This morning, Fight For the Future, a nonprofit advocacy group promoting causes related to privacy, censorship, and copyright legislation, published a letter calling for a ban on facial recognition in U.S. schools that gained 1,000 signatures from parents in 50 states in less than a week. The open letter, which is addressed to lawmakers and school administrators around the country, highlights the dangers of surveillance and risks associated with data compromise as well as the ways facial recognition might exacerbate discrimination against particular students.
Fight For the Future’s campaign comes as an increasing number of schools consider deploying facial recognition tech to combat the coronavirus pandemic. Fayette County Public Schools in Georgia recently purchased cameras made by Hikvision, a Chinese provider of facial recognition tools and surveillance equipment, to estimate students’ temperatures as they walk in the door. The Topeka Public School District acquired screening systems that ship with integrated facial recognition features. And in New Hampshire, the Rio Rancho Public Schools Board of Education ordered dozens of GoSafe tablets that have facial recognition components built-in.
Elementary and high school students aren’t the only ones being subjected to facial recognition. The University of Texas partnered with startup Clear to bring scanning to its football stadium, following the University of California, Los Angeles’ proposal to use facial recognition for campus security surveillance. USC Annenberg requires students in some dorms to use facial recognition to gain access to their rooms. And in New York, Molloy College is reportedly using kiosks with both thermal and facial recognition capabilities to authenticate students’ identities and track their health.
Countless studies have shown that facial recognition is susceptible to bias. A paper last fall by University of Colorado, Boulder researchers demonstrated that AI from Amazon, Clarifai, Microsoft, and others maintained accuracy rates above 95% for cisgender men and women but misidentified trans men as women 38% of the time. Independent benchmarks of major vendors’ systems by the Gender Shades project and the National Institute of Standards and Technology (NIST) suggest facial recognition technology exhibits racial and gender bias and facial recognition programs can be wildly inaccurate, misclassifying people upwards of 96% of the time.
Experts argue facial recognition in schools could take existing biases and make them worse, causing more surveillance and humiliation of Black and Latinx students. Moreover, they say it could make surveillance a part of everyday life, laying the groundwork for expansion to other uses.
“Momentum is growing to ban facial recognition for good, but we know that companies are specifically targeting schools, which is why we need to ban it now,” Fight for the Future campaign director Caitlin Seeley George said in a statement. “These tech companies care more about making money than on how much their product will hurt children. We’ve already seen how facial recognition has endangered adults, we can’t let this happen to our kids.”
A recent study published by University of Michigan researchers showed facial recognition technology in schools has limited efficacy and presents a number of potential privacy problems. For instance, the coauthors write that facial recognition would promote new codes for dress and appearance and punish students who don’t fit those constraints, causing problems for schools that rely on the technology for attendance-taking, lunch sales, and other daily activities. They also assert that facial recognition will create new kinds of data that will be purchased by private corporations, making it impossible for students to provide full and informed consent for data collection or control.
A report released this month by the Surveillance Technology Oversight Project says any technologies adopted during pandemic school reopenings should take into account potential data hacking and other unforeseen uses of data, as well as students’ right to privacy from administrators, police, and even their parents. “In addition to suffering from well-documented racial and gender biases, many facial recognition systems have been shown to be less accurate for children and teenagers,” the report reads. “Similarly, wide-area thermal scanning suffers serious limitations around reliability and potential bias. Taking temperature readings from a distance has not been found to be an accurate way to diagnose the presence of a fever, let alone COVID-19, and error rates may differ along racial and gender lines.”
The message appears to be resonating with some lawmakers, albeit only at the state level. In July, New York passed a moratorium on the use of facial recognition and other forms of biometric identification in schools until 2022. The bill, a response to the Lockport City School District launching a facial recognition system, was among the first in the nation to explicitly regulate or ban use of the technology in schools.
Fox News host floats bonkers conspiracy theory that Joe Biden will use listening devices at debate
The News Corp. building on 6th Avenue, home to Fox News, the New York Post and the Wall Street Journal Kevin Hagen/Getty Images
Fox News reported that Democratic presidential nominee Joe Biden may be planning to use listening devices during Tuesday night’s debate.
During a discussion with Fox News anchor Bret Baier, host Bill Hemmer relayed information from one of his colleagues, which was likely planted by the Trump campaign.
“The Trump team asked to inspect the ears of each debater for electronic devices or transmitters,” Hemmer announced. “The Biden team has not consented to that.”
“The Biden team wanted a break every 30 minutes,” he added. “The Trump team said we will not have that.”
You can watch the clip below via Twitter:
Bill Hemmer and @BretBaier float conspiracy that Biden may have secret ear pieces hidden in his ear, call it “interesting” that Biden campaign hasn’t agreed to a thorough inspection. They are supposedly part of Fox’s “straight news” team. pic.twitter.com/8o82Y2UAWk
— Angelo Carusone (@GoAngelo) September 29, 2020
‘The biggest-selling acts are s***’
Noel Gallagher has branded Taylor Swift and Ed Sheeran “s***” and claimed they don’t deserve to be the biggest-selling music acts in the world.
The 53-year-old former Oasis singer-songwriter complained there are no “proper rock stars” any more and said that “music now is style over substance.”
Gallagher told Matt Morgan’s Funny How? podcast: “The biggest-selling acts are s***, whereas when I was growing up the biggest-selling acts were the best acts. The biggest band in the world was usually the best band in the world.
“Now the biggest things in the world is f***ing Taylor Swift? What? F*** off.”
He went on: “There’ll never be another David Bowie, there’ll never be another Marc Bolan, there’ll never be another Freddie Mercury, proper rock stars.
“They’ll never be people like that because musicians will never make that kind of money and the ones that do, like Ed Sheeran, f***ing whatever.”
Gallagher added: “There’ll be no more private jets or David Bowie rocking into King’s Cross Station dressed as a Nazi, they’ll be none of that any more because people will be cowed by social media.
“Music now is style over substance. I find that these young people in the music game — they f***ing look great, they’ve all got tattoos and the image and all that f***ing b******s. But really they’re just s***, they’re not saying anything.”
The High Flying Birds frontman’s comments follow his recent rant at Miley Cyrus, calling the 27-year-old former child star a “god awful woman.” He also blamed the U.S. for the sexualization of music.
Gallagher told the Daily Star newspaper’s Wired column: “That god awful woman Miley Cyrus was on. She was doing some f***ing s*** and even my 9-year-old said, ‘Why is the cameraman just filming her legs?’
“Women have been sexualized because of America; British culture would never sexualize a female. This has all come from America — that juvenile, jock, stupid f***ing culture.”
Gallagher recently came under criticism for saying he refuses to wear a face mask.
The “Live Forever” singer said: “I don’t give a f***. I choose not to wear one and if I get the virus it’s on me, it’s not on anyone else. If every other c***’s wearing a mask I’m not gonna catch it off them, and If I’ve got it then they’re not gonna catch it off me. I think it’s a p***take.”
Read more from Yahoo Entertainment:
Should I Buy Cleveland-Cliffs Inc (CLF)?
The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 823 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of June 30th, when the S&P 500 Index was trading around the 3100 level. Since the end of March, investors decided to bet on the economic recovery and a stock market rebound. S&P 500 Index returned more than 50% since its bottom. In this article you are going to find out whether hedge funds thought Cleveland-Cliffs Inc (NYSE:CLF) was a good investment heading into the third quarter and how the stock traded in comparison to the top hedge fund picks.
Cleveland-Cliffs Inc (NYSE:CLF) has experienced an increase in hedge fund sentiment recently. Cleveland-Cliffs Inc (NYSE:CLF) was in 25 hedge funds’ portfolios at the end of the second quarter of 2020. The all time high for this statistics is 35. Our calculations also showed that CLF isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings and see the video for a quick look at the top 5 stocks). Video: Watch our video about the top 5 most popular hedge fund stocks.
Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Our research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 56 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that’ll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 34% through August 17th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Richard Driehaus of Driehaus Capital
At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, legal marijuana is one of the fastest growing industries right now, so we are checking out stock pitches like “the Starbucks of cannabis” to identify the next tenbagger. We go through lists like the 10 most profitable companies in the world to pick the best large-cap stocks to buy. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our website to get excerpts of these letters in your inbox. Now we’re going to go over the latest hedge fund action encompassing Cleveland-Cliffs Inc (NYSE:CLF).
Hedge fund activity in Cleveland-Cliffs Inc (NYSE:CLF)
At Q2’s end, a total of 25 of the hedge funds tracked by Insider Monkey were long this stock, a change of 9% from the previous quarter. By comparison, 28 hedge funds held shares or bullish call options in CLF a year ago. With hedgies’ sentiment swirling, there exists a few noteworthy hedge fund managers who were upping their holdings meaningfully (or already accumulated large positions).
More specifically, Fisher Asset Management was the largest shareholder of Cleveland-Cliffs Inc (NYSE:CLF), with a stake worth $70.7 million reported as of the end of September. Trailing Fisher Asset Management was LMR Partners, which amassed a stake valued at $27.2 million. Citadel Investment Group, D E Shaw, and Royce & Associates were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position Aequim Alternative Investments allocated the biggest weight to Cleveland-Cliffs Inc (NYSE:CLF), around 1.19% of its 13F portfolio. LMR Partners is also relatively very bullish on the stock, earmarking 0.68 percent of its 13F equity portfolio to CLF.
With a general bullishness amongst the heavyweights, key money managers were leading the bulls’ herd. LMR Partners, managed by Ben Levine, Andrew Manuel and Stefan Renold, initiated the most valuable position in Cleveland-Cliffs Inc (NYSE:CLF). LMR Partners had $27.2 million invested in the company at the end of the quarter. Todd J. Kantor’s Encompass Capital Advisors also initiated a $5 million position during the quarter. The other funds with brand new CLF positions are Richard Driehaus’s Driehaus Capital, Noam Gottesman’s GLG Partners, and Greg Poole’s Echo Street Capital Management.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Cleveland-Cliffs Inc (NYSE:CLF) but similarly valued. We will take a look at Progyny, Inc. (NASDAQ:PGNY), Primo Water Corporation (NYSE:PRMW), Shake Shack Inc (NYSE:SHAK), New Fortress Energy LLC (NASDAQ:NFE), Kennedy-Wilson Holdings Inc (NYSE:KW), Stepan Company (NYSE:SCL), and Afya Limited (NASDAQ:AFYA). This group of stocks’ market values resemble CLF’s market value.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position PGNY,19,64397,9 PRMW,31,624565,-5 SHAK,22,458714,0 NFE,5,24818,3 KW,14,350773,-8 SCL,15,51618,5 AFYA,6,48743,-2 Average,16,231947,0.3 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $232 million. That figure was $162 million in CLF’s case. Primo Water Corporation (NYSE:PRMW) is the most popular stock in this table. On the other hand New Fortress Energy LLC (NASDAQ:NFE) is the least popular one with only 5 bullish hedge fund positions. Cleveland-Cliffs Inc (NYSE:CLF) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for CLF is 66.9. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 10 most popular stocks among hedge funds returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks gained 21.3% in 2020 through September 25th and beat the market by 17.7 percentage points. Unfortunately CLF wasn’t nearly as popular as these 10 stocks and hedge funds that were betting on CLF were disappointed as the stock returned 6.5% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 10 most popular stocks among hedge funds as many of these stocks already outperformed the market so far this year.
Get real-time email alerts: Follow Cleveland-Cliffs Inc. (NYSE:CLF)
Disclosure: None. This article was originally published at Insider Monkey.
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