Over the course of six months, the team (which met for an hour or two every week) analyzed the set-up cycle times, benchmarked competitors, mapped the current process, interviewed customers, and explored technology options.

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Even so, I missed the 25 percent rally in coal properties like Peabody Energy which now sells at 6 times mid-cycle enterprise value.

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As a result, the United States military is likely to experience yet another jag in the bust-and-boom cycle that has four times before in this century proven so wasteful and so reckless with regard to taxpayer equities and the national interest.

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Each weapon automatically replenishes its ammunition, but because of the long ammo-reload times, you have to cycle constantly through the weapon list to keep a loaded gun up.

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And, according to figures collated by the Times - which has run a high-profile cycle safety campaign since one of its reporters was hit by a lorry and left in a coma - 104 cyclists have been killed so far this year.

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New presidents, says Hirsch, like to get their dirty work done in the first year or two of their term and then "prime the pump" to produce good times during their reelection campaigns--a view held by most of those who observe the cycle.

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Despite this economic outlook, the stock markets in the last three months have agreed with the unstated assumptions in the whispers of "green shoots" - that growth is a prerogative of the modern era, that rebounds are always V-shaped and that central banks and politicians have abolished the business cycle that has plagued economic life since ancient times.

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