Quotulatiousness

October 29, 2015

For a change, a sensible trademark ruling

Filed under: Americas, Business, Cancon, Law — Tags: , , , — Nicholas @ 03:00

Timothy Geigner on a remarkably sensible trademark judgement from a BC court:

For this, we travel up to Canada, where a Federal Court judge presided over a trademark dispute between Pacific Western Brewing and Cerveceria del Pacifico over the branding of their brews. At issue was the labels on packaging for PWB’s Pacific Pilsner and Cerveceria’s Pacifico Clara. PWB argued at court that the branding and language was too similar and would confuse customers. Here are samples of each beer’s branding.

Pacific Pilsner vs Pacifico Clara Cerveza

So, yeah, other than roughly similar uses of the word “Pacific”, there’s not a whole lot of similarity here. Normally, this is about when we’d hold our collective breaths and wait to see if the court comes down with a sensible ruling based on the likelihood of customer confusion, or if the court instead chooses the over-protectionist route, focusing on the common language and nothing else. In this case, Justice Luc Martineau appears to have gotten every last bit of it right.

    Martineau said the first impression given by the label Cerveceria uses for its Pacifico brand “is of its obviously foreign origin” and that it’s “highly stylized, with many distinctive design elements, including strong and contrasting colours and font in red, gold, blue, green and yellow.” He further said the label “differs visually, phonetically, and semantically” from all of the marks PWB uses for its Pacific brands of beers.

    Martineau also dismissed as without merit PWB’s argument that contrary to a statement on the register, Cerveceria del Pacifico was not first sold in Canada as early as April 1986. He noted that an affidavit from Cerveceria stating the beer was introduced at Expo ’86, where it was sold at a Mexican restaurant called Ole Cantina, was not challenged by PWB counsel. By December 1989, Pacifico was listed with the B.C. Liquor Distribution branch and in August 1990, a registration protecting the mark was issued.

    “The delay of almost 25 years before attempting to invalidate the registration weighs heavily against a finding of confusion,” Martineau said of PWB’s action.

October 27, 2015

Update on that $750 pill and the regulatory system that made it inevitable

Filed under: Bureaucracy, Business, Health — Tags: , , — Nicholas @ 05:00

Tim Worstall follows up on all-world scumbag Martin Shkreli and his enabled-by-the-regulator insane price increases for a decades-old drug:

We have an interesting and important economic lesson for public policy here: markets, they work. More accurately, we don’t have to worry about someone attempting to exploit their possession of a contestable monopoly. We only have to worry, possibly take action, if someone has an uncontestable monopoly. And given that there’s very few of them that we don’t create ourselves for other reasons, this means that monopoly is just one of those things we can keep a wary eye upon but not worry over excessively.

Our example comes from Martin Shkreli. The basic background is that this entrepreneur thinks he’s found a pretty cool business model. There’s a number of pharmaceuticals out there that are well out of patent but still have small and useful markets. FDA regulations (no, we’ll not go into the details of how or why this happens) mean that it’s not as easy as one might think to produce generic versions of these out of patent drugs. So, as a business plan, buy up the rights to the permit-ed (as in, with a permit, not just those allowed, as in permitted) generics and as a result of the difficulty someone else will have in getting into the same market, some pricing power is available. You can then raise the price and start to bank your considerable profits.

This caused outrage when Shkreli announced that this was exactly what he was doing:

    Turing Pharmaceuticals, the company that last month raised the price of the decades-old drug Daraprim from $13.50 a pill to $750…

A 5,000% price rise certainly indicates that Turing thinks it has pricing power and thus that it has considerable monopoly power.

[…]

Markets, they work. As Mr. Shkreli is just finding out:

    Turing Pharmaceuticals, the company that last month raised the price of the decades-old drug Daraprim from $13.50 a pill to $750, now has a competitor.

    Imprimis Pharmaceuticals, Inc., a specialty pharmaceutical company based in San Diego, announced today that it has made an alternative to Daraprim that costs about a buck a pill — or $99 for a 100-pill supply.

This is not the same drug: it’s a slight variation, a close substitute. But it’s close enough that Turing isn’t going to be making much money from what it thought was monopoly pricing power. Because it was a contestable monopoly, not an absolute one.

October 24, 2015

The (vicious) economic model of the music industry

Filed under: Business, Law, Media — Tags: , — Nicholas @ 02:00

A post by Kristine Kathryn Rusch from a few years ago, talking about the “standard” abuses musicians were subject to under 1990s-era studio contracts:

Those of us who exist on the periphery of the music industry have heard for years that new artists and even established ones can’t make money in the traditional music industry.

I didn’t understand that until I read Jacob Slichter’s So You Wanna Be A Rock ’N Roll Star several years ago. He wrote about a system in which a musician who signed a deal with a major record label could end up owing the label tens if not hundreds of thousands of dollars. He delineated it all out in a long book that showed just how the label ended up taking a naïve artist and putting him into debt.

Slichter said this was why so many rock bands disbanded — because the band itself was a legal entity and as a legal entity it was in hock to the studio. The only way the musicians could continue to perform and try to earn money from their music was to create a new legal entity and abandon the old one. Otherwise, they were working in a kind of indentured servitude.

Think this is just sour grapes from one musician who didn’t make it big? Look at a link that a reader from last week gave me. It’s from a magazine I’ve never heard of called Maximum Rock ’n’ Roll and was written by rock producer named Steve Albini. I’m not so sure how dodgy this website is that I’m sending you to — I don’t know if they violated Mr. Albini’s copyright by reproducing this piece. I’m going to trust that they didn’t, because y’all need to see these numbers.

For those of you who can’t be bothered to check the link, Albini lays out the line-by-line “costs” that the musicians agreed to when they signed their record deal. The musicians received a $250,000 advance. But by the time the album got released and the tour was completed, the advance was gone — and the musicians owed the record label $14,000.

You’re understanding me right. The “standard” contractually negotiated costs that the musicians agreed would come out of their pockets came to $264,000. The only way for the artists to recoup that loss was to sign a new deal with the label, often at lesser terms. If the label even wanted to sign them. (That part is courtesy of Slichter)

How much did the label earn — with the same costs deducted?

$710,000. In 1990s dollars.

Albini also lists how much each “player” made. He includes a producer ($90,000), a manager ($51,000), an agent, ($7500) and a lawyer ($12,000).

He writes, “The band is now ¼ of the way through its contract, has made the music industry more than 3 million dollars richer, but is in the hole $14,000 in royalties. The band members have each earned about 1/3 as much as they would working at a 7-11, but they got to ride in a tour bus for a month. The next album will be about the same, except that the record company will insist they spend more time and money on it. Since the previous one never ‘recouped,’ the band will have no leverage and will oblige.”

October 21, 2015

The “tipping” point

Filed under: Business, Economics, Food — Tags: , — Nicholas @ 04:00

Megan McArdle on the odd and oddly resilient habit of tipping:

Restaurateur Danny Meyer is planning to eliminate tips at his restaurant group’s 13 restaurants by the end of next year. Among other things, the New York Times suggests this will lower the disparity in pay between the back of the house, which makes an average of around $12 an hour, and the servers, who pull in considerably more than that.

Meyer is part of a small but interesting movement among restaurants and bars. A bar without tips just opened near my house in Washington; New York has a few places that no longer support tipping. Prices will naturally have to rise to reflect increased labor costs. Meyer says that servers’ incomes will not fall, but I am skeptical on this point. But it will certainly be interesting to see if Meyer manages to slay tipping — and if so, whether other restaurants will follow suit.

To get a sense of whether this is likely to work, it seems worth asking: Why do we tip? Tipping is, after all, a rather strange custom. We tell ourselves that it exists to ensure good service, but in fact, most people are very reluctant to undertip even when the service has been appalling. They follow the norms of tipping even when they are never going to see that waiter again, and therefore don’t need to worry about retaliation. Meanwhile, all sorts of things seem to affect tipping that have nothing to do with the quality of the service, like the race of the server and whether they put a smiley face on your check (though apparently this only works for female servers).

[…]

So if it’s not about rewarding good service, why do we tip? Notice that we do it in some circumstances, but not others. We tip the bellhop, but not the clerk at reception. The waitress, but not the person behind the Target checkout counter. These disparities offer our first clue to the mystery: We tip people who are providing the services that used to be performed by household servants, but not the people who do the jobs of tradesmen or retail clerks. It’s possible that this grew out of the old tradition of tipping servants when you went to stay at someone’s house.

Toyota teases a Back to the Future pickup truck

Filed under: Business, Humour, Media — Tags: , , — Nicholas @ 02:00

October 21, 2015 is Back to the Future day, and Toyota is playing along with the theme:

In a press release from Toyota, Back to the Future co-creator and producer Bob Gale offers some background on the manufacturer’s partnership with the franchise. “Toyota stands apart for their nod to the future and the past with the auto technology depicted in the movies. When Toyota approached us about helping tell a bigger story about the future and innovation with the Mirai, we loved the direction — and who can resist Marty’s retro Toyota truck?”

Call the number on the screen to talk to Jimmy Joe Statler himself. He offers you three choices. Be sure to press 2 for a free license plate frame. He mentions that three customized BTTF Tacomas will be revealed at Hollywood & Highland in Los Angeles and Times Square in NYC. They are also doing a tour of Dallas, so keep your eyes peeled if you live nearby. No word on whether Toyota will release the flying cars seen in the window’s reflection at 00:19 in the video.

We don’t know if the custom Tacoma will be produced for sale, but it should be easy enough for you to make one yourself. Just make sure you include those sweet KC lights.

October 20, 2015

Dilbert‘s Scott Adams on Politics, Philosophy, Hypnosis, and “Failing Towards Success”

Filed under: Business, Politics, USA — Tags: , , , , — Nicholas @ 05:00

Published on 6 Oct 2015

“You can defend an entirely different view of the world using the same data that’s used to defend the standard model. So whenever I can do that, I’m so there,” says Scott Adams. “Because as soon as you realize that the model you’ve been looking at maybe isn’t so firm as you thought… Then you’re free.”

Adams is a man of many talents: Best-selling author behind books such as God’s Debris and How to Fail at Almost Everything and Still Win Big, serial entrepreneur and creator of the time-management system Calendar Tree, and, of course, the man behind Dilbert.

Reason TV‘s Zach Weissmueller sat down with Adams in his home office to discuss Adams’ obsession with Donald Trump (“I see in Trump a level of persuasion technique that is probably invisible to the public” – 1:18), his resistance to political labels (“As soon as I join a group, suddenly all those things that I thought were crazy, I start convincing myself…” – 2:19), his political philosophy (“My preferred political process would be something like business” – 3:08), what Dilbert can teach us about capitalism (“One of those ideas that’s terribly flawed, but we haven’t figured out anything better yet” – 5:22), and the theme that runs through all of his work (“In all cases, I’m interested in the same thing: Is there a different way to look at the familiar?” – 10:05).

Bonus: Here’s Scott Adams’ view that The Donald is a Master Wizard:

October 18, 2015

Playboy‘s biggest market today

Filed under: Business, China, Media — Tags: , , , , — Nicholas @ 04:00

Colby Cosh on why the Playboy brand is so attractive to the Chinese market:

Playboy was once an important cultural force; and what are Chinese men and women buying when they buy jewelry or clothing with the Playboy bunny on it? They are buying a small stake in an anti-puritan, worldly vision of the good life. Hugh Hefner’s “Playboy philosophy,” which he used to set out in windy essays sandwiched between the pictorials, is still considered good for a laugh decades later. But every magazine does express a philosophy, whether or not it chooses to yammer on about doing so, and Playboy’s epicureanism was a powerful one. It practically amounted to a guarantee to the customer: if you bought Playboy, the only uplift you were at risk of encountering would involve lingerie, not morality.

When you were done being titillated by an issue of the magazine, the ads and the articles about stereos and cigars and cocktails were there to linger as an aftertaste, making a subtle but sharp imprint on one’s endocrine system. It is hard for us to appreciate what this kind of thing means in a strongly collectivist, egalitarian society. People who visited the old Soviet bloc, and who saw what blue jeans or heavy-metal cassettes did to the brains of the people there, will have some idea. It is an enigma of 20th-century history: stuff that seems trivial to a Western consumer somehow encodes a message of choice and private aspiration that can never be expressed as powerfully as an explicit proposition.

October 16, 2015

Hollywood’s pay gap is quite real

Filed under: Business, Media, USA — Tags: , , — Nicholas @ 04:00

Nicole Russell says that Jennifer Lawrence was quite justified in her complaint about being paid less than her male co-workers, and that the problem is industry-wide:

The equal pay gap is the issue du jour this week. It was a hot topic at the Democratic debate Tuesday night, and in Hollywood, actress Jennifer Lawrence recently discovered she made less on a blockbuster hit than did her male peers.

Unfortunately, equal pay has gotten a bad reputation on the Right, due to misinformation the Left likes to peddle. The record is easy to set straight, and the good news is that Hollywood isn’t the real world and the real world isn’t Hollywood.

[…]

Turns out, Lawrence realized what statistics have shown about Hollywood for decades: That place is a sexist desert. Being a woman in Hollywood, whether as an actress, screenwriter, producer, or the like is akin to wearing a cloak of invisibility.

After the Oscar nominees were announced this past year, the Women’s Media Center found “149 men are nominated versus 35 women” across 19 non-acting categories. There were seven Oscar categories with no women nominated, and “since 2012, only 19% of all non-acting Oscar nominations have been for women.”

Actress Charlize Theron discovered from the same Sony e-mails that her co-star Chris Hemsworth made $10 million more than she did on a film. As The Federalist’s Mollie Hemingway reported earlier this year, a study by The Center for the Study of Women in Television & Film found only 9 percent of the top 250 domestic-grossing films of 2012 were directed by women. According to researcher Susana Orozco, who went through every single spec script sale from 1991 and 2012, women wrote only 14 percent of spec scripts sold between 1991 and 2000.

October 15, 2015

QotD: No matter what, you’re never really “ready” for kids

Filed under: Business, Quotations — Tags: , , — Nicholas @ 01:00

Apparently tech companies are offering egg freezing as a benefit to their employees. There’s some suspicion among women I know that this is supposed to help/force women in technology balance family and career by delaying childbirth — it’s not a good time in your late 20s and early 30s, so freeze those eggs and have kids when you’re ready.

What I haven’t seen anyone explain is when, exactly, you’ll be ready. For most people, your 40s and early 50s are your peak earning years — is that really going to be a good time to meet that special someone, or finally step back to invest some time in having kids? I don’t know about the rest of you, but I’m already noticing that I have a lot less energy than I used to. It’s not that I can’t get my work done or anything like that. But it used to be that if I had to travel for six days straight and then deliver a 2,500-word essay on the 7th, I could dial up my reserves and power through it — miserable and cranky, to be sure, but functioning. Then one day, around the time I turned 40, I dialed down for more power and there just … wasn’t any. My body informed me that it was tired, and my brain would not be doing any more work today, and we were going to sleep whether I liked it or not.

This is — as friends who have done it freely remark — a difficult age to be taking on your first newborn. I can’t even imagine trying the same feat 10 years from now, when my joints will be even creakier and my reserves even more depleted. So I’m skeptical that women who are having trouble combining work and career now will really find it much easier to do within any reasonable time frame. Is all this egg freezing actually going to expand the choices of most of the women who use it, or will it just be an expensive way to choose career over family without realizing that you’re making that choice?

Megan McArdle, “Will Freezing Your Eggs Help Your Career?”, Bloomberg View, 2014-02-16.

October 14, 2015

Playboy finally reads the writing on the virtual wall

Filed under: Business, Media — Tags: , , , — Nicholas @ 04:00

Nick Gillespie says “thanks for the mammaries” to Playboy magazine:

Well, it was either really changing things up or going bankrupt for Playboy, the men’s mag that published its first issue way, way back in 1953.

Inside the pages of that first issue, Marilyn Monroe was seen posing with, as she once put it, “nothing on but the radio.” Its circulation peaked at 5.6 million in the mid-1970s and now comes in at maybe 800,000 nowadays. That’s still an enviable number but like a lot of other, older mags (think Time, Newsweek), Playboy is a shadow of its former self in every possible way: financially, journalistically, culturally.

The New York Times reports and the Interwebz weeps that come next March, the nudes are out as part of a thorough redesign of one of the most influential mags in American history. Yes, Playboy helped to mainstream nudity and, more important, start frank conversations about sex in a time of button-down sensibilities. Yes, Playboy photoshopped the hell out of its pneumatic centerfolds and playmates, launching innumerable careers and an even-higher number of eating disorders among women and unrealistic expectations among men.

In many ways a very progressive outlet, Playboy also showcased some of the worst, most-retrograde elements of the patriarchy that slowly and surely lost its power over the 20th century. For all of the nipples and the semi-arty beaver shots, it was far slower than National Geographic to showcase the full range of human diversity when it came to naked ladies, unless your idea of diversity only ranged from the girls of the SEC to the girls of Big Ten. It published a ton of great and famous authors with a capital A and set the standard in post-war America for the Big Interview, sitting down with everyone from Ayn Rand to Timothy Leary to William Shockley to Jimmy Carter (who notoriously admitted lusting “in his heart”) for incredibly extensive and intensive Q&As that simply (and sadly) don’t gone anymore.

The joke was that you’d only read Playboy for the articles … yet the articles were actually quite good for the most part. By the time I saw my first issue of Playboy (October 1972, if I remember correctly [edit: off by a year … it was 1971]), it was already being seen as stodgy and “conservative” compared to more explicit and raunchier competitors.

Update: Megan McArdle contrasts the Playboy Man with his modern-day “successor”, the Pick-Up Artist:

In its heyday among the mod generation, the writing essentially peddled the fantasy of being a more sedentary James Bond: a sophisticated and urbane man about town, drowning in lady friends. The New York Times quotes Hefner’s first editor’s letter, which sketches the demographic he envisioned: “If you’re a man between the ages of 18 and 80, Playboy is meant for you. … We enjoy mixing up cocktails and an hors d’oeuvre or two, putting a little mood music on the phonograph, and inviting in a female acquaintance for a quiet discussion on Picasso, Nietzsche, jazz, sex. …”

Playboy Man was, in short, a connoisseur of the upper-middlebrow au courant, at least enough to carry on an hour or so of really good cocktail party conversation. He liked to give cocktail parties, too, though they might have only one guest. His hi-fi system was the latest, his little black book crammed with the names of willing and attractive females. He was, we might note, the type of person who really doesn’t have a lot of spare time to spend looking at Playboy centerfolds.

[…]

It’s interesting to contrast Playboy Man with the modern incarnation that has taken his place: the Pickup Artist. Both present versions of the same message: follow this code, and you’ll be successful with women. (For some values of the word “successful,” anyway.) But Playboy Man was supposed to achieve this through mastering a certain body of “cool” knowledge, through becoming the sort of person who might impress even those he does not intend to woo. The Playboy fantasy was of being the kind of gent who naturally attracts women because he’s so with it, while the Pickup Artist fantasy is more like a teenager playing a video game: You press the buttons in the right sequence and — yes! — your character unlocks the next level.

Sexual conquest has, in other words, moved down market, as pornography did, first with the introduction of raunchier Playboy competitors, and then in the move to the Internet, where sheer volume trumps production values. Playboy spoke to the moment between two sexual moralities: the age when sex was forbidden, and the age when sex became ubiquitous. In the moment between, the sight of men openly pursuing lots of sex had a sort of glamour, and a status, that it has now entirely lost. I don’t say that the pursuit has stopped. But the charmingly dangerous character of the “wolf” has now been supplanted by an assortment of derisive terms that I cannot repeat here in a family-friendly column. For an adult man to admit that he spends a lot of time thinking about how to score is as gauche now as it was in 1900, though for entirely different reasons.

Introduction to the Competitive Firm

Filed under: Business, Economics — Tags: , , — Nicholas @ 02:00

Published on 18 Mar 2015

How does a company really behave? We tend to assume profit — the bottom line — is the main motivation for a firm’s actions. For most firms most of the time, this is a good assumption, especially in a competitive market. With this video, you will explore how a company maximizes profit in a competitive environment where there are many buyers and sellers.

This idea comes with a few surprises. Does a company really control what price it sets? Or does the market determine the price? Here’s a clue. If you owned an oil well, even your mother wouldn’t buy your oil if she could get the same oil somewhere else for less money. Watch and find out why.

October 10, 2015

“We’re very inefficient … and proud of it”

Filed under: Business, Cancon — Tags: , , , , — Nicholas @ 02:00

Published on 3 Oct 2015

Craft Brewery tourism is on the rise. Ontario Craft Breweries are opening throughout the province; eventually there will be one in every community. These breweries are a catalyst for economic growth. They have become sought-after tourist destinations, event venues, culinary centres.

October 9, 2015

Are We Better Off if We Buy Local? (Everyday Economics 6/7)

Filed under: Business, Economics — Tags: , , — Nicholas @ 03:00

Published on 24 Jun 2015

In this Everyday Economics video, Don Boudreaux addresses one of your viewer-submitted questions: “Is everyone better off if we buy local?”

In a modern economy, it’s hard to say that anything is truly “local.” Even an apple grown at a nearby farm isn’t a “local” good — everything from the fertilizer used to feed the trees to the wooden crates that carry the apples to market are likely made elsewhere. And, the profits the farmer makes from selling his apples are likely not spent locally — for instance, he may buy a tractor or supplies manufactured far away.

This video also takes a look at what would happen if you could direct your money locally. Would it benefit the local economy? How many businesses could survive solely on local business? What happens to specialization and productivity when we shrink markets? What about prices and variety of goods? Let’s take a look.

October 8, 2015

“[P]harmaceutical companies … make out like bandits from the existence of the patent system”

Filed under: Bureaucracy, Business, Health, Law, USA — Tags: , , , — Nicholas @ 05:00

The current US patent system is set up to create and maintain — for a limited time — monopolies that can be exploited by pharmaceutical companies:

The Wall Street Journal has a puzzling piece complaining about how the pharmaceutical companies seem to make out like bandits from the existence of the patent system. What puzzles is that the entire point and purpose of the patent system, in an economic sense, is so that inventors of things can make out like bandits. The background problem is that of public goods, something I’ll explain in a moment. That problem leads us to thinking that a pure free market in things which are public goods isn’t going to work as well as something a little different. So, we design something a little different. And the point and purpose of our design is so that people who innovate can make vast mountains of cash out of having done so.

It’s then more than a bit odd to point out that our system enables people who innovate to make vast mountains of cash.

[…]

Which brings us to the subtlety of those pricing decisions. With drugs, pharmaceuticals, close enough the cost of manufacturing a dose is zero. All of the costs go in the original research, the clinical testing (the lion’s share) and getting it through the FDA. Profit is therefore determined, since marginal production costs are zero (they’re not, accurately, but close enough for this comparison), by gross revenue. And we want to maximise the incentive for people to innovate, that’s the very reason we’ve got this patent system in the first place, and thus we would rather like the pharma companies to be maximising revenue.

And thus, from this economic point of view, we should be quite happy with people raising their prices. Demand does fall as they do so, yes, but as long as gross revenue increases, the price rises more than compensating for the fall in unit demand, then we should be happy with the way the system is working. Gross revenue is being maximised, profits are being maximised, incentives to innovate are being maximised. That’s what we want our system to do after all.

Far from being worried about this price gouging we should be welcoming it. Because, obviously, someone making bajillions out of having innovated a drug to cure a disease increases the incentives for many other people to go and invest bajillions of their own to cure other diseases. Far from complaining about it we should be celebrating the system working.

September 26, 2015

The LCBO backs away from auctioning rare wines in Ontario

Filed under: Business, Cancon, Wine — Tags: , , — Nicholas @ 04:00

Rick Van Sickle on the LCBO’s recent decision to hand over the rare wine auction market to a private auctioneer:

Quietly last week, Ontario’s booze monopoly finally threw in the towel over its glitzy rare and fine wine auctions and awarded the contract to an independent auction house — another case of letting private industry do a job that the LCBO couldn’t handle.

Canadian auction house Waddington’s will now conduct the auctions under a special licence through the LCBO.

The company added a new addition to their portfolio of fine art and luxury goods – Waddington’s Fine Wine and Spirits Auctions. “Ontario wine enthusiasts will now be able to better manage their cellars of fine wines and spirits with this connection to the enormous world wine market,” said Waddington’s President Duncan McLean.

The Toronto-based, Canadian-owned auction company was awarded the exclusive contract to provide fine wine and spirit auction services in Ontario under the authority of the LCBO, a first for an Ontario auction company. Waddington’s conducted the LCBO’s Vintages Fine Wine and Spirits auctions from 2009 until 2013.

The inaugural live fine wine auction will be conducted Dec. 12 at Waddington’s Toronto gallery, and an online fine wine auction will be offered Nov. 23-26. These auctions launch what will be a regular schedule of wine and spirits auctions and events for which Waddington’s is currently accepting consignments. All wines consigned are stored in a secure, temperature, light, and humidity-controlled wine vault.

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