +3.7 +.2 -1.9 +1.7 +2.4 +1.0 +2.2 +1.0 +2.4 +.9

+.5

+.8

+.5

+.9 +2.4 +1.0 +3.7 +1.0 +2.0 +1.6 -2.5 +.7 +3.8 +1.0 +1.0 +1.0 +5.3 +1.3 +1.3 +1.0 +2.3 +.5 +2.1 +1.7 -3.0 +1.8 +2.8 +.1 +3.6 +1.6 -2.3 +.4 +4.3 +1.8 +4.0 +1.6 +2.5 +1.5 +1.6 +.9 +4.5 +1.5 +1.6 +.4 +2.2 +.9 +7.6 +1.4 -3.6 +.5 +3.2 +1.5 +1.2 +.8 +2.3 +.9 +2.0 +1.1 +1.7 +1.6 +13.5 +.7 +2.5 +.9 +2.2 +1.0 +1.9 +1.1 +1.6 +1.1 +1.6 +.2 +.7 +.9 -1.3 -.1 -1.4

NAME

1WK YTD NAV %RTN %RTN

SpecGrow 24.31 SpecInc 13.04 Value 35.20 T.Rowe ReaAsset d 11.72 TCW TotRetBdI 10.18 TIAA-CREF BdIdxInst 10.77 EqIx 14.41 IntlE d 19.68 Templeton InFEqSeS 23.44 Thornburg IntlValI 30.68 Tributary Funds BalancI 17.61 GrthOppI 19.11 IncInstl 10.31 ShIntBdIs 9.49 SmCoVInst 23.63 Tweedy, Browne GlobVal d 27.39 USAA AggGrow 39.16 VALIC Co I StockIdx 33.81 Vanguard 500Adml 173.65 BalIdxAdm 28.06 CAITAdml 11.62 CapOpAdml 108.72 DivGr 21.72 EmMktIAdm 34.13 EnergyAdm 136.32 EqIncAdml 64.10 EurIdxAdm 75.51 ExplAdml 93.76 ExtdMktIdxIP 155.67 FAWeUSIns 100.66 GNMAAdml 10.67 GlbEq 24.06 GrthIdAdm 48.31 HYCorAdml 6.12 HltCrAdml 81.05 ITBondAdm 11.39 ITGradeAd 9.89 InfPrtAdm 26.47 InstIdxI 172.52 InstTStPl 43.01 IntlGrAdm 74.15 IntlVal 37.86 LTGradeAd 10.42 LifeCon 18.45 LifeGro 28.26 LifeMod 23.69 MidCpAdml 139.80 Morg 25.45 MorgAdml 78.88

+1.2 +1.3 +.4 +3.3 +.8 +4.2 +.9 +8.3 +.3 +2.5 +.4 +2.9 +1.0 +2.1 +1.5 +2.4 +1.6 +3.2 +.9 -4.3 +1.4 +1.7 +2.0 -.7 +.3 +2.9 +.1 +.8 -.3 ... +1.0 +2.9 +.9 -2.2 +1.0 +2.3 +1.0 +.8 ... +.6 +.8 +1.4 +1.5 +.9 +1.9 +.9 +1.1 +1.5 +.5 +1.2 +1.5 +.1 +1.7 +.6 +.5 +.6 +1.0 +1.0 +1.1 +1.8 +1.2 +.7 +1.0 +.8 +1.3 +1.0 +1.0

+2.4 +2.5 +4.2 +2.0 +1.9 +.8 +8.2 +3.6 +4.7 -2.5 +.6 +2.1 +3.4 +2.5 +1.2 +3.4 +7.1 +3.8 +3.5 +4.0 +2.4 +2.1 -.1 +1.3 +9.9 +2.7 +2.3 +2.5 +2.7 -.6 -.6

NAME

1WK YTD NAV %RTN %RTN

MuHYAdml 10.98 MuIntAdml 14.09 MuLTAdml 11.49 MuLtdAdml 11.06 MuShtAdml 15.87 PrmcpAdml 98.90 PrmcpCorI 20.14 REITIdxAd 103.83 STBondSgl 10.51 STFedAdml 10.74 STGradeAd 10.74 STsryAdml 10.69 SelValu 28.70 ShTmInfPtScIxIv 24.85 SmCpGrIdxAdm 42.19 SmCpIdAdm 53.02 SmCpValIdxAdm42.90 Star 24.54 StratgcEq 31.20 TgtRe2010 26.22 TgtRe2015 15.14 TgtRe2020 27.79 TgtRe2030 28.29 TgtRe2035 17.37 TgtRe2040 28.95 TgtRe2045 18.16 TgtRe2050 28.82 TgtRetInc 12.75 Tgtet2025 16.14 TlIntlBdIdxInv 10.15 TotBdAdml 10.78 TotIntl 17.02 TotStIdx 47.43 TxMCapAdm 96.10 USGro 28.71 ValIdxIns 30.60 WellsIAdm 62.02 WelltnAdm 67.37 WndsIIAdm 67.48 WndsrAdml 71.30 Virtus EmgMktsIs 9.89 Waddell & Reed Adv CoreInv A m 7.29 Weitz Balance 14.23 Hickory 57.22 NETFIncI 10.25 PartVal 33.33 PrtIIIOpp 16.62 ShtIntmInc 12.57 Value 46.21

+.2 +6.0 +.1 +3.8 +.1 +5.8 -.1 +.9 ... +.4 +.7 +3.3 +.6 +3.6 +1.7 +14.1 ... +.6 +.1 +.6 ... +1.1 ... +.3 +1.1 +1.8 +.1 +.7 +.9 -1.8 +.9 +.6 +.8 +2.6 +.9 +2.7 +1.1 +4.0 +.7 +2.4 +.8 +2.5 +.8 +2.5 +1.0 +2.4 +1.0 +2.3 +1.1 +2.2 +1.1 +2.3 +1.1 +2.2 +.6 +2.4 +.9 +2.5 +.2 +3.0 +.4 +3.0 +1.5 +2.3 +1.0 +2.0 +1.1 +2.6 +1.4 +.1 +.7 +3.3 +.7 +4.0 +.9 +3.5 +.8 +3.4 +1.0 +3.9 +1.2 +3.6 +.7

+.6

+.2 +1.0 +.1 +1.0 +1.1 +.2 +.8

+1.5 -2.4 +1.6 +2.6 +1.7 +1.0 +3.0

Mutual Fund Footnotes: b -Fee covering market costs is paid from fund assets. d -Deferred sales charge, or redemption fee. f -front load (sales charges). m -Multiple fees are charged, usually a marketing fee and either a sales or redemption fee. NA-not available. p -previous day´s net asset value. s -fund split shares during the week. x - fund paid a distribution during the week. Source: Morningstar and The Associated Press.

12D

MONEY & JOBS

• SUNDAY, MAY 4, 2014

OMAHA WORLD-HERALD

“It takes 20 years to build a reputation and only 5 minutes to ruin it. If you think about that, you will do things differently.” -Warren E. Buffett

AT N E TJ E T S , W E D O T H I N G S D I F F E R E N T LY … A N D H AV E FOR OVER 50 YEARS. It’s what only the highest investment in safety and the reputable backing of Berkshire Hathaway, one of the most financially sound companies in the world, can do for you. This financial strength has real advantages and allows us to offer our customers a level of service and safety that is not just unmatched, but unmatchable. At NetJets, we deliver safety standards beyond the FAA requirement AND like no other. As Mr. Buffett has told us, we will always “spend whatever it takes to be the safest and most secure. Then, spend whatever it takes to stay that way.” With nearly $18 billion of new Signature Series™ aircraft on order, and an annual investment of over $600 million in maintenance and pilot training, we not only profess these words … we live by them.

H E R E ’S TO T H E N E X T 5 0 Y E A R S . 877 JET 0997

N E TJ E T S .CO M f o r b u s i n e s s , f o r f a m i l y, f o r l i f e

ALL AIRCRAFT OFFERED BY NETJETS® IN THE UNITED STATES FOR FRACTIONAL SALE, LEASE, OR USE UNDER THE MARQUIS JET CARD® PROGRAM ARE MANAGED AND OPERATED BY NETJETS AVIATION, INC., A WHOLLY OWNED SUBSIDIARY OF NETJETS INC. ALL AIRCRAFT OFFERED BY NETJETS EUROPE FOR FRACTIONAL SALE, LEASE, OR USE UNDER THE NETJETS PRIVATE JET CARD PROGRAM ARE MANAGED AND OPERATED BY NETJETS TRANSPORTES AÉREOS, SA, AN EU AIR CARRIER AND JOINT VENTURE WITH NETJETS INC. NETJETS, EXECUTIVEJET, EXECUTIVE JET MANAGEMENT, AND THE MARQUIS JET CARD ARE REGISTERED SERVICE MARKS. NETJETS INC. IS A BERKSHIRE HATHAWAY COMPANY. ©2014 NETJETS IP, LLC AND/OR NETJETS INC. ALL RIGHTS RESERVED.