When does direct real estate improve portfolio performance?

For over twenty years researchers have been recommending that investors diversify their portfolios by adding direct real estate. Based on the tenets of modern portfolio theory (MPT) investors are told that the primary reason they should include direct real estate is that they will enjoy decreased volatility (risk) through increased diversification. However, the MPT methodology hides where this reduction in risk originates. To over come this deficiency we use a four-quadrant approach to break down the co-movement between direct real estate and equities and bonds into negative and positive periods. Then using data for the last 25-years we show that for about 70% of the time a holding in direct real estate would have hurt portfolio returns, i.e. when the other assets showed positive performance. In other words, for only about 30% of the time would a holding in direct real estate lead to improvements in portfolio returns. However, this increase in performance occurs when the alternative asset showed negative returns. In addition, adding direct real estate always leads to reductions in portfolio risk, especially on the downside. In other words, although adding direct real estate helps the investor to avoid large losses it also reduces the potential for large gains. Thus, if the goal of the investor is offsetting losses, then the results show that direct real estate would have been of some benefit. So in answer to the question when does direct real estate improve portfolio performance the answer is on the downside, i.e. when it is most needed.

Queue-based agent communication architecture for intelligent human-like computer interfaces

Human-like computer interaction systems requires far more than just simple speech input/output. Such a system should communicate with the user verbally, using a conversational style language. It should be aware of its surroundings and use this context for any decisions it makes. As a synthetic character, it should have a computer generated human-like appearance. This, in turn, should be used to convey emotions, expressions and gestures. Finally, and perhaps most important of all, the system should interact with the user in real time, in a fluent and believable manner.

Robots can't really be intelligent can they?

The whole concept of just what is and what is not, intelligence is a vitally important one. As humans interact more with machines, so the similarities and differences between human and machine intelligence need to be looked at in a sensible, scientific way. This paper considers human and machine intelligence and links them closely to physical characteristics, as exhibited by robots. Potential interfaces between humans and machines are also considered, as is the state of the art in direct physical links between humans and machines.

Direct contact membrane distillation

This review looks at the work carried out over the past 15 years on membrane distillation and reports the conditions utilized for research. The process is still used mainly at the laboratory scale, but a few pilot plants have been built across the world, mostly for desalination and the production of potable water. Studies into membrane distillation have been concerned with the effect of mass transfer, heat transfer, and stirring rate, but the most important effect that has to be considered with this process is temperature polarization. A section on temperature polarization and the effect of boundary layers is included in this review.

Investigating familiar interfaces to help older adults learn computer applications more easily

Many older adults wish to gain competence in using a computer, but many application interfaces are perceived as complex and difficult to use, deterring potential users from investing the time to learn them. Hence, this study looks at the potential of ‘familiar’ interface design which builds upon users’ knowledge of real world interactions, and applies existing skills to a new domain. Tools are provided in the form of familiar visual objects, and manipulated like real-world counterparts, rather than with buttons, icons and menus found in classic WIMP interfaces. This paper describes the formative evaluation of computer interactions that are based upon familiar real world tasks, which supports multitouch interaction, involves few buttons and icons, no menus, no right-clicks or double-clicks and no dialogs. Using an example of an email client to test the principles of using “familiarity”, the initial feedback was very encouraging, with 3 of the 4 participants being able to undertake some of the basic email tasks with no prior training and little or no help. The feedback has informed a number of refinements of the design principles, such as providing clearer affordance for visual objects. A full study is currently underway.

Direct iminization of PEEK

Semi-crystalline poly(ether ketone)s are important high-temperature engineering thermoplastics, but are difficult to characterize at the molecular level because of their insolubility in conventional organic solvents. Here we report that polymers of this type, including PEEK, react cleanly at high temperatures with low-volatility aralkyl amines to afford stable, noncrystalline poly(ether-imine)s, which are readily soluble in solvents such as chloroform, THF and DMF and so characterizable by conventional size-exclusion chromatography.

VLMA: a tool for creating, annotating and sharing virtual museum collections

The Virtual Lightbox for Museums and Archives (VLMA) is a tool for collecting and reusing, in a structured fashion, the online contents of museums and archive datasets. It is not restricted to datasets with visual components although VLMA includes a lightbox service that enables comparison and manipulation of visual information. With VLMA, one can browse and search collections, construct personal collections, annotate them, export these collections to XML or Impress (Open Office) presentation format, and share collections with other VLMA users. VLMA was piloted as an e-Learning tool as part of JISC’s e-Learning focus in its first phase (2004-2005) and in its second phase (2005-2006) it has incorporated new partner collections while improving and expanding interfaces and services. This paper concerns its development as a research and teaching tool, especially to teachers using museum collections, and discusses the recent development of VLMA.