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Sunday, March 31, 2019

Dem Candidates Woo Farm Belt Voters by Taking Aim at Agriculture Firms

Democratic presidential candidates pitched voters in this farm-heavy state on their plans to stir up competition in the agriculture industry and stem the conglomeration of corporate power in the U.S.
Sens. Elizabeth Warren of Massachusetts and Amy Klobuchar of Minnesota, as well as former U.S. Housing and Urban Development Secretary Julián Castro, took aim at Bayer AG’s more than $60 billion purchase of Monsanto Co., a deal unpopular with many farmers here.
“We have got to fight back against consolidation, and I’ll make you a promise: you put me in the White House and I will unwind the Bayer-Monsanto” deal, Ms. Warren told a group of farmers here Saturday.
The deal made Bayer the world’s biggest supplier of pesticides and seeds. A flurry of consolidation in the global crop seeds and chemicals market has worried U.S. growers, who are battling a crop glut that has crimped prices.
Candidates are eager to win the support of Iowa’s farmers, a powerful constituency in the state that holds the first-in-the-nation primary caucuses in February. The candidates are also betting their focus on antitrust can attract progressive voters generally uneasy with the concentration of wealth and the power of corporations more broadly.
Ms. Warren has pledged to break up “companies where mergers have reduced competition,” pointing to the Bayer-Monsanto deal in particular in her proposal outlined last week. She has also suggested a nationwide ban on foreign individuals or entities from purchasing farmland for the purpose of farming.
Ms. Klobuchar takes a more measured approach. In an interview with The Wall Street Journal earlier in March, she said it was premature to call for breaking up big companies. But she has introduced several bills in Congress that would update U.S. antitrust law, including by tweaking legal standards to make it easier to challenge mergers successfully in court.
Introduced Saturday as “our neighbor to the north” at the Heartland Forum in Storm Lake, Ms. Klobuchar pitched herself as a can-do Midwesterner who would be a seasoned advocate for rural America.
The Minnesotan said her antitrust proposals would spur competition in agriculture.
“We need to take on the power of these monopolies,” she said. “I just think we’re getting to the point where you know you’re not going to get a fair deal.”
Republicans have traditionally favored giving business a free rein, but some were skeptical of the Monsanto-Bayer deal. Iowa’s Republican Sen. Chuck Grassley, when he was chairman of the Judiciary Committee in 2016, pressed the Justice Department to study how the deal would affect competition. “Competition is critical in this sector. It is essential for the American farm economy,” Mr. Grassley said last year after the department ultimately cleared the deal.
In a statement Saturday evening, Bayer said the deal with Monsanto brings together a robust portfolio to offer more choices for farmers. The company also said there are hundreds of companies competing for farmers’ business.
The consolidation in corporate agriculture is playing out as U.S. growers in recent decades swallowed up acreage to survive a harsh downturn in crop prices, squeezing smaller operations in the process. Ms. Warren has argued that big agriculture buyers and sellers make it even harder for owners of smaller farms to get by.
“Small and even medium-sized farms get caught between the giants…that determine the price that the farmers are going to have to pay for seed,” Ms. Warren told reporters Friday. “On the other end, there may be only one or two buyers for farmers’ product, and so profits get sucked out in the other direction.”
That message has resonated in the nation’s heartland, where many farmers say trends in the industry are pushing farms to merge or fold.
“Extracting wealth, taking opportunities out of rural regions. That’s what this consolidation has done to us,” said Wes Shoemyer, a Missouri farmer and board member of Family Farm Action, a progressive nonprofit, at a different event in Storm Lake on Saturday.
President Trump appeared to back the Monsanto-Bayer deal after executives assured him the postmerger company would invest in the U.S. and maintain American jobs.
Mr. Trump has said his trade policies will boost farmers’ incomes, but some say they are feeling the pinch from his broad trade campaign against China and Beijing’s retaliation against American crops and meat. “The farmers love me. They voted for me,” he said last year in Iowa, a state he flipped into the GOP column in 2016. President Obama won the state twice.
Beyond agriculture, Democratic candidates and progressive voters have taken aim at large financial-services firms and tech giants.
Ms. Warren has also proposed breaking up Facebook Inc., Amazon.com Inc. and Alphabet Inc.’s Google. Vermont Sen. Bernie Sanders, another presidential hopeful, has long called for breaking up the largest U.S. banks — something other candidates also support.
Officials within the Justice Department’s antitrust division and the independent Federal Trade Commission are tasked with enforcing U.S. antitrust law.
Assistant Attorney General Makan Delrahim, Mr. Trump’s appointee who runs the antitrust division, said at a conference Friday in Washington that antitrust proposals by presidential candidates are generally misguided, without naming specific candidates or policies. He said regulators must stake out firm positions based on legal arguments, adding that officials in his agency “can’t just walk into court and say company X should be broken up because it’s too big.”
A Justice Department spokesman said that the department is aware of the Democratic proposals but declined to comment on them.

Walgreens Boots Alliance Isn’t Ready to Quit Cigarette Sales Yet

Under pressure from federal regulators and some investors, Walgreens Boots Alliance Inc. is testing tobacco-free stores in the U.S., but the pharmacy chain’s leader has no plans to quit selling cigarettes entirely.
“The safety of our patients is very important, but we also have to do what our customers are requiring us to do,” Walgreens Boots Chief Executive Stefano Pessina said in a recent interview. “We see that when we don’t sell tobacco, we have a lot of [negative] reactions.”
The issue came up at the company’s annual shareholder meeting in January and again in February, when the U.S. Food and Drug Administration called out the company for selling tobacco products to minors. That month, a group of U.S. senators sent the Walgreens chief and other retailers letters urging them to stop selling tobacco products in stores.
While it continues to sell cigarettes in the vast majority of its stores, Mr. Pessina said Walgreens is trying to help smokers quit by also making smoking cessation products widely available. Employees are encouraged to direct customers seeking cigarettes to cessation products. The pharmacy chain has also reduced the visibility of tobacco products in some stores.
“Our objective is to convince people not to smoke, so we give them a cigarette and we ask them whether they want to stop smoking,” Mr. Pessina said. The Italian-born CEO took over as permanent CEO in 2015 after the merger of Alliance Boots and Walgreens.
Walgreens doesn’t sell tobacco products at a test store in Deerfield, Ill., near its headquarters, as well as 17 stores in Gainesville, Fla., as part of a 12- to 18-month pilot program it started last year. It also doesn’t sell cigarettes in Massachusetts, New York City and San Francisco, which have banned pharmacies from selling them.
Outside North America, the company’s Boots pharmacies don’t sell tobacco products. But unlike rival CVS Health Corp., which stopped selling tobacco products in 2014, Walgreens sells cigarettes, electronic cigarettes and other tobacco products in most of its roughly 9,600 U.S. stores.
Still, most cigarettes in the U.S. are sold at gas stations and convenience stores. Drugstores accounted for 1.7% of cigarette volume sales in the U.S. in 2017, and 39% of the dollar sales of smoking cessation products in 2018, according to market research company Euromonitor International.
Activist shareholders and antitobacco advocates have been asking Walgreens to discontinue sales of tobacco products in its North American stores. Some investors argue the company’s tobacco sales are putting their money at risk with threats of lawsuits, while activists say that tobacco products don’t belong in a health store.
“There is no reason that anyone needs tobacco products, so we do not think that they need to sell tobacco at all,” said Donna Meyer, director of shareholder advocacy for Mercy Investment Services Inc., which manages funds for a Roman Catholic order of nuns. Ms. Meyer raised the issue with Walgreens executives during the company’s shareholder meeting in New York in late January.
Walgreens says its tobacco sales provide customer choice. Executives said at the January meeting that they wanted to see how customers responded in its Gainesville test market to determine how the chain can reduce its reliance on the products.
Walgreens doesn’t disclose how much revenue it gets from selling tobacco products, but Mr. Pessina said its tobacco sales are decreasing. CVS quit selling cigarettes and other tobacco products in 2014 and added “health” to its name in an attempt to create a healthier image. CVS estimated the tobacco move cost about $2 billion a year in lost revenue.
Outgoing FDA Commissioner Scott Gottlieb called out Walgreens in February for selling tobacco products to minors after the agency conducted undercover checks. About 22% of the more than 6,000 Walgreens stores the FDA inspected sold to minors, the agency said. By contrast, 17.5% of Walmart Inc. stores and 9.6% of Rite Aid Corp. stores inspected had illegally sold tobacco products to minors.
In response, Walgreens said that it has a zero-tolerance policy on selling tobacco to minors and any employee violating its policy is subject to termination.
There is pending legislation in a number of states to raise the legal age to use tobacco to 21, and Walgreens has been publicly supportive of those efforts.
Walgreens is scheduled to release its second-quarter earnings results on Tuesday.

#AACR: After blood cancer wins, CAR-T treatments see inroads for solid cancers

CAR-T has seen a host of successes in blood cancers, but translating that into solid tumors has proven much more difficult. Now, early data out of the AACR cancer conference (and all the caveats that brings) may be offering some hope for that direction.
Two separate, small trials out of the American Association for Cancer Research (AACR) show that CAR-T therapy could impact several types of cancer: HER2-positive sarcomas and the difficult-to-treat pleural disease from mesothelioma, typically associated with asbestos-related disease.
First up is a small phase 1 for younger patients and adults with HER2-expressing sarcoma, which can affect bone and soft tissues.

Typically, when you think of HER2-positive cancers you tend to think of breast cancer, but it’s believed that around 40% of osteosarcomas, the most common kind of sarcoma, can harbor this expression.
You’d think you could turn to Roche’s long-standing HER2-positive stalwart Herceptin, but it has no effect on this particular patient population, with treatment usually consisting of chemotherapy agents, which have high side effects and often low treatment success.
So, Shoba Navai, M.D., assistant professor of pediatrics at the Center for Cell and Gene Therapy at Baylor College of Medicine, Texas Children’s Hospital, and Houston Methodist Hospital in Houston, and her team used HER2-targeted CAR-T cells, combined with a form of chemo. The result, Navi said, was found to be safe and effective in some patients.
It’s still early doors: The test was in just 10 patients, aged 4 to 54, with refractory/metastatic HER2-positive sarcoma (five with osteosarcoma, three with rhabdomyosarcoma, and one each with Ewing sarcoma and synovial sarcoma). These patients had already been through the ringer, receiving up to five prior salvage therapies.
The investigators found that the CAR-T cells expanded in all but two patients, with a median peak expansion after a week, and that they could detect the CAR-T cells in all patients six weeks after infusion.
One pediatric patient whose rhabdomyosarcoma had spread to the bone marrow had a complete response (CR) for 12 months, but relapsed later; retreatment with CAR-T cells resulted in a CR that has been ongoing for 7 months.
And one pediatric patient with osteosarcoma that had metastasized to the lungs has an ongoing CR for 32 months. Three patients had stable disease, and five had progressive disease.
The team acknowledged the limitation of the study, given its size, but were still encouraged by some of the activity; they also note that safety appeared strong, with no pulmonary toxicities detected, something that can occur with CAR-T cells infusion.
In another, separate trial, Prasad Adusumilli, M.D., deputy chief of thoracic surgery at Memorial Sloan Kettering Cancer Center, and his team focused their small phase 1 (of 21 patients) on a particularly aggressive form of lung cancer: malignant pleural disease from mesothelioma, essentially a cancer of the protective lining of the lung, which comes typically from inhaling asbestos and has a poor prognosis.
The MSK team tested mesothelin-targeted CAR T cells called IcasM28z, using completely human components, which includes the so-called safety “suicide” switch that can be activated to kill all CAR-T cells in case of a spike in toxicity.
The investigators recruited 21 patients with malignant pleural disease (19 with malignant pleural mesothelioma, one with metastatic lung cancer, and one with metastatic breast cancer), with 40% of them having had received three or more lines of prior therapy.
This approach saw the CAR T cells to be persistent in the peripheral blood of 13 patients during the 38-week evaluation, and their presence was associated with more than 50% decrease in the levels of a mesothelin-related peptide in the blood and evidence of tumor regression on imaging study.
One patient with mesothelioma underwent curative-intent surgery followed by radiation therapy to the chest.  “Twenty months from diagnosis, the patient is doing well, with no further treatment,” Adusumilli noted.
Meanwhile, 14 patients were given PD-1 checkpoint inhibitors. This is because CAR-T cells can get dampened, or functionally exhausted, in large tumors; preclinical tests show they can be reinvigorated by PD-1 agents.
This only worked in mice, but Adusumilli said they would take try this out on the patients to see its effect. After up to 21 cycles of treatment with an anti -PD1 agent, two patients had complete metabolic response on PET scans at 60 and 32 weeks, respectively, and these responses are ongoing; five patients had partial response, while four had stable disease.
“Combining rationally developed strategies—such as interventional radiology, T-cell genetic engineering, and newer immunotherapy agents—has produced encouraging results and provides rational to further investigate this approach in aggressive, therapy-resistant cancers such as mesothelioma, for which the currently available treatment options are not optimal ,” Adusumilli  concluded.

Atara’s collaborator presents Phase 1 study results in Advanced Mesothelioma

Atara Biotherapeutics announced that the company’s collaborators at Memorial Sloan Kettering Cancer Center presented encouraging results from an ongoing MSK investigator-sponsored Phase 1 clinical study of a mesothelin-targeted CAR T immunotherapy for patients with mesothelin-associated malignant pleural solid tumors, primarily mesothelioma, who progressed following prior standard platinum-containing chemotherapy. Mesothelin-targeted, autologous CAR T cells delivered regionally were well-tolerated and showed anti-tumor activity in combination with pembrolizumab, a PD-1 checkpoint inhibitor. The Phase 1 clinical study recruited 21 patients, 19 with malignant pleural mesothelioma, one with metastatic lung cancer and one with metastatic breast cancer, who received a median of 3 prior treatment regimens, to evaluate the safety and potential anti-tumor activity of a CD28-costimulated, mesothelin-targeted autologous CAR T immunotherapy. The study included six dose cohorts with administration directly to the tumor site using regional delivery techniques, initially at a low CAR T dose without lymphodepleting chemotherapy, followed by increasing CAR T dose cohorts with lymphodepletion. A subset of these patients was subsequently treated with pembrolizumab, a PD-1 checkpoint inhibitor. Mesothelin-targeted, autologous CAR T administration was found to be generally well-tolerated with no CAR T-related toxicities higher than grade 2 observed based on monitoring multiple clinical, radiological, and laboratory parameters. CAR T cells were found to be persistent in the peripheral blood for 13 of the 21 patients during the 38-week evaluation, and their presence was associated with evidence of tumor regression on imaging studies. Best overall response rate for a subset of 11 MPM patients with minimum follow-up time of 3 months who also received pembrolizumab and lymphodepleting chemotherapy was 72% including 2 durable complete metabolic responses on PET imaging and 6 partial responses. Six of the 11 patients in this subset were programmed cell death ligand 1 negative, defined as undetectable expression of PD-L1 in tumor cells by immunohistochemistry, with 4 of the 8 total responses observed in PD-L1 negative patients. Following progression on standard platinum-containing chemotherapy, the expected ORR for patients with MPM treated with a checkpoint inhibitor is estimated between 5%-29% with one patient achieving a CR across multiple studies. MSK is also investigating mesothelin-targeted CAR T cells for patients with mesothelin-associated advanced breast cancer. Additional results from these ongoing studies are expected to be presented at upcoming scientific congresses.

Psychological Dangers Of A Sedentary Life

The central predicament of human life is that we neither possess completely free will, nor are we completely determined by external circumstances. We set and pursue goals, only to become waylaid by habits and distractions. Often we know the patterns in our lives that we would love to change–from overeating to taming our tempers–but still find ourselves falling into old ruts. There are many seemingly different approaches to counseling and psychotherapy, but at a high level all of them represent ways of increasing our self-awareness and, ultimately, control over our thoughts, feelings, and actions.
When I reviewed evidence-based short-term approaches to therapy with two colleagues at SUNY Upstate Medical University in Syracuse, a surprising conclusion stood out. Every effective approach utilizes shifts in states of consciousness to facilitate change. These shifts may be quieting, as in the case of meditation, or they may be activating, as in the case of experiential and behavioral therapies. Across the modalities, there is an understanding that, in our routine states of awareness, we tend to fall into routine. Changing and expanding our consciousness is a portal to expanding our willpower, our capacity for self-determination.
The quest for peak performance is, at root, an effort to become more fully self-determining. Might we explore peak performance practices the way we’ve looked at evidence-based therapies to uncover insights into willpower?
One fascinating finding from a survey of writings on peak performance is that many of them emphasize the relationship between physical and mental conditioning. In pushing the body, we expand the mind. Overcoming physical obstacles strengthens our willpower muscles, extending our capacity to master other life challenges. Emilia Lahti describes the Finnish concept of sisu, which embraces an action mindset that embraces and tackles goals that seem to be beyond our reach. She has embodied sisu in her determination to overcome experiences of abuse, in part by tackling daunting distance running challenges. In pushing herself mentally and physically, she has found a way of accessing “an extra gear of psychological strength.”
A similar use of the body to extend performance is illustrated by David Goggins, who has been described as “the toughest man alive”. A graduate of NAVY SEAL and U.S. Army Ranger training, Goggins decided to raise money for the Special Operations Warrior Foundation by running a race in which he had to cover at least 100 miles in 24 hours. Goggins was not a distance runner, but he tackled the challenge of the distance race and successfully persevered despite multiple injuries. In his book Can’t Hurt Me, Goggins explains, “You are in danger of living a life so comfortable and soft that you will die without ever realizing your true potential.” His approach to peak performance is to “callus your mind the same way you do your hands. Take the path of most resistance every day of your life.” Indeed, when we listen to Goggins’ self-talk, it becomes clear that he utilizes the achievement of one challenge as a prod to tackle a new one. There is no finish line, no easing up, in his sisu.
Most of us are familiar with research that links sedentary lifestyles to poor health outcomes. Less well appreciated is that being sedentary also comes with increased odds of stress, depression, and diminished well-being. Among adolescents, increased screen time is associated with poorer mental health. Sedentary lifestyles are also associated with elevated levels of anxiety. From the perspectives of Lahti and Goggins, the comfortable, sedentary life may in fact serve as training for non-effort and avoidance, preventing us from tackling challenges and attaining peak performance. By challenging the body, we inevitably encounter mental, emotional challenges–and we learn how to overcome them. As in the short-term therapies, positive change follows from an enhanced state of consciousness. The demands of physical activity stimulate our emotional resilience and ability to persevere under duress.
Fergus Connolly, who has worked with elite athletes and special forces operators, quotes Irish politician Terence MacSwiney, who died after a hunger strike initiated while he was incarcerated: “It is not those who can inflict the most, but those that can suffer the most who will conquer.” Peak performers, he finds, “make their game face their everyday face”. Like Goggins, Connolly notes that the key to high levels of achievement is a self-talk that embraces the discomfort of extraordinary efforts. He explains that “the potency of self-talk extends to self-projection.” Our internal dialogues become destiny.
The psychological dangers of a sedentary lifestyle is that comfortable bodies never allow us to exit the routine. Without the immediacy of daily challenges, we fail to exercise the will and thus never find the resources to persist and achieve great things. Lahti, on her site, quotes William James: “Do something every day for no other reason than you would rather not do it, so that when the hour of dire need draws nigh, it may find you not unnerved and untrained to stand the test.” It is in embracing the “path of most resistance” that we cultivate the will to sustain extraordinary efforts.

What Is YOUR Self-Talk?


The latest Forbes article makes the case that self-talk is destiny.  How we process the world–and how we talk to ourselves about ourselves and world–shapes our reality.  That, in turn, defines what we experience as possible and impossible and shapes our actions.  Nowhere is this more true than in trading, where we are constantly dealing with issues of being right and wrong, uncertainty, and making/losing money.
In the above graphic, you’ll see a matrix that describes four styles of self-talk.  These styles can be positive or negative in their emotional tone and they can either increase or reduce the energy available to us.  Let’s take a look at the four styles and what they might mean for you:
Challenging – This is self-talk that pushes us to do better, do more, and tackle new and larger goals.
Worrying – This is self-talk that anticipates negative outcomes in the future, triggering fight or flight responses.
Calming – This is self-talk that reassures and puts things into perspective, dampening negative feelings and keeping us focused.
Self-Blaming – This is negative self-talk directed against oneself, dampening initiative and generating depressed feelings.
Clearly, at different times we may engage in different self-talk.  Much of trading psychology talks about dealing with negative emotions (worry, frustration, self-blame) and ways of sticking to trading plans (calming, focusing).  That is an important shift.
The Forbes article adopts a different perspective, however.  Just as we are in danger of living lives that are too sedentary (creating health risks), we can adopt mindsets that are too sedentary.  Many of us can deal with adversity by calming ourselves and avoiding undue worry and self-blame, but not many of us consistently talk to ourselves in challenging and energizing ways.
Take a look at the work of Emilia Lahti and David Goggins cited in the Forbes article.  These are peak performing professionals who have used unusual physical challenges to push their mindsets to redefine what is possible.  A useful exercise is to listen to a David Goggins video clip and think of his talk as your self-talk.  This kind of challenging talk is often found in athletic settings and in the military, but rarely do we see it in office settings–and rarely do I find it on trading floors.
It’s great to reassure ourselves, accept losses, and find learning lessons in our setbacks.  That is necessary for a solid trading psychology, but is it sufficient?  If our self-talk is not intensely challenging, how will we intensively tackle new challenges?  A calm mindset is helpful at times, but sedentary calm will never rouse us to do better, do more, and throw ourselves into challenges that expand who we are and what we can do.
How inspiring and challenging is your self-talk?

Legal Cannabis Fuels US Job Boom: Florida, Nevada Are The Biggest Gainers

One sector that has been a silent contributor to the U.S. labor market — but hasn’t been recognized yet due to the stigma of being a federally illegal business — is the cannabis industry, according to a report by Leafly.

A Major Industry Left Out Of Jobs Data

The number of full-time jobs in the legal U.S. cannabis industry is now at 211,000, courtesy of an addition of 64,389 jobs in 2018, according to Leafly.
The total number of full-time legal cannabis jobs in the U.S. would likely to soar to 296,000 if indirect and induced jobs were also taken into account.
To put things in perspective, the report said there are now more legal cannabis industry workers in the U.S. than dental hygienists. Among other industries, coal mining jobs currently number 52,000; brewery jobs stand at 69,000; and textile manufacturing jobs total 112,000.

The federal government excludes cannabis from jobs data due to it being a federally illegal substance. States that have legalized cannabis also exclude cannabis jobs, as the model used to count jobs uses the NAICS code, and one does not exist for cannabis, according to Leafly.
How did Leafly arrive at the numbers? The website said it collaborated with economists, who correlated job numbers to cannabis sales.

State-By-State Breakdown

Florida topped the states in terms of the absolute number of jobs added, as the state added 9,068 cannabis jobs in 2018, a 703-percent increase to 10,358, Leafly said. The Sunshine State is followed by Nevada, which has seen a 181-percent increase to 7,573 jobs.
In terms of percentage growth, Pennsylvania recorded a 4,208-percent increase from 90 in January 2018 to 3,878 one year later.
Infographic: The States Getting High On Marijuana Jobs | Statista
Source: Statista
Despite the double-digit percentage gains in legal cannabis jobs in Washington and Colorado, the gains in those states represented a slowdown or a leveling off as opposed to the overall triple-digit percentage growth of the industry.

What’s Fueling The Job Growth?

The legalization of recreational marijuana in 10 U.S. states and Washington D.C. and medical marijuana in 34 states led to a 34-percent jump in legal cannabis sales in 2018, creating incremental job opportunity in the sector.

What The Future Holds

From early 2017 to January 2020, cannabis jobs are estimated to increase by 110 percent, Leafly said.
Oklahoma is likely to experience a boom like the ones witnessed in California and Colorado when the first dispensaries opened in those states, the report said.
In Michigan, where recreational marijuana was legalized with a November vote, a concurrent spike in job gains may not be seen until 2020, Leafly said.
“In the near term, we expect Massachusetts to double its cannabis jobs in 2019, from 3,020 to around 6,000,” the report added.