While we were debating about , or indeed any brick-and-mortar electronics store in the modern era, stumbled on what probably is the real source of all of our greybeard nostalgia for the store chain: inspiration. For both of us, the appeal of a store like RadioShack was going through the place and thinking of what you’d do with all of those parts. Looking at the back of the beefiest MOSFET in the joint, you’d think about all the current you could pass with it. Or what you’d do with all of those piezo buzzers. And if you didn’t know yet what electronics project you wanted to make, there were things like the to inspire you. There you’d find a way to turn the humble LED into a light sensor, whether you needed to or not. I wonder how many packs of assorted LEDs that book sold?! Dan got his first hands on with a computer in RadioShack as well, because they let folks try them right there. If you didn’t know what you wanted a computer for, and that the big question of the early microcomputer era, you could head into the store yourself and find out. Seeing, and playing with, Demon Dancer inspired. A lot of this role is taken over by hackerspaces these days, and even more is taken by the Internet itself, of course. We have no shortage of inspiration – just read a day’s worth of Hackaday if you don’t believe me. So is there any room left for RadioShack’s inspirational role? Maybe not. But if that’s the cost of living in a world where we have access to more great ideas than we’ll ever have time to execute, then so be it!
2023 Nissan Frontier Pro-4X Impresses Owner, Gets 19 MPG Around Town
The 2023 Frontier is a throwback to the original rugged body-on-frame Nissan trucks, yet is thoroughly modern. Equipped with the Pro-4X package, it's a supremely capable off-roader. According to Fletch on his All Things Overlanding YouTube channel, the latest generation of Frontier trucks is much improved but kept the best things about the old truck. Fletch has owned his 2023 Nissan Frontier for several months. It's at least his third Nissan vehicle, having owned a second-gen Frontier and a Nissan Xterra. He likes the looks of the new truck but also how it shares its frame and bed dimensions with the older model. That means most of his gear and accessories from his old truck fit his new one. The current Frontier uses a 3.8-liter V6 and nine-speed automatic transmission for motivation. The V6 is not all-new, having been used in the Frontier since 2020. As part of Nissan's VQ engine family, the 3.8-liter uses direct fuel injection and electronically controlled continuously variable valve timing to produce 310 horsepower and 281 pound-feet of torque. Fletch likes that the drivetrain has been around for a few years and is a proven design. Most of Fletch's driving so far has been around town. Even so, he's averaged 19.5 miles per gallon. That's almost double the 10 mpg he got in his old Frontier equipped with a five-speed transmission, 35-inch tires, and all of his gear. It's also slightly better than the 17 to 19 mpg a Toyota Tacoma owner reported. But while the Tacoma owner was not happy with his mileage, Fletch is impressed with the improvement over his old truck. Inside, Fletch notes that the Frontier is quiet and comfortable. Unlike his wife's Honda Pilot , which is almost dead silent with no engine noise, the Frontier has a noticeable growl, which he likes. It's not obtrusive but a reminder he's driving a gas-powered vehicle and not something like a Tesla . The interior is quiet enough on the road, but what Fletch really appreciates is the comfort. He likes the chunky feel of the steering wheel and notes that the seats are among the most comfortable he's sat in. More Nissan Frontier News: In Motor1.com's review of the 2022 Nissan Frontier Pro-4X , we said, "Nissan finally built a truck that feels modern, competitive, and genuinely worth consideration." All Things Overlanding echos that evaluation but also likes how the Frontier kept the best parts of the old truck.
How colleges can address online harassment
Last fall, a University of Chicago lecturer titled “The Problem of Whiteness.” The course covered familiar academic territory (whiteness as a racial category), but a University of Chicago sophomore and conservative activist described it in a tweet as an and included the instructor’s photo and email address. The tweet triggered a storm of vitriolic posts and death threats, forcing her to postpone the course amid concerns for her safety and that of her students. Whatever the student’s intent, the abuse directed at the instructor was entirely predictable. For years, a has used an online “ ” to rail against perceived instances of left-wing excess on college campuses. The dean of the university’s undergraduate college ” undertaken with “the clear purpose” of inhibiting the instructor’s freedom of expression through “the mobilization of anonymous threats and public harassment.” Nonetheless, although university officials defended the instructor’s right to offer the course, they concluded that the student could not be disciplined because his speech did not constitute “a genuine threat or harassment.” The university’s response is consistent with established First Amendment doctrine and its own “ ” governing freedom of expression. Unfortunately, as this incident and demonstrate, traditional free speech rules are difficult to apply in a social media age. And institutions of higher education need to do more to create a campus culture in which the free and open exchange of ideas is embraced, dissent is encouraged and disagreement is managed through reasoned argument rather than intimidation — whether online or in person. Over the past century, the Supreme Court has “ .” To foster “uninhibited, robust, and wide-open” public discourse, the court’s First Amendment jurisprudence tolerates a wide range of problematic speech, with narrow exceptions for defamation, genuine threats, obscenity and incitement to imminent violence. The underlying assumption is that hate speech, disinformation and the like can and should be adequately countered by other speech. Unfortunately, the internet and social media expand the impact of harmful speech “ .” Social media users can reach, mobilize and sometimes incite large, ideologically homogeneous and highly partisan audiences almost instantaneously and at no cost, in the process inflicting enormous harm on targeted individuals. Given social media silos, meaningfully addressing what they say through counter speech can be difficult or impossible. This fundamental shift in the communications environment and the threat it poses has led First Amendment experts to debate whether and how free speech doctrine should be rebalanced. But the law changes slowly, and legal sanctions, as the have demonstrated, aren’t always the best way to change behavior. For colleges and universities, reliance on education and social norms is more feasible and may even be more effective. As the Chicago principles note, a commitment to “ ” is central to the very idea of a university. At the same time, as the University of Chicago’s , social media can enable individuals who don’t share that commitment to chill the free exchange of ideas through online coercion. To manage this tension, students should learn, through workshops, debates, teach-ins and other means, how stalking, slurs, threats, doxxing (posting an individual’s personal information online with malicious intent) and social media mobbing can injure individuals, suppress public discourse and undermine community values. Campus codes of conduct might also be used, far more than they now are, to identify and discuss problematic online behavior. Bates College has made a good start. The Bates code “to be good digital citizens and not … use the ease of transmission and/or anonymity of electronic communication to harm other students or employees.” Conduct that falls short of harassment is not subject to discipline, which might chill protected speech, but such conduct may be addressed through other means, including “respectful conversation, education and training, remedial and supportive actions, effective Alternative Resolution, and/or other Informal Resolution mechanisms.” And colleges and universities might enlist faculty, students and staff in scripted “role plays,” followed by discussion about what does or does not qualify as cyberbullying and appropriate and inappropriate responses to specific instances of it, including the wisdom of official or unofficial investigations and of naming, shaming and shunning. Alexis de Tocqueville once observed that “a newspaper can at the same moment.” Social media can reach vastly greater audiences, and effectively cry fire in a crowded theater, filled with potential perpetrators as well as victims, without any factchecking or editorial intervention. We need a commensurate community response, even as we wait for the law to catch up.
The Best iPhone 15 Cases To Protect Your New Device
We independently select all products and services. If you click through links we provide, we may earn a commission. Learn more Forbes Vetted The Best iPhone 15 Cases To Protect Your New Device Charlie Osborne Contributor Forbes Vetted Contributor Group Opinions expressed by Forbes Contributors are their own. Following Sep 16, 2023, 12:00pm EDT | Share to Facebook Share to Twitter Share to Linkedin The new iPhone 15 was announced at Apple’s event in Cupertino, California on Tuesday September 12. If you’ve already pre-ordered the iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro Max , odds are you’re looking for a fun, sturdy case to protect your brand new device. New iPhone 15? You need a new case. Illustration: Forbes / Photos: Retailers Finding the right iPhone case can be a time-consuming process, especially with so many vendors competing for attention during the time the iPad and iPhone maker refreshes its smartphone lineup. You may prefer a thin case that has enough substance to protect your device while also being unobtrusive. Or you may want a bright, rugged case developed for active users–improving the chances of your iPhone 15 staying immaculate and immune to accidental bumps and scrapes. Read on to explore our top recommendations of the best iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro Max cases available right now. We have included an extensive range of covers and cases for you, some of which are available for every size, whereas others are bound to a particular iPhone 15 model. Best iPhone 15 Case Overall : Zagg Crystal Palace Snap With Kickstand Best Minimalist iPhone 15 Case : Mous Limitless 5.0 Case The Best Colorful iPhone 15 Case: Otterbox Figura Series For MagSafe The Best iPhone 15 Case For Extra Protection: Otterbox Defender Series Pro The Best Stylish iPhone 15 Case: Zagg London Snap Best Leather iPhone 15 Case: Nomad Modern Leather Folio Best iPhone 15 Case Made By Apple: iPhone 15 Silicone Case With MagSafe The Best iPhone 15 Case Overall Show Off The New iPhone 15 Colors Zagg Zagg Crystal Palace Snap With Kickstand Buy From Zagg Best for: Showing off those cool new colors while keeping your phone protected. The Zagg Crystal Palace Snap With Kickstand cover is attractive, sporting rounded edges and a crystal-clear hard shell to protect your iPhone 15 from scratches and scrapes while still showing off those all-new pastel colors. With drop resistance of up to 13 feet, Zagg’s case may also appeal to the environmentally-conscious among us, being supported by graphene and 70% recycled materials. An antimicrobial agent in the materials deters bacteria growth and odor. One of my favorite features, however, is the integrated kickstand, which sits flush against the case. When you’re on the move or have time to burn during the daily commute, being able to watch content hands-free is an advantage that will save your wrist some strain. What our editors say: Tech editor Rebecca Isaacs says, “For those who are looking to show off those new iPhone 15 colors, Zagg’s Crystal Palace Snap With Kickstand can keep your phone protected with its clear casing. During a demo, I got to see the case experience high drops while keeping the device secure and safe. The kickstand for streaming content while you’re grabbing a quick bite or just hanging out at home is a plus.” Pros: High drop rate for extra protection Antimicrobial properties Integrated kickstand Cons: Pricey Best Minimalist iPhone 15 Case A Simple, No-Frills Design Mous Mous Limitless 5.0 Case Buy From Mous Best for: A simple, no-frills design that also has great drop protection. While heavier than many other options on the market at 45 grams, with the Mous Limitless 5.0 case, you trade lightness for protection. Mous prides itself on reliable cases, and the MagSafe-compatible Limitless 5.0 is no exception, offering advanced protection through polycarbonate, thermoplastic polyurethane (TPU) and thermoplastic elastomer (TPE) materials. Coming with a lifetime warranty, you can get this case for your iPhone 15, Plus, Pro and Pro Max. In addition, the Limitless 5.0 can be picked up in an impressive array of eight colors: walnut, silver pearl, black leather, bamboo, aramid fibre, speckled fabric, atlantic blue or forest green. Pros: Simple design Multiple color choices Cons: Heavy The Best Colorful iPhone 15 Case Enjoy A Rainbow Case On Your Phone Otterbox Otterbox Figura Series For MagSafe Buy From Otterbox Best for: Adding a fun, personal flair to your device. Not every case has to showcase muted, early, or dark tones. If you want a case with more than just a pop of color, the Otterbox Figura Series for MagSafe has your back. Now available for the iPhone 15 Plus, this set of thin and light cases is available in four colors. In particular, they remind us of desserts–the blue-toned Berries-N-Cream, a pastel pink Teaberry version and Unicorn Sorbet, a case merging greens, pinks and blues. The one-piece case, suitable for iPhones and MagSafe technology, uses polycarbonate and synthetic rubber and can easily be pocketed. As a bonus, the case’s raised edges provide additional protection for your device. Pros: Super sturdy design Cons: Only for iPhone 15 Plus The Best iPhone 15 Case For Extra Protection Boxy And Durable Otterbox Otterbox Defender Series Pro Buy From Otterbox Best for: Some of the best phone protection on the market. Otterbox has been around for years and is well-known as the producer of strong, reliable smartphone cases, and its Defender Series Pro can keep your iPhone 15 protected. The Defender Series Pro, now adapted for the iPhone 15, is a case designed with a polycarbonate shell and a synthetic rubber slipcover. Together with raised edges, it provides additional protection to your handset’s camera and screen. Furthermore, port covers in the case can help keep debris and moisture away from that new USB-C port. Otterbox has included an antimicrobial additive to improve the hygienic quality of your case. As a bonus, the case’s holster clips can be maneuvered to give you a kickstand. Get it in black, blue, purple and green. Pros: Some of the sturdiest protection on the market Built-in USB-C cover Cons: Not very stylish Bulky Best Stylish iPhone 15 Case Stylish And Stain And Bacteria Resistant Zagg Zagg London Snap Buy From Zagg Best for: Staying stylish and protected from high drops. The London Snap, manufactured by Zagg, a popular producer of smartphone cases, combines style and rugged protection for your new device. Able to handle a drop of up to 13 feet, the London Snap is bolstered with graphene and is both stain and bacteria-resistant. The textured exterior of the case is stylish, thanks to its metallic button covers and 3D-printed geometric design—at least, in the black version. Zagg’s case is available for the iPhone 15 in five colors: black, rose, gray, teal and navy. Each color option has a slightly different pattern, but they all are textured to add a personal style to your case. Each case is made up of up to 91% recycled content. What our editors say: Tech editor Rebecca Isaacs says, “During a hands-on event, I got to see the Zagg London Snap in person. The testing demonstrations dropped heavy objects on the case. The case handled the wear and tear without so much as a scratch and kept the device safe the entire time. The Zagg London Snap is a stylish, durable investment for any iPhone 15.” Pros: Multiple colors available High drop rate Sustainable Cons: Pricey Best Leather iPhone 15 Case Timeless Design With Protection Nomad Nomad Modern Leather Folio Buy From Nomad Best for: Those that want a professional, timeless look to use for iPhone protection. If you’re looking for an understated, stylish leather case for your iPhone, Nomad’s modern leather folio is an excellent option. Now on the market for $60, the folio is made from sustainable leather and is available in black, brown or tan finishes. It includes three card slots and a wider cash slot, so you can double up protection for your iPhone with wallet functionality. While being MagSafe compatible, the folio also includes lanyard slots and a removable magnetic clasp. Nomad’s case is compatible with the iPhone 15, Plus, Pro, and Pro Max. Pros: Professional, sleek look with card slots Eight-foot drop protection Cons: Drop protection could be higher The Best iPhone 15 Case Made By Apple Add A MicroFiber Lining For Extra Protection Apple iPhone 15 Silicone Case With MagSafe Buy From Apple Best for: Staying in the Apple family, including for your iPhone’s protection. Available for the iPhone 15, Plus, Pro and Pro Max, Apple has launched a new range of cases suitable for its flagship line. The iPhone 15 case, made from silicone—a material associated with durability and softness—feels extremely comfortable in your hand. The iPad and iPhone maker has also included a microfiber lining for additional protection and magnets for safe charging, either by way of MagSafe technology or Qi chargers. The iPhone 15 case has been launched in eight colors, so you can choose between orange sorbet, cypress, winter blue, storm blue, guava, clay, light pink or traditional black. Pros: Built-in microfiber lining Comfortable silicone grip Cons: Only available for iPhone 15 MORE FROM FORBES VETTED The Best Plus Size Jeans For Women: Your Essential Shopping Guide By Bethany Heitman Contributor How To Pre-Order Everything From Apple’s Fall 2023 Event By Rebecca Isaacs Forbes Staff Why Trust Forbes Vetted The Forbes Vetted tech team consists of accomplished tech experts who’ve (literally) written books on the subject. In particular, this story was written by Charlie Osborne an accomplished writer, journalist, photographer and experienced product tester. Charlie joined the tech fold as a writer and podcast host and has been covering tech for a number of years. Over her career, she has accumulated hours of in-depth product research and has conducted firsthand testing. The tech section is overseen by consumer tech and electronics editor Rebecca Isaacs , an expert who has extensive experience going hands-on with devices, including many on this list. We know tech tends to become quickly outdated. To keep this piece fresh and accurate, it’s regularly updated; its current iteration was published in September 2023. Other Articles You Might Like Forbes Vetted regularly covers all types of consumer electronics and then reviews and recommends the best products in specific categories. Here are some other articles you might enjoy reading: Samsung Galaxy S23 Ultra Review OnePlus 11 5G Review Apple iPhone 14 Pro Review Best Wireless Earbuds Best Wireless Headphones Coupons Framebridge Link to Coupon Charlie Osborne Editorial Standards Print Reprints & Permissions
EA Sports FC 24 Fans Angry After Leak Reveals Paid Evolutions Are Coming
EA Sports FC 24 represents the beginning of a new era for developer Electronic Arts . After decades under the FIFA umbrella, the team has decided to forgo that branding over cost disputes and is now taking its own path. EA has said that this will open up new opportunities for the team, especially in Ultimate Team, where it was sometimes shackled by the different rules FIFA put in place. One of the new additions to the mode is Evolutions, which is basically a way for users to take one of their favorite soccer players and "evolve" them through gameplay. When it was announced, EA Sports FC 24 fans were incredibly excited about the possibilities, but a new leak has thrown a huge bucket of cold water on those hopes. This leak comes courtesy of Fut Sheriff on Twitter. While you should always take every leak with a grain of salt, Sheriff has been successfully leaking FIFA and now EA Sports FC for years. They have missed some things in the past, but for the most part, Sheriff's record is very solid. Recently, Sheriff shared new information about Evolutions in EA Sports FC 24 claiming at least some Evolutions will have free and paid options. 🚨Evolutions There will be a FREE version and also a PAID one, which costs 50k coins or 1k FP. As always, the paid one gets a better boost. Turn on the notis for tomorrow! Make sure to follow @FutSheriff and report @Criminal__x ! #eafc24 #fc24 pic.twitter.com/npmGIIvhM1 — Fut Sheriff (@FutSheriff) September 16, 2023 This means that players will have a choice to make. They can either take the free player or pay 50,000 Coins/1,000 EAFC Points to get the paid version. As you'd expect, Sheriff says, "the paid one gets a better boost," meaning if you're willing to spend money, you'll get a better player . Fans are understandably upset over the game going even further toward pay-to-win. One of the top replies to Sheriff's tweet reads "EA already ruining the feature we were most excited about." Another says , "Literally pay to win, EA is so money hungry it's crazy how every year it gets worse and worse." However, some are pointing out that if you can buy the players with coins, it's really no different than buying a player off of the market, though those upset are still pushing against that notion because they think it makes it even easier for fans to get sucked into spending money. Either way, EA Sports FC 24 and sports games, in general, will continue to push the boundaries in ways like this for the foreseeable future. Remember, NBA 2K24 just introduced a paid version of its battle pass for the first time ever. The backlash was as strong as what we're seeing here, but it hasn't seemed to hurt 2K24 's bottom line in a noticeable way. What Are Evolutions in EA Sports FC 24 ? (Photo: EA Sports) Evolutions in EA Sports FC 24 give you the chance to choose a player and then upgrade them throughout the season . The upgrades range from a full overall rating boost to smaller boosts for things like getting an extra star for your player's weak foot. To get those upgrades, you'll need to complete specific tasks in-game. It's also worth noting that you can only work on one Evolution at a time, meaning you can't stack your lineup with them to get progress with them all at once. EA Sports FC 24 is launching on PlayStation, Xbox, and PC on September 29, though you can pre-order the Ultimate Edition and get in on September 22. 0 comments Related: EA Sports FC 24 Leak Reveals Every New Icon EA Sports FC 24 Top 50 Player Ratings Have Leaked Every New Icon and Hero in EA Sports FC 24 EA Sports FC 24 Ultimate Team Deep Dive Shows How Evolutions Work
Trains operate at 80% capacity on 4th day of rail strike
An electronic signboard displays train delays and cancellations due to an ongoing strike by railroad workers at a train station in Daegu, Sept. 17. Yonhap An ongoing strike by unionized rail workers entered its fourth day with local trains operating at around 80 percent of the capacity nationwide, the land ministry said Sunday. The Korean Railway Workers' Union began its first strike in four years Thursday, demanding improved working conditions and an expansion of the KTX bullet train service to Suseo Station in southern Seoul, which is exclusively used by another high-speed railway service called SRT. The ministry said the national train operation rate was tallied at 80.1 percent as of 9 a.m., up 0.9 percentage point from the same time the previous day. The operation rates for KTX trains, passenger trains, cargo trains, and capital area subways were at 76.5 percent, 74.8 percent, 47.4 percent and 83.8 percent, respectively. The labor union is scheduled to finish the strike at 9 a.m. Monday. (Yonhap)
IPOs This Week: Vaibhav Jewellers IPO to Madhusudan Masala IPO: 10 new issues, 5 listings to keep primary market buzzing
The primary market witnessed some major listings in both main board and small- and medium-sized enterprise (SME) segments last month, which kept investors engaged with subscriptions and listings. Moving on, the upcoming week sees strong market buzz for September, which is similarly packed with new listings and initial public offering (IPO) issues, that are available for subscription. Last week, two mainboard IPOs – Rishabh Instruments Limited and Ratnaveer Precision Engineering listed raising a total of 655.8 crore. ‘’The also showed a strong performance, largely supported by domestic capital accumulation. Strong investor confidence can be seen in the secondary market, but it becomes even more evident in IPOs as new and interesting ideas come to the market,'' said Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Pvt. Ltd, a mid-market investment bank. ‘’Next week looks promising, the focus is on RR Kabel, Samhi Hotels, Zaggle Prepaid Ocean Services, and Michael Kaufman-backed Yatra Online, all aiming to gather 4,673 crore from investors,'' added Lunawat. Among the ongoing issues, Samhi Hotels IPO and Zaggle Prepaid Ocean Services IPO close on September 18, while Yatra Online IPO closes on September 20 from the mainboard segment. From the SME segment, Cellecor Gadgets IPO, Holmarc Opto-Mechatronics IPO, and Kody Technolab IPO closes on September 20. Let's take a look at some of the companies that are opening for subscription this week, along with few that are getting listed on the bourses. Signature Global IPO: The mainboard issue opens on September 20 and closes on September 22. Signature Global IPO comprises a fresh issue of equity shares worth 603 crore and an offer of sale (OFS) of shares worth 127 crore by its shareholder International Finance Corporation, a World Bank Group member. At the upper end of the price band, Signature Global IPO issue size stands at 730 crore. The public issue of the ethnic apparel retailer opens on September 20 and closes on September 22. The IPO comprises a fresh issuance of shares worth 600 crore by the company and an offer-for-sale (OFS) of 2,70,72,000 equity shares by promoter group. At the upper end of the price band, the total issue size comes in at 1,200 crore. The mainboard IPO of Andhra Pradesh-based Manoj Vaibhav Gems N Jewellers will be opening for subscription on Friday, September 22. The public issue comprises of fresh issuance of equity shares worth up to 210 crore and an (OFS) of up to 2.8 million equity shares. Vaibhav Jewellers IPO is a book-built issue. The issue will close on Tuesday, September 26. The SME IPO of the homegrown spice manufacturer opens for subscription on September 21. Madhusudan Masala IPO is a book built issue of 23.80 crore. The IPO issue comprises the sale of 34 lakh fresh equity shares, each with a face value of Rs. 10, aggregating to Rs. 23.80 crore. The issue will close on Thursday, September 21. The SME IPO opens on September 18, 2023. The company aims to raise 16.72 crore through the public issue. It is a fixed price issue at 86 per equity share, at a face value of 10 per share. Techknowgreen Solutions IPO comprises a fresh issue of 19.44 lakh shares, aggregating up to Rs16.72 crore. The issue closes on September 21. The SME IPO opens for subscription on September 18, 2023 and closes on September 21, 2023. Master Components IPO is a fixed price issue of 15.46 crore. The issue is a combination of fresh issue of 7.01 lakh shares aggregating to 9.81 crore and offer for sale of 4.03 lakh shares aggregating to 5.64 crore. The SME IPO opens for subscription on September 21, 2023 and closes on September 25, 2023. Hi-Green Carbon IPO is a book built issue of 52.80 crore. The issue is a combination of fresh issue of 59.9 lakh shares aggregating to 44.93 crore and offer for sale of 10.5 lakh shares aggregating to 7.88 crore. The SME IPO opens for subscription on September 21, 2023 and closes on September 25, 2023. Mangalam Alloys IPO is a fixed price issue of 54.91 crore. The issue is a combination of fresh issue of 61.26 lakh shares aggregating to 49.01 crore and offer for sale of 7.38 lakh shares aggregating to 5.90 crore. The SME IPO opens for subscription on September 21, 2023 and closes on September 25, 2023. Marco Cables & Conductors IPO is a fixed price issue of 18.73 crore. The issue is a combination of fresh issue of 26.01 lakh shares aggregating to 9.36 crore and offer for sale of 26.01 lakh shares aggregating to 9.36 crore. The SME IPO opens for subscription on September 21, 2023 and closes on September 26, 2023. Organic Recycling Systems IPO is a fixed price issue of 50.00 crore. The issue is entirely a fresh issue of 25 lakh shares. New Listings: Shares of the mainboard IPO will get listed on stock exchanges BSE and NSE on September 18. Shares of the mainboard IPO will get listed on stock exchanges BSE and NSE on September 21. Shares of the SME IPO will get listed on BSE SME on September 21. The refunds will be initiated on September 18 and shares will be credited to demat accounts on September 20. Shares of the SME IPO will get listed on NSE SME on September 18. Shares of the SME IPO will get listed on NSE SME on September 21. The refunds will be initiated on September 18 and shares will be credited to demat accounts on September 20.
Inside the buzzing business of sleep
New Delhi: It’s a Japanese folklore called The Moon Princess. A poor couple discovers a baby girl inside a bamboo stalk and takes her in as a divine blessing. They name her Kaguya-hime and raise the child as their own. Kaguya-hime grows up in the idyllic countryside, the word of her beauty travelling far and wide. But she spurns every suitor, including the emperor of Japan, and returns to where she came from—the moon. The story, more than 1,200 years old, is listed on an app called Neend, literally meaning sleep. Following her own struggles with sleep post-covid, 32-year-old Surbhi Jain, an IIT Bombay graduate, started Neend in mid-2021. Its USP is bedtime stories told in a languid tone, peppered with simple instructions on how to prepare oneself for sleep: not just turning off the lights but how to breathe, relax each part of the body and let go of the day gone by. Neend takes a leaf out of internationally hit podcasts such as ‘Sleep with me’ by Drew Ackerman who tells boring stories with a generous dose of humour, lulling his listeners to sleep. “Our narrators have a calm and familiar tone which helps listeners relax. The voices are carefully curated, based on research on what frequencies are soothing to the ears," Jain said. The plots are unhurried, to ensure one does not get all excited. Alongside app-based podcasts, which Jain claims has 30,000 daily listeners, Neend has also ventured into sleep solution products like melatonin gummies—a hormone which induces sleep in response to darkness—and herb-based relaxants. It also offers therapy and counselling services by connecting users to sleep experts. An annual subscription to the app costs 699. “We think of ourselves not as a content or an e-commerce venture but a sleep and relaxation company," Jain said. Neend, in a way, stands apart as a unique venture in an promising to deliver a restful night of sleep to customers. This market comprises new age mattress companies, makers of breathing devices and nutraceuticals, wearable sleep trackers such as smart watches and wrist bands, and medical practitioners urging their patients to get a sleep study done—to diagnose serious underlying conditions like sleep apnea. Biological rhythms But should one obsess over sleep? For Sagar Bishnoi, the answer is an unequivocal yes. Now 29, Bishnoi, a Delhi-based environment professional, struggled for years to get a good night’s sleep. The earliest memory, which he said is printed in his brain, dates to a morning when he was just 12. Unable to wake up on time, Bishnoi had reached school late. He was publicly admonished for frequently coming late for the school assembly. He felt humiliated. Later, even as he graduated from college and took up a job, the distress over sleep never left him. “I would go to bed on time but not fall asleep. The deepest sleep came only towards morning. I would miss alarms and phone calls. I used to wake up tired and feel sleepy mid-day while at work," Bishnoi recalled. The trauma of sleep deprivation led Bishnoi to box himself as a night owl. But thankfully, after a year of concerted effort, Bishnoi managed to fix his problem last year. The break came after he realized the importance of circadian rhythm—bodily functions which control temperatures, hormone secretion and the cycles of sleep and wakefulness. These bodily rhythms are often impacted by external factors like exposure to light, ambient temperature and eating or drinking habits. Exposure to light blocks release of melatonin, a sleep-inducing hormone produced by the brain in response to darkness. Conversely, anxiety leads to elevated levels of cortisol, a stress hormone, which interferes with normal sleep. While cortisol levels rise and fall with the sun, melatonin levels move in the opposite direction, maintaining the body’s circadian rhythm. Why is sleep important? During sleep, memories are consolidated—transferred from short term to long term storage sites—and the metabolic waste generated in the brain due to nerves firing through the day is cleared, explained Swami Subramaniam, neuroscientist, and author of the book Mastering Sleep. Sleeping less can severely impair daily activities as well as affect long-term health. For instance, a 2018 study of 10,000 individuals, published in the journal Sleep, found evidence of cognitive impairment among adults sleeping less than the recommended 7-8 hours in a day. The sleep deprived found it difficult to learn new things, concentrate, make decisions, or react to a situation. The long-term health impact is more damaging. A growing body of evidence links sleep loss to chronic conditions like obesity, hypertension, type-2 diabetes, anxiety, dementia, depression, and Alzheimer’s disease. Data on sleep deprivation in India is sparse and mostly comes from non-official sources. According to a LocalCircles survey released in March this year, more than half (55%) of respondents said they got less than six hours of ‘uninterrupted’ sleep in a day. A little over fifth said they were not even sleeping for four hours. Interruptions lead to poor quality sleep by disrupting different stages of a sleep cycle. The cycles usually move from three non-rapid eye movement (non-REM) stages of light to deep sleep, to rapid eye movement (REM) sleep—when dreams happen. These cycles keep repeating through the night, allowing the brain and the body to recuperate. Another survey, by Wakefit—a mattress and sleep solutions startup—released in 2023, showed a high incidence of self-reported insomnia: one in three respondents. Almost 90% of the respondents said they woke up once or twice during the night, with 60% saying they got up in the morning not feeling well-rested. Nearly 45% of respondents said social media browsing kept them awake at night. Worries about the future, finances and work were the second most important reason which kept people awake. Melatonin to mattress Due to the changing nature of work and bizarre sleep routines, insomnia is now a common complaint, said Akanksha Jha, pulmonologist and sleep disorder specialist at Kailash Hospital, Greater Noida. According to Jha, many who struggle to sleep regularly pop melatonin supplements or sleeping pills. Melatonin products are now readily available on e-commerce websites or as over-the-counter drugs. As per Future Markets Insights, the melatonin market in India is expected to cross $10 million by 2033. The small size of the market has not deterred established and relatively unknown brands to test the waters. A check on e-retail outlets throws up numerous options for melatonin sold as tablets, syrups and gummies, often punched with vitamins and natural ingredients like chamomile, lavender and other herbs. Earlier this year, Procter and Gamble launched a melatonin sleep gummy named Vicks ZzzQuil Natura, a product which it claims is non-addictive with no next day drowsiness. The makeover of India’s organized sector mattress market—estimated at $240 million in 2023 by Statista—is no less interesting. Most mattress manufacturers, including established ones like Sheela Foam and Kurlon are now pitching themselves as sleep solutions companies, promising that their products will help customers ‘sleep like a pro.’ The startup ecosystem is also flush with mattress makers which include the likes of Wakefit and The Sleep Company. “While working on the design, we realized that consumers were paying a steep price for mattresses which hamper blood flow and leave a mark on the skin," said Chaitanya Ramalingegowda, co-founder of Wakefit which began operations in 2016. The startup has seen its annual revenues surge 22% year-on-year to 825 crore in 2022-23. “Our mattresses are designed to ensure that the spine is aligned correctly and one wakes up without pain. The products are tested for breathability, firmness, and humidity (control)," Ramalingegowda added. The Bengaluru-based startup, which claims to have served two million customers, has a unique policy for its employees. They are entitled to a 30-minute nap every afternoon to ‘recentre and recharge’ themselves on recliners placed in an air-cooled and dark nap room. In addition to medical supplements and mattresses, a growing number of consumers are now using sleep monitoring devices which include wearables like smartwatches and wrist bands. Data from Statista shows that shipments of smartwatches to India jumped to 31 million units in 2022, from just 12 million units the year before. Popular smartwatch brands like Apple and Fitbit help consumers track duration and time spent in different sleep stages—like REM and deep sleep—as well as snoring patterns, which can alert users to serious medical conditions like obstructive sleep apnea (OSA). In OSA, breathing can stop and resume repeatedly. In obese patients, fat deposits around the upper airway obstruct breathing. This not only makes it hard to reach the deep and restful stages of sleep—leading to daytime fatigue—but also increases the risks of a stroke or a heart attack due to a sudden drop in blood oxygen levels. Costly sleep study To check for sleep apnea, patients need to undergo a sleep study where sensors track the activity of multiple body systems, including heart, brain and the respiratory system, over the course of a night. According to sleep specialists, sleep apnea is common but many patients hesitate to get a sleep study done since it is expensive, costing between 30,000 and 40,000. Some are also averse to using a continuous positive airway pressure (Cpap) machine which delivers continuous pressurized air into a mask that one must wear while sleeping. The sleep apnea devices market in India was estimated at $121 million in 2021, as per an estimate by TechSci Research, and the segment is forecast to cross $200 million by 2027. The growth, the report said, will be driven by factors like an ageing population, increasing pollution levels leading to higher incidence of respiratory disorders, and rise in lifestyle diseases like hypertension and obesity. The boom in medical services catering to sleep disorders is already visible. Today, most major cities in India have multiple sleep clinics where patients can get a sleep study done and take medical advice. “Four out of 10 patients who come to us suffer from sleep apnea. The remaining cases consist of insomnia and circadian rhythm disturbances," said N. Ramakrishnan, founder of the Nithra Institute of Sleep Sciences, Chennai, which was set up in 2004. Ramakrishnan, who is also director of critical care services at Apollo Hospitals, said that the number of patients visiting the sleep clinic has multiplied manifold in recent years, with rising awareness and growing sleeplessness. He often gets patients who appear like overworked zombies, yet complain of declining productivity at work. Many admit to popping anti-anxiety medicines and cough syrups—without visiting a doctor—just to get a few hours of sleep. “It is ironic that medical insurance does not cover sleep treatment and breathing devices (like Cpap) since the treatment does not require hospitalization. Only when sleep deprivation leads to bigger troubles like a heart attack or stroke, insurers step in," Ramakrishnan added. Darkness is bliss The cost of sleep deprivation goes beyond personal health. A 2017 study published in the RAND Health Quarterly warned about the high economic costs of insufficient sleep, estimated at $680 billion a year in five OECD countries—including, $400 billion for the US and $60 billion for Germany. Lost sleep impairs productivity and performance at work, coupled with higher absenteeism. OECD is short for Organisation for Economic Co-operation and Development. According to Charles A. Czeisler, professor of sleep medicine at Harvard Medical School, the often-glorified corporate executive who logs 100-hour workweeks or lives out of a suitcase in multiple time zones is endangering themselves, putting their companies at risk. The more we light up our lives, the less we seem to sleep, Czeisler wrote in a Nature piece published in 2013. “Sleep is essential to our physical and mental well-being, so it is vital that we learn more about the impact of light consumption and other ways our 24/7 society affects sleep, circadian rhythms and health," he added. Lest one is drowned by the wave of sleep hacks on the internet, the US Centres for Disease Control and Prevention offers some useful tips for a good night’s sleep. Be consistent and follow a routine. Make sure, the bedroom is quiet, cool, dark. Stay away from all electronic devices including mobiles, laptops and television. Avoid large meals and caffeine before bedtime. And go, get some exercise during the day. Sagar Bishnoi has been doing exactly that to fix his sleep. But when friends and family come visiting his bachelor’s pad in Delhi, they are often left wide-eyed. Dim lights or a candle placed at floor-level late evening, gentle wafts of cool breeze, a mild sandalwood fragrance hanging in the air. “Kya mahol banake rakhha hai (what mood have you created, man)," they would say. Bishnoi takes the jest lightly. He is not worried about his preoccupation with sleep taking a toll on his social life. “But once in a while I do break the rules when it’s worth it."
Small-Caps: just volatile, or are they also risky?
Indian markets have had a fantastic run during the last quarter, particularly due to a spectacular performance from the Small Cap Index that delivered around 20% returns. It is interesting that 46% of stocks have run up more than 20% during the last quarter—underlining the broad-based euphoria. With this kind of performance, it’s natural to hear murmurs around “risk of equity investing" at these levels – more particularly in small caps. But, is small-cap investing really risky or is it just volatile? Volatility implies that prices correct and rise, rapidly and erratically due to a variety of reasons, ranging from investor sentiments to domestic indicators to global causes and liquidity. Most academics refer to volatility as a risk to consider while investing. But is price movement really a risk? Risk refers to the potential financial loss inherent in any investment decision. It is the probability of permanent capital loss which usually takes place due to shortcomings in the business or the industry or both, rather than market movement (volatility). To a large extent, both these phenomena tend to go hand-in- hand in the short term, with most investors believing that volatility is indeed risk. However, in the long term, one realizes that these two phenomena are completely different—while one needs to protect capital against risks, one can use volatility as an opportunity to create disproportionate wealth. To understand whether small-cap investing is truly risky or not, we have to first to understand the two types of risks: systematic and unsystematic. Systematic risk is broadly external factors beyond control that affect more than just one stock, they affect the entire market or industry. Unsystematic risk is one that is stock-specific risk, which affects a said organization alone. However, these risks can be avoided by thorough due diligence, research, and understanding how any stock and related industries work. So being vigilant is important. But are these risks only specific to small-caps? History suggests otherwise. We’ve seen large reputed organizations fall prey to both these risks, for example when Yes Bank crumbled due to its poor corporate governance standards (unsystematic risk) or when HEG/Graphite corrected substantially due to a change in the steel-graphite cycle (systematic risk). Large-caps are not immune to risks, they are just less volatile, because they are normally well covered by brokers, traded into by institutions and have adequate float. The lack of information available on small-caps, the lack of discovery, the lack of free-float and the untested managements of small-caps is what leads to excessive volatility, but this is also what leads to superior returns. Small-caps, like large-cap investing, is only risky when one doesn’t understand the underlying business. Like Warren Buffet famously said, “risk comes from not knowing what you’re doing". Businesses do not function in a linear manner and often go through execution challenges because of multiple external factors. Resultantly, their underlying stock prices also go through various swings during this journey. From an investors perspective, it’s extremely important to understand this non-linearity of business and factor this in the underlying valuations when buying a particular business. This itself helps it see through the volatile phase of the stock prices. Another aspect that one may look at it while taking advantage of volatility is to stagger one’s investment and build it up. In the short run, stock prices do tend to behave erratic (volatile) for reasons beyond the business fundamentals. For instance. if one looks at Titan’s journey from being a small cap company with a mere 1,018 crore market cap in 2005 to a staggering 2.68 trillion market cap today– this journey over the last almost 18 years has been laden with a lot of volatility with the stock price going down by more than 30% at least seven times! It would have been a missed opportunity for investors who found the small-cap Titan to be ‘risky’ because it fell more than 30%! Simply put, small-caps don’t generate superior returns because they are riskier. They do so because they are more volatile.
Are multi-asset funds the right product in a soaring market?
Diversification is the only free lunch," Nobel Prize-winning economist Harry Markowitz has said. But how do you define diversification? How many asset classes should you invest in and in what proportion? Domestic mutual funds seem to be thinking hard about this question. Several fund houses have come up with a solution by renewing their focus on multi-asset funds in recent months. Edelweiss Mutual Fund (MF), DSP MF, Kotak MF, WhiteOak Capital MF have all recently launched their new fund offers. More are in the works. To be sure, multi-asset funds have been around in the country for at least 10 years. Multi-asset funds are allowed to invest in various asset classes—equity, debt, gold, silver, commodities, international equities, futures & options, investment trusts, infrastructure investment trusts, etc. They are seen as a one-stop solution for every investor’s asset allocation needs. But not all multi- asset funds are the same. Some invest in international equities; others do not. Some tend to keep their equity exposure low; some can take it much higher. Also, every multi-asset fund is taxed differently. Here is what you need to know about these funds. Past performance The top-five multi asset funds in terms of assets have delivered three-year rolling returns of 12% on an average between 1 January 2016 and 14 September 2023. These funds have delivered a maximum of 30% three-year returns; the minimum is -2.4% ( ). Only those funds that have been in existence for more than five years have been considered for calculating the returns. A well-managed multi-asset fund can help investors reduce overall volatility on their investments. The funds analysed showed a standard deviation of 5.7% on an average. Standard deviation is a measurement of volatility. Ihab Dalwai, fund manager at ICICI Mutual Fund, says equity has historically delivered higher returns than other asset classes, while a multi-asset fund can help reduce the volatility risk that comes with investing in a single asset class like equity. “In the current environment, with high equity valuation and corporate profitability relative to gross domestic product (GDP), we believe our multi-asset fund should have less equity exposure than what we have maintained in the past three years," Dalwai says. Data shows that during 2008 financial crisis, the maximum drawdown shown by Total Return Index (TRI, which captures returns and dividends) was 59%, while a multi-asset portfolio comprising 50% equity, 25% gold and 25% debt saw a drawdown of 27% over the same period . Similarly, the Nifty TRI showed maximum drawdown of 38% during the , while it was 18% for a multi-asset portfolio. “We thought this is a good time to offer a fund that can help investors diversify across different asset classes. Right now, equity valuations don’t appear that attractive and gold could potentially enter a bull market. Our analysis suggests that the dollar is likely to see a downtick or slight weakness, which can push up gold prices," says Sahil Kapoor, head of products and market strategist at DSP Mutual Fund. Among the new multi asset funds getting launched, Kotak MF is launching a second asset allocation fund. Its first one is a fund of fund, which invests in units of equity , sector funds, gold funds, debt funds, international funds, etc. Devender Singhal, fund manager at Kotak MF, says the new fund will be directly investing in stocks (not via other mutual funds), which will allow more flexibility and agility in managing the portfolio. What works According to Kavitha Menon, founder of Probitus Wealth, multi- asset funds can be a convenient way for investors to re-balance their investment portfolio. “To reduce volatility in one’s portfolio, investors need to rebalance their portfolios at regular intervals, i.e. reduce exposure to investments that have seen significant run-up. However, selling an investment has a . In a multi-asset fund, the investor doesn’t face any tax liability when the fund manager decides to tweak the fund’s exposures," Menon points out. “There are also operational challenges of convincing investors to change their asset allocation and get them to execute it in a timely manner," she adds. What doesn’t Kirtan Shah, founder and chief executive officer of Credence Wealth, says that investors should not solely rely on multi-asset funds for their asset allocation needs. “The fund’s asset allocation and investor’s requirement may not always match. Further, linking multiple financial goals within one investment also may not work. Investors should look for a multi-asset fund that behaves like one and not focus too much on how the fund’s asset allocation impacts its tax status," Shah adds. According to Shah, investors should look for funds that are looking to offer 100-150 basis points higher returns than debt funds. “Extreme returns in such funds could be a reflection of a high-risk strategy," he says. Taxation The tax treatment of multi-asset funds depends on the asset allocation followed by the fund. For example, if the fund maintains 65% equity exposure (including equity derivatives), it will be treated like an for taxation purpose. So, long-term capital gains of more than 1 lakh will be taxed at 10% after one year of holding. Gains below 1 lakh will be tax-free. Short-term capital gains will be taxed at 15%. Union Budget 2023 had removed the indexation benefit for mutual funds with up to 35% equity exposure. So, if the fund maintains 35-65% exposure to equity, it will not get equity taxation, but still get indexation benefit. In this case, for investments held for more than three years, the long-term capital gains will be taxed at 20% with indexation benefit. Indexation is adjusting the purchase price of the investments to reflect the impact of inflation. The short-term capital gains will be taxed at investor’s slab rate. What investors should do As multi-asset funds involve managing investments across different asset classes, it is important to go with fund houses that have the capability and track-record of dealing with different asset classes. “Fund houses that are good with their macro calls can typically manage the multi-asset funds well," says Ravi Kumar TV, founder of Gaining Ground Investment Services. When considering a fund for your portfolio, check whether the fund’s asset allocation meets your risk and return expectations. For example, if you are conservative investor, a fund with high equity exposure may not be suitable. If you are a moderately aggressive investor, a fund with very little equity exposure may not work for you. Also, check how the fund’s asset allocation has moved in the past, especially during turbulent periods, and whether you are comfortable with such changes.
