How many independent bets are there?

The benefits of portfolio diversification is a central tenet implicit to modern financial theory and practice. Linked to diversification is the notion of breadth. Breadth is correctly thought of as the number of in- dependent bets available to an investor. Conventionally applications us- ing breadth frequently assume only the number of separate bets. There may be a large discrepancy between these two interpretations. We uti- lize a simple singular-value decomposition (SVD) and the Keiser-Gutman stopping criterion to select the integer-valued effective dimensionality of the correlation matrix of returns. In an emerging market such as South African we document an estimated breadth that is considerably lower than anticipated. This lack of diversification may be because of market concentration, exposure to the global commodity cycle and local currency volatility. We discuss some practical extensions to a more statistically correct interpretation of market breadth, and its theoretical implications for both global and domestic investors.Comment: Less technical rewrite. 12 Pages, 6 Figures (.eps

(Anti-)Brane backreaction beyond perturbation theory

We improve on the understanding of the backreaction of anti-D6-branes in a flux background that is mutually BPS with D6-branes. This setup is analogous to the study of the backreaction of anti-D3-branes inserted in the KS throat, but does not require us to smear the anti-branes or do a perturbative analysis around the BPS background. We solve the full equations of motion near the anti-D6-branes and show that only two boundary conditions are consistent with the equations of motion. Upon invoking a topological argument we eliminate the boundary condition with regular H flux since it cannot lead to a solution that approaches the right kind of flux away from the anti-D6-brane. This leaves us with a boundary condition which has singular, but integrable, H flux energy density.Comment: 12 pages + appendices, 1 figure; v2: minor changes, version published in JHE

Socially sensitive lactation: Exploring the social context of breastfeeding

Many women report difficulties with breastfeeding and do not maintain the practice for as long as intended. Although psychologists and other researchers have explored some of the difficulties they experience, fuller exploration of the relational contexts in which breastfeeding takes place is warranted to enable more in-depth analysis of the challenges these pose for breastfeeding women. The present paper is based on qualitative data collected from 22 first-time breastfeeding mothers through two phases of interviews and audio-diaries which explored how the participants experienced their relationships with significant others and the wider social context of breastfeeding in the first five weeks postpartum. Using a thematic analysis informed by symbolic interactionism, we develop the overarching theme of ‘Practising socially sensitive lactation’ which captures how participants felt the need to manage tensions between breastfeeding and their perceptions of the needs, expectations and comfort of others. We argue that breastfeeding remains a problematic social act, despite its agreed importance for child health. Whilst acknowledging the limitations of our sample and analytic approach, we suggest ways in which perinatal and public health interventions can take more effective account of the social challenges of breastfeeding in order to facilitate the health and psychological well-being of mothers and their infants

From Necklace Quivers to the F-theorem, Operator Counting, and T(U(N))

The matrix model of Kapustin, Willett, and Yaakov is a powerful tool for exploring the properties of strongly interacting superconformal Chern-Simons theories in 2+1 dimensions. In this paper, we use this matrix model to study necklace quiver gauge theories with {\cal N}=3 supersymmetry and U(N)^d gauge groups in the limit of large N. In its simplest application, the matrix model computes the free energy of the gauge theory on S^3. The conjectured F-theorem states that this quantity should decrease under renormalization group flow. We show that for a simple class of such flows, the F-theorem holds for our necklace theories. We also provide a relationship between matrix model eigenvalue distributions and numbers of chiral operators that we conjecture holds more generally. Through the AdS/CFT correspondence, there is therefore a natural dual geometric interpretation of the matrix model saddle point in terms of volumes of 7-d tri-Sasaki Einstein spaces and some of their 5-d submanifolds. As a final bonus, our analysis gives us the partition function of the T(U(N)) theory on S^3.Comment: 3 figures, 41 pages; v2 minor improvements, refs adde

Towards the F-Theorem: N=2 Field Theories on the Three-Sphere

For 3-dimensional field theories with {\cal N}=2 supersymmetry the Euclidean path integrals on the three-sphere can be calculated using the method of localization; they reduce to certain matrix integrals that depend on the R-charges of the matter fields. We solve a number of such large N matrix models and calculate the free energy F as a function of the trial R-charges consistent with the marginality of the superpotential. In all our {\cal N}=2 superconformal examples, the local maximization of F yields answers that scale as N^{3/2} and agree with the dual M-theory backgrounds AdS_4 x Y, where Y are 7-dimensional Sasaki-Einstein spaces. We also find in toric examples that local F-maximization is equivalent to the minimization of the volume of Y over the space of Sasakian metrics, a procedure also referred to as Z-minimization. Moreover, we find that the functions F and Z are related for any trial R-charges. In the models we study F is positive and decreases along RG flows. We therefore propose the "F-theorem" that we hope applies to all 3-d field theories: the finite part of the free energy on the three-sphere decreases along RG trajectories and is stationary at RG fixed points. We also show that in an infinite class of Chern-Simons-matter gauge theories where the Chern-Simons levels do not sum to zero, the free energy grows as N^{5/3} at large N. This non-trivial scaling matches that of the free energy of the gravity duals in type IIA string theory with Romans mass.Comment: 66 pages, 10 figures; v2: refs. added, minor improvement

An 800-million-solar-mass black hole in a significantly neutral Universe at redshift 7.5

Quasars are the most luminous non-transient objects known and as a result they enable studies of the Universe at the earliest cosmic epochs. Despite extensive efforts, however, the quasar ULAS J1120+0641 at z=7.09 has remained the only one known at z>7 for more than half a decade. Here we report observations of the quasar ULAS J134208.10+092838.61 (hereafter J1342+0928) at redshift z=7.54. This quasar has a bolometric luminosity of 4e13 times the luminosity of the Sun and a black hole mass of 8e8 solar masses. The existence of this supermassive black hole when the Universe was only 690 million years old---just five percent of its current age---reinforces models of early black-hole growth that allow black holes with initial masses of more than about 1e4 solar masses or episodic hyper-Eddington accretion. We see strong evidence of absorption of the spectrum of the quasar redwards of the Lyman alpha emission line (the Gunn-Peterson damping wing), as would be expected if a significant amount (more than 10 per cent) of the hydrogen in the intergalactic medium surrounding J1342+0928 is neutral. We derive a significant fraction of neutral hydrogen, although the exact fraction depends on the modelling. However, even in our most conservative analysis we find a fraction of more than 0.33 (0.11) at 68 per cent (95 per cent) probability, indicating that we are probing well within the reionization epoch of the Universe.Comment: Updated to match the final journal versio

Bloodstream infections in late-stage acquired immunodeficiency syndrome patients evaluated by a lysis centrifugation system

Opportunistic infections, which affect acquired immunodeficiency syndrome (Aids) patients, are frequently disseminated and may cause bloodstream infections (BSI). The aim of this study was to evaluate the main causes of BSI in Aids patients with advanced stage of the disease, with special emphasis on the identification of fungemia. During a 21 months period, all patients with Aids (CD4 < 200) and febrile syndrome admitted to 3 university hospitals were systematically evaluated. For each patient presenting fever, a pair of blood cultures was collected and processed by using a commercial lysis-centrifugation system. One hundred and eleven patients (75 males) with a mean age of 36 years (median 33 years) and mean CD4 count of 64 cells/ml were included. Among the 111 patients evaluated we documented 54 episodes of BSI, including 46 patients with truly systemic infections and 8 episodes considered as contaminants. BSI were caused by gram-positive bacteria (43%), fungi (20%), gram-negative bacteria (15%), mycobacteria (15%), and mixed flora (7%). The crude mortality rate of our patients was 39%, being 50% for patients with BSI and 31% for the others. In conclusion, BSI are a common related to systemic infections on Aids patients with advanced stage of disease and is associated with a high rate of mortality.Universidade Federal de São Paulo (UNIFESP) Hospital São PauloHospital e Maternidade Santa MarcelinaHospital HeliópolisUNIFESP, Hospital São PauloSciEL

The problematic backreaction of SUSY-breaking branes

In this paper we investigate the localisation of SUSY-breaking branes which, in the smeared approximation, support specific non-BPS vacua. We show, for a wide class of boundary conditions, that there is no flux vacuum when the branes are described by a genuine delta-function. Even more, we find that the smeared solution is the unique solution with a regular brane profile. Our setup consists of a non-BPS AdS_7 solution in massive IIA supergravity with smeared anti-D6-branes and fluxes T-dual to ISD fluxes in IIB supergravity.Comment: 27 pages, Latex2e, 5 figure

Operator Counting and Eigenvalue Distributions for 3D Supersymmetric Gauge Theories

We give further support for our conjecture relating eigenvalue distributions of the Kapustin-Willett-Yaakov matrix model in the large N limit to numbers of operators in the chiral ring of the corresponding supersymmetric three-dimensional gauge theory. We show that the relation holds for non-critical R-charges and for examples with {\mathcal N}=2 instead of {\mathcal N}=3 supersymmetry where the bifundamental matter fields are nonchiral. We prove that, for non-critical R-charges, the conjecture is equivalent to a relation between the free energy of the gauge theory on a three sphere and the volume of a Sasaki manifold that is part of the moduli space of the gauge theory. We also investigate the consequences of our conjecture for chiral theories where the matrix model is not well understood.Comment: 27 pages + appendices, 5 figure

D3-brane Potentials from Fluxes in AdS/CFT

We give a comprehensive treatment of the scalar potential for a D3-brane in a warped conifold region of a compactification with stabilized moduli. By studying general ultraviolet perturbations in supergravity, we systematically incorporate `compactification effects' sourced by supersymmetry breaking in the compact space. Significant contributions to the D3-brane potential, including the leading term in the infrared, arise from imaginary anti-self-dual (IASD) fluxes. For an arbitrary Calabi-Yau cone, we determine the most general IASD fluxes in terms of scalar harmonics, then compute the resulting D3-brane potential. Specializing to the conifold, we identify the operator dual to each mode of flux, and for chiral operators we confirm that the potential computed in the gauge theory matches the gravity result. The effects of four-dimensional curvature, including the leading D3-brane mass term, arise directly from the ten-dimensional equations of motion. Furthermore, we show that gaugino condensation on D7-branes provides a local source for IASD flux. This flux precisely encodes the nonperturbative contributions to the D3-brane potential, yielding a promising ten-dimensional representation of four-dimensional nonperturbative effects. Our result encompasses all significant contributions to the D3-brane potential discussed in the literature, and does so in the single coherent framework of ten-dimensional supergravity. Moreover, we identify new terms with irrational scaling dimensions that were inaccessible in prior works. By decoupling gravity in a noncompact configuration, then systematically reincorporating compactification effects as ultraviolet perturbations, we have provided an approach in which Planck-suppressed contributions to the D3-brane effective action can be computed.Comment: 70 page