Just because I love my Kindle and I plugged it here recently, I thought it was worth mentioning that they are revamping the Kindle in the next few weeks. Same screen size, but the device is 21% smaller with a battery that "lasts a month" and at a lower price point (down to $139 for WiFi only!). Click here for the full article from the WSJ
A few interesting comments in there about how little interest they have in competing against the iPad as well.
Thursday, July 29, 2010
Wicked
At Nicole's request, we went to see Wicked last night at the Apollo Victoria Theatre. Despite being a lot of work to get there (30 minutes by tube or bus) and being very hot inside the theatre, the musical itself was very entertaining. I didn't have any prior experience with the Wicked storyline, so I was very amused by how they work everything in to fit nicely with the original film. I assume the book is similar, only more so. Anyone read it?
It also never ceases to amaze me how good the performers are (and how do they get her skin so green without makeup that would rub-off???). The lead players all had amazing voices, it will surely inspire my shower-singing for weeks to come (not that I know any of the tunes from the play).
It also never ceases to amaze me how good the performers are (and how do they get her skin so green without makeup that would rub-off???). The lead players all had amazing voices, it will surely inspire my shower-singing for weeks to come (not that I know any of the tunes from the play).
Structural Unemployment in America
The Economist invited a few guests to comment on whether or not the U.S. is facing increasing structural unemployment instead of just the standard cyclical unemployment that would accompany the recession.
Seems appropriate given today is Thursday (initial jobless claims)
FULL ARTICLE HERE
Seems appropriate given today is Thursday (initial jobless claims)
FULL ARTICLE HERE
Wednesday, July 28, 2010
Gold, Guns and Canned food no longer at a premium
As a gold trader, this post by Team MacroMan is near and dear to my heart (with nice charts that I can't figure out how to steal). I've been playing the slow summer sell-off for some time.
Of course, I could get my comeuppance if we get another large news event for a European sovereign debt fear. Something like Spain's cajas not being able to raise the necessary capital required by the EU stress test results (which are weak at best anyway) and then continuing to see their economy (20% of EU GDP) continue to decline amid ever-increasing unemployment (above 20%) and sky-rocketing savings rates (18.5% ).
That sort of event aside, I think it is entirely possible we could see sub $1000 prices per ounce over the coming months. I think the appropriate analogy is that of a bonfire (I would never dare to call it a bubble, right?), we need more buyers to keep this thing propped up. As physical demand (jewellery, etc) is hitting mulit-year lows and we're no longer getting the boost from new hedge fund investment (thanks John Paulson!), I think we're looking at a steady bleed down for awhile. There are many scenarios where I'm wrong, I'm just trying to flesh out the base case. Having to publish it publicly forces me to organize the thoughts better and if it benefits you? Well, then that much better!
BSY
Of course, I could get my comeuppance if we get another large news event for a European sovereign debt fear. Something like Spain's cajas not being able to raise the necessary capital required by the EU stress test results (which are weak at best anyway) and then continuing to see their economy (20% of EU GDP) continue to decline amid ever-increasing unemployment (above 20%) and sky-rocketing savings rates (18.5% ).
That sort of event aside, I think it is entirely possible we could see sub $1000 prices per ounce over the coming months. I think the appropriate analogy is that of a bonfire (I would never dare to call it a bubble, right?), we need more buyers to keep this thing propped up. As physical demand (jewellery, etc) is hitting mulit-year lows and we're no longer getting the boost from new hedge fund investment (thanks John Paulson!), I think we're looking at a steady bleed down for awhile. There are many scenarios where I'm wrong, I'm just trying to flesh out the base case. Having to publish it publicly forces me to organize the thoughts better and if it benefits you? Well, then that much better!
BSY
Who Killed the Climate Bill?
Really interesting article from Foreign Policy on "Who Killed the Climate Bill?"
Regardless whether you are relieved or disappointed, almost everyone is surprised in the way that it has fizzled out (after being a campaign priority for Obama) and FP invites 5 experts with varying views to weigh in. They each make interesting points that all seem to have a bit of truth to them. If I did have to choose the two strongest factors:
1. The economy - The Climate Bill is popularly viewed as a tax of some sort regardless of implementation. No one wants to further hamstring an economy and add doubt to growth prospects when we haven't yet seen any encouraging signs of job growth.
2. Obama - Two things happened here: a) Obama decided to throw his political weight behind healthcare reform (so that a supposedly unified house and senate were working on different priorities) and b) The attempted insertion of a climate proposal in last year's spending bill scared alot of people. If climate change is a political priority, why slip it in the back door of an omnibus spending bill?
I think Climategate took alot of wind out of the sails as well in terms of the everyman's confidence in the reality of human-influence on the global climate.
Hat tip Big Picture
Regardless whether you are relieved or disappointed, almost everyone is surprised in the way that it has fizzled out (after being a campaign priority for Obama) and FP invites 5 experts with varying views to weigh in. They each make interesting points that all seem to have a bit of truth to them. If I did have to choose the two strongest factors:
1. The economy - The Climate Bill is popularly viewed as a tax of some sort regardless of implementation. No one wants to further hamstring an economy and add doubt to growth prospects when we haven't yet seen any encouraging signs of job growth.
2. Obama - Two things happened here: a) Obama decided to throw his political weight behind healthcare reform (so that a supposedly unified house and senate were working on different priorities) and b) The attempted insertion of a climate proposal in last year's spending bill scared alot of people. If climate change is a political priority, why slip it in the back door of an omnibus spending bill?
I think Climategate took alot of wind out of the sails as well in terms of the everyman's confidence in the reality of human-influence on the global climate.Hat tip Big Picture
Good Morning! Who can it be now?
I had forgotten how much I like this song until the music video was posted on deadspin last night:
Creepy lazy eye on the lead singer though...
Creepy lazy eye on the lead singer though...
Tuesday, July 27, 2010
Bear Breaks into Car. Goes for a Ride.
From Reuters: A bear broke into a car belonging to a 17 year old kid from Colorado, somehow put it in gear and went down the hill. All for a peanut butter sandwich.
I've done worse for peanut butter before, so I can't say I blame him. Sadly, there isn't any video of the actual bear-toboggan.
Full story here
I've done worse for peanut butter before, so I can't say I blame him. Sadly, there isn't any video of the actual bear-toboggan.
Full story here
Driver-less Cars
I'm sure at some point we've all considered the concept of a driverless car. The Freakonomics blog at NYT has some info about it.
It does make sense. Infiniti has been doing the smart cruise control for almost ten years now, a new lexus can parallel park itself. The new Garmins talk to each other to inform of traffic delays even before they happen. I do particularly like the point about human-restricted reaction times. We're just not hardwired to go THAT fast (though I do enjoy it).
Check out the full article here
It does make sense. Infiniti has been doing the smart cruise control for almost ten years now, a new lexus can parallel park itself. The new Garmins talk to each other to inform of traffic delays even before they happen. I do particularly like the point about human-restricted reaction times. We're just not hardwired to go THAT fast (though I do enjoy it).
Check out the full article here
Monday, July 26, 2010
3 minute philosophy: Rene Descartes
Last thing this morning and then I'm done with my catch-up reading:
Best line: "[Descartes] contributed so much to the modern world that the French decided to call it a day and haven't contributed a thing since"
Warning: there is some adult language in this video NSFW
Credit where credit is due: www.ritholtz.com/blog
Best line: "[Descartes] contributed so much to the modern world that the French decided to call it a day and haven't contributed a thing since"
Warning: there is some adult language in this video NSFW
Credit where credit is due: www.ritholtz.com/blog
Are we happy when busy but inherently lazy?
I'm posting a large volume this morning in catching up from the busy weekend. Here is a quick, but interesting post from the Freakonomics Blog at the NYT:
Are We Naturally Lazy? - It seems we are happiest when busy, but prone to idleness when left to our own devices.
Are We Naturally Lazy? - It seems we are happiest when busy, but prone to idleness when left to our own devices.
Interesting Report on Climate Change/Global Warming etc
Seems to be a thoughtful examination of the facts supporting and criticizing the science around climate change.
Click Here
From Barry Ritholtz
Click Here
From Barry Ritholtz
Pigeons have the most appropriate response to Kings of Leon ever
So this happened
The funniest part to me is that they then walked off stage and refused to come back on, all because the bassist got some bird poop on him. From their publicist: "It is a toxic health hazard. They really tried to hang in there." [Emphasis mine].
I had no idea bird poop was toxic. Learn something new every day.
The funniest part to me is that they then walked off stage and refused to come back on, all because the bassist got some bird poop on him. From their publicist: "It is a toxic health hazard. They really tried to hang in there." [Emphasis mine].
I had no idea bird poop was toxic. Learn something new every day.
Weekend Update: Crossfit Level 1 Cert
I spent the weekend getting my level 1 Crossfit certification. Two full days of classroom and practical application of movement, theory,. nutrition, anatomy/physiology and programming followed by a written exam.
Fatiguing to say the least, but now I've got it out of the way. Met some cool people that had come in from all over Europe for this. All in all, it was very interesting stuff to study the finer mechanics of squats to what the hormonal response of the body to different macronutrients.
Friday, July 23, 2010
Andrew hiking the Tahoe Rim Trail
Andrew is about to set off with his Dad on a two-week backpacking trip around the Tahoe Rim Trail around Lake Tahoe. He and I spent three of the coldest days of my life there in October of 2008 hiking a piece of it, and it is absolutely gorgeous high elevation terrain. Since it will likely be warmer in July than it was for those few days (which were the coldest ever recorded for those specific days) I'm sure he will have a blast.
Good luck, be safe and send some pictures.
Good luck, be safe and send some pictures.
Thursday, July 22, 2010
Big Oil Create Disaster Response Team
Interesting cover story on my WSJ (Europe edition!) this morning. It seems that Exxon, Chevron, Royal Dutch Shell and ConocoPhillips are each putting $1B into a pot to create a quick-notice disaster reponse team for offshore drilling. It would consist of the various startegies that seem to have helped in response to the Deepwater Horizon spill (skimmers, floating refining ships, etc).
If they can prove this as a viable resource, it might make offshore dirlling more politically popular, and possibly even more effective. Seems to make alot of sense as $1B is a pittance compared to the revenue stream they would lose in the event of a more long-term (and not very well thought out, in my opinion) moratorium on offshore drilling.
Full article here
If they can prove this as a viable resource, it might make offshore dirlling more politically popular, and possibly even more effective. Seems to make alot of sense as $1B is a pittance compared to the revenue stream they would lose in the event of a more long-term (and not very well thought out, in my opinion) moratorium on offshore drilling.
Full article here
Wednesday, July 21, 2010
An Intro to Macro Man
One of my favorite blogs for the last few years has been MacroMan. While the original MM has retired (he was an anonymous macro portfolio manager at an institutional HF in London), he has since passed on the duties to some colleagues of his with the group nom de plume of Team MacroMan (TMM).
Today's post from them (link) mentions the phenomena of contrarian indicators among the general investing public as well discusses gold and what they expect out of global equity market volatility. Today, they discuss these themes in the context of Deutsche Bank's new structured product to hedge for tail risk (their clients to be long equity volatility). It does seem appropriate with the rising popularity of the concept of black swans (Nicholas Nassim Taleb's books are excellent on the subject) that perhaps if John Q. Public is starting to get long equity volatility, it might be time to settle in for some low-volatility summer trading. This is, of course, only one aspect of the entire investment spectrum, which could be highly influenced by renewed fears of a sovereign debt default (especially in the EU), but its an interesting aspect nonetheless.
Not quite as reliable as the Time Magazine contrarian indicator, but its close.
BSY
Today's post from them (link) mentions the phenomena of contrarian indicators among the general investing public as well discusses gold and what they expect out of global equity market volatility. Today, they discuss these themes in the context of Deutsche Bank's new structured product to hedge for tail risk (their clients to be long equity volatility). It does seem appropriate with the rising popularity of the concept of black swans (Nicholas Nassim Taleb's books are excellent on the subject) that perhaps if John Q. Public is starting to get long equity volatility, it might be time to settle in for some low-volatility summer trading. This is, of course, only one aspect of the entire investment spectrum, which could be highly influenced by renewed fears of a sovereign debt default (especially in the EU), but its an interesting aspect nonetheless.
Not quite as reliable as the Time Magazine contrarian indicator, but its close.
BSY
Is sports radio more dangerous than drinking while driving?
Here is the article, from the Freakonomics blog (part of the NYT)
They couldn't print it if it wasn't true, right? Notice the very small (and European!!) sample size. But still...
They couldn't print it if it wasn't true, right? Notice the very small (and European!!) sample size. But still...
Barry Ritholtz's Vancouver Slides
Barry Ritholtz made a presentation recently in Vancouver (no, I wasn't there) and has posted the slides on his blog. Good composite presentation of a "How did we get here, where are we going?" sort of nature. I especially like the second half of the deck:
View the slides HERE
Good stuff as usual from The Big Picture. I don't always agree but I absolutely appreciate the thought he puts into his posts.
View the slides HERE
Good stuff as usual from The Big Picture. I don't always agree but I absolutely appreciate the thought he puts into his posts.
Zone, Paleo, and The China Study
Of course a large part of Crossfit is about nutrition. I have only recently started to really pay attention to my diet after several years of figuring that I was in good enough shape to not worry about it. With that in mind, I have begun doing some bedtime research and reading on the topic. First thing that I notice is how nutrition might closely follow (1) religion and (2) politics in terms of a way to cause angry debate (loud noises). While I haven't committed to a full Paleo diet or The Zone diet, I have begun using some of their basic principles and had good results.
Dr. Sear's Zone research has some interesting stuff on hormonal effects of carbohydrates v. protein v. fat. His main case-in-point: Americans consume significantly less fat than we did 15 years ago and yet we are only getting fatter, doesn't it seem that the high-carb, low-fat concept has failed us?
In the other camp is T. Colin Campbell and his crew with The China Study. Their research in China seems to promote the idea that animal fats contribute to cancer, heart disease, etc. Today, I stumbled on an interesting rebuttal to Dr. Campbell's work . The rebut-ist (Denise Minger) uses Campbell's own data and uses some seemingly simple correlation calculations to find that Campbell is either deliberately or innocently drawing the wrong conclusions. It's a very long read and I'll admit to only having skimmed it.
Through my own reading and personal experience, I'm falling closer and closer to the Paleolithic and Zone solutions of more lean protein, more fresh produce, more nuts and avocados and avoid cereals like the plague. I've almost entirely cut out bread, pasta and the like from my diet (though I will readily cheat without remorse for anything that looks too good to pass up). My blood sugar has finally quit causing problems and I feel better during my workouts than ever.
Maybe there is something to the whole nutrition thing. It just seems that there is an awful lot of stuff to lead us astray.
Dr. Sear's Zone research has some interesting stuff on hormonal effects of carbohydrates v. protein v. fat. His main case-in-point: Americans consume significantly less fat than we did 15 years ago and yet we are only getting fatter, doesn't it seem that the high-carb, low-fat concept has failed us?
In the other camp is T. Colin Campbell and his crew with The China Study. Their research in China seems to promote the idea that animal fats contribute to cancer, heart disease, etc. Today, I stumbled on an interesting rebuttal to Dr. Campbell's work . The rebut-ist (Denise Minger) uses Campbell's own data and uses some seemingly simple correlation calculations to find that Campbell is either deliberately or innocently drawing the wrong conclusions. It's a very long read and I'll admit to only having skimmed it.
Through my own reading and personal experience, I'm falling closer and closer to the Paleolithic and Zone solutions of more lean protein, more fresh produce, more nuts and avocados and avoid cereals like the plague. I've almost entirely cut out bread, pasta and the like from my diet (though I will readily cheat without remorse for anything that looks too good to pass up). My blood sugar has finally quit causing problems and I feel better during my workouts than ever.
Maybe there is something to the whole nutrition thing. It just seems that there is an awful lot of stuff to lead us astray.
Tuesday, July 20, 2010
Throw the Bums Out (as Long as my Bums Stay Put)
Interesting article in on Bloomberg looking at what might actually happen in November despite the current populist/anti-incumbent rage:
In the House of Representatives, the incumbency rate has averaged 93.3 percent since 1964, according to the Center for Responsive Politics, a non-partisan independent research group tracking money in politics. It dipped below 90 percent only five times in the last 23 elections. The low was 85 percent in 1970...
Even revolutions don’t produce a dramatic shake-up in the composition of the House of Representatives. The Reagan Revolution of 1980 returned 91 percent of House incumbents to their seats. The Republican Revolution of 1994 saw the GOP pick up 54 seats and take control of both houses of Congress for the first time in 40 years. Even then 90 percent of House incumbents were re-elected.
Click here for full article
Ms. Baum raises a good point: will it really be different this time? Will we ever actually get politicians to institute their own term limits??? ... Nah.
Found via The Big Picture
In the House of Representatives, the incumbency rate has averaged 93.3 percent since 1964, according to the Center for Responsive Politics, a non-partisan independent research group tracking money in politics. It dipped below 90 percent only five times in the last 23 elections. The low was 85 percent in 1970...
Even revolutions don’t produce a dramatic shake-up in the composition of the House of Representatives. The Reagan Revolution of 1980 returned 91 percent of House incumbents to their seats. The Republican Revolution of 1994 saw the GOP pick up 54 seats and take control of both houses of Congress for the first time in 40 years. Even then 90 percent of House incumbents were re-elected.
Click here for full article
Ms. Baum raises a good point: will it really be different this time? Will we ever actually get politicians to institute their own term limits??? ... Nah.
Found via The Big Picture
Two Great, Short Videos
Two great completely unrelated videos:
1. Entertaining fireworks disaster (no one was hurt so don't get upset)
2. Miguel Ángel Jiménez shot off the wall at last weekend's Open Championship (British Open)
1. Entertaining fireworks disaster (no one was hurt so don't get upset)
2. Miguel Ángel Jiménez shot off the wall at last weekend's Open Championship (British Open)
Monday, July 19, 2010
Weekend Update
Nothing too exciting from here. Nice relaxing weekend around London.
Watched (and were inspired by) the Crossfit Games via a surprisingly high quality video internet feed. If you want to see something impressive, check out their final WOD (works best in Google Chrome, use the drop down at bottom left to select an archive feed). They had no time to prepare and were briefed on the workout on-the-fly with a 30 second rest between three 7-12 minute workouts. Looks like a fun kind of pain.
Also, the Tour de France is heating up. With 6 stages to go and after 68 hours of riding, Andy Schleck holds only a 30 second lead over last year's champ Alberto Contador.
I should be getting some good news regarding banking this week which would make me officially open for trading! Fingers crossed...
Watched (and were inspired by) the Crossfit Games via a surprisingly high quality video internet feed. If you want to see something impressive, check out their final WOD (works best in Google Chrome, use the drop down at bottom left to select an archive feed). They had no time to prepare and were briefed on the workout on-the-fly with a 30 second rest between three 7-12 minute workouts. Looks like a fun kind of pain.
Also, the Tour de France is heating up. With 6 stages to go and after 68 hours of riding, Andy Schleck holds only a 30 second lead over last year's champ Alberto Contador.
I should be getting some good news regarding banking this week which would make me officially open for trading! Fingers crossed...
Friday, July 16, 2010
Portugal Pictures
A few pictures from our trip to the Algarve region of Portugal. Didn't take many pictures, but the beach was gorgeous. It had these very cool rock outcrops right on the beach (see #2). Also, I'm fairly certain it was my first time in the Mediterranean. Ditto for the bidet (#4).
Thursday, July 15, 2010
Housing Market Analysis
Interesting analysis regarding the ratio of US housing stock value v. mortgage value via Barry Ritholtz and his econ blog: The Big Picture
http://www.ritholtz.com/blog/2010/07/the-4-trillion-dollar-question-2/
Some highlights:
Since the US housing market has declined significantly from its peak (in terms of home price value), but mortgage value outstanding has not, we are looking at ridiculously high collateral to loan rates (.62 v. historical average of .4; putting the average loan to value at 1.5x too high)
24% of US mortgages are underwater with another 5% being close.
More than the negative equity effect, strategic walkaways seem to be influenced more highly by movements in interest rates.
Cool stuff as usual from Mr. Ritholtz.
http://www.ritholtz.com/blog/2010/07/the-4-trillion-dollar-question-2/
Some highlights:
Since the US housing market has declined significantly from its peak (in terms of home price value), but mortgage value outstanding has not, we are looking at ridiculously high collateral to loan rates (.62 v. historical average of .4; putting the average loan to value at 1.5x too high)
24% of US mortgages are underwater with another 5% being close.
More than the negative equity effect, strategic walkaways seem to be influenced more highly by movements in interest rates.
Cool stuff as usual from Mr. Ritholtz.
Crossfit Games
The Crossfit Games start tomorrow and go through Sunday. Its like Woodstock or the Olympics (or both?) for overall fitness. The men and women at the top of the podium are arguably the fittest people on the planet. I probably won't watch it live or anything, but its cool to check in on.
http://games2010.crossfit.com/
http://games2010.crossfit.com/
Wednesday, July 14, 2010
Books
I don't have a TV so, for any who are interested, here is the best of what I have read recently:
Wild at Heart by John Eldredge - Evaluation of Christian Masculinity from a personal perspective. Less academic, good inspiration. Female corollary = Captivating (though I haven't read it yet). Makes you want to be (or I suppose be with) a stronger Christian man.
Band of Brothers By Stephen Ambrose - Classic. Inspiration for the WWII Spielberg HBO series. Makes you proud of the generations before you.
Born to Run - investigates the culture of ultra-running and why we shouldn't wear shoes when we run (is Nike evil?), unless they are Vibram five fingers or ancient sandal-types.Makes you want to run forever.
Lone Survivor - Marcus Luttrell. Navy SEAL stuck behind enemy lines in the worst part of Afghanistan. True story told by the only survivor of a SEAL team. Powerful but violent. Makes you want to simultaneously join the SEALs or avoid war at all costs.
WAR - Sebastian Junger - Junger travels through Afghanistan with a team of US Army GI's through Afghanistam campaign. Lots of good anecdotes and some insight into the psychology of a modern infantry soldier. Definitely makes you want to avoid being a GI in the afghan front.
Three Cups of Tea - Gregg Mortensen - Low-income high-alpine climber builds schools in Pakistan after a tiny village at the base of K2 saves his life. Makes you want to quit your job and change the world.
What have you read recently that was worthwhile recommending?
P.S. Kindles are only $189 now. Take the plunge. Buy a light and a cover to go with it. You won't regret it.
Wild at Heart by John Eldredge - Evaluation of Christian Masculinity from a personal perspective. Less academic, good inspiration. Female corollary = Captivating (though I haven't read it yet). Makes you want to be (or I suppose be with) a stronger Christian man.
Band of Brothers By Stephen Ambrose - Classic. Inspiration for the WWII Spielberg HBO series. Makes you proud of the generations before you.
Born to Run - investigates the culture of ultra-running and why we shouldn't wear shoes when we run (is Nike evil?), unless they are Vibram five fingers or ancient sandal-types.Makes you want to run forever.
Lone Survivor - Marcus Luttrell. Navy SEAL stuck behind enemy lines in the worst part of Afghanistan. True story told by the only survivor of a SEAL team. Powerful but violent. Makes you want to simultaneously join the SEALs or avoid war at all costs.
WAR - Sebastian Junger - Junger travels through Afghanistan with a team of US Army GI's through Afghanistam campaign. Lots of good anecdotes and some insight into the psychology of a modern infantry soldier. Definitely makes you want to avoid being a GI in the afghan front.
Three Cups of Tea - Gregg Mortensen - Low-income high-alpine climber builds schools in Pakistan after a tiny village at the base of K2 saves his life. Makes you want to quit your job and change the world.
What have you read recently that was worthwhile recommending?
P.S. Kindles are only $189 now. Take the plunge. Buy a light and a cover to go with it. You won't regret it.
Tuesday, July 13, 2010
Welcome!
Congratulations! You've made it this far.
I haven't yet figured out how often I will post here or what my cutoff is for relevance, so I'll just play it by ear. A word of warning: it is obscenely easy to post updates and with banking SNAFU's I can't exactly do much at work just yet, so I might err on the side of excess volume. We'll see how it plays out.
I have intended this blog simply as a means of keeping in touch with family and friends back in the states. I will probably post random thoughts or cool stuff I find from time to time.
If you're comfortable with using blogs, feel free to comment or follow using an RSS feed.
If you don't like it, just remember that you got what you paid for, or as one of my favorite macro-economics blogs (MacroMan) says, "satisfaction guaranteed or your money back"
- BSY
I haven't yet figured out how often I will post here or what my cutoff is for relevance, so I'll just play it by ear. A word of warning: it is obscenely easy to post updates and with banking SNAFU's I can't exactly do much at work just yet, so I might err on the side of excess volume. We'll see how it plays out.
I have intended this blog simply as a means of keeping in touch with family and friends back in the states. I will probably post random thoughts or cool stuff I find from time to time.
If you're comfortable with using blogs, feel free to comment or follow using an RSS feed.
If you don't like it, just remember that you got what you paid for, or as one of my favorite macro-economics blogs (MacroMan) says, "satisfaction guaranteed or your money back"
- BSY
Initial Post
Good morning friends and family. I thought it'd be a good opportunity to provide everyone with a few quick updates:
Nicole arrived here safely (if not slightly delayed) a little over a week ago. She finished her summer associate position with Kilpatrick Stockton and will be working on applications and some well deserved R&R for the duration of her stay (until August 3rd). It's been really fun to have her here. This has apparently been one of the driest summers on record here, so its actually quite pleasant to be outside most days. The tube and the flat can be a little warmer than I would prefer, but so it goes.
On Friday, I left the office a little early and Nicole and I caught a cheap flight to southern Portugal (see on a map here). Had a quick dinner and enjoyed some air conditioning at the hotel (doesn't exist in the UK, my appreciation for modern comfort is entirely renewed). On Saturday, we had a big English-style buffet breakfast (eggs, bangers, baked beans, bacon and some fruit) and then spent 6 hours at a nearby beautiful beach. Thankfully, much of it was spent on a lounge chair under an umbrella reading or napping. Very civilized.
That evening, we found a brand new restauraunt along a beach road that didn't even have their permanent menus printed yet. It was nicer than we expected, but certainly not formal. We had some great wine and some local mini-clam things followed by Monkfish in a boullabaise-type preparation. Fantastic. On sunday, we had a short time at the pool and then off to the airport for our 2.5 hour flight home. All in all, a pretty nice weekend and my first time at a beach since Barbados (no body surfing available here though).
Unfortunately, I received some bad news on the business side this morning: there has been yet another error in getting the trading bank accounts opened, so I am delayed yet again. I really thought I was going to be operational by this week. Something about the account not being opened properly. To put it mildly, I am a bit frustrated/annoyed/outright angry, so I'll be focusing my attention on some poor assistant vice president with BofA until this gets opened.
Other than that, the business looks promising. We are making the encessary tweeks to our proprietary trading platform to facilitate cross-currency and international business. I think we've also got a rudimentary system for accounting setup. One of the accountants in Dallas has either volunteered or been conscripted to assist me with our accounting needs and will be working the graveyard shift until I either get someone full-time or we figure out the technology to make it easier on this poor trader in London.
Also, Moody's downgraded the debt of Portugal early this morning, so that is conveniently causing some fresh sovereign debt fears and rallying the price of gold back above $1200 per ounce (800 GBP per ounce). Hurray for safe haven buying. Should be fun if I can ever get the handcuffs of this antiquated banking system off. Two sayings I would keep in mind if I could trade actively right now: "The trend is your friend (until the turn at the end)" AND "if you're long, you're wrong. If you're short, you're fired." Eventually this will turn and gold will head lower. That will be fun too as long as I'm right about timing, but until then I'll enjoy the party supplied by the GGUF crowd (Gold Goes UP Forever).
I hope this note finds you all well and hope to see you soon. Come visit. I'm free most of August and for the second half of September, so book now.
Brad
Nicole arrived here safely (if not slightly delayed) a little over a week ago. She finished her summer associate position with Kilpatrick Stockton and will be working on applications and some well deserved R&R for the duration of her stay (until August 3rd). It's been really fun to have her here. This has apparently been one of the driest summers on record here, so its actually quite pleasant to be outside most days. The tube and the flat can be a little warmer than I would prefer, but so it goes.
On Friday, I left the office a little early and Nicole and I caught a cheap flight to southern Portugal (see on a map here). Had a quick dinner and enjoyed some air conditioning at the hotel (doesn't exist in the UK, my appreciation for modern comfort is entirely renewed). On Saturday, we had a big English-style buffet breakfast (eggs, bangers, baked beans, bacon and some fruit) and then spent 6 hours at a nearby beautiful beach. Thankfully, much of it was spent on a lounge chair under an umbrella reading or napping. Very civilized.
That evening, we found a brand new restauraunt along a beach road that didn't even have their permanent menus printed yet. It was nicer than we expected, but certainly not formal. We had some great wine and some local mini-clam things followed by Monkfish in a boullabaise-type preparation. Fantastic. On sunday, we had a short time at the pool and then off to the airport for our 2.5 hour flight home. All in all, a pretty nice weekend and my first time at a beach since Barbados (no body surfing available here though).
Unfortunately, I received some bad news on the business side this morning: there has been yet another error in getting the trading bank accounts opened, so I am delayed yet again. I really thought I was going to be operational by this week. Something about the account not being opened properly. To put it mildly, I am a bit frustrated/annoyed/outright angry, so I'll be focusing my attention on some poor assistant vice president with BofA until this gets opened.
Other than that, the business looks promising. We are making the encessary tweeks to our proprietary trading platform to facilitate cross-currency and international business. I think we've also got a rudimentary system for accounting setup. One of the accountants in Dallas has either volunteered or been conscripted to assist me with our accounting needs and will be working the graveyard shift until I either get someone full-time or we figure out the technology to make it easier on this poor trader in London.
Also, Moody's downgraded the debt of Portugal early this morning, so that is conveniently causing some fresh sovereign debt fears and rallying the price of gold back above $1200 per ounce (800 GBP per ounce). Hurray for safe haven buying. Should be fun if I can ever get the handcuffs of this antiquated banking system off. Two sayings I would keep in mind if I could trade actively right now: "The trend is your friend (until the turn at the end)" AND "if you're long, you're wrong. If you're short, you're fired." Eventually this will turn and gold will head lower. That will be fun too as long as I'm right about timing, but until then I'll enjoy the party supplied by the GGUF crowd (Gold Goes UP Forever).
I hope this note finds you all well and hope to see you soon. Come visit. I'm free most of August and for the second half of September, so book now.
Brad
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