We measured the distance L from the slotted end of the test piece to the middle of the cracked end using a scale caliper. The crack length a was obtained by subtracting 6.35 mm from this distance, which is the length marked in red in Figure 14.
This recipe is outstanding, however, the prep and cooking times are way longer than noted. Cutting a pork butt into inch. size pieces takes at least 30 minutes. Sautéing all of the meat in 3 batches takes another 20 minutes and then cooking is another 50 minutes between the quick pot cook time and broiling/tossing the meat.
Quick Macro 6.6 cracked
In the following section, we identify our key macro changes by region. Overall, our message is one of slower growth, including recessionary conditions in some developed markets, amid stickier-than-expected inflation. We are more optimistic about near term inflation trends in Asia, though that region too could suffer from higher food and energy inputs.
We are lowering our S&P 500 target to 4,200 for this year and 4,350 for next year, down from 4,575 and 4,650, respectively, in 2022 and 2023 to align with our call for an increasingly challenging macro outlook of higher interest rates in the face of slowing GDP growth and an earnings recession.
We are formally incorporating a modest earnings recession into our outlook, which assumes EPS falls five percent Y/y to $219 per share in 2023 (down from our prior estimate of $235 per share and significantly below consensus at $250/share). A synchronous downturn across our trusted lead indicators is driving the fundamental downgrade. Specifically, a) our Earnings Growth Lead Indicator (EGLI) is worsening not improving on the back of higher energy prices; b) our macro proxy for corporate margins is rolling over; c) we have increasing conviction that the ISM index will fall below 50 into contraction territory; and d) we are at the start of an earnings revisions downgrade cycle.
Tactically speaking, despite downbeat fundamentals, current market conditions look ripe for a bear market rally in the near-term. Our reasoning is threefold: a) the peak-to-trough decline already matches the average non-recession drawdown of about 20%; b) close to 60% of S&P 500 companies are down by 20% or more, a threshold that has signaled prior market troughs outside of recessions; c) our global cross-asset indicator suggests sentiment is close to washed-out territory, which would be contrarian bullish (see Exhibits 66 and 67). For investors, we suggest taking advantage of these pockets of strength and re-positioning portfolios with a more defensive tilt to hedge against a deteriorating macro environment.
So, our macro outlook is pointing to an increasingly stagflationary environment of slowing growth, rising rates, and persistent commodity/labor cost inflation that we believe will continue to pressure margins and multiples heading into 2023. As such, we think investors should position their portfolios more defensively, with a focus on pricing power and high cash flow conversion.
In terms of key risks, we think that stagflation and/or a policy mistake represent clear and present dangers this tightening cycle. To hedge against this concern, we believe in a diversified allocation with shorter duration that can lean into volatility. As we have been saying for some time, this is a different kind of recovery, and as such, investing behind it requires a new approach to macro/asset allocation.
The 3.89-inch bore LS1 was quickly followed by the LS6, offering more cam timing and compression. The next step was to increase displacement with the LS2 in 2005 by bumping the bore to 4.00-inches that duplicated the bore and stroke of the 6.0L truck engines in an all-aluminum configuration, still with cathedral port heads.
Sophistication has also emerged even with this supposedly antique pushrod engine configuration. Variable valve timing (VVT) uses a vane-type cam phaser that works inside the cam gear under control by the ECU to move the camshaft through as much as a 60-degree advance-to-retard range. The advantage of VVT is that the ECU can fully advance the cam to stabilize idle quality while retarding timing at higher engine speeds to improve peak rpm horsepower. Valve overlap is not affected. This ECU-controlled cam phasing limits the amount of additional lift and duration changes that can be employed with a performance camshaft, which is why the aftermarket quickly came up with phaser eliminator kits that convert back to a fixed cam position.
Did you know that you can microwave your eggs without destroying their nutritional value? Though some may view microwaves as dangerous kitchen tools, the goal of cooking food is to expose food to heat for the shortest possible amount of time. Because microwaves cook food quickly, nutrients have less time to break down and lose their power. 2ff7e9595c
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