Dear Reader,

Welcome to the weekend edition of Casey's Daily Dispatch, a compilation of our favorite stories from the week for the time-stressed readers.

Of course, if you want to read all of the Daily Dispatches from the week, you may do so in the archives at CaseyResearch.com.

The Great Short That Could Have Been

By Chris Wood

On Wednesday (February 16), Borders Group Inc. (BGP) finally succumbed to the beating it’s been taking from the likes of Amazon.com and announced its decision to throw in the towel and reorganize under Chapter 11.

Reports about the imminence of a Borders bankruptcy surfaced on February 1, and the stock plunged 35% that day from an opening price of $0.73 to a closing price of $0.47. Since then the stock has fallen 51% from its close on the first of the month, all the way down to $0.23 per share when the bankruptcy announcement was made.

If you somehow managed to short BGP stock on February 1 at $0.73, you’d be sitting on a 68% gain on the trade at the moment. But let’s get real; the odds you could have pulled this off would have been infinitesimally small. You would have had to be one of the first people to get the reports of the impending bankruptcy (not likely, since the story was leaked to the press by insiders), and you would have had to act faster than Wall Street in making the trade (also probably not likely, unless you, too, are a full-time stock jockey).

But you don’t have to be a day trader to capitalize on a weak company like Borders for a short opportunity. What if you could have predicted Borders’ bankruptcy back in, say, early June 2009, when the stock was trading north of $4 per share? Had you shorted the stock back then, you’d be sitting on a gain of more than 94%. Timing is not of the immediate essence for a great short. You just have to be right eventually and be willing to wait it out.

Finding a great short, like finding a great company for a long position, starts with the fundamentals instead. We’ve made some big short calls in The Casey Report these past few years, including MBIA during the banking crisis. The Casey Report isn’t a short-focused publication, though; it focuses on large market trends, so a stock like Borders makes a great example from the pile of things off our collective radar. Had we been looking at bookstore chains, one of the first places we would have turned to is an analysis tool called a Z”-score.

Here’s how it works:

Originally developed in 1968 by Edward Altman, a financial economist and professor at NYU’s Stern School of Business, the Z-score is the best-known multiple discriminant analysis (MDA) bankruptcy prediction model. This multivariate formula is used to predict the likelihood that a firm will go bankrupt within the next two years.

In its initial test in 1968, the Altman Z-score was found to be 72% accurate in predicting bankruptcy two years prior to the event. Later tests covering three different time periods over the next 31 years found the model to be approximately 80% to 90% accurate in predicting bankruptcy one year prior to the event.

The original Z-score combined five common financial ratios using a weighting system calculated by Altman to determine the likelihood of bankruptcy in publicly held manufacturing firms. Altman later derived a Z”-score formula consisting of four of the original financial ratios (it excluded total asset turnover to account for the variability from industry to industry) with a different weighting system to predict bankruptcy in non-manufacturing firms with the same accuracy as the original formula. This newer Z”-score would have been the appropriate model to use back in June 2009 to help you decide whether to short Borders’ stock.

All you would have had to do is solve for Z” in the following equation using inputs from Borders’ financial statements:

Z” = 6.56X1 + 3.26X2 +6.72X3 + 1.05X4

Where:

X1 = (Working Capital/Total Assets)

X2 = (Retained Earnings/Total Assets)

X3 = (Earnings Before Interest and Taxes/Total Assets)

X4 = (Market Value of Equity/Total Liabilities)

If Z” is greater than 2.60, the firm is considered financially healthy and in no risk of bankruptcy. If Z” is between 1.10 and 2.60, the company is in the grey zone, and you can’t say one way or the other if the firm is at risk for bankruptcy. If Z” is below 1.10, the firm is considered unhealthy and will likely go bankrupt within the next two years.

So imagine it’s June 8, 2009. You’ve been wondering for some time about the viability of traditional bookstores in today’s marketplace. You see the success of Amazon.com and other online retailers, and this thing called the Kindle, with its downloadable e-books, is all the rage. You think to yourself, “There’s no way a big brick-and-mortar bookstore company like Borders can compete in this new environment. Is there a good shorting opportunity here?”

Had you known about the Z”-score at the time, you could have answered your own question with a resounding, “Yes!” Using data obtained from Borders’ 10-K filed on April 1, 2009 for the fiscal year ended January 31, 2009, below is a table showing the calculation of the company’s Z”-score at the time.

As you can see in the table above, you would have calculated Borders’ Z”-score to be 0.02 at the time you were pondering the short sale. Remember, below 1.10 is considered at substantial risk for bankruptcy in the next two years, so the numbers said Borders was screaming to be shorted. Had you done just that, you would have been able to short BGP stock at above $4, and you’d be sitting on almost a 95% gain less than two years later. All from using this one simple formula.

At Casey Research, Z”-scores are just one of the tools we use when evaluating potential shorting opportunities. But it’s important to note Z-scores should not be looked at in a vacuum.

Altman’s original Z-score for manufacturing firms and his newer Z”-score for non-manufacturing firms are good indicators of financial stress, but you shouldn’t rely solely upon them when deciding whether to short a particular stock. Instead, use it as a starting point to flesh out your list of potential short candidates and see which ones deserve more digging.

For instance, in the case of Borders back in June 2009, after you calculated the Z”-score and saw that the firm was apparently in trouble, you could have gone back to the financial statements to confirm the results. At first blush, you would have found four straight years of stagnant or declining revenue and increasing net losses for the past three years amounting to $8.22 per share. A little more digging, and you could have found short-term liquidity problems and a real liquidation value for the company that was probably already negative. All of these further supporting the results of the Z”-score.

A Z”-score is by no means a silver bullet, but it is a good start to evaluating a short opportunity.

Good investing shorting.

Concentrated Benefits and Dispersed Costs

By Vedran Vuk

A friend of mine once asked, “How come you free-market guys always use the Department of Motor Vehicles as an example of government inefficiency? Can’t you find other examples?” Admittedly, I’ve used the example many times.

And sure enough, the DMV has exemplified government inefficiency for decades, but why? Besides inefficiency, it reveals one of the major problems with our form of government: there is almost no incentive to fix smaller problems. On big issues, the government might actually try to do something. Furthermore, citizens will organize. For better or worse, the government has taken action on healthcare. Also, promises to reduce the deficit, to make national security stronger or to build better infrastructure are commonplace. In a democracy, politicians can run campaigns on these agendas.

However, no one can run a campaign on DMV reform. When I moved to Maryland, it took me a full six hours of waiting to acquire my driver’s license and registration. The inefficiency was astounding.

But if a politician proposed reforming the DMV, I probably wouldn’t vote for him. My decision to vote would depend much more on his or her other stands on big issues. DMV efficiency simply isn’t an important issue. Sometimes one issue, such as abortion, can swing votes. However, no one is passionate about the DMV. As a result, the system does not change year after year. Only a budget crisis may eventually force change.

I’ve always heard the saying, “Well, if you don’t like something about the government, then vote the person out of office.” But there’s no way to vote on minor issues. Plenty of things simply fall through the cracks because the issues aren’t big enough to warrant campaign stands, organizations and paid lobbyists.

Who’s going to get angry if the government spends a million or two to improve a public park? What about a couple of million for a new tourism office? Or perhaps we could add ten million to the prison guard pensions? As these bills are being passed, they’re so small that no one has an incentive to complain – much like the DMV problem. In economics, this is often known as the problem of concentrated benefits and dispersed costs. Someone who has a million or two to gain lobbies for the issue, but the cost is so dispersed that no one complains. Only years down the road, when there’s a budget crisis, do citizens finally pay attention.

Robbed!

By Jeff Clark, BIG GOLD

One of my best friends recently discovered, to his shock and dismay, that five one-ounce gold coins had been stolen from his home. I feel especially bad because I had encouraged him to buy some physical metal, giving him some tips and pointing him to the better dealers.

What’s especially disconcerting about the theft is that my friend had the coins stored in a safe, hidden from view, securely locked, with the key hidden. He thought his gold was safe, a reasonable assumption given the precautions he’d taken.

But all those measures weren’t enough. Based on what he knows, he strongly suspects it was a relative, partly because of this person’s background and partly because they were one of few familiar enough with the house to know where the key might be. The police unfortunately don’t have enough evidence to make an arrest – fingerprints, for one, couldn’t be successfully lifted from the safe.

My friend was in shock for several days. While it didn’t represent all the gold he owned, it’s not insignificant; with gold at $1,400/ounce, that’s seven grand the thief made off with. He’s further consternated by how it went down; the robber only took part of his stash, evidently to make it look like his gold hadn’t been disturbed. The key had also been put back in its place, and for this reason he can’t pinpoint a specific time period the coins were stolen.

The cost to him has been more than monetary; he loved his bullion coins and had collected at least one from almost every country that produces them. He told me he occasionally took them out of the safe because they were, in his words, “beautiful… and I just loved the weight of them in my hand.” His stash was starting to build up to a point where he had enough “savings” for almost any emergency. The pain deepened further when he learned that thanks to current IRS rules, he can’t even write off the loss. (He’s forgoing a homeowner’s claim, given the industry’s reputation for dropping customers for “small” claims.)

Needless to say, my friend is no longer storing his gold (and silver) in that safe. He’s the kind that would normally shy away from using a bank safe deposit box, but not anymore. Even with that, though, he knew this method wasn’t perfect and so explored all his options. He’s decided to follow the suggestion I outline at the end.

After the dust settled, he told me that yes, he felt violated; yes, he’s still angry; and yes, it’s made him suspicious of others around him, a feeling he hates. “But what I suddenly realized,” he said, “was how valuable gold is becoming again. It’s not a ‘barbarous relic’ anymore… it’s not a pretty coin or a hunk of metal or a commodity or even an investment. It really is money, and it’s scary to think how dicey things might get when everyone sees gold as money again.”

My friend is not poor; there were other valuables the thief could’ve snatched. He took the gold.

So what about you? How safe is your safe? Are your clever hiding spots clever enough?

Here’s a quick checklist of the three most common places to store your gold. My friend overlooked one of the basic rules of home storage, so I hope you’ll review where and how you store your precious metals so that you can avoid the same pain and loss he experienced…

Safe deposit box

The easiest and simplest way to store gold is in a safe deposit box at your local bank. If you go this route, use a local bank. You want to be able to get to your gold in an emergency, which is one of the reasons you own it in the first place. So don’t keep it in a different state or a distant city. Keep it close.

However, as my friend acknowledges, a safe deposit box isn’t perfect. First, your access is restricted; you can only get to the gold during regular banking hours. Second, safe deposit boxes are not insured against robbery. And last, a bank box compromises your privacy. It provides a generous clue for the government, in case it ever decides to repeat FDR’s 1933 confiscation of gold.

Bury it

This is where the term “midnight gardening” comes from; people bury their gold at night so others won’t notice the digging. The alternative is to find a separate reason for the excavation, such as fixing a pipe or removing a stump, and work in the daylight.

Either way, before those of you who are used to clean fingernails pass on this method, consider its advantages: it won’t be damaged in a fire, and a burglar would need to know where to dig. A lot can happen in the world that won’t disturb buried gold.

A few practicalities, if you decide to go the shovel route. First, use the right container, something airtight and waterproof. This is especially important if you are storing numismatics or are burying silver in any form. We’ve been told those water bottles that hikers use work pretty well, but choose one heavy enough to stand up to years of erosion and persistent insects. Another choice is a small section of PVC pipe from your local hardware store; cap the ends and then bury it in a shallow puddle of cement. Don’t use a coffee can, since the color on the metal can bleed. To protect from scratching, put each coin in a plastic baggie or something similar.

Where do you bury it? Your location should be neither too easy nor too difficult to find. Not too easy, so that the gold won’t be found by a thief. But not so difficult that years later, you or your heirs have trouble locating it. Complicated instructions (including treasure maps) can get muddled with time and create the risk your gold will never be dug up.

Find a place, on property you own, that you’ll always remember but that isn’t obvious if someone learns you’ve buried something valuable.

Keep in mind that most modern metal detectors can operate to a depth of about 4 feet for objects as large as a stash of coins or bars. There’s also ground-penetrating radar, used primarily by forensic investigators, that can detect where digging has occurred, as well as satellites that can pinpoint where ground has been disturbed.

Hide it in your house and/or use a home safe

Indoor storage is practical for smaller quantities. You can probably think of dozens of places in your home where no one would think to look. Avoid any place obvious, such as a jewelry box or cookie jar. The disadvantage of this method is exposure to, as my friend can tell you, theft, along with fire, flood, and other natural disasters.

Consider using a safe, ideally one secured to the floor. As one dealer said, “A safe can be brought in on a two-wheeler and taken out on a two-wheeler if it hasn’t been attached to a building or at least hidden.” For obvious reasons, my friend is now gun-shy about using a safe with a key lock.

If you use a floor safe, locations for it include the garage, under a refrigerator, or anywhere you can place something over it. We recommend installing it yourself, and some of the kits make it easier than you it might expect. We wouldn’t hire a contractor.

Before you buy a safe, however, I recommend reading this article from a veteran bullion collector: How Safe Are Safes? (If you can’t log in because you’re not a BIG GOLD subscriber, why not try it today risk-free for only $79 per year? Details here.)

Leave the right trail

However you store your gold, let exactly one person know the details. It needs to be someone in whose honesty and discretion you have complete confidence. It will be that person’s job to access the gold if you are incapacitated or die. If you are using a safe deposit box, his or her name should be included in the box registration, and they should know where to go to get the key.

Tell one person, but only one. No one else should know. This is especially important if you’re using home storage. You don’t want to come home someday to find your house turned upside down because someone heard you’re living in a treasure chest. Even worse would be to come home and find a looter waiting to have a chat with you. My friend kept quiet about his gold, but admitted some family knew about it. That’s all it took.

There’s just no other way to say it: Keep quiet about your gold.

Unless you’ve reached a point in life where you are depending on your children for help with your affairs, a child is not a good choice as your gold storage confidant. Kids talk, and you don’t know whom they might tell or how far the story might travel.

But you do need to tell someone, regardless of your storage method. I heard of an old miner who – no kidding – left a treasure map for his kids, to help them figure out where he’d hidden his gold. But someone else found the map – and his kids never got their inheritance. And what if the kids had received the map but weren’t very good treasure hunters? I’ve read similar stories about descendants who knew that gold had been left for them but had no idea where it was.

What if more than one person already knows you have gold? Review your home storage methods to be absolutely sure they are adequate, or use one of the other methods such as a bank safe deposit box.

So what’s the best place to store your physical gold? Well, your choices boil down to three: store your gold in a safe deposit box, bury it, or hide it indoors. Each method has pluses and minuses, but probably the best method is a combination of them all. In other words, diversify your storage locations. My friend could’ve been wiped out if the robber hadn’t been trying to be sneaky.

Last, don’t let this scare you off from buying bullion. It’s still the asset that offers the best monetary protection for the foreseeable future. Not owning it may leave you feeling robbed when you go to use your paper dollars and find they won’t buy you as much as you thought. That’s not a theft you can prevent – unless you own gold.

[If this is the kind of in-depth information you’d like to utilize for your investments, I encourage you to check out BIG GOLD, an inexpensive monthly newsletter that provides well-researched advice for using precious metals and large-cap mining stocks for both protection and profit. Our February issue has a brand-new stock pick, one of the safest gold companies you can buy. We have a special offer right now for new readers… click here for more or go directly to the order form.]

Gold-Backed Money Being Revived?

By Alena Mikhan, Andrey Dashkov

Several legislative initiatives caught our attention recently. All of them are related to the monetary role of gold and range from proposals to return to the gold standard, to minting gold and silver as an alternative currency, to having all state transactions carried out in gold and silver coins, to permitting citizens to run their own mints.

Do these proposals signal a significant attitude change among politicians and mainstream economic institutions toward gold? No. They are largely regarded as fringe ideas and dismissed out of hand. The third link above is written in a condescending tone that implies everyone knows that the gold standard is bad for an economy and it caused the Great Depression. Still, it’s quite telling that opinions that gold can be incorporated into modern economy are becoming numerous, and actually making it onto the legislative agenda in various jurisdictions.

Last November, clearing house ICE Europe began accepting gold bullion as initial margin for crude oil and natural gas futures. This year, JPMorgan Chase announced that it would accept physical gold as collateral for a number of transactions. According to the WSJ, stock exchanges in New York, Chicago and Europe recently agreed to accept gold as collateral for certain trades, too. The World Gold Council is gaining traction in its push to have the Basel Committee on Banking Supervision accept the precious metals as a Tier-1 asset for banks, along with government bonds and currencies. Private and public institutions alike are clearly rethinking their attitude toward gold.

Perhaps most telling of all, the world’s central banks were net buyers of gold in 2010 and in 2009, after being net sellers for the previous 20 years. As World Bank President Robert Zoellick said last November, gold has become the "yellow elephant in the room" that needs to be acknowledged by policymakers of major economies.

No one can predict exactly how this will all shake out, but Doug Casey has long said that a return to a gold standard, or some modern equivalent, is almost inevitable. That’s because, for the reasons Aristotle outlined 2,000 years ago (it’s durable, divisible, consistent, convenient, and has intrinsic value), gold is hands-down the world’s best money.

Now, Gresham’s Law tells us that bad money drives out good, but that’s only true when legal tender laws hold sway (incentivizing people to hoard what’s perceived to be “good” money and spend the “bad” money as fast as they can). When people give up on the local legal tender, Gresham’s Law goes into reverse, and good money chases out bad. The dollarization of third-world economies is an example of this, the dollar being perceived as being good when compared to many shakier currencies.

So, what happens if fiat currencies as a class start to be perceived as bad money? Gresham, and history, tells us that they’ll eventually be abandoned, unless made good (put back on some acceptable standard of value, like gold). The key point here is that it can’t happen just a little bit, just as you can’t get a little bit pregnant. Once it starts, the good money will drive out the bad, and in today’s wired global economy, the phenomenon will be worldwide, fast and devastatingly thorough.

The investment implications, broadly, are obvious; you want to own gold for safety and speculate on gold stocks for profit. The details on how best to do this are the current raison d’être of our metals publications.

[In light of the information above, it seems that the Mania Phase of the gold bull market is getting closer every day. You’ll want to stock up on gold, silver and sound large-cap mining stocks before the investing crowd catches on. There’s still time, but it may be running short. To learn everything about prudent precious metals investments, give BIG GOLD a try today. Read our report on how Jeff Clark managed to boost his mom’s IRA – and his subscribers portfolios – by 73%... and how, for only $79 per year, you can do the same…]

Analyzing the Libyan Crisis

By Casey Research Energy Team

Tensions in the Middle East plus transportation constraints: Where art thou going, oil prices?

The oil picture is always complex, but right now things are about as complicated as they can get. The unrest in Egypt has settled for the moment, but the future there is not yet clear as the military takes control on promises of free elections. Tensions are rising in Algeria, where the unofficial unemployment rate is along the lines of 40% and protesters are demanding change. Yemen and Bahrain are unsettled, to say the least. And now Libya is embroiled in the most violent protests to rock the Middle East during the current wave of uprisings, with 40-year ruler Colonel Muammar Gaddafi sending snipers and helicopters to shoot down protestors in the capital city Tripoli.

Unrest in Egypt mattered because of the Suez Canal and the Suez-Mediterranean Pipeline, which together transport almost 2 million barrels of oil per day. Protests in Libya and Algeria – with Libya inching closer and closer to full revolution status – matter because both are important oil producers and key suppliers to Europe. Algeria produces some 1.4 million barrels of crude each day, while Libya spits out 1.2 million barrels a day. Libya is Africa’s third largest oil producer after Nigeria and Angola and has the largest crude oil reserves on the continent, concentrated in the massive Sirte Basin.

The Egyptian revolution has not yet disrupted oil supply. In Libya, however, things are very different. Global oil companies are pulling employees out of the country, leaving exploration projects and producing wells sitting idle.

Al Jazeera reported that oil has stopped flowing at the Nafoora oilfield, which is part of the Sirte Basin. The largest and most established foreign energy producer in Libya, Eni of Italy, is repatriating its nonessential personnel. German firm Wintershall is winding down its wells, which produce 100,000 barrels daily, and flying 130 foreign staff members out of the country. Norwegian Statoil is closing its Tripoli offices and pulling foreign workers out. OMV of Austria, which produces 34,000 barrels of oil a day in Libya, is evacuating most of its workers. And BP is flying its staff home as well, leaving its exploration operations unattended.

With foreign journalists banned from the country, phone lines cut and Internet access mostly severed, it is almost impossible to know just how much of Libya’s oil supply has been disrupted (one report pegged it at 6%). But Libya’s second largest city, Benghazi, has fallen to protestors, and it is in the country’s east, where the oil fields lie. With politicians defecting and government buildings literally burning in Tripoli, it is clear that, whether Gaddafi stays or goes, disruptions will continue and uncertainty is the new normal in Libya. If Gaddafi does go, it is not at all clear who can lead the country’s next phase, as Libya is a country bereft of institutions, with a non-cohesive army and old tribal structures that are both divisive and weakened.

The price of oil responded to Libya’s instability immediately. Europe-traded Brent oil prices hit above US$108 per barrel on Feb. 21, a high not seen since just before the recession, in September 2008. The West Texas Intermediate (WTI) oil price, which reflects the American market, also gained notably, adding US$3 to reach almost US$92 per barrel.

The head of oil research at Barclays Capital, Paul Horsnell, described the current situation as potentially worse for oil than the Iran crisis of 1979. “That was a revolution in one country, but here there are so many countries at once. The world has only 4.5 million barrels per day of spare capacity, which is not comfortable.”

There are several comments to make about all of this.

First, oil prices might run out of control again. High oil prices reduce the amount of money people have to spend on other things, shrinking demand in the wider economy. Eventually a tipping point is reached where confidence collapses. Given the recent global recession, you might expect OPEC to act quickly to prevent that cycle, but the wave of protests across the Middle East and North Africa has OPEC leaders just a tad bit distracted. Many are now wondering aloud if Saudi Arabia will be the next nation to see protests. In that context, what happens to the world economy is not exactly a priority for OPEC leaders right now – they are focused on survival. This is not an environment conducive to the kind of quick decision-making necessary to control oil prices.

Second, remember that benchmark prices for oil do not have a strong relationship to supply and demand. That is why prices could shoot up – speculation and manipulation by hedge funds and hoarders have as much impact as an actual change in supply. And a final benchmark price stems from a complex summation of interlinked spot, physical forwards, futures, options, and derivatives markets, which means the paper market is almost as important as the physical one.

The current spread between the two main benchmarks – Brent and WTI – is one example of how the benchmark pricing system fails to properly represent the oil market and all its complexity. WTI has historically been slightly cheaper than Brent, but over the last year the discount has spread to a record of as much as US$19 per barrel. The difference reflects ample supply in the U.S. Midwest (WTI is an American benchmark) compared to a squeeze on supplies from Europe’s North Sea.

While that part makes sense, why is the Brent price used to determine three-quarters of the world’s oil contracts, including those in Asia? A market with very low production volumes is used to price markets with very high production elsewhere in the world.

The system has led to many other nonsensical situations, like the fact that many U.S. oil refiners and consumers pay prices that track Brent, not WTI, so right now American gas station prices reflect greater-than-US$100-a-barrel oil even though the North American benchmark hasn’t yet passed US$92. When you add in the fact that no one really knows what’s going on in the world’s fastest-growing oil market, China, you have all of the ingredients for serious mispricing.

Third, transportation infrastructure plays a key role in oil pricing. North African oil and gas are especially important to Europe because the only other place with pipelines running into Europe is Russia, and no one likes relying on Russia for energy. Russia already exports 7 million barrels of oil each day, which constitutes roughly 10% of global production.

To get around reliance on Russia for both oil and gas, European countries have been working to build more pipelines from North Africa, including a new, US$1.4 billion Algeria-Spain gas pipeline set to open in March. The desire to avoid increased reliance on Russia is another factor driving the Brent benchmark upwards; European prices for natural gas and liquefied natural gas are also on the rise, for the same reason.

Right now in the all-important oil world of the Middle East and North Africa, short-term supply, future prices, ownership and preferred trading partners are all up in the air. Libya’s potential revolution poses a real threat to oil supplies – as mentioned, we only have 4.5 million barrels a day to spare, and Libya produces 1.2 million. On top of that, the fact is that oil prices are not decided in the most rational ways, and speculation plays a major role.

Can we profit from all of this? If you believe oil is on the rise, there are ways to get direct exposure to the price of oil, as well as many oil companies worth considering.

[Of course, with skyrocketing oil prices, alternative energies, becoming more attractive, will also see their day in the sun. In the upcoming issue of Casey’s Energy Report, Marin and his team introduce a new standard to – for the first time ever – compare apples and oranges, i.e., the energy output of oil/gas and geothermal energy. The result would amaze you. Learn more about the future of geothermal and how to profit in this free report.]

And that, dear reader, is that for this week. Until next week, thank you for reading and for subscribing to a Casey Research service!

Vedran Vuk
Casey's Daily Dispatch Editor