2013년 12월 31일 화요일

Top Funds Activity During Q3 2013


Top Funds Activity During Q3 2013




Katya Wachtel of Reuters reports, Hedge funds tune into Pandora, discard Apple in third-quarter:Hedge funds took a liking to online music company Pandora Media Inc (P) in the third quarter but soured on Apple Inc (AAPL), according to regulatory filings published Thursday.

Hedge funds including Philippe Laffont's Coatue Management and Patrick McCormack's Tiger Consumer Management both opened stakes in Pandora of about 1.1 million and 2.9 million shares, respectively, U.S. Securities and Exchange Commission filings showed.

The quarterly disclosures of stock holdings are intriguing for investors trying to get a glimpse into what savvy traders are buying and selling. However, the disclosures are backward looking and come out 45 days after the end of each quarter, and do not disclose short positions - bets that a stock will fall in price.

Nonetheless, the filings are a rare window into the secretive hedge fund industry and the minds of its top managers.

While Tiger Consumer dissolved its Facebook Inc (FB) holdings in the third quarter, Coatue opened a large new stake in the social networking site, buying up to 9.2 million shares.

Andreas Halvorsen's Viking Global Investors also opened a new 4.4 million share stake in Facebook. All three managers are part of the crew of so-called Tiger Cubs - hedge funds launched with seed money by Julian Robertson of Tiger Management.

Both Coatue and Viking Global cut their shares in Apple Inc (AAPL), joining a plethora of other well-known managers that turned on the iPod maker in the third quarter.

Leon Cooperman's Omega Advisors, David Tepper's Appaloosa Management, Lee Ainslie's Maverick Capital and Manish Chopra's Tiger Veda Management all either completely cut or reduced their Apple holdings.

Long one of the hedge fund industry's favorite bets, managers abandoned Apple with vigor earlier in the year as the stock price plummeted.

Cooperman's Omega and Tiger Veda liquidated their holdings of Google Inc (GOOG) in the third quarter, the filings showed, but another internet search engine site attracted buyers over the same period.

Tiger Global Management's hedge fund, co-managed by Chase Coleman and Feroz Dewan, opened a new stake in Yahoo Inc (YHOO), as did Viking Global, buying up to 9 million shares. But San Francisco based-hedge fund Farallon Capital Management dramatically reduced its Yahoo stake from 11.275 million shares to about 1.8 million.
Svea Herbst-Bayliss also reports, Big hedge funds shopped at J.C. Penney in third quarter:Retailer J.C. Penney drew three prominent new institutional shoppers during the third quarter, while a fourth investor significantly increased its stake, even as an ambitious overhaul fizzled and its stock price dropped.

Hedge funds Highfields Capital, Jana Partners and Farallon Capital Management Group took positions in the ailing department store operator, and Glenview Capital, already a big owner, added to its holdings.

Jonathon Jacobson's Highfields Capital bought 3.2 million shares, and Barry Rosenstein's Jana Partners and Farallon, founded by Tom Steyer, each bought 500,000 shares in the Plano, Texas-based company during the quarter, regulatory filings made with the Securities and Exchange Commission on Thursday show. Larry Robbins' Glenview bought 3.9 million shares to own 12.4 million at the end of the quarter.

George Soros, whose investment decisions have long been followed closely, kept his holdings unchanged at 19.98 million shares.

Two one-time backers of the company had second thoughts, however. Richard Perry's Perry Capital sold 2 million shares, leaving him with 10 million shares at the end of the quarter. And Tiger Consumer Management liquidated its entire position, 5.43 million shares.

Additionally Fidelity Investments said its funds sold 3 million shares, cutting the firm's stake in J.C. Penney by 66 percent. The company does not break out which funds own the stakes but said it still had 1.5 million shares at the end of the quarter.

In April, the company in April parted ways with Chief Executive Ron Johnson, who after 17 months on the job failed to win over shoppers and investors with his everyday-low-price strategy, and rehired former CEO Mike Ullman to revive the company. Johnson was known for his previous success as chief of Apple Inc's retail unit.

While Jana Partners' and Farallon's stakes make up only a small amount of the total holdings at each fund - 0.05 percent at Jana Partners and 0.09 percent at Farallon - the news is being widely followed because J.C. Penney, more than many other stocks, had become a battle ground for the world's biggest hedge funds.

William Ackman's Pershing Square Capital Management waged a long but largely unsuccessful campaign to revive the retailer and had expected its share price to go up. But plenty of other hedge funds were betting against a turnaround and shorting the stock for months.

The battle over the retailer came to a head in August and September when Ackman, J.C. Penney's biggest shareholder, stepped off the company's board and in one fell swoop sold his entire 17.78 percent stake of 39 million shares at the end of August, incurring a loss of roughly $500 million.

Then the company said it would raise fresh capital, an about-face after Ullman said he didn't see the need for fresh money for the rest of the year, further shaking sentiment. During the third quarter the share price plunged 48 percent.

The regulatory filings, which are required of money managers whose investment firms oversee more than $100 million in assets, do not say when Highfields, Jana or Farallon bought the shares, stating only that they held them on September 30. The filings are required to made 45 days after the end of the quarter.

The retailer's shares closed at $8.69 on Thursday afternoon, roughly flat from the end of the quarter, falling in early October and then recovering in subsequent weeks.

J.C. Penney found freshly committed backers in late August when Ackman cashed out.

Perry's Perry Capital and Soros' Soros Fund Management were among the investors purchasing shares that Ackman sold, sources familiar with the trades said.
You can read more Reuters articles on what hedge funds and top funds bought and sold during the third quarter here. Eton Park Capital Management and Ellington Management Group took new positions in Sotheby's (BID) during the third quarter.

Warren Buffett's Berkshire Hathaway Inc. disclosed a new $3.45 billion stake in Exxon Mobil Corp (XOM), after buying 40.1 million shares in the world's largest publicly traded oil company. Billionaire investors George Soros and John Paulson joined Daniel Loebs Third Point LLC in taking stakes last quarter in FedEx Corp.(FDX), operator of the worlds largest cargo airline.

And according to the Financial Times, a group of hedge funds and private equity companies is preparing a proposal to take over large parts of Fannie Mae (FNMA) and Freddie Mac (FMCC), in an attempt to end a bitter dispute with the Treasury, which has controlled the US housing finance agencies for five years.

It's that time of the quarter again when everyone gets all excited looking into what the big hedge funds are buying and selling. My advice is to take all these articles with a shaker of salt and completely avoid buying or selling anything based on what these well-known hedge funds are reportedly doing.

But since I know most of you won't follow my advice, I'm going to give you a long list of links so you can track the latest quarterly holdings of top funds in detail. I break them down by types and will guide you as to where you can focus your attention if you don't want to be burned by big hedge funds.

Those of you who want me to drill into this information will have to subscribe to my blog ($500 or $1000). I already provide way too much free stuff. If you want to be one up on top hedge funds, you can invest in these ETFs, or you can pay me and a buddy of mine big bucks and we'll create a custom ETF which will trounce all these top hedge funds and the SP 500 using no leverage whatsoever (and unlike closet indexers run amok, we won't rape you on fees).

In my previous life working in Pensionland, I allocated money to well known hedge funds. I've met Ray Dalio, Andreas Halvorsen and many other well-known and lesser known hedge fund managers. Most of them are very nice people but a few of them were narcissistic, arrogant jerks. I took great pleasure in grilling the arrogant jerks, no matter how rich and famous they were.

Now, I'm just a blogger on pensions who loves to speculate in the stock market. I track over 1500 stocks in over 80 industries. At the end of each trading day, I look at the most active, top gainers and losers and add to my list of stocks to track. I also like to know which stocks are making new 52-week highs and lows, which stocks are being heavily shorted, and which ones offer the highest dividends.

I mostly track U.S. stocks but also many Canadian stocks and some Chinese stocks, especially Chinese solars. Check out Canadian Solar (CSIQ) over the past year (click on image below):



How would you like to have bought a couple of thousand shares of CSIQ at $2 at the beginning of the year in your tax-free savings account (TFSA in Canada) and watch this puppy rip higher? And if you think that's a fluke, check out Daqo New Energy Corporation (DQ) over the past year (click on image):



It's been volatile but the stock went from $3.50 to $49 in less than a year and is now hovering around $42. Not bad at all and it's not Apple, Amazon, Facebook, Google, Netflix or any other hedge fund favorite.

I remember when the pathetic shorties on Zero Hedge were making fun of me for telling people to ignore hedge fund gurus like Jim Chanos and keep buying solar stocks. Admittedly, some Chinese solar stocks still stink but a lot of them have taken off over the past year as central banks keep pumping up the jam, encouraging speculators to take on more risk.

I can show you even better charts on airline stocks, biotechs, medical equipment, industrials, technology, education stocks and much more but it's useless, a lot of these stocks are now way overbought and the higher the momos (momentum chasers) drive them up, the bigger the risks are that they'll come crashing down.

Making big money trading stocks is all about timing and knowing when to pull the trigger and when to cut your losses and stay on the sidelines.

My friend, Frederic Lecoq, has helped me understand when to buy and sell stocks. He was a fundamental portfolio manager at PSP Investments who is now having fun trading his own money, using technical indicators he developed with another former colleague of mine from PSP. And he's good, very good. I love chatting on the phone with him every day, going over ideas and stocks. He also has a great sense of humor and makes me laugh so hard with his cynical jokes.

In fact, I love talking to people who put their own money at work. This is why I track the quarterly filings of top hedge funds but take this information with a grain of salt. As Fred often reminds me, these "gurus" aren't always right and they are just as prone to making spectacular mistakes in the stock market (J.C. Penney is a perfect example, what a BEAUTIFUL short that was when all the gurus piled in. I have no opinion on it now but tracking it closely).

Anyways, I've rambled on enough. Below, a list of top funds I track every quarter. Going over these filings is time consuming but you will learn a lot by focusing on where they added to existing holdings or initiated new positions. Those of you who like to invest rather than trade should focus on the deep value and activist funds. They don't churn their portfolios as often.

But I warn all of you, use this information wisely and remember, even the "gurus" get crushed. The stupidest thing you can do is blindly follow their portfolios thinking you are going to make money in the stock market.

Top multi-strategy hedge funds

As the name implies, these hedge funds invest across a wide variety of hedge fund strategies like L/S Equity, L/S credit, global macro, convertible arbitrage, risk arbitrage, volatility arbitrage and statistical pair trading.

Unlike fund of hedge funds, the fees are lower because there is a single manager managing the portfolio, allocating across various alpha strategies as opportunities arise. Below are links to the holdings of some top multi-strategy hedge funds I track closely:

1) Citadel Advisors

2) SAC Capital Management

3) Farallon Capital Management

4) Peak6 Investments

5) Kingdon Capital Management

6) Millennium Management

7) Eton Park Capital Management

8) HBK Investments

9) Highbridge Capital Management

10) Pentwater Capital Management

11) Och-Ziff Capital Management

12) Pine River Capital Capital Management

13) Carlson Capital Management

14) Mount Kellett Capital Management

15) Whitebox Advisors

16) QVT Financial

Top Global Macro Hedge Funds

These hedge funds gained notoriety because of George Soros, arguably the best and most famous hedge fund manager. Global macros typically invest in bond and currency markets but the top macro funds are able to invest across all asset classes, including equities.

Soros and Stanley Druckenmiller, another famous global macro fund manager with a long stellar track record, have converted their funds into family offices to manage their own money and basically only answer to themselves (that is the sign of true success!).

1) Soros Fund Management

2) Duquesne Family Office

3) Bridgewater Associates

4) Caxton Associates

5) Tudor Investment Corporation

6) Tiger Management (Julian Robertson)

7) Moore Capital Management

8) Balyasny Asset Management

Top Market Neutral, Quant and CTA Hedge Funds

These funds use sophisticated mathematical algorithms to initiate their positions. They typically only hire PhDs in mathematics, physics and computer science to develop their algorithms. Market neutral funds will engage in pair trading to remove market beta.

1) Alyeska Investment Group

2) Renaissance Technologies

3) DE Shaw Co.

4) Two Sigma Investments

5) Numeric Investors

6) Analytic Investors

7) Winton Capital Management

8) Graham Capital Management

9) SABA Capital Management

10) Quantitative Investment Management

Top Deep Value Funds and Activist Funds

These are among the top long-only funds that everyone tracks. They include funds run by billionaires Warren Buffet, Seth Klarman, and Ken Fisher. Activist investors like to make investments in companies where management lacks the proper incentives to maximize shareholder value. They differ from traditional L/S hedge funds by having a less diversified (more concentrated) portfolio.
1) Berkshire Hathaway

2) Fisher Asset Management

3) Baupost Group

4) Fairfax Financial Holdings

5) Fairholme Capital

6) Trian Fund Management

7) Gotham Asset Management

8) Sasco Capital

9) Jana Partners

10) Icahn Associates

11) Schneider Capital Management

12) Highfields Capital Management

13) Eminence Capital

14) Pershing Square Capital Management

15) New Mountain Vantage Advisers

16) Scout Capital Management

17) Third Point

18) Glenview Capital Management

19) Perry Corp

20) ValueAct Capital

21) Vulcan Value Partners

Top Long/Short Hedge Funds

These hedge funds go long shares they think will rise in value and short those they think will fall. Along with global macro funds, they command the bulk of hedge fund assets. There are many L/S funds but here is a small sample of some well known funds.

1) Appaloosa Capital Management

2) Tiger Global Management

3) Greenlight Capital

4) Maverick Capital

5) Pointstate Capital Partners

6) Marathon Asset Management

7) JAT Capital Management

8) Coatue Management

9) Leon Cooperman's Omega Advisors

10) Artis Capital Management

11) Fox Point Capital Management

12) Jabre Capital Partners

13) Lone Pine Capital

14) Paulson Co.

15) Brigade Capital Management

16) Discovery Capital Management

17) LSV Asset Management

18) Hussman Strategic Advisors

19) Cantillon Capital Management

20) Brookside Capital Management

21) Blue Ridge Capital

22) Iridian Asset Management

23) Clough Capital Partners

24) GLG Partners LP

25) Cadence Capital Management

26) Karsh Capital Management

27) Brahman Capital

28) Diamondback Capital Management

29) Silver Point Capital

30) Steadfast Capital Management

31) T2 Partners Management

32) PAR Capital Capital Management

33) Gilder, Gagnon, Howe Co

34) Brahman Capital

35) Bridger Management

36) Kensico Capital Management

37) Kynikos Associates

38) Soroban Capital Partners

39) Passport Capital

40) Pennant Capital Management

41) Mason Capital Management

42) SAB Capital Management

43) Sirios Capital Management

44) Highside Capital Management

45) Tremblant Capital Group

46) Decade Capital Management

47) T. Boone Pickens BP Capital

48) Viking Global Investors

49) Vinik Asset Management

50) Zweig-Dimenna Associates

Top Sector and Specialized Funds

I like tracking activity funds that specialize in real estate, biotech, retail and other sectors like mid, small and micro caps. Here are some funds worth tracking closely.

1) Baker Brothers Advisors

2) Broadfin Capital

3) Healthcor Management

4) Orbimed Advisors

5) Deerfield Management

6) Sectoral Asset Management

7) Visium Asset Management

8) Bridger Capital Management

9) Southeastern Asset Management

10) Bridgeway Capital Management

11) Cohen Steers

12) Cardinal Capital Management

13) Munder Capital Management

14) Diamondhill Capital Management

15) Tiger Consumer Management

16) Geneva Capital Management

17) Criterion Capital Management

Mutual Funds and Asset Managers

Mutual funds and large asset managers are not hedge funds but their sheer size makes them important players. Some asset managers have excellent track records. Below, are a few funds investors track closely.

1) Fidelity

2) Blackrock Fund Advisors

3) Wellington Management

4) AQR Capital Management

5) Sands Capital Management

6) Brookfield Asset Management

7) Dodge Cox

8) Eaton Vance Management

9) Grantham, Mayo, Van Otterloo Co.

10) Geode Capital Management

11) Goldman Sachs Group

12) JP Morgan Chase Co.

13) Morgan Stanley

14) Manulife Asset Management

15) RCM Capital Management

16) UBS Asset Management

17) Barclays Global Investor

18) Epoch Investment Partners

19) Thornburg Investment Management

20) Legg Mason Capital Management

21) Kornitzer Capital Management

22) Batterymarch Financial Management

23) Tocqueville Asset Management

24) Neuberger Berman

25) Winslow Capital Management

26) Herndon Capital Management

27) Artisan Partners

28) Great West Life Insurance Management

29) Lazard Asset Management

30) Janus Capital Management

31) Franklin Resources

32) Capital Research Global Investors

33) T. Rowe Price

34) First Eagle Investment Management

Pension Funds, Endowment Funds, and Sovereign Wealth Funds

Last but not least, I track activity of some pension funds, endowment funds and sovereign wealth funds. I like to focus on funds that invest in top hedge funds and have internal alpha managers. Below, a sample of pension and endowment funds I track closely:

1) Alberta Investment Management Corporation (AIMco)

2) Ontario Teachers' Pension Plan

3) Canada Pension Plan Investment Board

4) Caisse de dépôt et placement du Québec

5) OMERS Administration Corp.

6) British Columbia Investment Management Corporation (bcIMC)

7) Public Sector Pension Investment Board (PSP Investments)

8) PGGM Investments

9) APG All Pensions Group

10) California Public Employees Retirement System (CalPERS)

11) California State Teachers Retirement System (CalSTRS)

12) New York State Common Fund

13) New York State Teachers Retirement System

14) State Board of Administration of Florida Retirement System

15) State of Wisconsin Investment Board

16) State of New Jersey Common Pension Fund

17) Public Employees Retirement System of Ohio

18) STRS Ohio

19) Teacher Retirement System of Texas

20) Virginia Retirement Systems

21) TIAA CREF investment Management

22) Harvard Management Co.

23) Norges Bank

24) Nordea Investment Management

25) Korea Investment Corp.

26) Singapore Temasek Holdings

27) Yale Endowment Fund

Hope you enjoyed this comment and please remember to contribute to this blog by following the PayPal links on the top right-hand side under the banner. Institutional investors who want me to delve deeply into this topic are kindly requested to subscribe ($500 or $1000 a year) and contact me directly via my email at LKolivakis@gmail.com.

Below, Robert Olstein, Olstein Funds Chairman, CEO CIO, explains why good companies that are looking at revenues are "going to end badly," including Amazon. "You can't give revenues to investors."

And famous hedge fund manager Jim Rogers says there is a flip-flopping sense out there as to when and exactly how the Federal Reserve is going to stop this massive monetary stimulus.

Great insights but as central banks keep pumping liquidity into the system, the risks of a melt-up, not meltdown, keep growing. So if you think 1999 was crazy, get ready, you ain't seen nothing yet!





Some Basing Changes and Tweaks


Some Basing Changes and Tweaks


So I found a golden nugget of an item off ebay, little autumn leaves! (You can buy them here) These cheeky bargains were too good to pass up and I had been feeling my basing really needed a punt up the arse to improve! Bought some and decided to add them to OnG so far! Also grabbed some little stones to add a contrast to the basing which I think has come off ok? Let me know what you guys think, I really want to make this army as best I can and basing has always been a weak point! Dorian is a bit of an expert on the matter (and all things hobby) and might do a wee blog post on it to describe his techniques and theories behind it!You can also see how the warmachines came out after tweaking the horns and metal work :) Think I did the lighting pretty bad on the trolls tho, they look so flat :( !!!!












On Plutonium, Nuclear War, and Nuclear Peace Guest Post by NNadir


On Plutonium, Nuclear War, and Nuclear Peace Guest Post by NNadir


On Plutonium, Nuclear War, and Nuclear Peace

I trust – and I hope I am justified in this – that no one wants a nuclear war. I know I dont. We already have a set of environmental problems that are worse than a limited nuclear war, and may be facing an environmental crisis that might be as dire as a large scale nuclear war, specifically, a collapsing atmosphere. Adding a nuclear war to our list of problems – to vastly understate – is, um, undesirable. We should therefore, and must, do everything we possibly can to prevent nuclear war.

The world at large learned of nuclear war pretty much at the same time as it learned of the existence of a “new” element, plutonium, about which we now know a great deal more than we did at the time of the announcement. The point of this article is to discuss the psychological and practical relationship of plutoniums existence to the probability of nuclear war.

We now know that plutonium once occurred naturally on earth, but with the exception of a few atoms discovered in California in lanthanide/thorium ores at Mountain Pass by Darleane Hoffman1 of UC Berkeley, all of the primordial plutonium that was once present on this planet is now extinct, although its “bones,” if you will, its ashes, its fossils, remain in many places, notably in our atmosphere as an isotope of the noble gas xenon, but also in fact in many other places on earth, from the crust to the core.

Among those “ashes” of primordial plutonium is the radioactive element thorium, which is a significant component of the same lanthanide ores that are mined to manufacture wind turbines and hybrid/electric cars; the Mountain Pass Mine in whose ores primordial plutonium was discovered was closed because, among other things, of a concern, albeit an extremely silly concern, about the radioactivity of lanthanide mine tailings. Hoffman chose to look for plutonium in these ores since she expected that the geochemistry of plutonium dioxide would be very similar to the geochemistry of thorium dioxide and cerium dioxide minerals, both of which are significant constituents of most lanthanide ores. (The Mountain Pass mine is now in the process of being reopened, because new sources of lanthanides are required owing to Chinese restrictions on their export.)

Nevertheless, for the record, the mine tailings associated with the wind/hybrid car industry, as represented by milled ore tailings, will prove more radioactive (unless the thorium is removed and fissioned in nuclear reactors) over the long term than the mine tailings of uranium ores, since the processing of the latter removes the radioactive source and ultimately destroys it, whereas the wind/hybrid car industry simply dumps all of its radioactive waste without restriction and without “the public” issuing even a faint whimper of concern about it.

Be all of that as it may, to return to plutonium, the first samples visible to the human eye of the fascinating revived element, plutonium, were prepared for the purpose of making war, and this most remarkable scientific achievement was announced to the public at large in the context of announcing a new kind of war, nuclear war, a kind of war that had only been imagined in what was once assumed to be fanciful science fiction, the science fiction of H.G. Wells.

Thus there exists a psychological impetus, if not a rational impetus, always to associate plutonium with war, and the fear associated with this element has often caused its name to be written or spoken after adjectives like “deadly” and “dangerous” though plutonium need be neither of these things. In practice, though considerable inventories of it exist, plutonium is seldom either deadly or dangerous – indeed many lives have been saved by plutonium - but, as it is not new to tragedy that fear is often more powerful than reason, and thus this questionable and unfortunate association continues.

I have thought in my long lifetime a great deal about plutonium, and now will set out to address this association of plutonium and war, an association that has caused many people to suggest in all kinds of contexts that we should seek to avoid this element, avoid making it or using it, for fear of nuclear war, even though, I suggest, the element may prove to be the last, best hope for humanity in its increasingly failing efforts to stabilize its environment. With respect to the particular issue of war, I will thus now advance the thesis - it may seem counterintuitive given common parlance for more than half a century - that the best route to minimizing the risk of nuclear war is to make more plutonium, not less of it.

First some history:

When Hannibal crossed the Alps – although he could not have known this – nuclear war was possible. Later, when Julius Caesar conquered Gaul, nuclear war was possible, as it was when Alaric I sacked Rome, indeed as it was when Henry IV fought at Agincourt, as it was when Washington took Yorktown. Nuclear war was possible when Ulysses S. Grant captured Fort Donelson, also when he captured Vicksburg and also when he captured Robert E. Lee and his army at Appomattox. Nuclear war was possible during the Battle of the Somme, and it was possible – and for the first time was understood by some to be so – when Japan attacked Pearl Harbor, this in an unwise effort to protect its flanks as it drove for the oil fields of Java and Borneo, thus commencing the oil war that would also prove to be the only nuclear war that ever took place. When the Nazi general Paulus drove on Stalingrad in hopes of reaching the Caucasian oil fields at Baku, preparations for nuclear war were well underway, and by the time of the American obliteration of the city of Tokyo in March of 1945 using petroleum and biomass (nitroglycerine, palmitic acid and nitrocellulose) derived weapons of mass destruction, nuclear war was no longer merely possible: It had become inevitable.

We know that nuclear has always been possible since nuclear war has been observed.

Once.

Nuclear war has never been impossible, nor is likely that it ever will be impossible, since uranium exists. There is no human technology, not even its consumption in nuclear reactors that can ever consume all of the uranium on earth.

To wit:

Crustal uranium is all derived from continuous cycling from the earths mantle to the planetary surface. The composition of the earths upper mantle can be directly ascertained from the composition of mantle rocks. An example of very old mantle rocks is found on Baffin Island in Canada and in Greenland from which the uranium content of the mantle can be directly measured by calculation.2

If we note that the upper mantle constitutes about 10% of the mass of the earth, generally taken to be about 5.97 X 1024 kg, and allowing for the decay of uranium since the formation of the rock, the value given in reference 2 for the uranium content of the mantle 4.5 billion years ago, 0.0117 ppm, suggests that about 3 trillion tons of uranium now exist in the upper mantle, never mind the planetary lower mantle, never mind the outer and inner cores. Moreover the existence of this uranium, along with thorium and radioactive potassium, provides almost all of the Earths internal heat, an enormous amount of heat, the heat that drives plate tectonics and thus accounts for all the earths land mass on which the human race evolved.

If this planet had not formed containing a vast amount of uranium, neither the text here nor the eyes that read it could exist, since without it, human beings would not exist, and not existing, would be thus deprived of their ability to fear their own extinction. As a result of the heat generated by the decay of uranium, thorium and radioactive potassium – said heat dominated by the former - all of the layers of the earth experience convective flow and we may presume – we know this to be true for the mantle-crustal interface – elements exchange between layers as if the each of planets layers were continuous extraction devices. The energy content of the uranium in upper mantle, were it converted to plutonium and fissioned – the heat it generates comes not from nuclear fission but from the far more inefficient process of alpha decay - is roughly equivalent to the energy output at current levels, 520 exajoules per year, to about a trillion years of human energy consumption, although neither humanity nor the planet will survive that long.

A little less than 5 billion tons of this uranium, at little more than 0.1% of whats in the Earths upper layers, has leached into the earths oceans, limited only by the solubility of uranium in seawater. Any attempt to remove this oceanic uranium would be futile, again, since volcanism and weathering of crustal rocks continuously cycles mantle and crustal uranium to the oceans. Seawater is thus probably the most sustainable resource for supplying uranium indefinitely.

The topic of obtaining uranium in this way, from seawater, has been the subject of research for more than sixty years. 3, 4, 5, 6, 7 and the basic concepts, generally relying on resins – solid phase extraction - are well understood. The recovery of kg quantities8 been demonstrated using three 4 m2 absorbent beds stacked under a small anchored buoy in the sea off Japan: The energy required to overcome the free energy of mixing is provided wave motion and sea currents, although pumps connected to water intake piping for cooling power or desalination plants could also be used on shore. India – which has faced international restrictions for the importation of uranium because of its nuclear weapons program – has examined precisely this approach using the cooling water intake canal at the Tarapur Atomic Power Station.9

The cost of recovering uranium in this way – for a single use resin - has recently been estimated10 to be between $1000/kg and $1400/kg, about 15 times as much the current market price from terrestrial ores. For resins that can be used for six cycles, the price is lower, around $300/kg. (In familiar energy/cost terms, the higher figure is the cost of fuel equivalent of gasoline at 0.002 dollars per gallon because of the extreme energy density of uranium: Raw material fuel costs are a trivial component of the cost of nuclear energy.) One would therefore expect uranium from continental mines to remain a cheaper route for generations to come, but the point is this: For a few million dollars, any nation with access to the ocean could acquire sufficient uranium to make a nuclear weapon using well understood separations chemistry. There really isnt much mystery in this.

The scientists and engineers who achieved turning the 1941-1945 US-Japan oil war into the first and only nuclear war had natural uranium and only natural uranium as the starting material: Ironically in 1940 much of the world supply of the isolated element was being stored for use in the glaze and glass industries in a warehouse in Staten Island NY; this was the relatively small quantity used to start the Manhattan Project work.

It would have been nice, as an aside, if the US-Japan oil war, a sub-conflict of World War II - the only nuclear war ever observed - was also the only oil war ever to be observed, but alas, that was not to be. Every war fought in modern times has been an oil war in the sense that all modern wars rely on petroleum diverted to weapons use, and, in addition, as we know, many of these wars were fought because of the politics of oil and/or to obtain or control access to oil. (By way of contrast, no war has ever been fought to get access to uranium.) Cities and towns destroyed or severely damaged by petroleum diverted to make weapons of mass destruction include, but are not limited to, Tokyo, Hamburg, Dresden, Frankfurt, Berlin, Nagoya, Haiphong, Rotterdam, London, Coventry, Baghdad, Guernica…we could spend hours making a complete list.

But to return to the question of nuclear war - the only kind of war that people ever seem interested in preventing - I note again that the first nuclear weapon ever to be dropped on a city, Hiroshima, did not require the construction of a single nuclear reactor. It was made from natural uranium, processed using coal powered electricity and hydroelectric power to run a gaseous diffusion plant in Tennessee to separate a single isotope in natural uranium, 235U, which was then used to construct the bomb in question. Despite this fact, no one has ever proposed the banning of hydroelectricity or coal fired power plants (or any other form of electricity) to prevent nuclear war.

The scientists who built the uranium weapon were so confident in its performance that they didnt even bother to test it; its first test being on the city it destroyed. The first nuclear bomb ever detonated – this famously took place in New Mexico – as well as the second, and last, nuclear bomb ever used in the only nuclear war relied on plutonium, which was produced in a nuclear reactor – a reactor designed and built solely for the purpose of making nuclear weapons – using natural uranium as a starting material. Because of plutoniums rather strange properties, represented by the fact that it has more allotropes than any other element, the scientists did need to test their plutonium weapon – to make sure it worked, as it was a far more challenging device to make – before they used a second plutonium device at Nagasaki.

Although nuclear war can never be rendered impossible, humanity can engage, by various means including, but not limited to, political means, in the minimization of the probability of additional nuclear wars, something it obviously has managed to do successfully: The first nuclear war, which took place more than half a century ago, has not been followed by a second nuclear war.

That, of course, is a good thing.

Nevertheless, humanity spent much of the last century manufacturing tens of thousands of nuclear weapons in various countries around the world, preparing for a nuclear war or nuclear wars that thankfully never came. It is, therefore, maybe, not a good idea to be too glib about the matter. The construction of these nuclear weapons, their manufacture, has provided a large inventory of very high grade nearly isotopically pure 235U - isolated from natural uranium - as well as inventories of nearly monoisotopic plutonium, 239Pu, roughly 300 MT.

This nearly pure 239Pu is known as “weapons grade plutonium” and has been specifically prepared, often at great expense, for that purpose - the manufacture of nuclear weapons -usually using specialized reactors designed to make it in relatively pure form. Weapons grade plutonium is much more expensive to make – and has much higher external (environmental) costs than other grades of plutonium, since the uranium (238U) from which it is made must be irradiated only a short time to prevent the formation of 240Pu: Thus weapons grade plutonium is found in irradiated uranium in low concentrations, causing the need to dispose of large amounts of byproduct and unreacted material that is not usable in nuclear weapons. This has caused the generation of huge amounts of byproducts of nuclear weapon manufacture to accumulate in places like Hanford in Washington State, as well as in various sites in the former Soviet Union and elsewhere.

The inventories of the weapons grade (fissionable) nuclear materials produced at Hanford and elsewhere are quite stable. Without human intervention, they will not go away at least not in the lifetimes of any human now living.

Nevertheless the inventory of weapons grade nuclear materials on the planet as a whole is somewhat less than it used to be. In the late 1990s former Vice President Al Gore worked closely with the Russians to negotiate the dismantling of some of their nuclear weapons – the uranium fueled versions – thereafter mixing the resultant highly enriched 235U with so called “depleted uranium,” 238U, to make “low enriched uranium”, which was then sold to the United States, where it was used to manufacture fuel used in nuclear reactors to generate electricity.

Much of the nuclear power generated in the United States in the last two decades has been generated by burning uranium that was formerly a constituent of the nuclear weapons once aimed at the heads of Americans. This was called the “Megatons to Megawatts Program,” and it was a wonderful idea: We should do more things like that. The Russians at the time of the negotiations needed the money, so everybody won: The Russians made a few bucks, the probability of nuclear war was reduced via the reduction of weapons inventories, and the United States was able to produce clean nuclear energy without engaging in very much uranium mining, uranium enrichment or any other questionable enterprise that would involve additional external and internal costs, although truth be told, the external costs of nuclear energy are trivial when compared to everything else.

Thus the nuclear power enterprise has already worked to reduce the probability of nuclear war. If there were no nuclear power reactors, it would have not been possible to destroy – for eternity – the isolated uranium, at least not without the added incentive for one holder of such weapons grade uranium (nearly pure 235U) of allowing them to get some cash for agreeing to its peaceful consumption.
But we could even do better.

The Russians wanted to sell us some “weapons grade” 239Pu forour reactors too – even though their scientists correctly thought that fissioning this isotope in a thermal flux was wasteful and silly, as fast reactor use of this material would be superior for the conservation of nuclear resources – but even that proved to be politically impossible: There was too much fear and ignorance in this country about “MOX” (Mixed OXide, uranium oxide and plutonium oxide) fuel to allow that to happen.

There is another source of plutonium besides weapons factories: It is clear that the use of the worlds largest, by far source, of climate change gas free primary energy, nuclear energy, has provided more than a thousand tons more - in addition to the smaller quantities of “weapons grade” plutonium - of lower grade, “reactor grade,” plutonium, which is a mixture dominated several isotopes of plutonium, 239Pu, 240Pu, 241Pu, with a smaller fraction of 242Pu and even a very small amount of 238Pu.

Note that some but not all of the plutonium is burned in situ as it forms, meaning that some of the energy provided by a nuclear fuel rod comes from 238U transmuted into 239Pu. Right now, the majority of the metric ton quantities of residual “reactor grade” plutonium are mostly suspended in used nuclear fuel – although some has been isolated, mostly in France, but also in Britain, India, China and Japan. Some of this isolated plutonium has been fissioned in MOX fueled reactors in Europe and Japan with the result that hundreds of millions of tons of coal that might have been burned have not been burned.

Overall though, regrettably I think, in the vast majority of cases represented by the vast majority of nuclear reactors used to generate clean nuclear energy, most of which are “thermal” reactors as opposed to “fast” reactors, the used nuclear fuel from them contains less fissionable material than that which goes into it. Under the conditions in which MOX fuel is utilized, the overall tendency is to consume more plutonium than is formed.

Too bad.

There is some irony in the fact that it is this accumulated plutonium, both “weapons grade” and “reactor grade,” which has long been regarded as a threat to the human race, represents a key not only to solving a much greater threat to humanity than nuclear war, that threat being the destruction of the planetary atmosphere, which unlike nuclear war, is continuously observed and which now, in fact, is causing and inevitably will cause more and greater destruction of the biosphere.

Be that as it may, I will now argue that plutonium is not only the only tool that can save our pathetic butts from climate change and other environmental disasters, but that, used properly, may also prove one of the very best tools at lowering the probability of nuclear war, although, to beat the horse again, said probability has never been, is not, and never will be zero.

Irrespective of my opinion – and I recognize that I am often iconoclastic – decisions of vast import have been made because of the assumption that plutonium always raises the risk of nuclear war.
I once went, back around 2008, to a lecture by the great physical and organic chemist Jim Wishart of Brookhaven National Laboratory – his physical chemistry expertise is in radiation chemistry and his organic expertise is concerned with an exciting new class of solvents known as ionic liquids – where he discussed the intersection of the two areas, specifically the use of ionic liquids for nuclear fuel reprocessing. He began his lecture with a statement that was quasi-political but quite on the mark when he stated that in the 1970s the United States, at the behest of its then President, Jimmy Carter, -one of those who claimed that the opposite case that I am trying to make was true, that plutonium technology made nuclear war more probable - abjured the reprocessing of used nuclear fuel to recover plutonium. “This,” Dr. Wishart said, describing Mr. Carters plutonium policy, “was a mistake.”

If you think that this remark, “This was a mistake,” lacks scientific precision, or that it is a matter of opinion, I respectively disagree.

In fact, converted to plutonium, uranium already mined, coupled with thorium resources already mined and dumped as a side product of lanthanide mining for the dubious enterprises of, among other things, making wind turbines and hybrid cars, would allow the closure of even continental uranium mines now operating for generations, albeit at a marginally higher cost than using current technologies based on mining and enrichment. So as an issue in environmental science, given the huge external costs of all forms of energy mining – certainly not limited to uranium mining - Carters decision was a mistake.

The rest of Dr. Wisharts lecture – which made no further reference to political decisions - was quite interesting. Frankly, though, I forget many of the technical details, although I seem to recall that it was about the presence of plutonium electrides – that is plutonium in an ionized state where free solvated electrons exist.11 However much I have forgotten of the technical arguments, I remember the political statement. After the talk I spoke briefly to Dr. Wishart, who told me that he hoped that then candidate Barack Obama would be more sensible than Mr. Carter was on nuclear issues.

So much for hope.

The association of plutonium with nuclear war is, nevertheless, absurd on its face, unless one is willing to argue that all human technology should be associated with war and abjured. Stone technology has been diverted to war; bronze technology has been diverted to war; iron technology has been diverted to war, woodworking has been diverted to war; steel, coal, oil and even the wind has been diverted to war, and all of these technologies have killed more people than plutonium based warfare ever did.

And like all of these other technologies, plutonium technologies have also worked to save lives.

Jimmy Carter – and, by the way, in spite of what proved to terrible, awful energy policies I confess that I voted for him twice – argued that by abjuring the isolation of plutonium, he would set a “moral example” for the rest of the world to follow to prevent nuclear war. Although the rest of the world has prevented another nuclear war, Carters prescription for doing so, which was largely ignored, had nothing to do with that outcome. Being older than I was during the Carter Presidency, I have a more jaundiced view of people who set themselves up as moral exemplars than I did when he was a President, but in any case, two major industrial nations were unimpressed and went ahead and reprocessed nuclear fuel irrespective of Jimmy Carters lectures and his “moral example.” The number of nuclear wars observed as a result of the decision of Britain and France to reprocess used nuclear fuel is zero. By the way, the number of oil wars since Britain and France began to preprocess nuclear fuels in not zero, although no one ever speaks of banning oil, or oil refineries, although perhaps they should, at least on environmental and safety grounds.

There is, by the way, a very good technical reason why people, with the possible exception of the bumbling sadistic fools in North Korea, dont use reactor grade plutonium to make bombs. It is known that theoretically one could make nuclear weapons using reactor grade plutonium – and according to Clinton era Secretary of Energy Hazel OLeary, the US built and tested one - such nuclear weapons would be unreliable and low yielding, tending to “fizzle” as apparently the first North Korean test weapon did. (Rumor has it that because of these problems the North Koreans are moving away from plutonium weapons in favor of uranium weapons.)

Although the “reactor grade” plutonium weapons can be made, the level of sophistication required for their construction is significantly higher.Because of the high neutron flux associated with accumulated 240Pu in used nuclear fuel – which appears only at much lower levels in weapons grade plutonium – the assembly of such a weapon would be/is problematic. The neutron flux makes it much more difficult to assemble the weapons owing to the tendency of a criticality accident – particularly if one is interested in avoiding killing the assembler. (US weapons scientists were killed in such an accident in 1946 while assembling a nuclear weapon, this with higher grade plutonium.) Moreover the chemical explosives that are a constituent of all nuclear weapons would tend to be less stable in a weapon with a higher neutron flux. Thus the conversion of weapons grade plutonium into reactor grade plutonium, which is possible by running the former through a nuclear reactor, lowers the probability of nuclear war by raising the difficulty of assembling them and storing them and by reducing their reliability and lifetime.

But we can do even better with plutonium.

One of the remarkable benefits of plutonium technology that ought to thrill all members of the human race – but perhaps it doesnt – has been its use in the exploration of deep space in our solar system. The chief isotope in use for this purpose is one that is normally not produced in large quantities in power reactors – although in theory it could be – is 238Pu. This isotope has a half-life of 87.7 years, and it decays by releasing a helium atom (4He) –a helium nucleus moving at very high speeds is called an “alpha particle” – to decay into 234U. This decay process releases a fair amount of heat, about half a watt per gram, and this heat has been used in thermoelectric devices to power many space missions, including Pioneer, Voyager, Cassini, Galileo, New Horizons (on its way to demoted ex-planet Pluto), some instruments on the Apollo missions, as well as on the wonderful SUV sized Mars Odyssey Rover now tooling around Mars. Anti-nuke fear and ignorance has led to a worldwide shortage of relatively pure inventories this valuable isotope; hopefully this shortage will be addressed in the next decade.

There are two routes to making 238Pu. One – the one historically most used - uses neptunium, an actinide element that forms in most nuclear reactors. The other starts with americium, also formed in nuclear reactors, particularly those where the main fissionable isotopes are plutonium, i.e. “MOX” fueled reactors.

As implied above, for those who dont know, not every fissionable atom splits when it is hit by a neutron. Depending on the nature of the fissionable atom and the conditions under which fission occurs, there is a known probability that instead of undergoing fission, the nucleus will absorb the neutron thus becoming a heavier isotope of the atom so struck. A parameter representing this probability known as the capture to fission ratio is one of the most important parameters in nuclear engineering. In the current practice of nuclear power generation we are generally talking about three fissionable nuclides, 235U, 239Pu, and 241Pu, although there are many advocates for using a fourth, 233U, derived from thorium.

Depending he speed of the neutrons that are inducing fission, whether the reactor is “fast” or “thermal,” each of these nuclides has a nontrivial capture to fission ratio, and will form the next heaviest isotope when a neutron is so captured. If the new isotope is heavy enough, it will decay via β emission to one or more heavier elements. Neptunium, for example, forms from two capture events, one in which fissionable 235U captures a neutron rather than fissioning, to give 236U, an isotope which does not naturally occur and which itself has a very high capture to fission ratio, so high that it essentially does not participate in fission, meaning that when it is struck by a neutron a second capture event takes place to form 237U, which decays with a short half-life (6.75 days) to give 237Np. 237Np is quite stable, its half-life is 2,144,000 years, and small amounts of it are always found in used nuclear fuel that has been irradiated in power reactors.

236U has an even longer half-life than 237Np, 23,400,000 years, making it relatively stable, although not stable enough to have survived since the formation of the Earth. Any 236U that was present (or resulted from the decay of 244Pu) when the Earth formed from the radioactive cinders of supernovae explosions has long since decayed to 232Th.

236U is considered a “parasitic” nucleus, since, effectively, in order to make it into a nucleus that easily fissions, it needs to absorb three neutrons, followed by β- decay in each new nuclide in order to form 239Pu, which is fissionable, but releases less than 3 neutrons when undergoing fission: 236U is thus a neutron “sink.” Its presence in a putative nuclear weapon requires the weapon, were it operative at all, to be significantly larger in order to obtain a critical mass than one with pure fissionable isotopes, and will also result in a lower yield by soaking up neutrons during detonation. Thus it is more difficult to make nuclear weapons from the uranium in used nuclear fuel than it is to use natural uranium, since uranium in used nuclear fuel contains a new isotope that is not found in natural uranium, 236U, the presence of which complicates the separation of 235U, at least in the commonly used gas diffusion process and the related ultracentrifuge process, in ways that natural uranium does not. In this way running uranium through a nuclear reactor reduces the probability of nuclear war.

But we could do better with uranium.

But to return to the point of how we could do even better with plutonium, I mentioned above that 238Pu generates significant heat. One can find all over the internet, in many libraries and elsewhere all kinds of information about the structure and design of nuclear weapons: There really is very little mystery about the subject, despite the generalized fear associated with such weapons.

Indeed, the training manual given to scientists joining the Manhattan project is available both on line and in print.12 Ive leafed through it myself; its a fun read if only to see how the development of physics concepts as understood in the 1940s – the statistical mechanics of gases for instance – were applied to neutrons. There are also a large number of scientific papers that discuss the structure of nuclear weapons, and I will discuss one here, by Kessler et al 13, that shows how the use of 238Pu can be used to minimize the probability of nuclear war.

In his paper, Kessler defines how the heat (and radiation) generated by 238Pu makes the construction of nuclear weapons increasingly difficult, and he also defines the level of sophistication required by nuclear weapons engineers needed to overcome this difficulty as a function of the concentration of the heat generating isotope, arriving at a concentration figure for this isotope, finally, where effectively no amount of sophistication will suffice to use reactor grade plutonium in a nuclear weapon. He considers three broad classes of nuclear weapons sophistication, low technology, medium technology and high technology weapons designers.

The details, which include a rather detailed analysis of what Kessler calls “HNEDs,” (Hypothetical Nuclear Explosive Devices) are contained in reference 13 and the reader is referred to the paper and the references therein for deeper details.

The operative point is that the heat released by the 238Pu, has physical effects on the chemical explosives required to produce the shock waves in plutonium to cause a nuclear explosion, including melting, degradation and explosive decomposition. For a nuclear explosion using plutonium to take place, very precise timing and geometry of the initiating chemical explosions is required. In the presence of increasing amounts of significant heat, such timing and geometry becomes increasingly difficult and eventually, as Kessler argues, impossible. In addition, the plutonium is subject to phase changes, including partial melting, as well as a significant radiation hazard to possessors of the putative “weapons.” (In plutonium based nuclear weapons one particular solid phase, the δ phase, with a relatively small area on phase diagrams must be stabilized.)

One recognizes, of course, that the preternaturally paranoid partisans of the anti-nuclear regimes that are causing the collapse of the atmosphere by appeal to ever more convoluted suggestions of dreamt up visions of nuclear disasters, will imagine ever more complex Rube Goldberg schemes that might circumvent these arguments. In so doing, by appealing to ridiculous fears, they will thus increase the ever growing certainty of a climate disaster that nuclear energy, and, I argue, only nuclear energy can ameliorate, if not prevent. They will continue thus to ignore the fact, however, as stated in this communications opening paragraphs that easier approaches are available using seawater and electricity. It is difficult to imagine that anyone would choose a more difficult route to something done more simply, but no matter.

There is a big difference between “could” and “is.” Lots of nations, Japan and South Korea and Canada for instance, “could” make nuclear weapons – they certainly have the technical expertise to do so, having “high technology” nuclear infrastructures - even with reactor grade plutonium. In addition, it would be straight forward – especially for the South Koreans and Canadians, because they have a number of “CANDU” heavy water moderated reactors – to make weapons grade plutonium, but they dont do so. In not doing so, they are making a moral choice, one that demonstrates that they have a huge amount of common sense and dont want to spend huge amounts of money preparing for a war that neither they nor any putative opponent can win.

Speaking of “could” and “is” Kessler notes that neptunium is one nuclear material that is relatively impossible to denature, as neptunium has only one long lived isotope, 237Np, a precursor of 238Pu. Neptunium, he states “could” be used as a nuclear weapon material. It has, he states, a bare sphere critical mass of 57 kg that can be reduced with a beryllium reflector to 45 kg. Given the high density of actinides, this is certainly a feasible, if less than practical, material for use in constructing a nuclear weapon. Thus he advises against large inventories of purified samples of this element. He cites a reference14 that estimates that the world inventory of the isolated element – mostly contained in used nuclear fuel – is on the order of 90MT and suggests that we transmute it. I agree, although I am less concerned with the minor risk of nuclear war and am more concerned with the major risk to the atmosphere.

At this point someone who hates the possibility of nuclear war (or is highly invested in generating fantasies about putative nuclear wars or nuclear terrorist events) and less interested in the ongoing reality of massive death and destruction from the continuous use of dangerous fossil fuels and generation of deadly fossil fuel waste, that the extant neptunium is “enough” to make more than 1500 nuclear weapons.

Those who spew such garbage will, of course, fail to note that neptunium has been isolated and transmuted into 238Pu for decades without observing even one nuclear war resulting. In fact, the stuff that powered the Galileo mission to Jupiter, the Voyager missions to all of the outer planets, several Apollo missions, the Cassini mission, the Mars Odyssey mission that is now tooling around on Mars, as well as sundry other devices, including pacemakers placed near the hearts of human beings, was all obtained by transmuting isolated neptunium into 238Pu. The number of nuclear wars that resulted from this practice is zero, and the number of people killed by such putative nuclear wars is also zero, a number that is infinitely smaller than the number of people who will die in the next hour from air pollution, about 380 human beings.

I note that instead of making nuclear weapons, the very same neptunium, just as well, could be utilized to denature, via transmutation into 238Pu, all of the weapons grade plutonium that now exists on the planet. The question of what to do with the weapons grade plutonium and neptunium – both of which exist – is a moral choice, no different than the choice to refine petroleum to make gasoline for lawn mowers or to refine it to make napalm and jet fuel for the purpose of delivering flaming napalm to cities.

Kessler points out in the paper, that the use of such a scheme to denature reactor grade plutonium with 238Pu will require advanced chemical reprocessing schemes that do not rely – as traditional (Purex) reprocessing does – on solvent extraction.

To my mind, many of these schemes already exist, one of my favorites being the fluoride volatility method, which can be used not only in the much discussed liquid fluoride thorium reactor (LTFR) but with used oxide fuels as well.

In these schemes, plutonium, neptunium, and uranium are distilled out of fuel mixtures dissolved in appropriate molten salts – the presence of heat generating isotopes is ideal for this process - as the hexafluorides. The chemical stability of these fluorides is in the following order UF6 > NpF6 > PuF6.

A particularly cool modification15 of this process would allow for the separation of these three elements simultaneously in the presence of one another, with the added benefit of being able to incorporate either depleted uranium or once through uranium at any desired proportion, using exchange reactions of the following type:PuF6 (g) + UOF4 (s) ↔ UF6 (g) + PuOF4 (s)

The equilibrium lies far to the right. A similar reaction can be utilized wherein plutonium is substituted (or partially substituted) by Neptunium. UOF4 might conveniently be obtained, currently, by partial hydrolysis of the huge stockpiles of depleted UF6 left over from traditional enrichment programs.

Indeed, by incorporation of thorium into this mix, along with 239Pu, “once through” uranium from low enriched uranium obtained from used nuclear fuel, neptunium, depleted uranium, and americium, one can show that with appropriate balancing, one can eliminate the requirement of all enrichment facilities, said facilities, as the Iran controversy has obviated, representing the main approach to converting natural uranium and electricity into weapons grade uranium. While, again, it is impossible in theory to prevent the use of said technology for nefarious purposes, the fact that it would not be required for peaceful purposes would obviously have the desired effect of reducing the probability of nuclear war, although said probability has never been, is not, and never will be zero.

I also note that in many of the proposed schemes for burying the valuable constituents of used nuclear fuel for eternity – schemes I regard as silly and wasteful – americium and neptunium dominate the radiotoxicity of the residues after a few hundred years. Utilized in the preparation of 238Pu – a process in which some portion will be directly fissioned and converted to clean energy – there is no need to bury them at all.

I noted that the CANDU type heavy water reactor can be and perhaps has been (in India and Pakistan) utilized to make weapons grade plutonium. Equally well it can be made to make plutonium and even uranium that are denatured as to be far less suitable for nuclear weapons manufacture than natural uranium is.

A recent paper by Isreali scientists16, building on the work of Kessler, discusses this fact in some detail, utilizing sophisticated burn-up calculations to evaluate various admixtures of plutonium and uranium with either or both neptunium and americium fractions within them. However, as written, theres a pretty big drawback to this approach.

Anyone who may be familiar with my ramblings around the internet will know that I am very fond, owing to their high neutron efficiency, of CANDU reactors, although one can easily imagine hundreds of types of better reactors that might be but havent been built. But among existing commercialized reactors, the CANDU (HWR) is pretty damn good, but its drawback – low burn-up – would only be exacerbated by the scheme in reference 14. “Burn-up” is a measure of how much energy is extracted from the actinide metals in nuclear fuel before it must be removed from the reactor and either stored or reprocessed.

A particularly convoluted unit of energy called a MWd or Megawatt-day is used to describe burnup; it is the equivalent of 86.4 billion joules. In nuclear parlance, burn-up for any type of nuclear reactor is often given in terms of MWd/MT, megawatt-day per metric ton of heavy metal. This unit might be thought of as “gas mileage” on a nuclear reactor. A typical light water reactor – not a CANDU – might have a burn-up around 40,000 MWd/ton or more, which means that in this case one ton of enriched uranium produces as much energy as 80 thousand tons of oil. A CANDU can use natural uranium with no enrichment, although in practice the uranium in them is very slightly enriched, but as a result a typical burn up is only on the order of 9000 MWd/ton. This means that for a given amount of energy produced more uranium must be used than in a light water reactor. The scheme proposed in reference 15 further erodes this efficiency, reducing it to around 6000 MWd/ton.

However the situation is not quite hopeless: The authors in this reference choose a fuel of a particular composition that is fueled by natural uranium with no enrichment, and no plutonium with the only transuranium elements being neptunium and americium.

Parenthetically, about these two elements and their potential for weapons diversion the Isreali authors say this:
By itself the 237Np isotope is potentially a weapons grade material, although with a value of 57 +/- 4 kg for its critical mass, it is not practical. On the other hand, the critical mass of 241Am is ≈34 to 45 kg. With the heat production of 114W/kg, we have a heat source of 3.9 to5.1 kW for the critical mass, which makes 241Am unsuitable for weapons, and as a result, it is a non-proliferating material.
By contrast, there is an Indian paper17 that speaks of CANDUs with burn-ups that are not only as high as those obtained in light water reactors, but are actually higher, approaching 60,000 MWd/ton. The fuels analyzed herein are not natural uranium, but rather contain various arrays of plutonium, thorium, enriched uranium and the synthetic uranium isotope prepared from natural thorium, 232Th – an element of which India has huge reserves – 233U. (The Indians are well ahead of the rest of the world in advancing the 232Th/233U fuel cycle, but to kick it off, they recognize that theyll need a healthy dollop of plutonium.) 233U is the only nuclide that can operate under thermal conditions as a “breeder,” a breeder being a nuclide that has the potential to produce more fissionable material than it consumes. (241Pu is an excellent breeder under epithermal – and fast - conditions, and 239Pu is a breeder under “fast” conditions.) Fuels of various compositions as well as fuel bundle arrangements are considered, but there is no mention of either americium or neptunium.

Advocates of the 232Th/233U cycle like to claim that it is “proliferation resistant” because intrinsic to the preparation of 233U, small amounts of another uranium isotope 232U are formed - via (n, 2n) reactions (neutron spallation reactions) and capture in the resultant 231Pa in the parent thorium. This isotope, 232U, rapidly produces in its decay chain an isotope, 208Tl, that is a powerful gamma ray emitter, meaning that anyone trying to assemble a nuclear weapon manually from 233U (with a232U impurity) would be killed by radiation. (Im not sure I totally buy it – and Ms. OLeary, mentioned above, reported that the United States did test a 233U nuclear weapon, although undoubtedly it involved high tech remote handling.) But while 233U is not impossible to use in nuclear weapons, this property of necessarily containing a high gamma emitting isotope, does make its use far less probable, as the use of natural uranium obtained from seawater would actually be easier to use. (Thats my point.)

But consider a heavy reactor that had not a ternary fuel composition – various compositions and arrays of uranium, thorium and plutonium – but instead had a quaternary arrangement with either americium or neptunium – or a composition consisting of all five elements. Instead of natural uranium, lets consider that the uranium was obtained from used nuclear fuel from thermal reactors – these can already be used directly to fuel CANDUs in a fuel cycle called the “DUPIC cycle - since this composition would be slightly enriched and would also contain the synthetic isotope 236U. Without doing sophisticated analysis, I am sure that such a reactor could be operated and designed so as to produce a reasonably high burn-up.

How would the fuel emerge? It would actually contain on removal 8 actinide elements, protactinium (formed from thorium) two isotopes 231 and 233, thorium that was more radioactive than natural thorium since it would have isotopes 228, 229, 230 – three that favor the formation of additional 232U in additional recycles of the same thorium - as well as the natural occurring thorium isotope, 232Th, uranium with six isotopes, 232, 233, 234, 235, 236, and 238, neptunium, plutonium with six isotopes, 238, 239, 240, 241, 242 and even traces of 244, americium with three isotopes, 241, 242m, 243, and curium with three or more isotopes, including the very hot isotope 242.

I assure you that the use of this material for nuclear weapons would prove so difficult that even the most advanced nuclear technology state would abjure it, never mind the “terrorists” and others that anti-nukes are always dreaming up in their rich and toxic imaginations while, with no imagination required, the world is literally choking to death on dangerous fossil fuel waste.

What is most interesting is that the uranium in this case, as opposed to the trillion ton quantities of natural uranium in earths mantle, crust and oceans, would be denatured, and that in this case, any attempt to isolate any single isotope by gaseous diffusion or centrifuge methods would be dangerous and so difficult that it would perforce fail.

The same would be true of the plutonium, which would also be generating significant heat, making it problematic to handle.

The plutonium so produced could, of course, be mixed with “weapons grade” plutonium to make it instantaneously denatured, or as an alternative, the “weapons grade” plutonium could be the initial loading of plutonium and be denatured in process. Whats more world regulatory authorities could insist upon the denaturing any inventory of uranium isolated from natural sources and thus make the use of natural uranium more problematic than it was in the early 1940s.

We refer to the isotopic composition of actinide elements as “vectors,” vectors being of course, the simple mathematical constructs of ordered arrays. There is no doubt in my mind that, given the development of very sophisticated computational scientific tools we now possess in the human race, that we can deliberately construct actinide vectors having any components we wish them to have, via the choice of the initial composition and the type of nuclear reactor we utilize, including many such vectors that are directly possible to use in recycled fuel without appeal to any enrichment technologies at all. This, of course, means that we can further reduce the probability of nuclear war.

Note that above, the appeal to the CANDU type reactor is merely an example of the types of reactors that we might use in such a scheme. Some of the so called “Generation IV” reactors, as well as reactors that already exist, would be well suited for further refinements of these techniques, and of course, one can imagine all sorts of hybrid or novel reactor types that can add refinements to this technology. It is claimed that after three recycles, plutonium must be fissioned in fast reactors to provide suitable saftey margins (in existing types of thermal reactors), but this is no matter. Although the liquid sodium metal fast reactors have not been successes, many other fast reactor types can easily be constructed, particularly those using other metals.

Speaking for myself, even as a non-professional, self-taught nuclear thinker, I have been long considering a hybrid fast reactor that might easily incorporate actinide composition of variable vector types. (It has elements of liquid metal reactors, fluid phase reactors (a class which includes the much discussed, LFTR), and a reactor based on a type proposed by Sekimoto,18 the “CANDLE” reactor, a variant which in the United States, if I have this right, is advocated by Bill Gates and other nuclear aficionados as the “traveling wave” reactor. My reactor, of course, will never be built – I have neither the resources nor prestige to accomplish it - but I have confidence that in the increasingly uncertain case where humanity doesnt choke to death from dangerous fossil fuels, someone will “reinvent” something like it or something even better, since on some level this design should be obvious to someone else. )
Using the approaches described above, would nuclear war thus be impossible? No, as I stated at the outset of this long argument. Nuclear war will never be impossible; it is not impossible now and it never was impossible.

But would it be less probable?

Of course it would.

And thats the best we can do, until we teach ourselves to abjure not just nuclear war, but all war, because the problem is not uranium, nor plutonium, nor jet fuel, nor nitroglycerin, nor poison gas, or any warlike application of chemistry, nor, for that matter, guns, sticks, nor spears nor rocks.

The problem is war itself.

The problem is the moral choice we make about whether to use those tools we have invented either for conducting war or rather for constructing and enjoying peace.

As for nuclear technology, right now and throughout its history since the 1950s, nuclear energy is saving and has saved lives on a scale of millions of human beings.19

Thus the real advantage of the whole process herein described is not merely to guard against ourselves but also to claim clean energy, air free of pollutants, water without oil slicks and the like, few or no energy mines or wells of any type – the already mined depleted uranium in the United States alone is enough to supply the entire energy demand of all of humanity for almost a century if converted to plutonium - and so enjoying such benefits, allowing ourselves to become more of a race of human beings rich enough, safe enough, to do the great things that humans can do, make art, develop science and share in the love of each other and the love of the world with which weve been blessed.

This too – whether we undertake such a course – is nothing more than a choice, ideally one made rationally.

Have a nice day.Notes and References.Darleane Hoffman F. O. Lawrence, J. L. McWherter F. M. RourkeNature 234, 132-134 (19 November 1971)
Matthew G. Jackson, Richard W. Carlson, Mark D. Kurz, Pamela D. Kempton, Don Francis Jerzy Blusztajn Nature, Vol 466, pp 853-858, (2010).
For a fifty year old report on the feasibility of recovering uranium from seawater see Davies et al, Nature, 203, pp. 1110-1115, 1964
For a recent review, see Costas Tsouris et al, Separation Science and Technology, 48:3, (2013) 367-387
Hiroaki Egawa,' Nalan Kabay, Akinori Jyo, Masaki Hirono, and Taketomi ShutoInd. Eng. Chem. Res. 1994,33, 657-661 This paper is the 15th in a series of papers written by the Egawa group at Kumamoto University in Kumamoto, Japan between the late 1980s and early 1990s on the capture of uranium from seawater. In this series polymer bound amidoxime groups were used to complex uranium in seawater and surrogate matrices. The amidoxime moiety has been investigated in a large number of systems.
Manolis. J. Manos and Mercouri G. Kanatzidis* J. Am. Chem. Soc. 2012, 134, 16441−16446 This paper refers to an inorganic species, a complex potassium manganese tin sulfide, that is said to capture uranium from seawater.
Remy Sellin, Spiro D. Alexandratos Ind. Eng. Chem. Res. 2013, 52, 11792−11797 This is the most recent paper available to my knowledge as of this writing (August 25, 2013), and is found in the current issue of the cited journal. The authors claim a recovery rate of uranium from seawater that is 7 fold greater than the more widely investigated amidoxime based resins. The resin described here is amine based and on inspection of the structure, it would seem that the resin could be also be useful to the capture of carbon dioxide, although many similar examples, probably all of which better for that purpose have been explored in recent decades.
Lingfeng Rao, LBNL-4034E (2010) “Recent International RD Activities in the Extraction of Uranium from Seawater” The paper contains a photograph of the apparatus used to collect a kilogram of uranium from the ocean buoy.
Prasad, Saxena, Tewari, Sathiyamoorthy, Nucl.Eng.Tech.41.8.1101-1108 (2009)
Erich Schneider and Darshan Sachde, Science Global Security, 21:134–163, 2013
For one discussion of solvated electrons in ionic liquids see Shkrob, Chemerisov, and Wishart, J. Phys. Chem. B 2007, 111, 11786-11793
Robert Serber, Los Alamos Primer (1943). Also available in print, copyright 1992 from the University of California Press with a foreword by Richard Rhodes.
G. Kessler, C. Broeders,W. Hoebel , B. Goel, D.Wilhelm Nuclear Engineering and Design 238 (2008) 3429–3444
Fukuda, K., 2004. IAEA Scenario of MA Transmutation in LWR COES-INES Topical Forum on Protected Plutonium Utilization for Peace and Sustainable Prosperity. Tokyo Institute of Technology.
Yuko Kani, Akira Sasahira*, Kuniyoshi Hoshino , Fumio Kawamura Journal of Flourine Chemistry 130 (2009) 74-82
Yigal Ronen, M. Aboudy, and D. Regev Nucl.Sci.Eng: 170, 16–26 (2012)
H.P. Gupta *, S.V.G. Menon, S. Banerjee Journal of Nuclear Materials 383 (2008) 54–62
For just one example of Sekimotos many papers on this topic, see Mingyu Yan, Hiroshi Sekimoto Annals of Nuclear Energy 35 (2008) 18–36
Pushker A. Kharecha*andJames E. Hansen Environ. Sci. Technol., 2013, 47 (9), pp 4889–4895------

N Nadir is a well-known blogger about energy: for a long time, he blogged at Daily Kos. A few years ago, Charles Barton of Nuclear Green described and listed many of his posts. This post was also seen recently on Atomic Insights blog (Rod Adams blog) where it has a very interesting comment stream.









LightPath Technologies, Inc. Announces the Death of Board Member Gary Silverman


LightPath Technologies, Inc. Announces the Death of Board Member Gary Silverman

LightPath Technologies,
Inc.Announces the Death of Board Member Gary Silverman

ORLANDO, FL -- November 5, 2013 -- LightPath
Technologies, Inc. (“LightPath”, the “Company” or “we”) (NASDAQ: LPTH), a
global manufacturer, distributor and integrator of patented optical components
and high-level assemblies, today announced that Gary Silverman, 74, a member of
its Board of Directors, passed away on November 1, 2013. Mr. Silverman served
on the Board for more than twelve years.
"We are deeply saddened by the death of our colleague," said
James Gaynor, President and Chief Executive Officer of LightPath. "Gary
was a valued member of our Board of Directors and trusted counselor. His wit,
wisdom, and contributions to the success of our company will be sorely missed.
My deepest condolences go out to his family."
Robert Ripp, Chairman of the Board of Directors, added, "We extend our
condolences to Penny Silverman and her family. I greatly appreciated Gary's
wisdom and business counsel on LightPath matters. He is a great loss for the
company and I will miss a dear and valued friend. Our thoughts and prayers are
with Gary and his family."
About LightPath Technologies
LightPath (NASDAQ: LPTH) manufactures optical products including precision
molded aspheric optics, GRADIUM® glass products, proprietary collimator
assemblies, laser components utilizing proprietary automation technology,
higher-level assemblies and packing solutions. The Company's products are used
in various markets, including industrial, medical, defense, test
measurement and telecommunications. LightPath has a strong patent portfolio
that has been granted or licensed to us in these fields. For more information,
visit www.lightpath.com.
GRADIUM® is a registered trademark of LightPath Technologies.
###


Her Own Hallelujah


Her Own Hallelujah



She sits, glass in her hand, straw poised, ready to touch her lips.
Cause you can sing all you want to, yes you can, you can sing all you want to, and still get it wrong, oh worship is more than a song...
Jimmy Needham pleads, and she watches the sky go a shade deeper than cornflower blue, the kind that contrasts black-eyed susans perfectly, and has that certain golden light to it that October always brings.
The smoothie slides down her throat, and andpushing her hair back from her face, her eyes go up and stop seeing what's in front of her as her thoughts claim her attention.
Following Jesus.
Those words hold so much more weight to her now than they once did. Following Jesus used to mean that she would read her Bible, go to church,, attempt to evangelize every once and a while, pray when the mood struck, and that was enough.

But lately God's had a hold on her face, slowly turning it away from the things she's always focused and relied on, turning it towards Him. Following Jesus now means going against any and all wisdom of her own, and depending completely on his, no matter how counter intuitive or strange it seems. Following Jesus means giving up things she used to think she should do, and doing the things she never thought she would. Following Jesus means holding onto his hand in the dark, trusting only his voice as she gropes, trying to make out some sort of discernible path.
She lets out a long breath. Sometimes God isa light in the dark, a defined path, a logical pattern of life unfolding. And other times God is merely a whisper in the inky blackness, a stepping onto a hanging bridge that looks unstable, saying no when the rest of the world screams yes, following His and His voice only.

We look at the life of Jesus, and we make assumptions.
He was grew in wisdom and stature and in favor with God and man.
Everyone loved him. Everyone approved of Him. Jesus was a good boy, a respectable man.
We always forget the parts that made him hard to understand, made him noticeably different, offensive, abrasive, strange.
He turned over tables in the temple, He cursed the religious yay and naysayers of the day, He broke religious laws, left his family behind, blessed a Roman, touched a leper, left his hometown wiping the dust from his feet, turned the Jewish religion on it's head, washed feet, died as a disgraced criminal, abandoned by those He loved, cursed by those who had once proclaimed Him King, because he didn't follow the path they had imagined for Him.
A rebel. A lunatic. Demon-possessed. A drunkard. A friendof sexual prostitutes and tax collectors prostituting their Jewish heritage for money and a good name with the Romans. A blasphemer who makes Himself out to be God. Belligerent, uncontrollableby those in religious power. A loner.
All names He was called, all things He was accused of. Jesus himself said he didn't come to bring peace. He came to turn a nation on it's head, turn families against each other, challenge the very faith of his own people, and extend it to people the Jews considered on par with dogs. He answered tono one but His Father.
Why are we any different?

She sits and surveys her life, the things God has told her to do, things that from a conventional standpoint make no sense, yet the call is there. It may come against what her parents think. It may distance her from the ministry she was used to being involved in. But if God calls her, how can she refuse? How can she rely on any other voice but his?
As is human nature, every club, every faith, every school, every people group, they all have the norm, what is acceptable and what is accepted--or nay, expected. Christianity is no different.
Norm has never been her flavor of coffee.
A wrinkle fold its way between her eyebrows as she ponders. She tries not to doubt, but just to follow, but sometimes its hard, when she's with the disciples, on that boat at night on the sea of Galilee, the waves threatening tooverturn the boat. She's stopped trying to control the boat on her own, and she's seen her Lord, just standing out on the water, calm as can be as the waves crash around Him, He is unmoved.
She's Peter, stepping off the bow of the boat, foregoing every human instinct and wisdom, and stepping onto the waves, a surface that shouldn't be solid, but somehow is. She walking towards her Lord, trying not to take her eyes off of Him, because if she does, the waves will become hungry once more, licking up her feet, her ankles, her whole body.
Peter gets a bad rap sometimes. Too outspoken, too impulsive, too changeable.
But in the end, he was the only disciple that got out of that boat, and ignored every natural law that said the water would not support his weight, every doubt that said Jesus wasn't powerful enough to hold him, every whispering voice that said he would surely drown. He ignored all that and focused on his King, and stepped out of the security of that boat and out onto the water. Impulsive? Yes. A loose cannon? Yes. Stumbling and trying to trust, trying to follow? Yes.
She sighs once more and looks fondly out the window, and slight smile curling at the edge of her lips.
She may be something of a Peter, but that's not a bad thing to be.

For He calls her out upon the water, the great unknown, where feet may fail,
And there she'll find him in the mystery, in oceans deep, her faith will stand.

You may not understand. You may not agree. But I follow the voice of my Savior, because in end, and in the beginning, and in the in-between, He's all I have and all I need.
And the immortal question, still lingering on Jesus' lips, inquires of everyone-Who do you say He is?

Love and many pondering thoughts,
Victoria


Diverse factors reduce November deer harvest


Diverse factors reduce November deer harvest




Of all the factors in play, weather probably was least important.JEFFERSON CITY–Hunters shot 157,273 deer during the November Portion of Missouris Firearms Deer Season. Biologists with the Missouri Department of Conservation say this is a significant decrease from last year and from the long-term average and say contributing factors vary by region.Top harvest counties were Texas with 3,309 deer checked, Howell with 3,292, and Oregon with 3,227.This years November harvest is 23 percent fewer than in 2012, when hunters checked the third-largest number of deer in the November seasons history. This years figure also is 24 percent below the past 10-year average.Because it influences both deer and hunter behavior, weather always plays a role in determining deer harvest. But Resource Scientist Emily Flinn says weathers role was perhaps the least important factor in holding down this years November harvest.“The weather could have been much better for hunting on both weekends of the season,” says Flinn. “But with an 11-day season, there was plenty of opportunity for hunters to make up for lost time. Other factors clearly were at work.”Those other factors, says Flinn, differ from region to region. For example, the harvest in southern Missouri often is strongly affected by acorn abundance. When acorns are scarce, as they were in 2012, deer must move around more and leave the shelter of forest to find food. That makes them more vulnerable to hunters, a fact that led to a particularly strong deer harvest in southern Missouri last year. The resulting reduction in deer numbers, combined with more abundant acorns this year, held down this years deer harvest in parts of southern Missouri.Deer numbers are down throughout Missouri because of last years unusually severe outbreak of hemorrhagic diseases. These diseases occur every year, but they are most prevalent in drought years, when deer are forced to gather around stagnant water that breeds biting flies that spread the diseases. Flinn says last years losses to hemorrhagic diseases were intensified in some parts of the state by the strong 2012 deer harvest.“Losses to disease are extremely difficult to measure,” says Flinn. “Last years outbreak seemed to be worse in northeastern and central Missouri, and it certainly played an important role in limiting this years harvest.”Meanwhile a decade-long downward trend in deer numbers continues in northwestern and north-central Missouri. It began with increased availability of antlerless deer permits and other regulation changes aimed at reducing the deer herd in that area.The Conservation Department recorded five firearms-related incidents during the November Portion. None was fatal. Four were self-inflicted. Two involved loaded firearms in or around motor vehicles, one involved a hunter climbing into a tree stand with a loaded rifle, and one involved a hunter who fell asleep with his finger on the trigger. The only shooter/victim incident involved one hunter mistaking the movement of another hunter for a deer during a drive. The only reported fatality during the November Portion was a hunter who fell from a tree stand.The Antlerless Portion of Firearms Deer season opened today and will continue throughDec. 8. The Alternative Methods Portion opensDec. 21and runs throughDec. 31. Last is the Late Youth Portion Jan. 4 and 5.-Jim Low-
Related articlesOpening-weekend deer harvest blown away (missourioutdoors.blogspot.com)
Youngsters check 18,676 deer during early hunt (missourioutdoors.blogspot.com)
Deer Donation Program Benefits Iowans in Need (midwestdeerhunting.blogspot.com)
Wisconsin - Preliminary opening weekend results show enthusiasm is high, though temperatures as well as harvest numbers came in low (midwestdeerhunting.blogspot.com)
Missouri's deer-season outlook varies by location (missourioutdoors.blogspot.com)
Hunters check 600 deer in urban hunt (missourioutdoors.blogspot.com)
Indiana Deer Bundle (midwestdeerhunting.blogspot.com)



Because I'm Awesome


Because I'm Awesome




Sometimes I just have to say it out loud.

I really like the person that I am. I don't think that I have always been able to say that. There were times that I really didn't like myself through the years. I have always had a baseline love for myself... but there have been times when I have really hated the person that I had become. I hated the way that I treated people and hated the way that they looked at me.

I knew that they were not really seeing the real me anyway. They were seeing something that was not me. They were looking at me as if I were wearing a mask. I had a lot of jaded views of a lot of different things. Love and affection were one of those things. I mean I was a lot younger then and a whole lot drunker.. all the time.

Sometimes when I look back on it I just think of all of the lost chances that I had.. with pretty amazing people. That is part of my story and those people have made me who I am. When I think about those times all that I can really do is smile because.. thats all that i can do. I can't dwell on those times and those choices. I just have to be aware of them because I can try not to make the same mistakes. Thats what life is though... living and learning. Socializing and interacting with people... having different relationships with different people... making mistakes and making tough choices.

Those are all of the things that have brought me to this time and place. I can look around and say that I may think that i have regrets... but really I don't because I can't imagine my life any better then it is right now. I have everything that anyone could ever want.... life and love.

My gratitude lists are awesome.