Wacc for Fiat Group free essay sample

The WACC is the weighted average cost of capital. It is a calculation of the firms cost of capital taking into account the relevant weight of equity and debt as a proportion of the total. The cost of equity or KE calculated using a risk free rate example German 5yr government bond, the firm’s beta and the return on the market. The firm’s beta is a calculation of the firms exposure to the market, a beta of less than 1 indicates that the firm is not as influenced by external factors as the average firm in that market. A beta greater than 1 indicates that the firm is more heavily exposed to market factors than the average firm in that market. The formula I will be using to calculate the cost of equity is the CAP-M formula and is as follows; KE = RF + B (RM – RF) RF = Risk free rate, B = Firm’s Beta, RM = Return on the market The cost of debt or KD is calculated by finding the internal rate of return for all the firms bonds. We will write a custom essay sample on Wacc for Fiat Group or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page First the coupon on the bond is found for each of the remaining years until maturity, then we deduct tax, finally we choose test two discount factors and put our findings into the following formula; IRR = DCF1 + (DCF2 – DCF1) * NPV1 – 0 / NPV1 NPV2 Once we have found our KE and KD we must find the weights of both the equity and debt capital. Finally all of this information is entered into our WACC formula which is as follows where MV is is the market value of the company; WACC = (KE * MV of equity / MV of company) + (KD * MV of debt / MV of company) Cost of Debt I also enjoyed, whilst I found quiet difficult, the level of personal opinion that goes into a report like this. I was very interested in the different figures I found for Fiats beta, I chose a high beta of 1. 62 due to the fact that the motor industry is so volatile as seen by the effect of the recent economic crash on car sales. Also the sharp turn that the price oil can make has a large impact on the motor industry, much more so than the effect on other manufacturing industries as not only does Fiat use oil in the production of its products but its products also require it to function. I ran into a few difficulties at the start mainly when it came to the choosing of a company to research. At first I choose Ryanair but as Ryanair do not have any issued bonds I decided to look into another company at least for my first attempt of a report of this nature. The main thing I gained from doing this report was the ability to research a company, at first I found it very difficult and time consuming just trying to retrieve figures that I thought were right.

Copernicus- Rebellion essays

Copernicus- Rebellion essays In the late 1400s to the mid 1500s, people believed that the earth was the center of the universe. Ptolemy stated that the Earth was stationary and that the sun, moon, planets, and stars revolved around imaginary points, which in turn revolved around the Earth. Copernicus knew that nature acted in the simplest ways, so he questioned why the planets would move in such a ponderous scheme of circles (Bolton 5). Copernicus made long and careful observations of the stars and planets throughout most of his life and was convinced that the geocentric theory of the universe was incorrect (Siedel 26). Afraid to denounce his theory, Copernicus did not publish the book of his theories, Revolutions of the Heavenly Spheres, until four weeks before his death on May 24, 1543 (Siedel 27). Copernicus was skeptical to the thinking during the time he was alive because Aristotle and Ptolemys theories of the universe were based on religion and gods. As predictions made in agreement to their theories beca me more and more inaccurate, Copernicus searched for an explanation that was closer in agreement with his observations of the planets and stars. Copernicus rebelled against the powers that be by studying heavenly bodies in accordance to his own theory and publishing volumes that completely contradicted the beliefs of the people of the Middle Ages: In the midst of all dwells the sun. In 1543, European thought was dominated by the theories of Aristotle, who centuries before had divided the world into two separate entities: one changeable and corruptible, inhabited by man, and the other indestructible and inhabited by gods. The geocentric theory of the universe was also such a cornerstone of the medieval Christian faith that to challenge it was the same as arguing with the scriptures (Siedel 26). Ptolemys theory was so entwined with matters of the church and scriptures that it remained absolutely unquestioned for 1400 ye...

Database and Data Warehousing Design Assignment

Database and Data Warehousing Design - Assignment Example The functional systems, for example marketing, Enterprise Resource Planning (ERP) and so on, supply data the warehouse and making use of Extract, Transform and Load (ETL) approach the data is retrieved from the data warehouse (Rizzi, Abello, Lectenborger and Trujilo, 2006). Since the firm under discussion is concerned with a large volume of data to be considered for evaluation, for that reason, the data warehouse is suggested for execution by the company. The data warehouse would bring about the company not just in its business, but in addition delivers many different added benefits to the company. A few of the factors that motivate the execution of the data warehouse in the firm involve: the data warehouse in a position to cope with massive data, it generates reports instantly, accordingly. Saves time, it offers premium quality data and presents increased business intelligence. Nevertheless, the benefits are invariably linked to down sides, the risks of the data warehouse embody: investing time in extracting, clearing and uploading data, developing high upkeep system, and resource optimization. Keeping in mind the drawbacks of the data warehouse, there are particular rules and best procedures which the business has to stick to these while employing the data warehouse. Some of the most effective tactics that the organization ought to comply with incorporate: investing proper time in accumulating needs and style, building prototypes, correct usage of the centralized and in depth data, building data credibility checks and supply of correct training to the clients. Since the database of the firm is substantial, for that reason, the company must not deem building the relational data warehouse. On the other hand, the company is suggested to make use of the index partitioning and tables. It is advisable that the organization must comply with these best procedures to put into practice

Philosophy of Religion Research Paper Example | Topics and Well Written Essays - 1000 words - 1

Philosophy of Religion - Research Paper Example Not many of us can answer properly what God actually means to them. The definition of God has widely varied across the globe from time to time. Regardless of nationality, religion and race, perhaps the greatest debate is whether God exists or not. It has been found out that some people believe in existence of God, they cannot identify Him. Some can identify God in differ forms, deities or elements but cannot find it difficult to relate or believe. While some others totally disbelieve in plurality of God, some people deny the total existence of â€Å"God†. To them, it is some supreme force that has created the universe and as the source of life in it (Remos 33-34). A further division of views can be made between people who do and do not believe that God transcends and present among worldly beings (Remos 34). Broadly, all the worldly religions can be divided into two distinct categories. First comes the ones who believe in oneness of God, or the monotheistic. Then comes polytheistic, or the ones who believe in plurality of forms of God. The ancient religions like the ones of Israel and Egypt were monotheistic religions (Allen 72). But it is found that, even within one single religion, be it monotheistic or polytheistic, purity is not followed, that is, within a monotheistic religion polytheistic features can be found. Christianity is n apt example of this. Bible supports the existence of â€Å"God, the Father, God, the Son, and God, the Holy Spirit.† (Remos 33) Some major religions like Islam and Jewish are strictly monotheistic, while religions like Hinduism supports polytheistic views. One finds numerous Gods and Goddesses, Demigods and even spirits, in various forms and avatars. In Hinduism, each of these Gods is supposed to serve different purposes. Worship of these individual Gods contains monotheistic

Ready To Eat Foods English Language Essay

Ready To Eat Foods English Language Essay Street food, which is undoubtedly an essential part of people life, is widely known as ready-to-eat foods and beverages prepared and/or sold by vendors and hawker especially in streets and other similar public places (FAO 1989 cited in Alizon 1996). Differently, Alizon defines street food as an extremely heterogeneous food category, encompassing meals, drinks and snack (1996). It cannot be denied that street food has deep impacts on eating habit of many people. In fact, a study from the FAO (2007) shows that there are approximately 2.5 billion people world-wide eating street food every day; in Bangkok, street food makes up for 40 percent in total nutrition intake of the resident. Additionally, researches indicate that it also plays a substantial socio-economy role in the employment potential. The Equity Policy Center notes that the street food trade consists 6 percent of the total labor force in Zinguinchor, Senegal and Manikganj, Bangladesh to 15 percent and 25 percent in Iloil Cit y, the Philippines, and Bogor, Indonesia, respectively (Cohen 1985 cited in Alizon 1996). Thanks to many benefits, the development of street is continuously on the rise. On the other hand, the question of whether or not street food is completely good remains controversial. Therefore, this paper, with a view to helping us have deeper knowledge about street food, will discuss its development, characteristics, advantages and disadvantages. 2. Discussion of findings 2.1 The development From the ancient time, street food was considered as a vital part of people life. There is no information suggesting the exact time when the street food appears, however, it is supposed to have appeared very early in the human history. A traveling Florentine reported in the late 1300s that in Cairo, people carried picnic cloths made of raw hide to spread on the streets and eat their meals of lamb kebabs, rice and fritters that they had purchased from street vendors. (Wikipedia) Today, like many other types of services for daily life, street food has been developed fast and be loved by billion people throughout the world. The FAO points out that the increased popularity of street food is seemed to be closely linked with the change in the lifestyle and family structure (2013). In fact, in such a modern life as nowadays, people find it difficult to have enough time to relax themselves, let alone cook and enjoy meals together regularly; therefore, many of them see street food as a perfect substitution food. As a result, the demand of street food becomes higher. Street food can be found in every part of the world, particularly in crowed cities. Look into the actual state; many people are eating street food on a regular basis and even seeing it as an indispensable part of daily life. For instant, basing on the survey did by the Nutrition Center of Ho Chi Minh city, there are over 95.5% people are utilizing street food; 51% eating street food every day and 82% using street food for breakfast (Nguyen 2003).On the other hand, thanks to the rising prevalence of street food, the street food trade also tends to be more common. There is a big number of people who are earning their life by selling street food. Specifically, Alizon (1996) mentions an estimation of EPOC indicating that in Bogor, there are approximately 18,000 vendors in a city of about 250,000; or in a smaller area like Hoankiem district, there are over 2,000 vendors (Lam 2008). With a numerous people taking part in, street food trade naturally brings a giant profit. Henrilyto (2012) s tates that the annual sale from selling food on the street in Borgor, Indonesia amount to $67 million and it is 2.2 billion in Malaysia. Obviously, street food is gradually developing and showing its impacts on aspects of our life. 2.2 The characteristics As already mentioned, street food is generally a type of fast food, which is sold popularly on the street and includes a variety of materials. Street food is more affordable, convenient and competitive in comparison with others types of food (Alizon 1996). Commonly, street food is cooked on the street and only when being offered, does the seller start to prepare; therefore, almost street food is hot and keep its best flavors. Talk about the features of street food, Dao (2008) affirms that street food is suitable for every age group, both the young and the old like eating street food. However, he also cites the hidden danger of street food for people. It is obvious that street food can be seen widely in many places, however, in each area, it has a distinct attraction. It is totally acceptable to understand that there are a plenty of types of food sold on the street and different places bring different flavors of street foods. For example, while street food in Vietnam is described as fresh and lighter than many of the cuisines in the area, the street food of Thailand is fiery and pungent with shrimp paste and fish sauce (Dorling 2011).Furthermore, to make a variety of meals, vendors often process food in a numerous ways like roasted, steamed, boiled and many others way. A study by the EPOC demonstrates that in Bogor only, a list of popular street food consists of about 300 items with majority of traditional meals and drinks (Chapman 1894 cited in Alizon 1996). With a big number of meals like this, Alizon (1996) suggests that street foods can be classified into three main types: by meal, by number and type of ingredients, and by lev el and type of processing. Clearly, the variation is an important factor; which attracts billion people each year. Not only is street food diverse in list of meals, but it also being sold in a various places. Dao (2008) suggested that the place of selling street food can be divided into five groups: selling food on transports, selling in public spaces, selling in a small house, selling in restaurant or hotel and the last is food sold in festival. In fact, street food is mostly sold in some crowed and moveable places like markets and shopping areas, commercial districts, outside schools and hospitals, residential suburbs, factories, and construction sites (Alizon 1996). Visibly, street food is sold and produced under a very simple infrastructure. 3.3The advantages and disadvantages Street food likes many others problems always having two faces: negative and positive The street food is now attracting more and more people due to many obvious benefits, namely, its low cost, convenience and its significance with some social issues. It is same in everywhere that the price of street food seems to be the least expensive in all kinds of food. Talk about the advantages of street food, Dao (2008) highlighted that street food is suitable with a majority of people because of the low price. Moreover, he also mentions that street food can satisfy many different hobbies of customers thanks to the diversity in the category. Besides the benefits above, street food also plays a meaningful role in society nowadays. Street food is expected to be a good way to introduce local culture, which attracts millions visitors each year. For instant, in the Philippines, street food is not just a plentiful source of food; it also is a fundamental part of the tradition and landscape (Henrylito 2012).It takes for granted that street food brings visitors the deep impression of lifestyle and custom in each region. Additionally, street food is considered as a potential market, which can bring a big income and create jobs for the unemployed; especially the women in urban area, whose job is usually unstable. FAO(1989) studies finds a high rate of participation of women in street food trade in some South American countries; for instant, in Colombia, 59 percent of vendors were women, and, in Peru, 64 percent (cited in Alizon,1996). However, street food can bring people some negative effects. According to Alizon (1996), the safety of street foods seems to be a major consideration, which is now under the cloud of suspicion of many people. In fact, almost food are prepared and processed under bad sanitary facilities, moreover, as mentioned before, street food is usually sold on the road or a very simple places. Therefore, street food itself carries a high risk of disease. Henrylito (2012) states that: According to experts, all street food, cooked or raw, can cause gastroenteritis, typhoid and hepatitis, depending on the bacteria or viral infection they contain. Like many other countries, street food in Vietnam develops fast; however, the safe food is one of most serious problem that Vietnam is facing to. Studies actually show that there is a high proportion of contaminated food in Vietnam. Specifically, currently up to 98% of the street food stores do not meet safety standards prescribed by the Ministry of Health (Dai 2010).According to Tran (2008), director of the National Food Safety and Hygiene, states that there are over 55 cases of poisoning food caused by street food to more than 1,300 deaths in the last three years. Thus, street food safe, which is really hard on solving, is an alarming issues not only in Vietnam, but also in many others countries throughout the world. 4. Conclusion All the findings above indicate that the increased commonness of street food is still going on in almost every part throughout the world. Undoubtedly, street food not only contributes an important part in daily diet of billion people, but it also plays a vital role in socio-economic issues in lots of areas. In contrast, street food can brings people negative effects, specifically affects people health seriously. There is a fact that the place of selling food is very simple and uncontrollable, moreover, the facilities served for processing food is also under very bad condition. Therefore, street food is always at high risk of diseases. Thus, it cannot be denied that people can take many advantages of street food. However, health is obviously the most important issue so it is necessary to consider carefully about where we should eat street food to ensure a good health. REFERENCES LIST: Alizon, Ph.D.1996, Street food in developing countries: The potential for micronutrient fortification, viewed 5 March 2013 http://pdf.usaid.gov/pdf_docs/PNACJ872.pdf Chapman 1894 cited in Alizon Draper, Ph.D.1996, Street food in developing countries :The potential for micronutrient fortification, viewed 5 March 2013, http://pdf.usaid.gov/pdf_docs/PNACJ872.pdf Cohen 1985 cited in Alizon Draper, Ph.D.1996, Street food in developing countries :The potential for micronutrient fortification, viewed 5 March 2013, http://pdf.usaid.gov/pdf_docs/PNACJ872.pdf Dai, D. 2010, 98% cÆ ¡ sà ¡Ã‚ »Ã… ¸ thà ¡Ã‚ »Ã‚ ©c ăn Ä‘Æ °Ãƒ ¡Ã‚ »Ã‚ ng phà ¡Ã‚ »Ã¢â‚¬Ëœ khà ´ng Ä‘Ã ¡Ã‚ ºÃ‚ ¡t chuà ¡Ã‚ ºÃ‚ ©n và ¡Ã‚ »Ã¢â‚¬ ¡ sinh, viewed 5 March 2013, http://www.tin247.com/98_co_so_thuc_an_duong_pho_khong_dat_chuan_ve_sinh-10- 21574351.html Dao, M.T.2008, Ve sinh an toan thuc pham thuc an duong pho cho nguoi tieu dung, viewed 5 March 2013, http://www.medinet.hochiminhcity.gov.vn/data/news/2008/4/5397/vesinhantoanthucpham.htm Dorling, K.2011, Street food, viewed 5 March 2013, http://en.wikipedia.org/wiki/Street_food Food and Agriculture Organization 1989,A summary of FAO studies and other activities relating to street cited in Alizon Draper ,Ph.D.1996, Street food in developing countries :The potential for micronutrient fortification, viewed 5 March 2013, http://pdf.usaid.gov/pdf_docs/PNACJ872.pdf Food and Agriculture Organization 2007,Street food, viewed 5 March 2013, http://en.wikipedia.org/wiki/Street_food Food and Agriculture Organization 2013, Food processing and street food, viewed 5 March 2013, http://www.fao.org/fcit/food-processing/en/ Henrilyto, D.T.2012, Street food: to eat or not to eat, viewed 5 March 2013, http://www.sunstar.com.ph/weekend-davao/street-food-eat-or-not-eat Lam, Q.H.2008, Ä Ãƒ ¡Ã‚ »Ã‚  xuà ¡Ã‚ ºÃ‚ ¥t cà ¡Ã‚ ºÃ‚ ¥m bà ¡n hà  ng rong trà ªn hà ¨ phà ¡Ã‚ »Ã¢â‚¬Ëœ Hà   Nà ¡Ã‚ »Ã¢â€ž ¢i ,viewed 5 March 2013, http://www.baomoi.com/De-xuat-cam-ban-hang-rong-tren-he-pho-Ha-Noi/144/1257108.epi Nguyen, L. 2003, Hià ¡Ã‚ »Ã†â€™m hoà ¡Ã‚ ºÃ‚ ¡ tà ¡Ã‚ »Ã‚ « thà ¡Ã‚ »Ã‚ ©c ăn Ä‘Æ °Ãƒ ¡Ã‚ »Ã‚ ng phà ¡Ã‚ »Ã¢â‚¬Ëœ: Cà ³ nà ªn cà ¡Ã‚ ºÃ‚ ¥p phà ©p bà ¡n hà  ng?, viewed 5 March 2013, http://dddn.com.vn/38810cat104/hiem-hoa-tu-thuc-an-duong-pho-co-nen-cap-phep-ban-hang.htm Street food, viewed 5 March 2013, http://en.wikipedia.org/wiki/Street_food Tran, D. 2008, Thà ¡Ã‚ »Ã‚ ©c ăn Ä‘Æ °Ãƒ ¡Ã‚ »Ã‚ ng phà ¡Ã‚ »Ã¢â‚¬Ëœ Mà ¡Ã‚ »Ã¢â‚¬Ëœi nguy thà ¡Ã‚ »Ã‚ i khuà ¡Ã‚ ºÃ‚ ©n tà ¡Ã‚ ºÃ‚ £! , viewed 5 March 2013, http://www.tin247.com/thuc_an_duong_pho_moi_nguy_thoi_khuan_ta%21-1-6640.html

Themes in White Noise by Don DeLillo Essay -- White Noise Don DeLillo

White Noise â€Å"The world†¦is crowded, not necessarily with occupants and not at all with memorable experiences, but with happenings; it is a ceaseless flow of seductive trivialities which invoke neither reflection, nor choice but instant participation.† (Oakeshott) The idea of the lacking of realness is one of the major themes carried out throughout the novel White Noise by Don DeLillo, especially through the device of the television. â€Å"For most people there are only two places in the world. Where they live and their TV set. If a thing happens on television, we have every right to find it fascinating, whatever it is.† (DeLillo 66) The television in the novel White Noise is portrayed almost as a character and plays a significant role in the lives of the individuals in the story. The TV set is always on in the house and emits a constant flow of words, sounds, and images into the home. McCarthy depicts the TV set itself as â€Å"both a piece of furniture in a room and a window to an imaged elsewhere, both a commodity and a way of looking at commodities.† (1) In other words, not only is the television an American commodity, it also gives rise to hundreds upon thousands of other â€Å"must-haves†. There is hardly a home in America lacking at least one television set, giving this mode of communication enormous influence ability. â€Å"The world has but one language, soon learned: the language of appetite.† (Oakeshott 41) In order to feed this appetite Americans especially, glue their eyes to the TV to see what new ways of living and new products are out there to make their lives better. The character, Jack Gladney shows this modern-day way of thinking when he goes shopping at the mall. After looking at the â€Å"mass and variety† of hi... ... nothing" since "there is no media in Iron City." (DeLillo 92) To the characters as well as to most of society, only the amount of coverage of the incident by the media brings the event into existence. It wouldn’t matter how many casualties how many lives ruined if the occurrences weren’t captured on film and plastered over every news station. â€Å"For most people, events are not ‘news’ unless they appear on television.† (Johnson 212) Once again this is seen when the refugees from the toxic cloud are upset that they only got fifty-two words on television, and not even on network news. â€Å"Are they telling us that it was insignificant†¦? Do they think this is just television? ... Don’t they know it’s real?† (DeLillo 162) Once again this concept that remains throughout the entire novel of distinguishing real from not real is brought up, and once again, is misunderstood.

Black House Chapter Ten

10 AS THE CRUISER with Tom Lund behind the wheel noses down Third Street to Chase roof-rack lights decorously dark, siren off Dale takes out his wallet and begins digging through the mess in the back: business cards people have given him, a few dog-eared photographs, little licks of folded-over notebook paper. On one of the latter he finds what he wants. â€Å"Whatcha doin', boss?† Tom asks. â€Å"None of your beeswax. Just drive the car.† Dale grabs the phone from its spot on the console, grimaces and wipes off the residue of someone's powdered doughnut, then, without much hope, dials the number of Jack Sawyer's cell phone. He starts to smile when the phone is answered on the fourth ring, but the smile metamorphoses into a frown of puzzlement. He knows that voice and should recognize it, but â€Å"Hello?† says the person who has apparently answered Jack's cell phone. â€Å"Speak now, whoever you are, or forever hold your peace.† Then Dale knows. Would have known immediately if he had been at home or in his office, but in this context â€Å"Henry?† he says, knowing he sounds stupid but not able to help it. â€Å"Uncle Henry, is that you?† Jack is piloting his truck across the Tamarack Bridge when the cell phone in his pants pocket starts its annoying little tweet. He takes it out and taps the back of Henry's hand with it. â€Å"Deal with this,† he says. â€Å"Cell phones give you brain cancer.† â€Å"Which is okay for me but not for you.† â€Å"More or less, yeah.† â€Å"That's what I love about you, Jack,† Henry says, and opens the phone with a nonchalant flick of the wrist. â€Å"Hello?† And, after a pause: â€Å"Speak now, whoever you are, or forever hold your peace.† Jack glances at him, then back at the road. They're coming up on Roy's Store, where the early shopper gets the best greens. â€Å"Yes, Dale. It is indeed your esteemed † Henry listens, frowning a little bit and smiling a little bit. â€Å"I'm in Jack's truck, with Jack,† he says. â€Å"George Rathbun isn't working this morning because KDCU is covering the Summer Marathon over in La Riv â€Å" He listens some more, then says: â€Å"If it's a Nokia which is what it feels like and sounds like then it's digital rather than analog. Wait.† He looks at Jack. â€Å"Your cell,† he says. â€Å"It's a Nokia?† â€Å"Yes, but why â€Å" â€Å"Because digital phones are supposedly harder to snoop,† Henry says, and goes back to the phone. â€Å"It's a digital, and I'll put him on. I'm sure Jack can explain everything.† Henry hands him the telephone, folds his hands primly in his lap, and looks out the window exactly as he would if surveying the scenery. And maybe he is, Jack thinks. Maybe in some weird fruit-bat way, he really is. He pulls over to the shoulder on Highway 93. He doesn't like the cell phone to begin with twenty-first-century slave bracelets, he thinks them but he absolutely loathes driving while talking on one. Besides, Irma Freneau isn't going anywhere this morning. â€Å"Dale?† he says. â€Å"Where are you?† Dale asks, and Jack knows at once that the Fisherman has been busy elsewhere, too. As long as it's not another dead kid, he thinks. Not that, not yet, please. â€Å"How come you're with Henry? Is Fred Marshall there, too?† Jack tells him about the change in plan, and is about to go on when Dale breaks in. â€Å"Whatever you're doing, I want you to get your ass out to a place called Ed's Eats and Dawgs, near Goltz's. Henry can help you find it. The Fisherman called the station, Jack. He called 911. Told us Irma Freneau's body is out there. Well, not in so many words, but he did say she.† Dale is not quite babbling, but almost. Jack notes this as any good clinician would note the symptoms of a patient. â€Å"I need you, Jack. I really â€Å" â€Å"That's where we were headed anyway,† Jack says quietly, although they are going absolutely nowhere at this moment, just sitting on the shoulder while the occasional car blips past on 93. â€Å"What?† Hoping that Dale and Henry are right about the virtues of digital technology, Jack tells French Landing's police chief about his morning delivery, aware that Henry, although still looking out the window, is listening sharply. He tells Dale that Ty Marshall's cap was on top of the box with the feathers and Irma's foot inside it. â€Å"Holy . . .† Dale says, sounding out of breath. â€Å"Holy shit.† â€Å"Tell me what you've done,† Jack says, and Dale does. It sounds pretty good so far, at least but Jack doesn't like the part about Arnold Hrabowski. The Mad Hungarian has impressed him as the sort of fellow who will never be able to behave like a real cop, no matter how hard he tries. Back in L.A., they used to call the Arnie Hrabowskis of the world Mayberry RFDs. â€Å"Dale, what about the phone at the 7-Eleven?† â€Å"It's a pay phone,† Dale says, as if speaking to a child. â€Å"Yes, but there could be fingerprints,† Jack says. â€Å"I mean, there are going to be billions of fingerprints, but forensics can isolate the freshest. Easily. He might have worn gloves, but maybe not. If he's leaving messages and calling cards as well as writing to the parents, he's gone Stage Two. Killing isn't enough for him anymore. He wants to play you now. Play with you. Maybe he even wants to be caught and stopped, like Son of Sam.† â€Å"The phone. Fresh fingerprints on the phone.† Dale sounds badly humiliated, and Jack's heart goes out to him. â€Å"Jack, I can't do this. I'm lost.† This is something to which Jack chooses not to speak. Instead he says, â€Å"Who've you got who can see to the phone?† â€Å"Dit Jesperson and Bobby Dulac, I guess.† Bobby, Jack thinks, is entirely too good to waste for long at the 7-Eleven outside town. â€Å"Just have them crisscross the phone with yellow tape and talk to the guy on duty. Then they can come on out to the site.† â€Å"Okay.† Dale hesitates, then asks a question. The defeat in it, the sense of almost complete abrogation, makes Jack sad. â€Å"Anything else?† â€Å"Have you called the State Police? County? Does that FBI guy know? The one who thinks he looks like Tommy Lee Jones?† Dale snorts. â€Å"Uh . . . actually, I'd decided to sit on notification for a little while.† â€Å"Good,† Jack says, and the savage satisfaction in his voice causes Henry to turn from his blind regard of the countryside and regard his friend instead, eyebrows raised. Let us rise up again on wings as eagles, as the Reverend Lance Hovdahl, French Landing's Lutheran pastor, might say and fly down the black ribbon of Highway 93, back toward town. We reach Route 35 and turn right. Closer and to our right is the overgrown lane that leads not to a dragon's hidden gold or secret dwarf mines but to that peculiarly unpleasant black house. A little farther on, we can see the futuristic dome shape of Goltz's (well . . . it seemed futuristic in the seventies, at least). All our landmarks are in place, including the rubbly, weedy path that shoots off from the main road to the left. This is the track that leads to the remains of Ed Gilbertson's erstwhile palace of guilty pleasures. Let us flutter onto the telephone line just across from this track. Hot gossip tickles our birdy feet: Paula Hrabowski's friend Myrtle Harrington passing on the news of the dead body (or bodies) at Ed's to Richie Bumstead, who will in turn pass it on to Beezer St. Pierre, grieving father and spiritual leader of the Thunder Five. This passage of voices through the wire probably shouldn't please us, but it does. Gossip is no doubt nasty stuff, but it does energize the human spirit. Now, from the west comes the cruiser with Tom Lund at the wheel and Dale Gilbertson in the shotgun seat. And from the east comes Jack's burgundy-colored Ram pickup. They reach the turnoff to Ed's at the same time. Jack motions for Dale to go first, then follows him. We take wing, fly above and then ahead of them. We roost on the rusty Esso gas pump to watch developments. Jack drives slowly down the lane to the half-collapsed building that stands in a scruff of high weeds and goldenrod. He's looking for any sign of passage, and sees only the fresh tracks made by Dale and Tom's police car. â€Å"We've got the place to ourselves,† he informs Henry. â€Å"Yes, but for how long?† Not very would have been Jack's answer, had he bothered to give one. Instead, he pulls up next to Dale's car and gets out. Henry rolls down his window but stays put, as ordered. Ed's was once a simple wooden building about the length of a Burlington Northern boxcar and with a boxcar's flat roof. At the south end, you could buy sof'-serve ice cream from one of three windows. At the north end you could get your nasty hot dog or your even nastier order of fish and chips to go. In the middle was a small sit-down restaurant featuring a counter and red-top stools. Now the south end has entirely collapsed, probably from the weight of snow. All the windows have been broken in. There's some graffiti So-and-so chugs cock, we fucked Patty Jarvis untill she howelled, TROY LUVS MARYANN but not as much as Jack might have expected. All but one of the stools have been looted. Crickets are conversing in the grass. They're loud, but not as loud as the flies inside the ruined restaurant. There are lots of flies in there, a regular fly convention in progress. And â€Å"Do you smell it?† Dale asks him. Jack nods. Of course he does. He's smelled it already today, but now it's worse. Because there's more of Irma out here to send up a stink. Much more than what would fit into a single shoe box. Tom Lund has produced a handkerchief and is mopping his broad, distressed face. It's warm, but not warm enough to account for the sweat streaming off his face and brow. And his skin is pasty. â€Å"Officer Lund,† Jack says. â€Å"Huh!† Tom jumps and looks rather wildly around at Jack. â€Å"You may have to vomit. If you feel you must, do it over there.† Jack points to an overgrown track, even more ancient and ill-defined than the one leading in from the main road. This one seems to meander in the direction of Goltz's. â€Å"I'll be okay,† Tom says. â€Å"I know you will. But if you need to unload, don't do it on what may turn out to be evidence.† â€Å"I want you to start stringing yellow tape around the entire building,† Dale tells his officer. â€Å"Jack? A word?† Dale puts a hand on Jack's forearm and starts walking back toward the truck. Although he's got a good many things on his mind, Jack notices how strong that hand is. And no tremble in it. Not yet, anyway. â€Å"What is it?† Jack asks impatiently when they're standing near the passenger window of the truck. â€Å"We want a look before the whole world gets here, don't we? Wasn't that the idea, or am I â€Å" â€Å"You need to get the foot, Jack,† Dale says. And then: â€Å"Hello, Uncle Henry, you look spiff.† â€Å"Thanks,† Henry says. â€Å"What are you talking about?† Jack asks. â€Å"That foot is evidence.† Dale nods. â€Å"I think it ought to be evidence found here, though. Unless, of course, you relish the idea of spending twenty-four hours or so answering questions in Madison.† Jack opens his mouth to tell Dale not to waste what little time they have with arrant idiocies, then closes it again. It suddenly occurs to him how his possession of that foot might look to minor-league smarties like Detectives Brown and Black. Maybe even to a major-league smarty like John Redding of the FBI. Brilliant cop retires at an impossibly young age, and to the impossibly bucolic town of French Landing, Wisconsin. He has plenty of scratch, but the source of income is blurry, to say the least. And oh, look at this, all at once there's a serial killer operating in the neighborhood. Maybe the brilliant cop has got a loose screw. Maybe he's like those firemen who enjoy the pretty flames so much they get into the arson game themselves. Certainly Dale's Color Posse would have to wonder why the Fisherman would send an early retiree like Jack a victim's body part. And the hat, Jack thinks. Don't forget Ty's baseball cap. All at once he knows how Dale felt when Jack told him that the phone at the 7-Eleven had to be cordoned off. Exactly. â€Å"Oh man,† he says. â€Å"You're right.† He looks at Tom Lund, industriously running yellow POLICE LINE tape while butterflies dance around his shoulders and the flies continue their drunken buzzing from the shadows of Ed's Eats. â€Å"What about him?† â€Å"Tom will keep his mouth shut,† Dale says, and on that Jack decides to trust him. He wouldn't, had it been the Hungarian. â€Å"I owe you one,† Jack says. â€Å"Yep,† Henry agrees from his place in the passenger seat. â€Å"Even a blind man could see he owes you one.† â€Å"Shut up, Uncle Henry,† Dale says. â€Å"Yes, mon capitaine.† â€Å"What about the cap?† Jack asks. â€Å"If we find anything else of Ty Marshall's . . .† Dale pauses, then swallows. â€Å"Or Ty himself, we'll leave it. If not, you keep it for the time being.† â€Å"I think maybe you just saved me a lot of major irritation,† Jack says, leading Dale to the back of the truck. He opens the stainless steel box behind the cab, which he hasn't bothered to lock for the run out here, and takes out one of the trash-can liners. From inside it comes the slosh of water and the clink of a few remaining ice cubes. â€Å"The next time you get feeling dumb, you might remind yourself of that.† Dale ignores this completely. â€Å"Ohgod,† he says, making it one word. He's looking at the Baggie that has just emerged from the trash-can liner. There are beads of water clinging to the transparent sides. â€Å"The smell of it!† Henry says with undeniable distress. â€Å"Oh, the poor child!† â€Å"You can smell it even through the plastic?† Jack asks. â€Å"Yes indeed. And coming from there.† Henry points at the ruined restaurant and then produces his cigarettes. â€Å"If I'd known, I would have brought a jar of Vicks and an El Producto.† In any case, there's no need to walk the Baggie with the gruesome artifact inside it past Tom Lund, who has now disappeared behind the ruins with his reel of yellow tape. â€Å"Go on in,† Dale instructs Jack quietly. â€Å"Get a look and take care of the thing in that Baggie if you find . . . you know . . . her. I want to speak to Tom.† Jack steps through the warped, doorless doorway into the thickening stench. Outside, he can hear Dale instructing Tom to send Pam Stevens and Danny Tcheda back down to the end of the access road as soon as they arrive, where they will serve as passport control. The interior of Ed's Eats will probably be bright by afternoon, but now it is shadowy, lit mostly by crazed, crisscrossing rays of sun. Galaxies of dust spin lazily through them. Jack steps carefully, wishing he had a flashlight, not wanting to go back and get one from the cruiser until he's taken care of the foot. (He thinks of this as â€Å"redeployment.†) There are human tracks through the dust, trash, and drifts of old gray feathers. The tracks are man-sized. Weaving in and out of them are a dog's paw-prints. Off to his left, Jack spies a neat little pile of droppings. He steps around the rusty remains of an overturned gas grill and follows both sets of tracks around the filthy counter. Outside, the second French Landing cruiser is rolling up. In here, in this darker world, the sound of the flies has become a soft roar and the stench . . . the stench . . . Jack fishes a handkerchief from his pocket and places it over his nose as he follows the tracks into the kitchen. Here the pawprints multiply and the human footprints disappear completely. Jack thinks grimly of the circle of beaten-down grass he made in the field of that other world, a circle with no path of beaten-down grass leading to it. Lying against the far wall near a pool of dried blood is what remains of Irma Freneau. The mop of her filthy strawberry-blond hair mercifully obscures her face. Above her on a rusty piece of tin that probably once served as a heat shield for the deep-fat fryers, two words have been written with what Jack feels sure was a black Sharpie marker: Hello boys â€Å"Ah, fuck,† Dale Gilbertson says from almost directly behind him, and Jack nearly screams. Outside, the snafu starts almost immediately. Halfway back down the access road, Danny and Pam (not in the least disappointed to have been assigned guard duty once they have actually seen the slumped ruin of Ed's and smelled the aroma drifting from it) nearly have a head-on with an old International Harvester pickup that is bucketing toward Ed's at a good forty miles an hour. Luckily, Pam swings the cruiser to the right and the driver of the pickup Teddy Runkleman swings left. The vehicles miss each other by inches and swerve into the grass on either side of this poor excuse for a road. The pickup's rusty bumper thumps against a small birch. Pam and Danny get out of their unit, hearts pumping, adrenaline spurting. Four men come spilling out of the pickup's cab like clowns out of the little car in the circus. Mrs. Morton would recognize them all as regulars at Roy's Store. Layabouts, she would call them. â€Å"What in the name of God are you doing?† Danny Tcheda roars. His hand drops to the butt of his gun and then falls away a bit reluctantly. He's getting a headache. The men (Runkleman is the only one the officers know by name, although between them they recognize the faces of the other three) are goggle-eyed with excitement. â€Å"How many ja find?† one of them spits. Pam can actually see the spittle spraying out in the morning air, a sight she could have done without. â€Å"How many'd the bastid kill?† Pam and Danny exchange a single dismayed look. And before they can reply, holy God, here comes an old Chevrolet Bel Air with another four or five men inside it. No, one of them is a woman. They pull up and spill out, also like clowns from the little car. But we're the real clowns, Pam thinks. Us. Pam and Danny are surrounded by eight semihysterical men and one semihysterical woman, all of them throwing questions. â€Å"Hell, I'm going up there and see for myself!† Teddy Runkleman shouts, almost jubilantly, and Danny realizes the situation is on the verge of spinning out of control. If these fools get the rest of the way up the access road, Dale will first tear him a new asshole and then salt it down. â€Å"HOLD IT RIGHT THERE, ALL OF YOU!† he bawls, and actually draws his gun. It's a first for him, and he hates the weight of it in his hand these are ordinary people, after all, not bad guys but it gets their attention. â€Å"This is a crime scene,† Pam says, finally able to speak in a normal tone of voice. They mutter and look at one another; worst fears confirmed. She steps to the driver of the Chevrolet. â€Å"Who are you, sir? A Saknessum? You look like a Saknessum.† â€Å"Freddy,† he admits. â€Å"Well, you get back in your vehicle, Freddy Saknessum, and the rest of you who came with him also get in, and you back the hell right out of here. Don't bother trying to turn around, you'll just get stuck.† â€Å"But † the woman begins. Pam thinks she's a Sanger, a clan of fools if ever there was one. â€Å"Stow it and go,† Pam tells her. â€Å"And you right behind him,† Danny tells Teddy Runkleman. He just hopes to Christ no more will come along, or they'll end up trying to manage a parade in reverse. He doesn't know how the news got out, and at this moment can't afford to care. â€Å"Unless you want a summons for interfering with a police investigation. That can get you five years.† He has no idea if there is such a charge, but it gets them moving even better than the sight of his pistol. The Chevrolet backs out, rear end wagging from side to side like a dog's tail. Runkleman's pickup goes next, with two of the men standing up in back and peering over the cab, trying to catch sight of the old restaurant's roof, at least. Their curiosity lends them a look of unpleasant vacuity. The P.D. unit comes last, herding the old car and older truck like a corgi herding sheep, roof-rack lights now pulsing. Pam is forced to ride mostly on the brake, and as she drives she lets loose a low-pitched stream of words her mother never taught her. â€Å"Do you kiss your kids good-night with that mouth?† Danny asks, not without admiration. â€Å"Shut up,† she says. Then: â€Å"You got any aspirin?† â€Å"I was going to ask you the same thing,† Danny says. They get back out to the main road just in time. Three more vehicles are coming from the direction of French Landing, two from the direction of Centralia and Arden. A siren rises in the warming air. Another cruiser, the third in what was supposed to be an unobtrusive line, is coming along, passing the lookie-loos from town. â€Å"Oh man.† Danny sounds close to tears. â€Å"Oh man, oh man, oh man. It's gonna be a carnival, and I bet the staties still don't know. They'll have kittens. Dale is gonna have kittens.† â€Å"It'll be all right,† Pam says. â€Å"Calm down. We'll just pull across the road and park. Also stick your gun back in the fucking holster.† â€Å"Yes, Mother.† He stows his piece as Pam swings across the access road, pulling back to let the third cruiser through, then pulling forward again to block the way. â€Å"Yeah, maybe we caught it in time to put a lid on it.† â€Å"Course we did.† They relax a little. Both of them have forgotten the old stretch of road that runs between Ed's and Goltz's, but there are plenty of folks in town who know about it. Beezer St. Pierre and his boys, for instance. And while Wendell Green does not, guys like him always seem able to find the back way. They've got an instinct for it.