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3Vitaliy N. Katsenelson, Denver

Vitaliy N. Katsenelson, CFA, is Chief Investment Offi cer at Investment Management As-sociates in Denver, Colo. He is the author of Th e Little Book of Sideways Markets (Wiley, De-cember 2010).

Beware of Sideways Markets (Are We There Yet?)

In early May I had the plea-sure of attending and speaking at the Value Investing Congress in Las Vegas. Th e last time I had spoken there, it was May 2008 and the market was just com-ing off its top.? Th e Standard & Poors 500 index was trading at 18 times trailing earnings. Profi t margins were at a modern-day high. Th ey subsequently col-lapsed but came back to set an even higher high. If you normal-ize profi ts for high margins and look at ten-year trailing earn-ings, in 2008 stocks were trading 66 percent above their average. Th ey were at 30 times ten-year trailing earnings.

In all honesty, I could do the same presentation today that I did fi ve years ago, since market valuation is not dramatically dif-ferent from what it was then. A cyclical bear and a cyclical bull market later, the S&P 500 is at (the same) 18 times trailing earnings and 26 times ten-year trailing earnings. Investors who were on the sidelines the past few years and who are now pour-ing money into stocks, expect-ing that we are in the midst of a secular bull market, will likely be disappointed. Th e previous sideways market, of 196682, included four cyclical bull mar-kets and fi ve cyclical bear mar-kets. From 1970 to 1973 the Dow went from 700 to 1,000, just to drop again, to 600.

Sideways markets are there to destroy hope. It is when nobody wants to own stocks ever again, when valuations are below their historical average, that a secular sideways market fi nally dies (ac-tually, more like goes into hiber-nation), and the next secular bull market is born. But even that is not enough: Stocks need to spend time at below-average val-uations. In the 196682 market they spent half of their time at below-average valuations. Dur-ing the recent crisis we tiptoed into below-average valuations, but we danced right back out.

To believe we are in the midst

of a secular bull market, you have to be very comfortable with three things, starting with profi t mar-gins. Today corporate profi t mar-gins are hitting all-time highs. Historically, profi t margins have been mean-reverting high margins were never sustained by corporations over a prolonged period of time because, as leg-endary value investor Jeremy Grantham puts it, capitalism works. ?When a company Apple, for example starts earn-ing very high margins, its com-petitors (like Samsung) come in with lower prices. In response, Apple must lower its margins. If margins decline even as the economy grows, earnings growth will be very benign or negative.

Second, even if you are com-fortable with high profi t margins, you have to make an assumption that economic (revenue) growth will be robust going forward. Given how many headwinds we are facing from Europe, China and Japan, it is hard to develop a high comfort level there.

And fi nally, you have to be-lieve that price-earnings ratios can expand from their current level. I have news for you: In the past, sideways markets started (bull markets ended) when valu-ations were at current levels.

Stock returns are driven by two variables, earnings growth and changes in P/Es. Earnings

growth for the next fi ve to ten years is unlikely to be exciting and may not even be positive, and P/Es are likely to change for the worse, not the better.

Interest rates were much higher in the 70s and early 80s than they are today, and thus stocks may deserve higher valu-ations than they did then. Th is applies to all assets. But the Fed-eral Reserves policy may infl ate stocks valuations for a while. If the Fed succeeds and real growth resumes, then interest rates will rise and (expensive) stocks that were discounting all-time-low rates will get crushed. Aft er all, they like long-duration bonds do great when interest rates decline and bite the dust when interest rates rise.

Of course, on many levels things are better now than they were in 2008. Th e fi nancial crisis and real estate bubble are behind us; we are probably not going to see those again for a while. But their resolution came at a big price: much higher government debt and a command-control interest-rate policy that would have made the Soviets proud. Were now living in a Lance Armstrong economy. Weve con-sumed so many performance enhancement drugs through endless quantitative easing that it is hard to know how well the economy is really doing. Unfor-

tunately, as Armstrong at somepoint did, well have an Oprah Winfrey moment when the economy will have to fess up for all the QEs.

We are living through one of the most grandiose and untestedlab experiments ever conductedby a central bank: QE Infi nity. Atthe recent Berkshire Hathaway annual meeting, Warren Buff ett said, Watching the economy to-day is like watching a good movie you dont know the ending. His sidekick Charlie Munger added, If you are not confusedabout the economy, you dont understand it very well.

Th e Feds unprecedented inter-vention in the economy has in-creased the possible range and se-verity of negative outcomes, fromrunaway infl ation to defl ation or a freaky combination of the two(freakfl ation). Defl ation (or freak-fl ation) is not good for stocks or their valuations. Just look at Ja-pan. Over the past 20 years, stock valuations declined despite inter-est rates being at incredibly low levels. Expensive stocks (as Ive mentioned, stocks in general are very expensive) discount earningsgrowth. If growth fails to materi-alize, these P/Es will decline. Un-knowns are simply unknown.

At a time when the market is making all-time highs, it is easy to become complacent and letyour guard down. Dont.

Near-Death Experiences: What Happens in the Brain Before Dying

by Tanya LewisIn the moments before death,

the heart plays a central role, conventional wisdom says. Th at is, as the heart stops beating and blood stops fl owing, the rest of the body slowly shuts down. But new research suggests this view may be wrong.

Scientists studied the heart and brain activity of rats in the moments before the animals died from lack of oxygen, and found that the animals brains sent a fl urry of signals to the heart that caused irrevocable damage to the organ, and in fact caused its demise. When the re-

searchers blocked these signals, the heart survived for longer.

If a similar process occurs in humans, then it might be pos-sible to help people survive aft er their hearts stop by cutting off this storm of signals from the brain, according to the study published today (April 6) in the journal Proceedings of the Na-tional Academy of Sciences.

People naturally focus on the heart, thinking that if you save the heart, youll save the brain, said study co-author Jimo Bor-jigin, a neuroscientist at the University of Michigan Medical School in Ann Arbor. But her

team found some-thing surpris-ing. You have to sever [the chemi-cal communica-tion between] the brain and heart in order to save the heart, Borjigin told Live Science, adding that the fi nding is con-trary to almost all emergency medi-cal practice.

Every year, more than 400,000 Americans ex-perience cardiac arrest which is when the heart

stops beating. Even with medical treatment, only about 10 percent survive and are discharged from the hospital, according to the American Heart Association.

Th e researchers addressed the question of why the heart of a previously healthy person sud-denly stops functioning com-pletely, aft er only a few minutes without oxygen.

It turns out that even when a person in cardiac arrest loses consciousness and shows no signs of life, the brain continues to be active. In a previous study published in PNAS in 2013, Bor-jigin and her colleagues found

that as the heart is dying, it gets fl ooded with signals from the brain, probably in a desperate at-tempt to save the heart.

Th is barrage of signals may be responsible for the near-death experiences some people report, Borjigin said.

In the new study, the research-ers induced cardiac arrest in rats by having them breathe carbon dioxide or by subjecting them to lethal injection. Th e researchers then studied the animals brain activity using electroencepha-lography (EEG) and their heart activity using echocardiography (ECG) in the moments leading up to death. Th e team also mea-sured the signaling chemicals present in the rats hearts and brains throughout the experi-ment.

Initially, the animals heart rates dropped off steeply. But then, their brain activity became strongly synchronized with the heart activity. Th e research-ers used a new technology they developed for measuring heart rate, beat by beat.

While the heart and brain were in sync, the researchers observed a fl ood of more than a dozen neurochemicals, such as dopamine, which produces feelings of pleasure, and nor-epinephrine, which causes feel-ings of alertness. Th is fl ood of

chemicals could explain why people who undergo near-death experiences describethem as realer than real, Bor-jigin noted.

In the rats, the brain and heart activity remained synchronized until the heart went into a state called ventricular fi brillation, in which the lower chambers of the heart quiver instead of con-tracting properly, preventing the heart from pumping blood.

But when the researchersblocked the fl ow of these chemi-cals from the brain to the heart, by severing the rats spinal cords before killing them, it delayed ventricular fi brillation. As a re-sult, the animals survived for three times as long as the ratswhose heart-brain connection was left intact.

Of course, all of this research was done in rats. Whether hu-man bodies behave similarly is the million-dollar question, Bor-jigin said.

If researchers can fi nd a way to sever the connection be-tween the brain and the heart using drugs (rather than by ac-tually severing the actual spinal cord), then it could be possible to administer these drugs to a person experiencing cardiac ar-rest. Th is would give health careworkers more time to treat these patients, Borjigin said.

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To Be Present? What does it mean and how? Its not just pants.

As yogis we hear it at least once a day or at least we see the Be Present yoga pants every-where. Th e phrase is slowly be-coming something we say oft en, like a cliche, without truly sink-ing into what it is. Modern in-terpretations of this concept are also starting to pop up here and there in corporate culture. More on that later.

But what does it really mean? From the depths of your being, how do you utilize it as it relates to living your life, or working your job? Do you defi ne it at all or is it something you tell people when you simply want them to pay attention to what youre fo-cusing on?

Some will say its simple; to let go of the past and not worry about the future is to be present and live in time. But arent we built by our past, and if so, isnt the past a grand part of the pres-ent moment? And how would we ever get anything done if we didnt at least consider the fu-ture? Th e answer is as clear as mud. What I can pin point are some moments that are free of rejection, worry, loss, anxiety and fear. Th ose moments are pure grace, pure laughter, pure presence. Th ey allow us to bathe in the beauty of where we are

and experience the simple clarity of the moment. No matter how messy something may be, inside the mess there are still moments of pure clean joy.

Last summer, I was driving through the Appalachians with my brother and my three year old niece. It was a sunny beau-tiful day and we were singing along to some old Russian fairy tale on tape. All of a sudden my brother started screaming and waving his arms in the air. He was enjoying the scenery so much, he couldnt contain his excitement! Sasha, look at how beautiful it is! Th e lush trees, the green mountain tops, the Spanish blue skies; they had all taken over all his senses. To him, that moment was enough. Life was perfect; we were on the road with the windows open, wind in our hair, even the smell of hu-mid air felt rich and inviting. My niece was buzzing in the back seat excited with song and new adventures. For that moment; there were no relationships is-sues, no recent family deaths, no daily work annoyances: nothing could infringe on the beauty of our experience. We were all re-acting to happiness especially him. I, of course, had to be sar-castic Mike, those arent even

real mountains. Havent you seen the ones in Colorado? He didnt care. It suddenly dawned on me that my brother has visited over 60 countries, and in his travels has surely seen more beauty and experienced more excitement than most other people I know, including myself. However, he was able to be completely im-mersed by the momentous exis-tence of natures beauty in front of him. He didnt compare it to anything hes seen in the past; it was there right now and that is all that seemed to matter.

If we could all make decisions in the moment, in time, in the present. We wouldnt fear the unknown and we would jump in a way that is calculated yet brave at the same time. We would re-tain the lessons from the past yet not let the past mishaps detain us from trying again or trying it diff erently. Ah, to be this aware of what drives our decisions. I think a big part of human-ity would be in diff erent profes-sions and nourish their personal relationships more profoundly if they werent bogged down by what seems to be modern hu-man propensity to hold on to the past without truly processing it. Aft er experiencing any kind of loss, hurt, or rejection we are

then thrown into a cycle of being afraid to do anything where our authenticity rawness and heart shows in fear that we get fi red,demoted or hurt again. So, wego with the grain and we become average; we blend in, letting ouronce vibrant colors and person-alities fade. We see each moment the same as the next, we do notconsider the possibility of What if? Th e lucky ones work to getout of this cycle and see life witheyes that are connected to thecolors and shades of right now,the lucky ones regain their vi-brancy and see each moment as a new opportunity to create their life over and over again. To be in control.

Th eres another side to this, of course. Like I previously men-tioned, how would you ever get anything done start a business,write a book, ask for a promo-tion, leave a job, if all you did was focus on the positive aspects of the now and revel in lifes plea-sures? And cant those behaviorsthemselves be considered a formof fear and avoidance? I will leave discussing this in more depth fornext time and let you indulge inyour own moments for a while.

What Am I Doing Here?I am a modern day yoga teach-

er; I run around town teaching at a number of diff erent studios, a gym, and occasionally contract out to do special projects for businesses, ballet schools and even work with private clients. I come in contact with a variety of people teachers, nurses, fast life business fi nance peeps, retired millionaires, college students, even people on the verge of being homeless; all on a daily basis. I thirstily get to know my students in hopes of fi nding a common thread why they all seek out yoga and how it helps them. Th e

truth is, these days people come to yoga for many diff erent rea-sons from getting into shape, wanting to improve their tennis game, to simply wanting to slow down. A commonality Ive no-ticed from the variety of students I see is there was an extreme situ-ation that brought them around to yoga an injury, a job that al-most killed them, a death in the family, and yes sometimes even a pushy girlfriend. All jokes aside, people seek something diff erent, something fulfi lling aft er run-ning themselves empty in some aspect of their life and needing

to fi ll back up. Yoga works for them, it may not work for every-one, but it is something that has proven to work for many. It has held space for them, it has held their hand, it has even been their therapist mentally and physi-cally.

My hope is to reach those who do yoga and those who simply seek something more, something diff erent alike. Specifi cally, I want to explore the way Eastern thought can be brought into the Western workplace. Imagine this; what if you were to use some of the

most basic eastern concepts of living in time and cherishing wisdom of years rather than some of the western equiva-lents of living in space, and cherishing youth and vitality to create a more balanced work-life routine? Better yet, what if you created a balance between the two ways of life? How would your life change? Most of us spend a great part of our time on this earth at our jobs and I believe fi nding ways to optimize those long hours will organical-ly improve other aspects of our existance.

Th e intention for this blog,and eventually book, is not to trace or explain in full the his-torical/philosophical/traditional yogic belief system. Neither is ita traditional self help book on how to be happy at your job. I will explore ways to slow down the pathways which the Westernsystem has laid out in front of usto always do and be more re-gardless of our true passions andtalents. I will also provide acces-sible tools to turn our hearts dialto a place that is deeply authentic and driven by a more balanced idea of success.

Sasha Voronenko, Denver

Sasha Voronenko was born in Russia, but moved to Califor-nia when she was 11 years old. Aft er graduating University of California, Berkeley she found a new home in Colorado. She teaches yoga in the studio and online through www.refl exion-yoga.com. Her online blog can be found at westernworkfor-ceeasternheart.wordpress.com.Sasha loves yoga because the physical practice has such an in-tense connection to real life. Her featured writing focuses on ways to fuse Eastern philosophy with Western business and workplace culture. She believes that this fu-sion can create a healthy work and life balance.

When not in the yoga studio, Sasha hikes, travels, road bikes, lift s weights, tries out new reci-pes, spends time with her fam-ily, friends, fi anc? and their dog Oxley.


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Colorados mountains have plenty of activities to get your heart racing, but theyre also perfect for kicking back. Dip into our many natural hot springs, where you can soothe sore muscles aft er a long day of hiking or skiing. Many also of-fer water slides and kid-friend-ly amenities

1. Strawberry Park Hot Springs, Steamboat Springs

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LoDo District, Inc. Prepares to #PaintLoDoPurple

(Denver, CO) April 6, 2015In a campaign to celebrate neigh-borhood pride and support the Colorado Rockies baseball team, the LoDo District, Inc. is en-couraging the lower downtown neighborhood to #PaintLoDo-Purple for the Colorado Rockies Home Opener on Friday, April 10, 2015.

Th e organization encour-ages business people in LoDo to dress in purple attire and deco-rate their businesses in purple on Opening Day. It also encour-ages people to utilize the #Paint-LoDoPurple hashtag on Face-Book, Twitter, Instagram, and other social media networks to project Opening Day celebratory activity out to the public. Inter-

ested LoDo District, Inc. mem-bers can send information about Opening Day specials and events to [email protected].

Media ResourcesFacebook: https://www.face-b o o k . c o m / L o D o D i s t r i c tTwitter: https://twit-t e r. c o m / L o D o D e n v e r C OInstagram: https://instagram.com/lododenver

Th e LoDo District, Inc.Th e LoDo District, Inc. is a membership organization that supports Lower Downtown (Lo-Do) Denvers, unique historical, retail and residential neighbor-hood, through marketing, edu-cation and advocacy. For more information, visit www.lodo.org

Ready, Set, OWL TechFair!DENVER, CO. Open-

World Learning (OWL), the Denver-based non-profi t focused on providing free STEM-based aft erschool edu-cation to 3rd-8th graders, is excited to announce the up-coming 6th Annual TechFair and ePortfolio Competition, hosted at Industry Denver at 3001 Brighton Blvd. on Satur-day, April 25 from 10:00 a.m. 2:00 p.m. Th e event is open to the public and will be emceed by OWL Board Member Stella Peterson and State Representa-tive Joe Salazar.

Nearly 500 people are ex-pected to attend the event, which will feature a raffl e, community tables, and nearly 161 student projects on display for the ePortfolio Competi-tion. Students also have the opportunity to show off their hard work in two riveting live

competitions: the coding Tech Challenge at 10:00 a.m. and the exciting Robo Challenge at noon. Prizes range from pizza parties to a Sphero robot and OWLs mascot, Pixel, will also make an appearance.

Its sure to be a day full of excitement at the 6th An-nual TechFair. Founded in 2000,OpenWorld Learning (OWL) has been proven to improve attendance rates and standardized test scores and is currently in thirteen diff erent elementary and middle schools across the Denver area. For more information or to get in-volved, visit www.openworld-learning.org or contact Stella Peterson at 303-550-9338 or [email protected].

About OpenWorld Learning:OpenWorld Learning

(OWL) is a non-profi t orga-

nization that serves approxi-mately 1,200 students annu-ally. Founded in 2000, the organization provides STEM-based aft er school educational programs to Title I students in Colorado so that they may learn important technology and leadership skills in a fun and safe environment. OWLs curriculum has earned the ISTE Seal of Alignment and has been proven to improve attendance rates, standardized test scores, and critical think-ing skills. For more informa-tion about OWL, please call 303-832-0066 or visit open-worldlearning.org.

Benefi ts of live plants in a home aquarium

Many people are drawn to home aquariums because of the beauty and visual interest fi sh tanks can off er. In addition, fi sh are relatively low-mainte-nance pets when compared to other companion animals, like dogs, cats and birds.

Data from the National Pet Owners Survey from the American Pet Products As-sociation states more than 60 percent of American house-holds have a pet. Of these pet owners, there are roughly 170 million freshwater fi sh and 12 million saltwater fi sh swim-ming in hobbyists aquariums across the country.

Th e goal of some fi sh tank owners is to create a stunning display thats a beautiful com-ponent of home d?cor. Others goals may be to establish an aquarium environment that is as close to nature as possible. In both instances, including live plants in the design of an aquarium can reap many ben-efi ts. Featuring live plants can make the aquarium more at-tractive and healthier for the fi sh and other animals that call the tank home. For vari-ous reasons, many fi sh thrive in an aquarium that includes live plants.

Aeration: Live plants pro-duce oxygen and absorb car-bon dioxide and ammonia in the water that fi sh generate. Hobbyists may use a pump and air stone to push fresh oxy-gen into the water to keep fi sh alive. However, in a planted

aquarium, the live plants may be able to provide all the air that fi sh need to survive.

Food source: Some aquar-ium plants can be colonized by microscopic food sources, such as protozoa and algae, upon which aquarium fi sh will feed. When consumed in conjunction with commer-cially produced fi sh food, the aquarium fi sh will be getting all the nutrients they need to thrive. In addition, some fi sh experts say that miniscule food sources are especially benefi -cial for baby fi sh, or fry, to feed on when newly born.

Hiding places: In a natu-ral environment, fi sh will use plants and other outcroppings as shelter. According to the aquascaping news organiza-tion Aquatic Eden, fi sh that feel they do not have enough protection by way of places to hide can become stressed and more susceptible to disease. Live plants have soft leaves and stems and can be comfortable places to duck behind.

Manage algae: Live plants can play an important role in managing algae growth. Th e plants will utilize nutrients in aquarium water that otherwise may encourage excessive al-gae growth. Th at leads to less maintenance and fewer prob-lems for the fi sh.

Filtration: In utilizing nu-trients in the water, live plants act as an additional fi ltration system. Plants will work in conjunction with a mechanical fi lter to keep water sparkling clean and healthy.

Breeding ground: Fish may be more inclined to mate and breed in an environment with natural plants. Th ose hoping to propagate their fi sh can in-clude some live plants into the tank landscape.

Remember to select true aquatic plant species that will be fast-growing and establish good roots in the tank. Certain water conditions, including the right temperature and adequate lighting, will be necessary to keep live plants fl ourishing. Consult with an aquarium spe-cialist about which plants will thrive in a tank and optimize water quality.

How to fi nd a veterinarianPets owners must make sev-

eral important decisions with regard to caring for their pets, not the least of which is fi nding a veterinarian. First-time pet owners may not know where to look when the time comes to take their furry friends for their initial vet visits, while long-time pet owners whose pets develop specifi c ailments may be on the lookout for vets who specialize in treating such ailments.

Finding a veterinarian may take some trial and error, and pet owners should be prepared

to try new veterinarians iftheir pets dont seem to havemuch of a rapport with a givenvet. The following are a hand-ful of additional tips for petowners looking for the righthealthcare provider to care fortheir pets.

Ask around. Neighbors,friends or family memberswith pets may be great sourcesof information regarding vet-erinarians in your area. Rec-ommendations may be espe-cially valuable to pet ownerswho own less common pets,such as birds and reptiles. Ma-ny veterinarians will have ex-tensive experience treating catsand dogs, but owners of moreexotic animals may be com-fortable visiting vets who havesignifi cant experience treatingtheir particular type of pets.

Visit a facility before book-ing an appointment. Visiting afacility prior to taking pets infor an appointment can shedlight on the facility and givepet owners more opportunityto digest what they are seeing,which can be difficult withpets in tow. Make note of howclean and organized the facil-ity is, and inquire about howmany vets are on staff. If yourpet gets hyper around otheranimals, observe the wait-ing room and try to imaginehow your pet would respondto the room. Pets may alreadybe jumpy or nervous about vetvisits, so an environment thatwould only stoke those nervesmay not be best for your ani-mal.

Ask questions. Pet ownerswho take an active interest intheir pets health are welcomedby many veterinarians, so dontbe afraid to ask questions onyour initial visit to the facility.Be specifi c when asking ques-tions, asking about overnightstays for sick animals and howmuch experience staff vetshave treating specifi c animalsand ailments. Veterinarians orveterinary staff personnel will-ing to take the time to answeryour questions will probablytake the time to go the extramile caring for your animal aswell.

Learn about emergencyprotocol. Many pet ownersmay need to one day take theirpets in during emergencies, soit makes sense to learn about aveterinary practices emergen-cy protocol. Do any veterinar-ians work the overnight shift ?If not, are all vets on call incase of emergency? A practicethat has a detailed emergencyprotocol in place may be betterequipped to handle emergen-cies, which can calm pet own-ers fears.

Finding a veterinarian is animportant step for pet owners.A combination of strategiescan help pet owners fi nd vetswho will provide the best careto owners furry friends.


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Some Popular Supplements Still Contain Untested Compound

by Rachael Rettner

A number of supplements marketed for weight loss and improved athletic performance contain a synthetic compound that is similar to the drug am-phetamine, and that compound has not been tested in people, ac-cording to a new study.

Whats more, the Food and Drug Administration has known about the presence of this drug in supplements for two years, but still has not warned consumers about the issue or acted to take the supplements off the market, according to the study.

Th e FDA did a lot of hard work to fi gure out this brand-new designer stimulant was in supplements and then failed to inform the public, said Dr. Pieter Cohen, an assistant pro-fessor of medicine at Harvard Medical School and co-author of the new study. Its inexplicable and inexcusable, Cohen said.

Th e FDA told Live Science that the agency does not have a specifi c safety concern at this time about these supplements.

In 2013, the agency ana-lyzed 21 dietary supplements that were labeled as containing

Acacia rigidula, a shrub native to Texas. Results showed that nine of the supplements contained a compound called beta-methylphenethylamine (BMPEA), which is chemically similar to amphetamine. Although the agency published its fi ndings in an academic

journal (the Journal of Pharma-ceutical and Biomedical Analy-sis), it did not issue a consumer alert, nor did it ask manufactur-ers to recall the products.

In the new study, Cohen and colleagues wanted to see wheth-er theAcacia rigidula supple-ments available now still contain BMPEA, or whether manufac-turers had acted in the mean-time to remove the compound from their supplements. Th ey tested 21 supplements, including those that were marketed either for weight loss (16), improving athletic performance (three) and for enhancing cognitive function (one). Five of the brands tested in the new study were the same as those tested earlier by the FDA.

Cohen and his colleagues found that 11 supplements (52 percent) contained BMPEA. Based on the supplements rec-ommended dosage, people tak-ing them could consume up to 94 milligrams of BMPEA in a day, the researchers found.

Th e health eff ects of BMPEA in people are not known, but theres reason to think that the compound could pose risks, Co-hen said.

[Its] structure is so similar to amphetamine, that it is likely to behave like amphetamine in the body, Cohen said. Studies of BMPEA done in animals in the 1930s and 1940s found that the compound increased heart rate and blood pressure in cats and dogs, suggesting that the drug might pose risks in people, es-pecially if they were working out excessively, Cohen said.

Physicians should remain vigilant for patients presenting with toxicity from sports and weight-loss supplements, as they might contain undisclosed stim-ulants, such as BMPEA, Cohen and colleagues wrote in the April 7 issue of the journal Drug Test-ing and Analysis.

Supplements with the com-pound might also have ramifi -cations for professional athletes, because BMPEA is banned by the World Anti-Doping Agency, the researchers said. (Several athletes have tested positive for BMPEA since 2010.)

When Live Science contacted the FDA in 2013 about its study, a spokesperson said that the agency was contemplating ap-propriate follow-up steps, and at this time cannot specify what those steps are.

When asked again this week about the new study, the agency said:

Th e FDAs fi rst priority with regard to dietary supplements is ensuring safety. As part of our overall work on detecting and re-moving adulterated supplements from the market, and ensuring that products are labeled in a

manner that is truthful and not misleading, the FDA published research on the occurrence of BMPEA in Acacia rigidulasup-plements in 2013. While our re-view of the available information on products containing BMPEA does not identify a specifi c safety concern at this time, the FDA will consider taking regulatory action, as appropriate, to protect consumers.

Cohen said its a bad idea to wait to fi nd out if the compound is safe for consumers. He likened the situation to that of DMAA a compound that was discov-ered in supplements in 2006, but it was not removed until aft er several deaths were linked with supplements containing it.

I dont think we should be sitting around waiting for someone to die before we take something off of the market that shouldnt have been there in the fi rst place, Cohen said.

Th e FDA has the authority to remove Acacia rigidula supple-ments from the market, even if there is no evidence that they are harmful. Th ats because Acacia rigidula has never been used in herbal medicine orherbal rem-edies, which means it is illegal to use it in any dietary supple-ments. (If an ingredient does not have a history of being used as a supplement or herbal remedy, manufacturers must send infor-mation abou the ingredient to the FDA for the agency to con-sider.)

In the United Kingdom, Aca-cia rigidula is not being allowed in supplements until there is

more evidence showing it is safe,Cohen said.

Some manufacturers of weight-loss supplements do list BMPEA on the label, but they imply that it comes from Aca-cia rigidula extract, Cohen said.However, there is no evidencethat this is true, he said. In theFDA study, none of the dietary supplements contained com-pounds that resembled Acaciarigidula in terms of their chemi-cal composition.

We recommend that supple-ment manufacturers immediate-ly recall all supplements contain-ing BMPEA, and that the FDAuse all its enforcement powers to eliminate BMPEA as an ingre-dient in dietary supplements,Cohen and colleagues wrote.Consumers should also avoid all supplements that list Acaciarigidula on the label, they said.

One manufacturer Hi-Tech Pharmaceuticals wasthe maker of 10 of the 21 supple-ments that Cohen and colleaguestested, including Black Widow,Fastin-XR and Lipodrene Hard-core. Th e company recently is-sued a press release claiming thatits proprietary Acacia rigidulaex-tract could increase metabolism,which it said was backed up by a company-sponsored study.

In 2013, a federal law enforce-ment agency seized more than $2 million worth of dietary sup-plements from Hi-Tech Phar-maceuticals aft er the FDA foundthat the products contained DMAA. Some of the seizedproducts were the same brandsincluded in the current study.

11 Weight-Loss Programs After 1 Year: Which Work?

By Cari Nierenberg

Among commercial weight-loss programs, Weight Watch-ers and Jenny Craig show the strongest evidence that they can help dieters keep weight off for at least 12 months, a new study suggests.

Researchers found that aft er one year, Jenny Craig partici-pants lost an average of 4.9 per-cent more weight, and people enrolled in Weight Watchers lost an average of 2.6 percent more weight than people who either dieted on their own, were given printed advice about weight loss or received a few sessions of health education and behavioral counseling.

Th e study showed that for the major-ity of commercial weight-loss pro-grams out there, researchers dont know wheth-er or not they work, said lead author Dr. Kim-berly Gudzune, a

weight-loss specialist and an as-sistant professor of medicine at Th e Johns Hopkins University School of Medicine in Baltimore.

Its important for the public and doctors to know which pro-grams help people to lose weight, but also which ones help to keep it off , Gudzune said.

Weight-loss successIn this review study, the re-

searchers looked for published studies on weight-loss programs that were rigorous, long-term randomized controlled tri-als, which are considered the highest-quality data to evaluate whether a program works.

Th e researchers included only studies that were at least 12

weeks long and were based on comprehensive weight-loss pro-grams, meaning the programs emphasized nutrition and also off ered behavioral counseling or social support, although they may or may not have focused on physical activity.

Only 39 studies of 11 weight-loss programs met the research-ers criteria to be included in the review. Th e 11 programs evalu-ated included Weight Watch-ers, Jenny Craig, Nutrisystem, Health Management Resources (HMR), Medifast, Optifast, At-kins, Slimfast and three Inter-net-based off erings (Th e Biggest Loser Club, eDiets and Lose It!). Other programs that were not included had not done rigorous studies, the researchers said.

I had hoped more programs had done more rigorous long-term trials in the 10 years since the last review study on this topic had been done, Gudzune said.

Among the 11 programs, only the people who participated in Jenny Craig or Weight Watchers achieved signifi cant weight loss that was sustained for at least 12

months, Gudzune told Live Sci-ence.

Th e fi ndings, which were published today (April 6) in the journal Annals of Internal Medi-cine, also revealed a few other programs with promising results early on, such as at three or six months, but they lacked research on whether the weight loss was sustained aft er one year on the program.

For example, the researchers found that participants in the Nutrisystem program achieved at least 3.8 percent greater weight loss aft er three months than people who were not enrolled, but the program lacked solid evi-dence of its long-term eff ective-ness.

Commercial weight-loss pro-grams are regulated by the Fed-eral Trade Commission, and although the agency encourages programs to collect data on par-ticipants outcomes, it hasnt stip-ulated the type of studies pro-grams should do, Gudzune said.

Achieving health benefi tsAs a physician who sees

weight-loss patients, Gudzune

said she wants more programoptions in her tool box whenshe is counseling people aboutprograms that might meet their needs and budget, wheth-er they are commercial pro-grams, such as those evaluatedin the study, or services off eredthrough hospitals, clinics ordietitians.

Its not unreasonable for peo-ple who are interested in weight-loss programs to ask about thetypical results that people have had in a program, in both the short and long term, so they canhave realistic expectations, Gud-zune said.

She said that although thisreview study found that par-ticipants in the best commercialprograms had modest weight loss of 3 to 5 percent aft er 12months from a health per-spective, such weight loss is animportant fi rst goal to reach.

Obesity experts recommend a3 to 5 percent weight loss as thefi rst steps to achieve such key health benefi ts as lowering bloodsugar levels, preventing diabetesand improving cholesterol, Gud-zune said.


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Capricorn, a great opportunity to express yourself comes along this week. Make the most of this chance to let others see your creative side.AQUARIUS - Jan 21/Feb 18

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Pisces, you have the wherewithal to complete a projects other may never even attempt. Put your best foot forward and get to work.

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Breast Milk Sold Online May Not Be 100% Human MilkBy Cari Nierenberg

Buying breast milk online in order to nourish a baby with important nutrients that are not available from formula may not always be the safest choice, a new study suggests.

Researchers found that one in 10 samples of breast milk that they bought over the Internet and tested contained genetic ma-terial from cows milk. Th ey said it was likely that the cows milk was intentionally added to hu-man milk, to stretch its volume.

Purchasing breast milk on-line is not a good idea and in-troduces too many risks for infants, said lead author Sarah Keim, a principal investigator at the Center for Biobehavioral Health at Nationwide Childrens Hospital in Cincinnati.

Giving babies breast milk that contains even small quantities of cows milk could be harmful because some infants may have problems tolerating cows milk, or they might have an allergy to cows milk protein.

Cows milk itself is not a risky substance, but pediatricians strongly advise against giving it to infants under 12 months of

age, Keim told Live Science.In the study, published online

today (April 6) in the journal Pe-diatrics, the researchers obtained 102 samples of breast milk pur-chased from milk-sharing sites for anywhere from 50 cents to $3 per ounce, Keim said.

Th e analysis found that 10 percent of the breast-milk sam-ples tested contained bovine DNA, meaning it was not 100 percent human milk but rather was tainted with cows milk products.

Th e researchers noted that their analysis was not able to de-termine whether the adulterated breast milk contained cows milk itself or another product, such as cows-milk-based infant for-mula.

Th e researchers estimated that 10 of 11 adulterated breast-milk samples contained at least 10 percent cows milk.

Shopping for breast milkKeim said that cows milk

was found in more breast-milk samples than she had expected. But she also said that nothing surprises her anymore when it comes to the quality of breast milk sold online.

She and her research team have done several other studies of breast milk purchased on the Internet, and those analyses have found high bacterial counts in samples bought online that may be a result of poor collection, storage or shipping practices.

When breast milk is ex-changed for money, the seller may have diff erent motivations than a woman who may donate her extra milk to a breast-milk bank or share it with a friend or family member without receiv-ing payment, Keim said.

Women may turn to the In-ternet to buy breast milk from strangers if they cant produce enough milk to meet their in-fants needs or if they have adopted a baby. Milk-sharing websites contain thousands of listings fromwomen who want to buy, sell or donate their breast milk, and these classifi ed ads may even include personal in-formation promoting the sellers diet and lifestyle habits (i.e., veg-etarian, nonsmoker, eats organic, no alcohol).

Although these websites post suggested guidelines for women about safely collecting, storing and shipping breast milk, they

dont test the breast milk itself or screen the participants. Unlike breast milk sold online, human breast milk banks, which supply breast milk for sick babies, have stringent criteria for donors and even pasteurize human milk.

Keim said that the current generation of new mothers seems more interested in nursing their babies than previous genera-tions, but she added that mothers who are having diffi culty breast-feeding or who are not making enough milk may not always get timely lactation support.

Changing attitudesRenee Sullivan founder and

director of Th e Moms Groups, which are support groups for new and expectant moms in the New York metropolitan area said that, although buying breast milk online was once a popular conversation in her groups be-tween 2008 and 2012, there has been dead silence on the topic in the past few years. She considers buying breast milk online a risky proposition.

Sullivan, a parent and lifestyle coach who was not involved in the research, said shes seeing a new motherhood landscape

these days that may lessen wom-ens desire to purchase breastmilk via the Internet.

She pointed out several ma-jor trends that may be reducingsome mothers motivation tobreast-feed and also dramaticallychanging their attitudes towardbuying breast milk online.

One of these trends is thatbreast pumps are now typicallycovered by health insuranceplans, making them more widelyavailable to nursing motherswho need them. Sullivan hasalso noticed that a fear of germsis frequently coming up in con-versations in her groups, so shesuspects this fear would makemothers hesitant about purchas-ing breast milk from someonethey didnt know.

Although Sullivan breast-fedher own son, she told Live Sci-ence that some new mothers in2015 are feeling less pressure tobreast-feed than in years past.

Its human nature for a moth-er to want to give her absolutebest to a child, some women aredeciding its OK to exclusivelynurse for a shorter period of timeand give their infants formulabecause they need to return towork, Sullivan said.

Want to Live Longer? Optimal Amount of Exercise Revealedby Rachael Rettner

Doing a few hours of exer-cise every week will probably help you live longer, but doing a whole lot more exercise doesnt provide much extra benefi t, ac-cording to a new study on physi-cal activity and longevity.

Still, doing as much as 10 times the recommended amount of ex-ercise was not linked with an in-creased risk of dying during the study period. Th ats good news for marathon runners and triathletes who may have been concerned about the long-term health eff ects of such high levels of activity.

In the study, researchers ana-lyzed information from more than 660,000 people ages 21 to 98 in the United States and Swe-den who answered questions about how much time they spent doing physical activity, includ-ing walking, running, swimming and bicycling. (Th ese questions were asked as part of earlier re-search conducted in the 1990s and 2000s.)

People who got some exercise, but not enough to meet the physi-cal activity recommendations were still 20 percent less likely to die over a 14-year period than those who did not do any physical activity. (Th e recommendations say to do 150 minutes of moderate activity per week or 75 minutes of vigorous activity per week.)

People who engaged in the recommended level of physical activity saw even more benefi t: Th ey were 31 percent less likely

to die during the study period, compared with those who did not engage in any physical activity

But doing a lot more activity than that did not provide much added benefi t. Th e maximum benefi t was seen among people who engaged in three to fi ve times the recommended levels of physical activity; they were 39 percent less likely to die over the study period than people who did no exercise. Engaging in more exercise than this was not linked with any additional benefi t.

Although some earlier studies suggested that people who prac-tice extreme endurance training have an increased risk of heart problems, the new study found no link between very high levels of physical activity (10 or more times the recommended level) and an increased risk of death.

Th ese fi ndings are informa-tive for individuals at both ends of the physical activity spectrum: Th ey provide important evi-dence to inactive individuals by showing that modest amounts of activity provide substantial benefi t for postponing mortal-ity while reassuring very active individuals of no exercise-as-sociated increase in mortality risk, the researchers, from the National Cancer Institute, wrote in the April 6 issue of the journal JAMA Internal Medicine.

In an editorial accompany-ing the study, Todd Manini, of theUniversity of Floridas De-partment of Aging and Geriat-ric Research, pointed out that

the people most likely to benefi t from increasing the amount of exercise they do are those who do not currently do any.

A lot of the mortality reduc-tions were seen in people only one step away from doing no lei-sure-time physical activity, Ma-nini said, referring to the group that did some physical activity, but not enough to meet the rec-ommendations.

Doctors should target this group with exercise counsel-ing, Manini said. Physicians who seek out the segment of the population that performs no lei-sure-time physical activity could receive the most payback in their patients health.

Th e new study relied on re-ports of physical activity at one

point in time, and its possible that people changed their levels of physical activity over the study period, the researchers said.

In addition, the study looked at the time spent engaged in physical activity, but did not fo-cus on the intensity of that ac-tivity. Th at is, it did not directly compare those who engaged in moderate activity versus those who engaged in vigorous activ-ity. But the study did fi nd that people who met the recom-mended level of physical activity either through moderate or vigorous activity levels had a reduced risk of death.

In a separate study, also pub-lished today in JAMA Internal Medicine, researchers in Aus-tralia found that people who en-

gaged in vigorous activity (suchas jogging or aerobics) were 9 to13 percent less likely to die overa six-year period than those whoengaged in only moderate activ-ity (such as gentle swimming orhousehold chores).

Our research indicates thateven small amounts of vigorousactivity could help reduce yourrisk of early death, study re-searcher Klaus Gebel, of JamesCook Universitys Centre forChronic Disease Prevention inAustralia, said in a statement.

But people with medical con-ditions, older adults or thosewho have not previously en-gaged in vigorous activity shouldspeak with their doctors beforebeginning an exercise program,Gebel said.


3 25

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