On the Significance of Returns Achieved with Equal Sector Weighted Portfolios

For years, the market portfolio has been a bastion of long term returns for the passive investor. With the launch of SSGA’s Select Sector SPDR ETFs has come evidence that a portfolio weighted equally among the sectors of the S&P 500 has outperformed the market over the past 10 years on both an absolute and risk adjusted basis. In this paper we test the outperformance of such an equally weighted portfolio against an expanded dataset to that of Sturm (2010) and that offered by the SPDR marketing material. By using sector index data for the S&P 500, the S&P TSX, and an approximation for an expanded set of Select Sector SPDR ETF returns, we find that returns of Equal Sector portfolios tend to be less volatile than the market, and also that the Equal Sector strategy tends to outperform on a risk-adjusted basis during heightened market volatility. But, we also find that the periodic excess returns of an Equal Sector strategy are not statistically significant over the period of December 31, 1989 to December 31, 2009, suggesting that excess returns of an equal sector strategy may be transitory, and therefore unreliable

Gut acellular matrix for the in vitro study of Enteric Nervous System cells

Enteric nervous system (ENS) cells respond to the intestinal extracellular matrix (ECM) signals changing their proliferation rate, migration and differentiation. In this study, we explored in vitro the adaptive response of primary ENS cell cultures to the stimulation of gut acellular matrix (AM) defining the gene expression profile of neuronal functionality markers. Scanning electron microscopy was used to detect the acquisition of specific morphological features. Intestinal AM was prepared using an enzyme-detergent treatment. Primary rat enteric cells were isolated from the myenteric plexus of postnatal rats using an enzymatic method and seeded on intestinal AM in the presence of exogenous neurotrophic factors. The morphological properties and the expression of specific differentiation markers were evaluated by Scanning Electron Microscopy (SEM) and wholemount fluorescent staining. In order to verify the synergic activity of soluble factors and AM, the gene expression of neurotransmitter receptors was evaluated by qPCR in ENS cells cultured in SM conditions in the presence or not of AM. The development of interconnected ganglion-like structures and the expression of neurotransmitter receptors suggested that gut matrix engineered with ENS cells could be useful for medical applications of regenerative medicine or for the in vitro assessment of tridimensional culture system of ENS

Simulating the WFXT sky

We investigate the scientific impact of the Wide Field X-ray Telescope mission. We present simulated images and spectra of X-ray sources as observed from the three surveys planned for the nominal 5-year WFXT lifetime. The goal of these simulations is to provide WFXT images of the extragalactic sky in different energy bands based on accurate description of AGN populations, normal and star forming galaxies, groups and clusters of galaxies. The images are realized using a detailed PSF model, instrumental and physical backgrounds/foregrounds, accurate model of the effective area and the related vignetting effect. Thanks to this comprehensive modelization of the WFXT properties, the simulated images can be used to evaluate the flux limits for detection of point and extended sources, the effect of source confusion at very faint fluxes, and in general the efficiency of detection algorithms. We also simulate the spectra of the detected sources, in order to address specific science topics which are unique to WFXT. Among them, we focus on the characterization of the Intra Cluster Medium (ICM) of high-z clusters, and in particular on the measurement of the redshift from the ICM spectrum in order to build a cosmological sample of galaxy clusters. The end-to-end simulation procedure presented here, is a valuable tool in optimizing the mission design. Therefore, these simulations can be used to reliably characterize the WFXT discovery space and to verify the connection between mission requirements and scientific goals. Thanks to this effort, we can conclude on firm basis that an X-ray mission optimized for surveys like WFXT is necessary to bring X-ray astronomy at the level of the optical, IR, submm and radio wavebands as foreseen in the coming decade.Comment: "Proceedings of "The Wide Field X-ray Telescope Workshop", held in Bologna, Italy, Nov. 25-26 2009. To appear in Memorie della Societa Astronomica Italiana 2010 (arXiv:1010.5889)

Aplicación del método de Rietveld al análisis mineralógico cuantitativo de algunas muestras de suelos de la Argentina

The mineralogical quantification of soils species is mainly obtained by analysis of X-ray diffraction (XRD) patterns. The classic method, for these analyses, is limited to semi quantitative determinations due to the overlapping of different specie’s peaks and processes of absorption of the constituents, the wide range of particle size distribution, etc. The use of the Rietveld method for XRD quantitative analysis, in mixtures of minerals, has allowed to improve the accuracy of the quantitative results and to extend it to complex systems, as soils, transforming it in a meaningful tool for soils investigation. In this work, quantitative results obtained by the application of classic and Rietveld methods, are compared in different soils samples from Argentina. A set of mixtures of minerals with similar composition to three studied samples, was also quantified by Rietveld method, with absolute error lower than 3%. Obtained results indicate that quantitative analysis by Rietveld method, can improve the results found by XRD classic method and may be used for the quantitative determination of soil minerals.La cuantificación mineralógica de componentes del suelo es obtenida principalmente por análisis de espectros de difracción de rayos X (DRX). El método clásico aplicado para dicho análisis está limitado a determinaciones semi-cuantitativas debido a la superposición de picos de las distintas especies y procesos de absorción de los constituyentes, el amplio rango de distribución de tamaño de partícula, etc. El uso del método de Rietveld para el análisis cuantitativo por DRX, en mezclas de minerales, ha permitido mejorar la exactitud de los resultados cuantitativos y extenderlo a sistemas complejos, como lo son los suelos, transformándose en una herramienta significativa para su investigación. En este trabajo se comparan los resultados cuantitativos obtenidos por la aplicación del método clásico y de Rietveld, a diferentes muestras de suelos de la Argentina. Un grupo de mezclas de minerales con composición similar a tres de los suelos estudiados, también se cuantificó por el método de Rietveld, obteniéndose un error absoluto menor al 3%. Los resultados indican que el análisis cuantitativo por el método de Rietveld, mejoran los resultados obtenidos por el método clásico de DRX y puede ser usado para la determinación cuantitativa de los minerales presentes en suelos.Centro de Tecnología de Recursos Minerales y CerámicaFacultad de Ciencias Agrarias y Forestale

Growth and Differentiation of Circulating Stem Cells After Extensive Ex Vivo Expansion

Background:: Stem cell therapy is gaining momentum as an effective treatment strategy for degenerative diseases. Adult stem cells isolated from various sources (i.e., cord blood, bone marrow, adipose tissue) are being considered as a realistic option due to their well-documented therapeutic potentials. Our previous studies standardized a method to isolate circulating multipotent cells (CMCs) that are able to sustain long term in vitro culture and differentiate towards mesodermal lineages. Methods:: In this work, long-term cultures of CMCs were stimulated to study in vitro neuronal and myogenic differentiation. After induction, cells were analysed at different time points. Morphological studies were performed by scanning electron microscopy and specific neuronal and myogenic marker expression were evaluated using RT-PCR, flow cytometry and western blot. For myogenic plasticity study, CMCs were transplanted into in vivo model of chemically-induced muscle damage. Results:: After neurogenic induction, CMCs showed characteristic dendrite-like morphology and expressed specific neuronal markers both at mRNA and protein level. The calcium flux activity of CMCs under stimulation with potassium chloride and the secretion of noradrenalin confirmed their ability to acquire a functional phenotype. In parallel, the myogenic potential of CMCs was confirmed by their ability to form syncytium-like structures in vitro and express myogenic markers both at early and late phases of differentiation. Interestingly, in a rat model of bupivacaine-induced muscle damage, CMCs integrated within the host tissue taking part in tissue repair. Conclusion:: Overall, collected data demonstrated long-term cultured CMCs retain proliferative and differentiative potentials suggesting to be a good candidate for cell therapy

Simbol-X Hard X-ray Focusing Mirrors: Results Obtained During the Phase A Study

Simbol-X will push grazing incidence imaging up to 80 keV, providing a strong improvement both in sensitivity and angular resolution compared to all instruments that have operated so far above 10 keV. The superb hard X-ray imaging capability will be guaranteed by a mirror module of 100 electroformed Nickel shells with a multilayer reflecting coating. Here we will describe the technogical development and solutions adopted for the fabrication of the mirror module, that must guarantee an Half Energy Width (HEW) better than 20 arcsec from 0.5 up to 30 keV and a goal of 40 arcsec at 60 keV. During the phase A, terminated at the end of 2008, we have developed three engineering models with two, two and three shells, respectively. The most critical aspects in the development of the Simbol-X mirrors are i) the production of the 100 mandrels with very good surface quality within the timeline of the mission; ii) the replication of shells that must be very thin (a factor of 2 thinner than those of XMM-Newton) and still have very good image quality up to 80 keV; iii) the development of an integration process that allows us to integrate these very thin mirrors maintaining their intrinsic good image quality. The Phase A study has shown that we can fabricate the mandrels with the needed quality and that we have developed a valid integration process. The shells that we have produced so far have a quite good image quality, e.g. HEW <~30 arcsec at 30 keV, and effective area. However, we still need to make some improvements to reach the requirements. We will briefly present these results and discuss the possible improvements that we will investigate during phase B.Comment: 6 pages, 3 figures, invited talk at the conference "2nd International Simbol-X Symposium", Paris, 2-5 december, 200