Simple, solid strategies for investing money

Investing has been a massive exercise in frustration for millions of Americans over the last decade or so.

Two market crashes in 12 years drove many people away from equities. Now key U.S. stock market indexes are at or near record highs again, after a strong 2012 rally that has spilled into 2013.

The average domestic stock mutual fund rose 15% last year, the third annual gain in four years. Meanwhile, the hunger for perceived safety has driven interest rates on bonds and other fixed-income securities to record lows. It's a backdrop that seems to cry out for a complex, headache-inducing game plan.

But in fact, the best strategy for many people may be just the opposite: Focus on the basics. Mainly, keep sight of the things you can control to reduce your mental stress and improve your odds of long-term success.

Here are four strategies for keeping it simple:

Keep it balanced. You say you can't decide how to build and maintain a diversified portfolio? Then don't bother. Let someone else do it for you. That's the beauty of "balanced" mutual funds — portfolios that always own a mix of stocks and bonds.

A balanced or "allocation" fund is the simple, elegant solution for people who know they want to be in financial markets for the long haul but don't have the time or interest to devote to closely managing their nest eggs.

The basic idea is that the stock portion of a balanced fund provides long-term growth while the less-volatile bond portion provides regular interest income and a buffer against any plunge in stock prices. A typical mix is 60% big-name stocks, 40% bonds, but the mix varies depending on whether a fund follows a conservative, moderate or aggressive strategy.

Here's how it works in practice: In the 10 years ended Dec. 31, the average moderate-mix balanced fund gained 6.4% a year, according to investment research firm Morningstar Inc. That was only modestly less than the 7.1% average annual gain in the Standard & Poor's 500 stock index in that period.

But the balanced fund's return came with a lot less volatility, including much smaller losses than in the overall stock market in down years.

You could create a balanced portfolio of individual stock funds and bond funds on your own. But if your goal is to maintain a specific percentage of your portfolio in each type of asset, you'd need the discipline to "rebalance" each year by selling some portion of the funds that have done best and channeling that money into the funds that have performed worst.

"Buy low, sell high" always sounds easy, but psychologically it's very difficult. "What you're asking investors to do is really against their human intuition," said Fran Kinniry, a principal at Vanguard Group's investment strategy unit in Valley Forge, Pa.

A balanced fund makes that decision for you. And it keeps you in the stock market in periods when your instinct might be to flee — such as after the 2008 crash.

There are two types of balanced funds in most 401(k) retirement savings programs. One is the conventional balanced fund, including such hugely popular offerings as the Vanguard Wellington fund and American Balanced fund. These funds generally keep the stock-versus-bond ratios in a specific range, depending on where the manager believes there is better value.

The other type is the target-date retirement fund. You pick a target-date fund based on your expected retirement year, and the portfolio is automatically adjusted over time to gradually lower its stock assets and raise its bond assets. The goal is to lower the portfolio's risk and volatility as you age.

Lately, some investors may be worried less about the stock portion of their balanced fund than the bond portion. With bond yields at or near historic lows, a jump in market interest rates could devalue bonds.

That may happen eventually. But calling the turn is no easy feat.

"Just because the level of interest rates is low doesn't tell you about the direction of rates," Kinniry said. "Japan has had low rates for 25 years."

And if stocks pull back soon, high-quality bonds would be a logical refuge.

Get on the right side of the tax man, and stay there. This is the true no-brainer. Shelter as much wealth as you can from current taxes, allowing your nest egg to compound over time.

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Restored funding for prescription drug-monitoring program urged

California Atty. Gen. Kamala D. Harris on Thursday called on Gov. Jerry Brown to restore funding to a prescription drug-monitoring program that health experts say is key to combating drug abuse and overdose deaths in the state.

Harris' appeal to restore funding to CURES, as it is known, follows an article in The Times last month that reported that the system, once heralded as an invaluable tool, had been severely undermined by budget cuts and was not being used to its full potential.

The CURES database contains detailed information on prescription narcotics, including the names of patients, the doctors prescribing the drugs and the pharmacies that dispense them. The system was designed to help physicians detect "doctor-shopping" patients who dupe multiple physicians into prescribing drugs such as OxyContin, Vicodin and Xanax.

Harris' request followed Brown's unveiling of a proposed $97.7-billion budget, which projects a surplus — a feat that has been accomplished only one time in the last decade. With California's fiscal condition improving, Harris said it was up to the state to make sure the money was "spent wisely."

"This includes smart investments that benefit Californians, such as restoring funding for the state's prescription drug-monitoring program," she said in a statement.

Brown's office had no comment.

The governor's budget does increase Harris' Department of Justice general fund allocation by 4.5% to $174.3 million, but it does not earmark money for CURES. Harris could seek legislative authority to spend some of her budget on the program.

"We are going to have a discussion on the funding and where the money will come from," said Lynda Gledhill, a spokeswoman for Harris.

CURES is the nation's oldest and largest prescription drug-monitoring program and once served as a model for other states. Today, it has fallen behind similar programs elsewhere. CURES data could be used to monitor physicians whose prescribing puts patients at risk. But it is not.

The U.S. Centers for Disease Control recommends that states use such data to keep tabs on doctors, and at least half a dozen states do so.

As part of spending cuts aimed at maintaining the state's solvency amid a deep recession, Brown gutted the Bureau of Narcotics Enforcement, which ran CURES, in 2011, shortly after Harris succeeded him as attorney general. Harris kept the program alive with about $400,000 in revenue from the Medical Board of California and other licensing boards. But it is down to one employee and has no enforcement capacity.

State officials have estimated it would cost about $2.8 million to make CURES more accessible and easier to use, and $1.6 million more per year to keep it running. However, officials say the program — with little or no additional financial resources — could now be used to identify potentially rogue doctors.

Bob Pack, an Internet entrepreneur, has advocated using CURES more vigorously to track reckless physicians and pharmacies as well as doctor-shopping patients. He became active on the issue after a driver high on painkillers and alcohol struck and killed his two young children in the Bay Area suburb of Danville in 2003.

Pack, who helped design an online portal to give physicians and pharmacists immediate access to CURES, said he was happy to see Harris ask Brown to restore funds for the program.

"But that's only a request," he said. "No one knows if that's really going to happen. Meanwhile, doctors are continuing to over-prescribe and thousands of Californians are dying from prescription drug overdoses. I hope this … has some bite to it."

An aide to Harris said restoring the CURES program is a high priority.

"She's committed to fixing the database and making it as strong as possible," said Travis LeBlanc, special assistant attorney general. "When we have limited resources and in a budget crunch, we need to focus our resources and use it in smart, efficient ways, and [CURES] is one of those," he said.

lisa.girion@latimes.com

scott.glover@latimes.com

Times staff writer Hailey Branson-Potts contributed to this report.

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Native Canadians could block development, chief warns

OTTAWA (Reuters) – Native Canadians are so angry that they could resort to blocking resource development and bring the economy “to its knees” unless the Conservative government addresses their grievances, an influential chief said on Thursday.

Native Canadian chiefs are due to meet with Prime Minister Stephen Harper on Friday to discuss the poor living conditions facing many of Canada’s 1.2 million aboriginals.

“We have had enough. Our young people have had enough. Our women have had enough … . We have nothing left to lose,” said Grand Chief Derek Nepinak from the province of Manitoba.

Activists have already blockaded some rail lines and threatened to close Canada’s borders with the United States in a campaign they call “Idle No More.”

Canada has 633 separate native “bands,” each of which have their own communities and lands, and not all share the same opinions. The chief of the Assembly of First Nations, the aboriginal umbrella group, said his members had come to a tipping point, but he made no mention of damaging the economy.

“You cannot ignore what is happening with Idle No More… We will drive the final stake in the heart of colonialism and it will happen in this generation,” Shawn Atleo told a separate news conference.

“First Nations are not opposed to resource development, they are just not supportive of development at any cost,” he said.

Native Canadian leaders say they want more federal money, a greater say over what happens to resources on their land and more respect from the federal Conservative government.

“These are demands, not requests,” said Nepinak. “The Idle No More movement has the people – it has the people and the numbers – that can bring the Canadian economy to its knees. It can stop Prime Minister Stephen Harper’s resource development plan,” Nepinak told reporters in Ottawa.

“We have the warriors that are standing up now, that are willing to go that far. So we’re not here to make requests, we’re here to demand attention,” he said.

Aboriginal bands are unhappy about Enbridge Inc’s plans to build a pipeline from the oil sands of Alberta to the Pacific province of British Columbia, and some say they will not allow the project to go ahead.

Some aboriginal bands oppose the Enbridge pipeline on the grounds that it is too environmentally dangerous while others say the company did not do enough to consult them before applying for permission to go ahead with the project.

“DIPLOMATIC HAND”

Nepinak said he wants to extend a “diplomatic hand” toward resolving the issues and gave no details about what he meant by bringing the economy to its knees.

Nepinak and other Manitoba chiefs are also demanding that Ottawa rescind parts of two recent budget acts they say reduce environmental protection for lakes and rivers, and make it easier to sell lands on the reserves where many natives live.

“We’ve been working tirelessly to gain access through various channels into this Harper regime … . How do we trust the words of this prime minister?” Nepinak asked.

Successive Canadian governments have struggled for decades to improve the life of aboriginals.

Ottawa spends around C$ 11 billion ($ 11.1 billion) a year on its aboriginal population, yet living conditions for many are poor, particularly for those on reserves with high rates of poverty, addiction, joblessness and suicide.

As part of the Idle No More campaign, protesters blocked a Canadian National Railway Co line in Sarnia, Ontario, in late December and early January.

($ 1=$ 0.99 Canadian)

(Reporting by David Ljunggren; Editing by Peter Galloway, Xavier Briand and David Brunnstrom)

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Spielberg's in at Oscars, Bigelow, Affleck are out

BEVERLY HILLS, Calif. (AP) — Steven Spielberg had a great day at the Academy Awards nominations, where his Civil War saga "Lincoln" led with 12 nominations.

It was not so great for Kathryn Bigelow, Tom Hooper and Ben Affleck, whose films did well but surprised — dare we say shocked? — Hollywood by failing to score directing nominations for the three filmmakers.

"I just think they made a mistake," said Alan Arkin, a supporting-actor nominee for Affleck's Iran hostage-crisis tale "Argo."

"Lincoln," ''Argo," Bigelow's Osama bin Laden manhunt thriller and Hooper's Victor Hugo musical "Les Miserables" landed among the nine best-picture contenders Thursday.

Also nominated for the top honor were the old-age love story "Amour"; the independent hit "Beasts of the Southern Wild"; the slave-revenge narrative "Django Unchained"; the shipwreck story "Life of Pi"; and the lost-souls romance "Silver Linings Playbook."

A mostly predictable bunch. But it's baffling how Bigelow — the first woman to earn the directing Oscar for her 2009 best-picture winner "The Hurt Locker" — missed out on a nomination for one of last year's most-acclaimed films.

"Yes, it was a surprise," Spielberg said of Bigelow. "But I've been surprised myself through the years, so I know what it feels like."

Spielberg was snubbed for a directing slot on 1985's "The Color Purple," which earned 11 nominations, including best picture. He also was overlooked for director on 1975's "Jaws," another best-picture nominee.

"I never question the choices the academy branches make, because I've been in the same place that Kathryn and Ben find themselves today," said Spielberg, who finally got his Oscar respect in the 1990s with best-picture and director wins for "Schindler's List" and another directing trophy for "Saving Private Ryan." ''I'm grateful if I'm nominated, and I've never felt anything other than gratitude even when I'm not — gratitude for at least having been able to make the movie. So I never question the choices."

Especially this time, when "Lincoln" has positioned itself as the film to beat at the Feb. 24 Oscars. Its nominations include best actor for Daniel Day-Lewis for his monumental performance as Abraham Lincoln, supporting actress for Sally Field as Mary Todd Lincoln and supporting actor for Tommy Lee Jones as abolitionist firebrand Thaddeus Stevens.

Oscar directing contenders usually are identical or at least line up closely with those for the Directors Guild of America Awards. But only Spielberg and "Life of Pi" director Ang Lee made both lists this time.

The Directors Guild also nominated Affleck, Bigelow and Hooper, but the Oscars handed its other three slots to David O. Russell for "Silver Linings Playbook" and two real longshots: veteran Austrian filmmaker Michael Haneke for "Amour" and newcomer Benh Zeitlin, who made his feature debut with "Beasts of the Southern Wild."

Zeitlin, whose low-budget, dream-like film about a wild child in Louisiana's flooded backwoods won the top honor at last year's Sundance Film Festival, said he never expected to be competing "alongside the greatest filmmakers alive."

"I'm completely freaking out," Zeitlin said. "Those guys taught me how to make films. The VHS pile that was on the VCR when I was born was past Spielberg movies, and that's why I started wanting to do this, was watching them thousands and thousands of times."

Other nominees were caught off guard over how the category shook out.

"I would be lying if I didn't say I was surprised," Russell, a past nominee for "The Fighter," said about Bigelow.

Lee, who won the directing Oscar for "Brokeback Mountain," agreed that there were surprises — but pleasant ones, particularly for Zeitlin's inclusion.

"Newcomers, veterans, a European," Lee said. "It's great company, and it's an honor to line up with them, and encouraging because there is a newcomer."

Colleagues of snubbed filmmakers were not so happy.

"That put a damper on my enthusiasm," ''Argo" co-star Arkin said of Affleck, an A-lister who's arguably proving himself a better director than actor. "I thought his work was the work of an old master, not somebody with just two films under his belt. I thought it was an extraordinary piece of directing."

"I would have loved him to have been recognized in this," Hugh Jackman, a best-actor nominee as Hugo's tragic hero Jean Valjean for "Les Miserables," said of director Hooper. "But no one will be able to take away the achievement, nor really that the eight nominations that 'Les Miz' has are more shared with him than with anyone."

Composer Alexandre Desplat, who wrote the music for "Zero Dark Thirty" and "Argo" and earned a best-score nomination for the latter, said he was puzzled over Affleck and Bigelow's exclusion.

"I think they both deserved to be nominated," Desplat said. "Unfortunately, I don't decide."

"Zero Dark Thirty" has had backlash in Washington, where some lawmakers say it falsely suggests that torture produced a tip that led the U.S. military to Bin Laden. It's hard to imagine that affecting the film's Oscar nominations, though, given Hollywood's history of playing loose with facts in depicting true-life stories.

The academy's directing snubs virtually take "Argo," ''Les Miserables" and "Zero Dark Thirty" out of the best-picture race, since a movie almost never wins the top prize if the filmmaker is not nominated. It can happen — 1989's "Driving Miss Daisy" did it — but a directing nomination usually goes hand-in-hand with a best-picture win.

The nominations held other surprises. "Amour" won the top prize at last May's Cannes Film Festival but mainly was considered a favorite for the foreign-language Oscar. It wound up with five nominations, the same number as "Zero Dark Thirty," which came in with expectations of emerging as a top contender.

Along with best-picture, director and foreign-language film, "Amour" picked up nominations for Haneke's screenplay and best actress for Emmanuelle Riva as an ailing, elderly woman tended by her husband.

"It's the last stage of my life, so this nomination is a gift to me, a dream I could never had imagined," Riva said. "Michael's talent is to make the film real. ... That's why it touched the world. We are all little, fragile people on this earth, sometimes nasty, sometimes generous."

Riva is part of a multi-generational spread: At 85, Riva is the oldest best-actress nominee ever, while 9-year-old Quvenzhane Wallis is the youngest ever for her role as the spirited bayou girl in "Beasts of the Southern Wild."

Spielberg matched his personal Oscar best as "Lincoln" tied the 12 nominations that "Schindler's List" received.

Two of Spielberg's stars could join the Oscar super-elite. Both Day-Lewis and Field have won two Oscars already. A third would put them in rare company with previous triple winners Ingrid Bergman, Walter Brennan, Jack Nicholson and Meryl Streep. Katharine Hepburn holds the record with four acting Oscars.

A best-picture win would be Spielberg's second, while another directing win would be his third, a feat achieved only by Frank Capra and William Wyler, who each earned three directing Oscars, and John Ford, who received four.

"Lincoln" also was the ninth best-picture nominee Spielberg has directed, moving him into a tie for second-place with Ford. Only Wyler directed more best-picture nominees, with 13.

"I think Steven is a full-fledged genius. I think he has transformed the motion-picture industry more than once, and he's constantly pushing the envelope and changing," Field said. "He stands alone. And he has the most profound respect, and he's a scholar of John Ford and William Wyler and many others. ... He's a scholar of all of this because he's so endlessly curious."

___

AP entertainment writers Christy Lemire, Sandy Cohen, Anthony McCartney and Derrik Lang in Los Angeles and AP writers Jill Lawless in London and Thomas Adamson in Paris contributed to this report.

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Parental Consent Rule May Proceed for a Circumcision Ritual, a Judge Says

New York City health officials may proceed temporarily with a plan to require parental consent before an infant may undergo a particular Jewish circumcision ritual, a federal judge ruled Thursday.

City officials say 12 cases of herpes simplex virus have likely resulted from the procedure, known as metzitzah b’peh, since 2000, including one Brooklyn case reported this week. Two infants died, and two suffered permanent brain damage. Most Jews no longer practice metzitzah b’peh, in which the circumciser uses his mouth to suck blood from the wound, but it remains common among some ultra-Orthodox communities.

Citing the risk of infection, health officials in September introduced a regulation that would require parents to provide written consent stating that they were aware of the health risks.

But the Central Rabbinical Congress of the United States and Canada, Agudath Israel of America, and the International Bris Association sued in October to stop the rule from taking effect, calling it an infringement of their constitutional rights. They also denied the procedure posed a risk and asked a federal court to put the rule on hold while the litigation proceeded.

In denying the request for a preliminary injunction, Judge Naomi Reice Buchwald of the United States District Court for the Southern District wrote that the risks were clear.

“In light of the quality of the evidence presented in support of the regulation, we conclude that a continued injunction against enforcement of the regulation would not serve the public interest,” she wrote.

City lawyers said they were gratified by the ruling, but Andrew Moesel, a spokesman for the plaintiffs, said the groups would appeal. “We continue to believe that this case is a wrongful and unnecessary intrusion into the rights of freedom of religion and speech,” he said.

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Herbalife fires back at hedge fund giant

Herbalife Chief Executive Michael Johnson was tired of a powerful hedge fund manager bad-mouthing his company.

So he put on a show Thursday before hundreds of investors at the Four Seasons hotel in Manhattan, rebutting claims that the Los Angeles nutritional supplement company is a pyramid scheme. The presentation accused hedge fund giant Bill Ackman of lies and snobbery, compared Herbalife to the Girl Scouts and featured the company's president entreating that "the world needs more hugs."

Who says Wall Street is more boring these days?

The company's two-hour defense of itself is the latest in a battle since Ackman's Pershing Square Capital Management labeled Herbalife as "the best-managed pyramid scheme in the history of the world," during a similar presentation he made late last month. The outspoken fund manager has made a $1-billion bet that the stock would plunge in value.

"Just the very nature of the 'battle' has never been seen in the history of the Earth," said Tim Ramey, an analyst with D.A. Davidson and Co. "This was a very, very orchestrated attack."

Herbalife has hired a battalion of researchers to prove that it has a legitimate and stable business model. Executives held back no punches Thursday before a crowd of investors and analysts, labeling Ackman an elitist who made "false statements," "distortions" and "misrepresentations" about Herbalife and vowing to use "every means available to protect our reputation."

"In recent weeks, there's been a tremendous amount of misinformation about Herbalife," Johnson said. "This misinformation has found its way into the marketplace. Therefore we are sitting with you to correct some of this today."

In addition to outside experts brought in to bolster Herbalife's claims, company executives went through Pershing's presentation last month, disputing individual slides.

To the complaint that Herbalife is not focused on its products, Chief Operating Officer Rich Goudis showed figures indicating that the company spends millions on research and development.

To a Pershing slide that accused Herbalife of having a small distribution network, the company countered with a map of more than 300 company-run distribution points and showing its expansion in Indonesia and South Korea.

To a Pershing slide showing Herbalife products as more expensive than competitors' per 200-calorie servings, the company offered its own slide that compared the prices of the products per unit and showed costs in line with those of its competitors.

"Pershing intentionally used a misleading metric," Goudis said. "They did this to knowingly create a false impression."

They paraded out experts.

Kim Rory, representing Lieberman Research Worldwide, said distributors she surveyed had joined Herbalife because they wanted to get a discount on the products for personal use. Few signed up because they thought they'd make a large amount of money, and about two-thirds would recommend being a distributor to friends, she said.

Anne Coughlan, a professor at the Kellogg School of Management, defended Herbalife's marketing structure and disputed the allegation that it is a pyramid scheme.

"I didn't even see a scintilla of evidence that would suggest to me any hint that this company is running anything but a legitimate multi-level marketing program," she said.

Perhaps the most personal attacks came from Herbalife President Des Walsh, who said he was "highly offended" by Ackman's portrayal of Herbalife's nutrition clubs and defended the company for bringing nutritional products to poor neighborhoods.

After showing a video featuring happy distributors in crowded nutrition clubs, Walsh suggested that Ackman was out of touch with real America.

"This doesn't look like a country club in Westchester, Connecticut, but let me tell you, inside this club is real America," he said. (Earlier in the presentation, Walsh explained that people come to the club for a hug, adding, "the world needs more hugs.")

His comments echo a note sent out last week by D.A. Davidson analyst Ramey, who has a "buy" rating on Herbalife.

"Perhaps where Mr. Ackman lives he never sees a car with the 'Lose weight, ask me how' message across the rear window," he wrote. "I can tell Mr. Ackman that in my hometown, which is not quite Chappaqua, Herbalife is an iconic and widely recognized brand."

Ackman responded quickly Thursday, saying that Herbalife's presentation "distorted, mischaracterized and outright ignored large portions of our presentation," and that he had been contacted by people who provided more information into Herbalife's business practices, which he will soon reveal.

The unusual fight on Wall Street ramped up in December, when Ackman laid out his case against Herbalife in a three-hour, 200-plus slide presentation. He questioned whether the company was focused on recruiting new distributors, who pay to join the company, instead of on selling products. His announcement sent the company's stock down 36% and turned heads when analysts heard he'd sold short 20 million Herbalife shares.

Ackman's biggest beef with Herbalife focused on its so-called multi-level marketing model, which he said led to only those at the top of the company making money. More than 90% of distributors break even or lose money, he said. Ackman even drew UCLA into the controversy, saying Herbalife mentioned a lab at the university multiple times during each investor presentation to lend itself legitimacy.

Herbalife shares recovered some of their losses in the weeks after Ackman's presentation as some investors expressed confidence in the company. Hedge fund Third Point said it was taking an 8.2% stake in Herbalife, betting that the company would survive Ackman's assault.

Analysts at Thursday's meeting seemed supportive of Herbalife, with some expressing their belief in the company during a question-and-answer period after the presentation. One analyst urged the company to fight back against Pershing Square's method of "slandering" the company.

"It was a good, thorough presentation that certainly accomplished the job of defending the legitimacy of their business model," Ramey said.

Still, not all investors were convinced by the presentation. Herbalife's stock closed down 71 cents, or 1.8%, at $39.24. That may be because on Wednesday the Securities and Exchange Commission opened an investigation into Herbalife, according to published reports.

alana.semuels@latimes.com

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Irvine City Council overhauls oversight, spending on Great Park

Capping a raucous eight-hour-plus meeting, the Irvine City Council early Wednesday voted to overhaul the oversight and spending on the beleaguered Orange County Great Park while authorizing an audit of the more than $220 million that so far has been spent on the ambitious project.

A newly elected City Council majority voted 3 to 2 to terminate contracts with two firms that had been paid a combined $1.1 million a year for consulting, lobbying, marketing and public relations. One of those firms — Forde & Mollrich public relations — has been paid $12.4 million since county voters approved the Great Park plan in 2002.

"We need to stop talking about building a Great Park and actually start building a Great Park," council member Jeff Lalloway said.

The council, by the same split vote, also changed the composition of the Great Park's board of directors, shedding four non-elected members and handing control to Irvine's five council members.

The actions mark a significant turning point in the decade-long effort to turn the former El Toro Marine base into a 1,447-acre municipal park with man-made canyons, rivers, forests and gardens that planners hoped would rival New York's Central Park.

The city hoped to finish and maintain the park for years to come with $1.4 billion in state redevelopment funds. But that money vanished last year as part of the cutbacks to deal with California's massive budget deficit.

"We've gone through $220 million, but where has it gone?" council member Christina Shea said of the project's initial funding from developers in exchange for the right to build around the site. "The fact of the matter is the money is almost gone. It can't be business as usual."

The council majority said the changes will bring accountability and efficiencies to a project that critics say has been larded with wasteful spending and no-bid contracts. For all that has been spent, only about 200 acres of the park has been developed and half of that is leased to farmers.

But council members Larry Agran and Beth Krom, who have steered the course of the project since its inception, voted against reconfiguring the Great Park's board of directors and canceling the contracts with the two firms.

Krom has called the move a "witch hunt" against her and Agran. Feuding between liberal and conservative factions on the council has long shaped Irvine politics.

"This is a power play," she said. "There's a new sheriff in town."

The council meeting stretched long into the night, with the final vote coming Wednesday at 1:34 a.m. Tensions were high in the packed chambers with cheering, clapping and heckling coming from the crowd.

At one point council member Lalloway lamented that he "couldn't hear himself think."

During public comments, newly elected Orange County Supervisor Todd Spitzer chastised the council for "fighting like schoolchildren." Earlier this week he said that if the Irvine's new council majority can't make progress on the Great Park, he would seek a ballot initiative to have the county take over.

And Spitzer angrily told Agran that his stewardship of the project had been a failure.

"You know what?" he said. "It's their vision now. You're in the minority."

mike.anton@latimes.com

rhea.mahbubani@latimes.com

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Facebook to hold press event, stock passes $30

NEW YORK (AP) — Shares of Facebook are pushing above $ 30 for the first time since July after it sent out invitations to “come and see what we’re building” Tuesday at its headquarters in Menlo Park, Calif.

The company will say nothing more about the event. Speculation Wednesday ranged from a Facebook phone, something the company has consistently denied exists, to new search capabilities that would put it into direct competition with Google Inc.

The company emailed invitations to reporters and bloggers Tuesday and by Wednesday, shares passed the $ 30 mark for the first time since July.

Though still below its initial public offering price of $ 38, shares of Facebook Inc. have risen steadily since November as investors grow more confident that the social media site can make money through its growing mobile audience.

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'Lincoln,' 'Les Miz' look for big Oscar haul

BEVERLY HILLS, Calif. (AP) — Crusaders for good, old-fashioned Western democracy look to be the key figures vying for this year's Academy Awards.

Best-picture favorites for Thursday morning's Oscar nominations include "Lincoln," Steven Spielberg's portrait of the great emancipator who abolished slavery and reunified the United States; "Zero Dark Thirty," Kathryn Bigelow's chronicle of the hunt for U.S. public enemy No. 1, Osama bin Laden; and "Les Miserables," Tom Hooper's musical epic set against an uprising of freedom fighters in 19th century France.

Among other prospects are "Argo," Ben Affleck's thriller about a CIA scheme to save Americans from Iran amid the 1979 hostage crisis; "Django Unchained," Quentin Tarantino's bloody revenge saga about a former slave hunting white oppressors just before the Civil War; and "Life of Pi," Ang Lee's story of a free-thinking Indian youth cast adrift on a lifeboat with a Bengal tiger while traveling to a new life in North America.

This year's nominations come earlier than usual in Hollywood's long awards season, leaving the awards picture a bit murkier. By the time Oscar nominations come out most years, the Golden Globes already have given their trophies, helping to sort out prospective front-runners for show business' biggest night.

The nominations this time precede the Golden Globes ceremony, which follows on Sunday.

The Globes and other honors presented in late January and February by directors, actors, writers and producers guilds will clear up the best-picture race for the Oscars. Right now, "Lincoln," ''Les Miserables" and "Zero Dark Thirty" appear the most likely contenders for the top prize.

All three films come from directors who delivered best-picture winners in the past: Spielberg with 1993's "Schindler's List," Bigelow with 2009's "The Hurt Locker" and Hooper with 2010's "The King's Speech." Bigelow also won the directing Oscar, the first woman ever to earn that honor, Hooper earned the same prize a year later, and Spielberg has received the directing trophy twice, for "Schindler's List" and 1998's "Saving Private Ryan."

"Lincoln" also has good chances on acting nominations for three past winners: two-time Oscar recipients Daniel Day-Lewis as Abraham Lincoln and Sally Field as Mary Todd Lincoln, and supporting actor recipient Tommy Lee Jones as abolitionist firebrand Thaddeus Stevens.

"Zero Dark Thirty" star Jessica Chastain, a supporting-actress nominee last season for "The Help," is in the running for a best-actress slot this time as a CIA operative relentlessly pursuing bin Laden.

Two past Oscar ceremony hosts have strong shots at nominations for "Les Miserables": Hugh Jackman for best actor as Victor Hugo's tragic hero Jean Valjean and Anne Hathaway for supporting actress as a doomed single mother forced into prostitution.

Other acting possibilities include Jennifer Lawrence, Bradley Cooper and Robert De Niro for the oddball romance "Silver Linings Playbook; Jamie Foxx, Leonardo DiCaprio and Christoph Waltz for "Django Unchained"; Affleck and Alan Arkin for "Argo"; John Hawkes and Helen Hunt for the sex-surrogate story "The Sessions"; Joaquin Phoenix, Philip Seymour Hoffman and Amy Adams for the 1950s cult tale "The Master"; Bill Murray for the Franklin Roosevelt comic drama "Hyde Park on Hudson"; Anthony Hopkins and Helen Mirren for the filmmaking chronicle "Hitchcock"; Marion Cotillard for the French-language drama "Rust and Bone"; and Denzel Washington for the airliner-crash saga "Flight."

Winners for the 85th Oscars will be announced Feb. 24 at a ceremony aired live on ABC from Hollywood's Dolby Theatre.

"Family Guy" creator and vocal star Seth MacFarlane — a versatile performer whose work includes directing and voicing for the title character of last summer's hit "Ted" and a Frank Sinatra-style album of standards — is the Oscar host.

Thursday's nominees will be announced at 8:40 a.m. EST by "The Amazing Spider-Man" star Emma Stone and MacFarlane, the first time that an Oscar show host has joined in the preliminary announcement since 1972, when Charlton Heston participated on nominations day.

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Online:

http://www.oscars.org

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Recipes for Health: Tunisian Style Baked Cauliflower Frittata — Recipes for Health

Andrew Scrivani for The New York Times

In the authentic version of this frittata there is a lot more olive oil, as well as chopped hard-boiled eggs. This one is lighter and simpler. It is great for lunch or dinner and keeps well in the refrigerator.

1/2 medium head cauliflower (about 1 1/4 pounds), trimmed of leaves, bottom of the stem trimmed away

2 tablespoons extra virgin olive oil

1 small onion, finely chopped

2 garlic cloves, minced

8 eggs

Salt and freshly ground pepper to taste

1/2 cup finely chopped parsley

2 teaspoons ground caraway seeds

2 tablespoons freshly grated Parmesan

1/2 teaspoon harissa dissolved in 1 teaspoon water, or 1/4 teaspoon cayenne

Freshly ground pepper

1. Preheat the oven to 350 degrees. Place 1 tablespoon of the olive oil in a 2-quart casserole, preferably earthenware or in a 9-inch cast iron skillet, and brush the bottom and sides of the dish with the oil.

2. Bring a large pot of water to a boil and salt generously. Add the cauliflower and boil gently until very tender, about 15 minutes. If you prefer, you can cut up the cauliflower and steam it for 15 minutes. Using slotted spoons or tongs remove the cauliflower from the water (or from the steamer), transfer to a bowl of cold water and drain. Cut the florets from the stem and mash into little pieces with a fork. You should have about 3 cups.

3. Heat 1 tablespoon of the oil over medium heat in a large, heavy skillet and add the onion. Cook, stirring, until the onion softens, about 5 minutes. Stir in the garlic, stir together for about 30 seconds and remove from the heat.

4. Whisk the eggs in a large bowl. Season with salt and freshly ground pepper to taste. Stir in the cauliflower, onion and garlic, parsley, ground caraway and Parmesan. Make sure the harissa is dissolved in the water if using, and stir in; otherwise stir in the cayenne. Scrape into the casserole dish.

5. Place in the oven and bake 40 minutes, or until set. Allow to cool for at least 10 minutes before serving. In Tunisia these frittatas are served at room temperature, but you can also serve it hot.

Yield: Serves 6

Advance preparation: The frittata is delicious served the next day. Bring back to room temperature or heat slightly in a low oven before serving. The cooked cauliflower will keep for about 3 days in the refrigerator.

Nutritional information per serving: 165 calories; 12 grams fat; 3 grams saturated fat; 2 grams polyunsaturated fat; 6 grams monounsaturated fat; 249 milligrams cholesterol; 5 grams carbohydrates; 2 grams dietary fiber; 139 milligrams sodium (does not include salt to taste); 10 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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