2008 was a rough year, and all indications are that the first two quarters at the very least will be tough too. There is stimulus package being bandied about that should help consumer spending but until the housing prices see their bottom and begin to rebound a little, I am skeptical about a quick turnaround. It is likely to be a slow U shaped recovery than a V. But looking back on 2008, here are my top 10 events in no order of importance.
One- The 700bn bailout: Undoubtedly, that encapsulated the extent of the crisis that everyone knew was around but was shy to admit. It brought economics back on the national agenda from the War, it brought Statesmen together like nothing else ever did (with 20 of them flying to DC at a moments notice!), it signified the end of an era on Wall Street, and it galvanized public opinion around good regulation that is badly needed to keep greed in check. Hopefully, the lessons learnt will not be forgotten soon.
Two- Falling oil prices: Not everything has been bad news for the Consumer. Oil prices have fallen sharply and gas at the pump is cheap- cheaper than I have ever known it to be. The only potential downside to this is that the need for fuel efficiency might again take a backseat given people are not feeling the pinch at the gas station and that could be disastrous in the long run.
Three- The Big 3 in DC: Talking about bailouts and oil prices, we have got to talk about GM, Chrysler and Ford, the CEOs of whom travelled in their own Private jets to DC to ask for money saying they were bankrupt! The hearing in Washington, granted a lot of it was grandstanding, brought it very clear to mind that the problems of the auto makers in Detroit had started a long time back and were inextricably linked with poor quality manufacturing and ineffient labor rates determined by the Unions. While it was sad spectacle for American manufacturing, it also brought to the fore the fundamental tenets of good manufacturing where the Americans still lag behind the Japanese.
Four- The Obama election: While it was all doom and gloom with the economy, the promise of change from a humble man with a good head on his shoulders brought people together, and people from all walks of life got together to vote for Obama. It signified a change and hope that things will undoubtedly get better in DC.
Five: The Mumbai attacks: Just as everyone thought terrorism was on the backburner, it sprung back with some vengeance. It has led to a diplomatic stand-off between India and Pakistan, and given that both nations are powered with nuclear weopons, the threat of instability in South Asia must not be underestimated.
Six- OJ imprisonment: Just as people were losing faith in the system, the judiciary stepped up to do what it should have done more than a decade back- sent OJ to jail! Finally, justice was being served the right way.
Seven: Sarah Palin effect: Nothing was a bigger surprise than McCain's choice of a running mate, little known governor from Alaska, Sarah Palin. Her glasses became an instant hit, her lack of comprehension of bigger issues of the day made for fantastic viewing on Saturday Night live and it made Tina Fey a much bigger celebrity than she ever imagined. Palin added color to the campaign and even after it ended, made it quite clear to everyone that her political ambitions have not ended. I like her, as long as she is not making the biggest decisions for the world!
Eight- The Britney comeback: She has had a rough time- a teenage celebrity, a broken marriage, two kids and she is barely 25- lets give her a break! She fought back and I hope her head shaving and hitting the car are all things of the past. I only hope the papparazzi get off her back now. She is on the mend and lets have it that way.
Nine- The Beijing Olympics: What a show that was- and it cemented China's entry on the world stage for good. The Opening ceremony was breathtaking, all events ran on schedule and given Phelp's phenomenal achievement, ensured that the Olympics had the highest television ratings ever!
Ten- India and South African wins over Australia in cricket: The end of Australian dominance in cricket is something that cricket lovers around the world have looked forward to for at least a couple of years now. The convincing manner in which the team was beaten first by India and then South Africa meant that a new world order was emerging in cricket and Australia could not take its No. 1 spot for granted anymore. Great joy for any cricket lover!
So there it is, my top 10! Look forward to 2009.
Wednesday, December 31, 2008
Tuesday, December 30, 2008
Obama and the burden of expectations
We are living in tough times- the mortgage crisis seems to have spiraled out of control, the economy is in shambles and terrorists are again striking in different parts of the world. It is natural in these times to hang to any reasons for hope for the future and the incoming President has provided that hope to the Americans in particular and the world at large. An articulate intelligent man with humble beginnings but a track record of achievement and a self deprecating style have endeared him to a lot.
But lets get realistic and lets not expect too much of the man who is taking over from the worst Presidency ever. Reading the Time magazine write up on Obama made me concerned- "Obama's genome is global, his mind is innovative, his world is networked, and his spirit is democratic"- wow- that is some compliment to live upto and symptomatic of the media hyperbole that creates unrealistic expectations. We can be hopeful but not THAT hopeful. He himself points out it will take him at least two years to make a tangible impact and given the media's short attention span, two years can be a long time. Heck- two years back, Obama had a distant shot at getting the democratic nomination let alone be President.
There is reason to hope with Obama. The man has a philosophy of leadership that I find liberating. He says- "I've got a pretty good nose for talent, so I hire really good people. And I've got a pretty healthy ego, so I'm not scared of hiring the smartest people, even when they're smarter than me. And I have low tolerance of nonsense and turf battles and game playing, and I send that message very clearly. And so, over time, people start trusting each other and they stay focused on the mission, as opposed to personal ambition or grievance. If you've got really smart people who are all focused on the same mission, then usually ou can get some things done."
Bingo. Simple and clear.
While there is reason to hope and be optimistic, I just want to caution that there is no magic wand to erase years of bad or no regulation, years of greed on Wall Street and years of callous spending habits that the average American has gotten very used to. Obama will do his best and his best will come to naught if everyone is just waiting for him to wave his wand!!
Heres to a hopeful 2009 and beyond!
But lets get realistic and lets not expect too much of the man who is taking over from the worst Presidency ever. Reading the Time magazine write up on Obama made me concerned- "Obama's genome is global, his mind is innovative, his world is networked, and his spirit is democratic"- wow- that is some compliment to live upto and symptomatic of the media hyperbole that creates unrealistic expectations. We can be hopeful but not THAT hopeful. He himself points out it will take him at least two years to make a tangible impact and given the media's short attention span, two years can be a long time. Heck- two years back, Obama had a distant shot at getting the democratic nomination let alone be President.
There is reason to hope with Obama. The man has a philosophy of leadership that I find liberating. He says- "I've got a pretty good nose for talent, so I hire really good people. And I've got a pretty healthy ego, so I'm not scared of hiring the smartest people, even when they're smarter than me. And I have low tolerance of nonsense and turf battles and game playing, and I send that message very clearly. And so, over time, people start trusting each other and they stay focused on the mission, as opposed to personal ambition or grievance. If you've got really smart people who are all focused on the same mission, then usually ou can get some things done."
Bingo. Simple and clear.
While there is reason to hope and be optimistic, I just want to caution that there is no magic wand to erase years of bad or no regulation, years of greed on Wall Street and years of callous spending habits that the average American has gotten very used to. Obama will do his best and his best will come to naught if everyone is just waiting for him to wave his wand!!
Heres to a hopeful 2009 and beyond!
The end of an era...
For followers of cricket around the world, this week has been momentous. South Africa beat Australia comprehensively 2-0 to hand the Aussies their first home series defeat since 1992. Never in the last decade have the Australians looked so vulnerable and so out of sorts as they did in Melbourne last week. Never has a side seem so determined as South Africa to take the top spot in the world from a team that has dominated cricket for over a decade, and may I need, never have cricket fans around the world met this Australian demise with as much glee as they have done, including myself.
There are several reasons for this end of an era to hailed. One- it evens out test cricket around the world. It is no fun watching one team dominate every other team forever. Second- there is a certain arrogance about this Australian side that has rubbed all cricket fans around the world the wrong way and so, there is widespread celebration that they have been given the humble pie they truly deserve. Third- India and South Africa have edged ever so close to the Aussies in the last couple of years only to be edged out by some poor umpiring and questionable tactics. So, this victory seems divine justice in more ways than one.
Make no mistake. I have liked what the Australians have brought to the world stage in the last decade. First- very aggressive batting in tests with scoring rates consistently topping three and a half an over, sometimes over four make for compelling viewing. Second- very disciplined fielding both close in and in the outfield. Third- a brand of bowling led by the likes of McGrath and Warne that combined accuracy with subtle variations that left batsmen flummoxed around the world. And last but not the least, some very god captaincy from the likes of Taylor and then Steve Waugh.
When Hashim Amla scored the winning runs in Melbourne, I am sure South Africa celebrated but so did the rest of the cricketing world as those couple of runs signified a shift of balance that everyone has been desperate to see but has not been able to. I am glad the time has come...Graeme Smith and the Proteas- take a bow for beating the world champions so convincingly!
There are several reasons for this end of an era to hailed. One- it evens out test cricket around the world. It is no fun watching one team dominate every other team forever. Second- there is a certain arrogance about this Australian side that has rubbed all cricket fans around the world the wrong way and so, there is widespread celebration that they have been given the humble pie they truly deserve. Third- India and South Africa have edged ever so close to the Aussies in the last couple of years only to be edged out by some poor umpiring and questionable tactics. So, this victory seems divine justice in more ways than one.
Make no mistake. I have liked what the Australians have brought to the world stage in the last decade. First- very aggressive batting in tests with scoring rates consistently topping three and a half an over, sometimes over four make for compelling viewing. Second- very disciplined fielding both close in and in the outfield. Third- a brand of bowling led by the likes of McGrath and Warne that combined accuracy with subtle variations that left batsmen flummoxed around the world. And last but not the least, some very god captaincy from the likes of Taylor and then Steve Waugh.
When Hashim Amla scored the winning runs in Melbourne, I am sure South Africa celebrated but so did the rest of the cricketing world as those couple of runs signified a shift of balance that everyone has been desperate to see but has not been able to. I am glad the time has come...Graeme Smith and the Proteas- take a bow for beating the world champions so convincingly!
Saturday, December 27, 2008
Reboot America- From Friedman's latest column in NYT
I love Thomas Friedman's writing style. he is insightful, incisive and very direct.
I am reproducing here a piece from his latest column as it correctly portrays America's plight at the moment. Read on...
It actually started well, on Kau Sai Chau, an island off Hong Kong, where I stood on a rocky hilltop overlooking the South China Sea and talked to my wife back in Maryland, static-free, using a friend’s Chinese cellphone. A few hours later, I took off from Hong Kong’s ultramodern airport after riding out there from downtown on a sleek high-speed train — with wireless connectivity that was so good I was able to surf the Web the whole way on my laptop.
Landing at Kennedy Airport from Hong Kong was, as I’ve argued before, like going from the Jetsons to the Flintstones. The ugly, low-ceilinged arrival hall was cramped, and using a luggage cart cost $3. (Couldn’t we at least supply foreign visitors with a free luggage cart, like other major airports in the world?) As I looked around at this dingy room, it reminded of somewhere I had been before. Then I remembered: It was the luggage hall in the old Hong Kong Kai Tak Airport. It closed in 1998.
The next day I went to Penn Station, where the escalators down to the tracks are so narrow that they seem to have been designed before suitcases were invented. The disgusting track-side platforms apparently have not been cleaned since World War II. I took the Acela, America’s sorry excuse for a bullet train, from New York to Washington. Along the way, I tried to use my cellphone to conduct an interview and my conversation was interrupted by three dropped calls within one 15-minute span.
All I could think to myself was: If we’re so smart, why are other people living so much better than us? What has become of our infrastructure, which is so crucial to productivity? Back home, I was greeted by the news that General Motors was being bailed out — that’s the G.M. that Fortune magazine just noted “lost more than $72 billion in the past four years, and yet you can count on one hand the number of executives who have been reassigned or lost their job.”
My fellow Americans, we can’t continue in this mode of “Dumb as we wanna be.” We’ve indulged ourselves for too long with tax cuts that we can’t afford, bailouts of auto companies that have become giant wealth-destruction machines, energy prices that do not encourage investment in 21st-century renewable power systems or efficient cars, public schools with no national standards to prevent illiterates from graduating and immigration policies that have our colleges educating the world’s best scientists and engineers and then, when these foreigners graduate, instead of stapling green cards to their diplomas, we order them to go home and start companies to compete against ours.
To top it off, we’ve fallen into a trend of diverting and rewarding the best of our collective I.Q. to people doing financial engineering rather than real engineering. These rocket scientists and engineers were designing complex financial instruments to make money out of money — rather than designing cars, phones, computers, teaching tools, Internet programs and medical equipment that could improve the lives and productivity of millions.
For all these reasons, our present crisis is not just a financial meltdown crying out for a cash injection. We are in much deeper trouble. In fact, we as a country have become General Motors — as a result of our national drift. Look in the mirror: G.M. is us.
That’s why we don’t just need a bailout. We need a reboot. We need a build out. We need a buildup. We need a national makeover. That is why the next few months are among the most important in U.S. history. Because of the financial crisis, Barack Obama has the bipartisan support to spend $1 trillion in stimulus. But we must make certain that every bailout dollar, which we’re borrowing from our kids’ future, is spent wisely.
It has to go into training teachers, educating scientists and engineers, paying for research and building the most productivity-enhancing infrastructure — without building white elephants. Generally, I’d like to see fewer government dollars shoveled out and more creative tax incentives to stimulate the private sector to catalyze new industries and new markets. If we allow this money to be spent on pork, it will be the end of us.
America still has the right stuff to thrive. We still have the most creative, diverse, innovative culture and open society — in a world where the ability to imagine and generate new ideas with speed and to implement them through global collaboration is the most important competitive advantage. China may have great airports, but last week it went back to censoring The New York Times and other Western news sites. Censorship restricts your people’s imaginations. That’s really, really dumb. And that’s why for all our missteps, the 21st century is still up for grabs.
John Kennedy led us on a journey to discover the moon. Obama needs to lead us on a journey to rediscover, rebuild and reinvent our own backyard.
I am reproducing here a piece from his latest column as it correctly portrays America's plight at the moment. Read on...
It actually started well, on Kau Sai Chau, an island off Hong Kong, where I stood on a rocky hilltop overlooking the South China Sea and talked to my wife back in Maryland, static-free, using a friend’s Chinese cellphone. A few hours later, I took off from Hong Kong’s ultramodern airport after riding out there from downtown on a sleek high-speed train — with wireless connectivity that was so good I was able to surf the Web the whole way on my laptop.
Landing at Kennedy Airport from Hong Kong was, as I’ve argued before, like going from the Jetsons to the Flintstones. The ugly, low-ceilinged arrival hall was cramped, and using a luggage cart cost $3. (Couldn’t we at least supply foreign visitors with a free luggage cart, like other major airports in the world?) As I looked around at this dingy room, it reminded of somewhere I had been before. Then I remembered: It was the luggage hall in the old Hong Kong Kai Tak Airport. It closed in 1998.
The next day I went to Penn Station, where the escalators down to the tracks are so narrow that they seem to have been designed before suitcases were invented. The disgusting track-side platforms apparently have not been cleaned since World War II. I took the Acela, America’s sorry excuse for a bullet train, from New York to Washington. Along the way, I tried to use my cellphone to conduct an interview and my conversation was interrupted by three dropped calls within one 15-minute span.
All I could think to myself was: If we’re so smart, why are other people living so much better than us? What has become of our infrastructure, which is so crucial to productivity? Back home, I was greeted by the news that General Motors was being bailed out — that’s the G.M. that Fortune magazine just noted “lost more than $72 billion in the past four years, and yet you can count on one hand the number of executives who have been reassigned or lost their job.”
My fellow Americans, we can’t continue in this mode of “Dumb as we wanna be.” We’ve indulged ourselves for too long with tax cuts that we can’t afford, bailouts of auto companies that have become giant wealth-destruction machines, energy prices that do not encourage investment in 21st-century renewable power systems or efficient cars, public schools with no national standards to prevent illiterates from graduating and immigration policies that have our colleges educating the world’s best scientists and engineers and then, when these foreigners graduate, instead of stapling green cards to their diplomas, we order them to go home and start companies to compete against ours.
To top it off, we’ve fallen into a trend of diverting and rewarding the best of our collective I.Q. to people doing financial engineering rather than real engineering. These rocket scientists and engineers were designing complex financial instruments to make money out of money — rather than designing cars, phones, computers, teaching tools, Internet programs and medical equipment that could improve the lives and productivity of millions.
For all these reasons, our present crisis is not just a financial meltdown crying out for a cash injection. We are in much deeper trouble. In fact, we as a country have become General Motors — as a result of our national drift. Look in the mirror: G.M. is us.
That’s why we don’t just need a bailout. We need a reboot. We need a build out. We need a buildup. We need a national makeover. That is why the next few months are among the most important in U.S. history. Because of the financial crisis, Barack Obama has the bipartisan support to spend $1 trillion in stimulus. But we must make certain that every bailout dollar, which we’re borrowing from our kids’ future, is spent wisely.
It has to go into training teachers, educating scientists and engineers, paying for research and building the most productivity-enhancing infrastructure — without building white elephants. Generally, I’d like to see fewer government dollars shoveled out and more creative tax incentives to stimulate the private sector to catalyze new industries and new markets. If we allow this money to be spent on pork, it will be the end of us.
America still has the right stuff to thrive. We still have the most creative, diverse, innovative culture and open society — in a world where the ability to imagine and generate new ideas with speed and to implement them through global collaboration is the most important competitive advantage. China may have great airports, but last week it went back to censoring The New York Times and other Western news sites. Censorship restricts your people’s imaginations. That’s really, really dumb. And that’s why for all our missteps, the 21st century is still up for grabs.
John Kennedy led us on a journey to discover the moon. Obama needs to lead us on a journey to rediscover, rebuild and reinvent our own backyard.
Tuesday, November 25, 2008
Outliers- What does it take to succeed?
I just finished Gladwell's third book and I must say that compared to Tipping Point and Blink, this one is the lightest in content and most far fetched in terms of research. Having said that, Gladwell makes even the most mundane idea come alive like no one else I know.
Lets take one idea that is not terribly original- hard work leads to proficiency.
Gladwell doesn't say it that simply. He calls his chapter on this- the 10,000 hour rule and you get hooked.
What is the 10,000 hour rule?
You keep reading and Gladwell brings you in with stories that are carefully chosen to prove his point. He cites studies that have shown that there is a 10 year and/or 10,000 hour rule to reach the stage of "proficiency" in any field. For example, a pianist who practices 3 hours per day, 6 days per week will reach 10,000 hours in roughly 10 years. Put another way, while innate talent is needed, you cant just rely on talent, it needs a lot of hard work to get REALLY good at something.
There are some other ideas that are interesting. For example, he reasons that the seemingly mundane cutoff dates for selection to school teams matters a heck of a lot in determining who would eventually play in the big league. His reason is simple- there is a distinct advantage to have a birthdate as close as possible to the cutoff date. In general, older children are bigger, faster, stronger and smarter than their age group peers. Once they selected early enough because of their performance, they are given the environment to succeed more and hence they do- a variation of the self fulfilling prophecy I guess.
Some other key points- First- IQ is just a threshold - High IQs are not necessarily a good predictor of success. However, there is a threshold where you need to be 'smart enough' to be able to succeed. As Malcolm states in his book, "being successful is about a lot more than IQ."
Second- Generational limitations - Success also depends on when you are born which drives when you reach adulthood. For example, to be born between 1900 and 1911 is demographically unlucky as you would have hit the most devastating events of the 20th century - the Great Depression and WWII - at the wrong times.
Third- Social heritance - According to Gladwell, "Cultural legacies are powerful forces" and they can persist generation after generation long after the social and demographic conditions that created them have passed. Gladwell told about a psychology study conducted by Dov Cohen and Richard Nisbett at the University of Michigan in the early 1990s around the culture of honor and violence. It turns out that there is a difference between young men from the Northern and Southern US respond to insults and which partially explains the higher rates of violence in the South.
Fourth- 7 errors - A typical accident involves 7 consecutive human errors. Gladwell examines airline crashes and it is very rare for a crash to be blamed on equipment, and the typical cause is human error. However, it is not just one human error but a series of small errors that contribute to an eventual catastrophic accident.
These are all interesting vignettes and Gladwell weaves them remarkably well, he is a better storyteller than I have read in recent times and just for that, this book is worth a read- plus you are likely to finish this in one weekend anyway!
Lets take one idea that is not terribly original- hard work leads to proficiency.
Gladwell doesn't say it that simply. He calls his chapter on this- the 10,000 hour rule and you get hooked.
What is the 10,000 hour rule?
You keep reading and Gladwell brings you in with stories that are carefully chosen to prove his point. He cites studies that have shown that there is a 10 year and/or 10,000 hour rule to reach the stage of "proficiency" in any field. For example, a pianist who practices 3 hours per day, 6 days per week will reach 10,000 hours in roughly 10 years. Put another way, while innate talent is needed, you cant just rely on talent, it needs a lot of hard work to get REALLY good at something.
There are some other ideas that are interesting. For example, he reasons that the seemingly mundane cutoff dates for selection to school teams matters a heck of a lot in determining who would eventually play in the big league. His reason is simple- there is a distinct advantage to have a birthdate as close as possible to the cutoff date. In general, older children are bigger, faster, stronger and smarter than their age group peers. Once they selected early enough because of their performance, they are given the environment to succeed more and hence they do- a variation of the self fulfilling prophecy I guess.
Some other key points- First- IQ is just a threshold - High IQs are not necessarily a good predictor of success. However, there is a threshold where you need to be 'smart enough' to be able to succeed. As Malcolm states in his book, "being successful is about a lot more than IQ."
Second- Generational limitations - Success also depends on when you are born which drives when you reach adulthood. For example, to be born between 1900 and 1911 is demographically unlucky as you would have hit the most devastating events of the 20th century - the Great Depression and WWII - at the wrong times.
Third- Social heritance - According to Gladwell, "Cultural legacies are powerful forces" and they can persist generation after generation long after the social and demographic conditions that created them have passed. Gladwell told about a psychology study conducted by Dov Cohen and Richard Nisbett at the University of Michigan in the early 1990s around the culture of honor and violence. It turns out that there is a difference between young men from the Northern and Southern US respond to insults and which partially explains the higher rates of violence in the South.
Fourth- 7 errors - A typical accident involves 7 consecutive human errors. Gladwell examines airline crashes and it is very rare for a crash to be blamed on equipment, and the typical cause is human error. However, it is not just one human error but a series of small errors that contribute to an eventual catastrophic accident.
These are all interesting vignettes and Gladwell weaves them remarkably well, he is a better storyteller than I have read in recent times and just for that, this book is worth a read- plus you are likely to finish this in one weekend anyway!
Monday, November 17, 2008
Human behavior, Dr. Burns and Feeling Good!
I have always been a student of human behavior. I find it fascinating- why do people behave the way they do, the way they react to different situations and the way they deal with stress- are all questions that I find intriguing and incredibly interesting. It is no surprise then that I tend to read a lot of human behavior/ psychology related books.
Recently, I found one at my cousin sister's place in San Diego, that I can stack up against the very best in the subject. Titled "Feeling Good" and written by Dr. David Burns, it is the best treatise on cognitive behavioral therapy I have read. The premise of the cognitive model of human behavior is based on three simple ideas-
a) We feel the way we think.
b) Anxiety results from distorted, illogical thoughts. He clearly lays out 10 mental distortions and the way to deal with each.
c) When we change we think by correcting the distortions, we can change the way we feel.
Very simple, and very powerful.
I read the book over a weekend and got so taken in by it that I ordered his others books- When Panic Attacks, Ten Days to Self Esteem and The Feeling Good Handbook. I would highly recommend When Panic Attacks because the book builds on the foundation of CBT and takes it to another level by combining it with other techniques to reduce or completely eliminate anxiety.
Having read all these books, I am glad I was browsing my sister's library in San Diego when I was there a couple of months back, otherwise I would not have been introduced to one of the finest students of human behavior of our times!
Recently, I found one at my cousin sister's place in San Diego, that I can stack up against the very best in the subject. Titled "Feeling Good" and written by Dr. David Burns, it is the best treatise on cognitive behavioral therapy I have read. The premise of the cognitive model of human behavior is based on three simple ideas-
a) We feel the way we think.
b) Anxiety results from distorted, illogical thoughts. He clearly lays out 10 mental distortions and the way to deal with each.
c) When we change we think by correcting the distortions, we can change the way we feel.
Very simple, and very powerful.
I read the book over a weekend and got so taken in by it that I ordered his others books- When Panic Attacks, Ten Days to Self Esteem and The Feeling Good Handbook. I would highly recommend When Panic Attacks because the book builds on the foundation of CBT and takes it to another level by combining it with other techniques to reduce or completely eliminate anxiety.
Having read all these books, I am glad I was browsing my sister's library in San Diego when I was there a couple of months back, otherwise I would not have been introduced to one of the finest students of human behavior of our times!
Wednesday, November 12, 2008
The Buffet lessons in this environment!
Warren Buffett has already told the world what he's doing in this frightful market. The Oracle of Omaha proudly proclaimed that he's "been buying American stocks" with his personal funds.
But it should also be noted that Buffett has been putting his investors' money on the line as well. After sitting on piles of cash for several years and lamenting the lack of attractive opportunities, Buffett has made several key acquisitions through his investment conglomerate, Berkshire Hathaway, culminating in a flurry of late- September and early-October deals.
In just a two-week span, Buffett picked up Constellation Energy for the relative bargain price of $4.7 billion. He bought $5 billion in preferred stock from Goldman Sachs, receiving a fat 10% yield. And he purchased $3 billion in preferred shares of GE, also yielding 10%.
This doesn't mean Buffett is saying go out and buy Goldman or GE (GE, Fortune 500) stock. In fact, there are plenty of reasons why you shouldn't try to follow his lead, not the least of which is the fact that Berkshire gets deals that individuals simply can't.
But that's not the point. The opportunity here is to pick up some valuable investing wisdom from the greatest practitioner alive. In this spirit, here's what I think you can learn from Buffett's moves:
Be greedy when others are fearful
It's the most famous of all Buffett-isms: "Be fearful when others are greedy and greedy when others are fearful." Today there's ample evidence that people are scared, as fund investors have been redeeming record amounts of money from their stock portfolios.
By contrast, Buffett is putting his money to work. Berkshire's cash balance, by my estimate, is at its lowest level in recent memory.
Now, this doesn't mean the market will turn around tomorrow. But Buffett's point is that this is not the time to flee U.S. stocks. In fact, now is a great time to be looking for shares of high-quality firms that have been beaten down to affordable levels.
Don't be hobbled by past mistakes
Buffett's investment in Goldman Sachs (GS, Fortune 500) was surprising to many, given his frequent digs at Wall Street's casino culture and a problematic investment he made in Salomon Brothers.
In 1987, Buffett bought a stake in Salomon to ward off a hostile takeover, but the firm nearly collapsed amid a bond bid-rigging scandal a few years later, and Buffett had to step in as interim chairman.
Although the investment eventually worked out - Salomon was bought by Travelers, which merged with Citicorp to form Citigroup (C, Fortune 500) - it's safe to say that it was a longer and harder road than he had anticipated.
Still, Buffett understood that investment banking, for all its recent woes, is an attractive business if managed properly. The group of top-tier firms is fairly small, and it would be hard for a new competitor to break into the business, which gives Goldman Sachs tremendous bargaining power over its customers.
There's an important lesson in this for individual investors. Just because many financial stocks in your portfolio have imploded recently, it doesn't mean you should sell out of this sector entirely - or turn your back on these stocks for good.
Don't fall in love with your stocks
Buffett is famous for having said that his favorite holding period is "forever." But he will sell a stock he loves if conditions warrant. For example, late last year, as crude-oil prices were approaching $100 a barrel, Buffett jettisoned his stake in PetroChina (PTR).
Why? After multiplying more than fivefold since he bought it a few years earlier, PetroChina shares had reached fair value, so he sold. Since he cashed out, PetroChina shares have been cut in half.
Chalk this up to a lesson the Oracle learned in the late '90s. As he admitted in 2003, "...I made a big mistake in not selling several of our larger holdings during the Great Bubble."
Buffett similarly made what may be one of his best decisions when he sold Berkshire Hathaway's long-held stake in Freddie Mac (FRE, Fortune 500) in 2000. He's never written about exactly why, but he noted presciently at his 2001 annual shareholder meeting that Freddie Mac's "risk profile had changed."
Keep your powder dry
While the rest of the world gorged on cheap credit, Buffett maintained Berkshire's conservative profile. This hindered his returns when times were good, but having lots of cash on hand enabled Buffett to snap up once-in-a-lifetime deals, like Constellation Energy (CEG, Fortune 500).
Buffett, who owns several utilities, jumped on Constellation in September after its shares tumbled from around $60 to his purchase price of $26.50 in a mere matter of days. The result: He nabbed a company that produces nearly $1 billion in earnings a year for less than $5 billion.
Now, you may not be in a position to keep $40 billion in the bank. But as Buffett showed, it's smart to have some cash on hand for opportunistic purchases. What's more, there's nothing wrong with being disciplined enough to turn your back on stocks that you're not 100% confident in. That's sage advice.
But it should also be noted that Buffett has been putting his investors' money on the line as well. After sitting on piles of cash for several years and lamenting the lack of attractive opportunities, Buffett has made several key acquisitions through his investment conglomerate, Berkshire Hathaway, culminating in a flurry of late- September and early-October deals.
In just a two-week span, Buffett picked up Constellation Energy for the relative bargain price of $4.7 billion. He bought $5 billion in preferred stock from Goldman Sachs, receiving a fat 10% yield. And he purchased $3 billion in preferred shares of GE, also yielding 10%.
This doesn't mean Buffett is saying go out and buy Goldman or GE (GE, Fortune 500) stock. In fact, there are plenty of reasons why you shouldn't try to follow his lead, not the least of which is the fact that Berkshire gets deals that individuals simply can't.
But that's not the point. The opportunity here is to pick up some valuable investing wisdom from the greatest practitioner alive. In this spirit, here's what I think you can learn from Buffett's moves:
Be greedy when others are fearful
It's the most famous of all Buffett-isms: "Be fearful when others are greedy and greedy when others are fearful." Today there's ample evidence that people are scared, as fund investors have been redeeming record amounts of money from their stock portfolios.
By contrast, Buffett is putting his money to work. Berkshire's cash balance, by my estimate, is at its lowest level in recent memory.
Now, this doesn't mean the market will turn around tomorrow. But Buffett's point is that this is not the time to flee U.S. stocks. In fact, now is a great time to be looking for shares of high-quality firms that have been beaten down to affordable levels.
Don't be hobbled by past mistakes
Buffett's investment in Goldman Sachs (GS, Fortune 500) was surprising to many, given his frequent digs at Wall Street's casino culture and a problematic investment he made in Salomon Brothers.
In 1987, Buffett bought a stake in Salomon to ward off a hostile takeover, but the firm nearly collapsed amid a bond bid-rigging scandal a few years later, and Buffett had to step in as interim chairman.
Although the investment eventually worked out - Salomon was bought by Travelers, which merged with Citicorp to form Citigroup (C, Fortune 500) - it's safe to say that it was a longer and harder road than he had anticipated.
Still, Buffett understood that investment banking, for all its recent woes, is an attractive business if managed properly. The group of top-tier firms is fairly small, and it would be hard for a new competitor to break into the business, which gives Goldman Sachs tremendous bargaining power over its customers.
There's an important lesson in this for individual investors. Just because many financial stocks in your portfolio have imploded recently, it doesn't mean you should sell out of this sector entirely - or turn your back on these stocks for good.
Don't fall in love with your stocks
Buffett is famous for having said that his favorite holding period is "forever." But he will sell a stock he loves if conditions warrant. For example, late last year, as crude-oil prices were approaching $100 a barrel, Buffett jettisoned his stake in PetroChina (PTR).
Why? After multiplying more than fivefold since he bought it a few years earlier, PetroChina shares had reached fair value, so he sold. Since he cashed out, PetroChina shares have been cut in half.
Chalk this up to a lesson the Oracle learned in the late '90s. As he admitted in 2003, "...I made a big mistake in not selling several of our larger holdings during the Great Bubble."
Buffett similarly made what may be one of his best decisions when he sold Berkshire Hathaway's long-held stake in Freddie Mac (FRE, Fortune 500) in 2000. He's never written about exactly why, but he noted presciently at his 2001 annual shareholder meeting that Freddie Mac's "risk profile had changed."
Keep your powder dry
While the rest of the world gorged on cheap credit, Buffett maintained Berkshire's conservative profile. This hindered his returns when times were good, but having lots of cash on hand enabled Buffett to snap up once-in-a-lifetime deals, like Constellation Energy (CEG, Fortune 500).
Buffett, who owns several utilities, jumped on Constellation in September after its shares tumbled from around $60 to his purchase price of $26.50 in a mere matter of days. The result: He nabbed a company that produces nearly $1 billion in earnings a year for less than $5 billion.
Now, you may not be in a position to keep $40 billion in the bank. But as Buffett showed, it's smart to have some cash on hand for opportunistic purchases. What's more, there's nothing wrong with being disciplined enough to turn your back on stocks that you're not 100% confident in. That's sage advice.
Sunday, October 19, 2008
The Red Sox "faithful"
I got introduced to Baseball through the Red Sox and over the last four years, the team has given me many memorable moments- whether it was Curt Schilling's bleeding sock as he pitched gamely against the Yankees, or Pappelbon's amazing closings, or the heroics of Big Papi, the team has three things- an incredible never say die spirit, two- a faithful fan base that is probably the most intense I have seen and three- a ballpark that signifies history and modernity at the same time.
Their latest run has left us glued to our television sets. Just when everyone thought the Rays would take the ALCS title, they have risen like the proverbial phoenix, winning the last two games to tie the series and now comes the decider tomorrow when Lester and Garza go against each other.
Whatever the outcome, the Sox have again shown that they truly have the spirit to be champions. What separates the men from the boys is often not skill, but the mental strength and ability to rise when the chips are down, the temperament to perform when there is a crunch, and no one knows it better than the Red Sox and the "faithful".
My wife and I watched the game till midnight tonight and given the outcome, tomorrow seems like it will be a similar story. While we would not be categorized as the "faithful" yet, we are coming pretty darn close!
Their latest run has left us glued to our television sets. Just when everyone thought the Rays would take the ALCS title, they have risen like the proverbial phoenix, winning the last two games to tie the series and now comes the decider tomorrow when Lester and Garza go against each other.
Whatever the outcome, the Sox have again shown that they truly have the spirit to be champions. What separates the men from the boys is often not skill, but the mental strength and ability to rise when the chips are down, the temperament to perform when there is a crunch, and no one knows it better than the Red Sox and the "faithful".
My wife and I watched the game till midnight tonight and given the outcome, tomorrow seems like it will be a similar story. While we would not be categorized as the "faithful" yet, we are coming pretty darn close!
Saturday, October 11, 2008
Three reasons for the mess and how to get out of it!
My undergrad was in History.
At that time, everyone would ask me if there was any practical use for studying the past.
I would fumble with an answer and say something like- "lessons from history are important for us to avoid mistakes in the future" or "those who forget the lessons of history are condemned to repeat it" etc etc- all platitudes that I myself didn't quite believe in.
The financial crisis currently plaguing the US and the broader world economy has brought back some memories- most recently of the irrational exuberance of the dotcom bubble in the 90's but more importantly that of the 1920's when the overvaluations led to the eventual crash of the stock market and the onset of the Great Depression that resulted in large scale government intervention, consolidation in industry and widespread unemployment, symptoms eerily close to what we are seeing now.
Why do such "crashes" happen? How can we avoid them? And will we?
Cutting through all the jargon, here are the three reasons for the mess.
One- incorrect valuation of assets based on faulty assumptions. So, the land prices will continue to go up and therefore dont worry about whether you can afford your mortgage because your house will be worth much more anyway and you will have equity in your home to cash out if you are trouble- thats faulty logic. To have "securities" based on those assumptions about mortgages is even worse as they go against the grain of what the word security means! Look at the inherent value of any asset, be conservative in predicting future cash flows and if there are positive surprises, good for everyone.
Second- affordability and that goes for both companies and individuals. Over-leverage is never good and so be careful about the materialistic streak you could enter if you spare cash. Rule of thumb- spend no more than 75% of your income and have a cash reserve equivalent to six month of expenses at the very least for a rainy day. For companies, cash is king too. See all these companies trying to get a piece of 700bn bailout- its all about the credit squeeze.
Third- remain emotionally stable and that goes for companies, markets and individuals. We have seen an incredible loss of confidence in the past three weeks, the Dow has plunged from a high of over 13,000 to under 9,000. Have companies suddenly become worthless? No. But have people have lost confidence? Yes. People like security and that comes in numbers. Panic has a cataclysmic effect too. Someone panics, some others join and before you know it, others are bailing on the market based not on their understanding of performance or objective data, but because some others think that values aren't good. This is the time to stay solid and not panic. If you have done a goof job of one and two above, you have nothing to worry about.
So there are the three lessons. Value appropriately, spend reasonably, and don't panic when crisis hits. The lessons are as important for companies and as they are for individuals.
And from all our lessons of history, we know that when we fail to live by these value, we are taught some painful lessons that make us come back on the right track.
History does repeat itself in uncanny ways, and I am glad to have that undergrad even if it was years ago....the lessons are still fresh in my mind!
At that time, everyone would ask me if there was any practical use for studying the past.
I would fumble with an answer and say something like- "lessons from history are important for us to avoid mistakes in the future" or "those who forget the lessons of history are condemned to repeat it" etc etc- all platitudes that I myself didn't quite believe in.
The financial crisis currently plaguing the US and the broader world economy has brought back some memories- most recently of the irrational exuberance of the dotcom bubble in the 90's but more importantly that of the 1920's when the overvaluations led to the eventual crash of the stock market and the onset of the Great Depression that resulted in large scale government intervention, consolidation in industry and widespread unemployment, symptoms eerily close to what we are seeing now.
Why do such "crashes" happen? How can we avoid them? And will we?
Cutting through all the jargon, here are the three reasons for the mess.
One- incorrect valuation of assets based on faulty assumptions. So, the land prices will continue to go up and therefore dont worry about whether you can afford your mortgage because your house will be worth much more anyway and you will have equity in your home to cash out if you are trouble- thats faulty logic. To have "securities" based on those assumptions about mortgages is even worse as they go against the grain of what the word security means! Look at the inherent value of any asset, be conservative in predicting future cash flows and if there are positive surprises, good for everyone.
Second- affordability and that goes for both companies and individuals. Over-leverage is never good and so be careful about the materialistic streak you could enter if you spare cash. Rule of thumb- spend no more than 75% of your income and have a cash reserve equivalent to six month of expenses at the very least for a rainy day. For companies, cash is king too. See all these companies trying to get a piece of 700bn bailout- its all about the credit squeeze.
Third- remain emotionally stable and that goes for companies, markets and individuals. We have seen an incredible loss of confidence in the past three weeks, the Dow has plunged from a high of over 13,000 to under 9,000. Have companies suddenly become worthless? No. But have people have lost confidence? Yes. People like security and that comes in numbers. Panic has a cataclysmic effect too. Someone panics, some others join and before you know it, others are bailing on the market based not on their understanding of performance or objective data, but because some others think that values aren't good. This is the time to stay solid and not panic. If you have done a goof job of one and two above, you have nothing to worry about.
So there are the three lessons. Value appropriately, spend reasonably, and don't panic when crisis hits. The lessons are as important for companies and as they are for individuals.
And from all our lessons of history, we know that when we fail to live by these value, we are taught some painful lessons that make us come back on the right track.
History does repeat itself in uncanny ways, and I am glad to have that undergrad even if it was years ago....the lessons are still fresh in my mind!
Wednesday, October 08, 2008
Joe, Carl and Becky- 6am start to the work day!
Over the past three weeks, I have been waking up religiously at 5:30.
Not to exercise, not to get ready for a morning- but to watch three musketeers tell us about the latest on the economy and on the business.
At the strike of 6, I am right in front of the TV, glued to what the three have in store for me- Joe, Carl and Becky provide a fascinating perspective on the world of business- in a manner that is engaging, fun and informative at the same time.
So what is it that I like about Squawk Box on CNBC, the only business show I tivo-
One- the three have an incredible understanding of the markets, the business fundamentals and the interconnections looking at both macro trends in terms of futures, currencies and commodities on the hand, and specific company results on the other.
Two- their style is conversational and never looks scripted- they feed off each other, and none of the three feel the need to dominate the show as they work so well together as a team.
Three- they are able to get the best in the business on their show as guests that lends incredible credibility to the show. Warren Buffet is a regular, and so is Jack Welch. And interestingly, Joe, Carl and becky interact with everyone, and I mean, everyone with great ease and comfort.
The show is informative and fast paced and I have found nothing better to start the morning in these turbulent times than the trio using their engaging style to get me to make sense of the world of business as it stands today and where it is headed.
It almost feels like I have three friends who give me a headstart in the world of business every single day of the week.
Wonder how I survived all these years without them!
Not to exercise, not to get ready for a morning- but to watch three musketeers tell us about the latest on the economy and on the business.
At the strike of 6, I am right in front of the TV, glued to what the three have in store for me- Joe, Carl and Becky provide a fascinating perspective on the world of business- in a manner that is engaging, fun and informative at the same time.
So what is it that I like about Squawk Box on CNBC, the only business show I tivo-
One- the three have an incredible understanding of the markets, the business fundamentals and the interconnections looking at both macro trends in terms of futures, currencies and commodities on the hand, and specific company results on the other.
Two- their style is conversational and never looks scripted- they feed off each other, and none of the three feel the need to dominate the show as they work so well together as a team.
Three- they are able to get the best in the business on their show as guests that lends incredible credibility to the show. Warren Buffet is a regular, and so is Jack Welch. And interestingly, Joe, Carl and becky interact with everyone, and I mean, everyone with great ease and comfort.
The show is informative and fast paced and I have found nothing better to start the morning in these turbulent times than the trio using their engaging style to get me to make sense of the world of business as it stands today and where it is headed.
It almost feels like I have three friends who give me a headstart in the world of business every single day of the week.
Wonder how I survived all these years without them!
Sunday, October 05, 2008
Tina Fey rocks!
I love impersonations, but there are so many that are terrible, that when an extraordinary one comes along, you have got acknowledge it- and Tina Fey's impersonation of Sarah Palin is one for the ages!
Granted Sarah Palin is a sitting duck for humorists- she has no experience, doesn't answer most questions directly, has not beyond Alaska let alone the shores of the US, and her understanding of economics would make her a candidate for "Are you Smarter than a Fifth Grader" but still, you've got to get things right and Tina Fey is bang on- on several accounts- the accent, the cutesy wink, the inane maverick comments and the ability to still think you're doing well. If you have not seen the Saturday Night Live portions featuring her in the last couple of weeks, you are missing out on something.
Tina Fey walked away with a few Emmys this year, and if her Sarah Palin performances are anything to go by, she is already a front runner for next year.
She rocks, as much as Sarah Palin sucks...
Granted Sarah Palin is a sitting duck for humorists- she has no experience, doesn't answer most questions directly, has not beyond Alaska let alone the shores of the US, and her understanding of economics would make her a candidate for "Are you Smarter than a Fifth Grader" but still, you've got to get things right and Tina Fey is bang on- on several accounts- the accent, the cutesy wink, the inane maverick comments and the ability to still think you're doing well. If you have not seen the Saturday Night Live portions featuring her in the last couple of weeks, you are missing out on something.
Tina Fey walked away with a few Emmys this year, and if her Sarah Palin performances are anything to go by, she is already a front runner for next year.
She rocks, as much as Sarah Palin sucks...
Thursday, October 02, 2008
Palin, Pakistani President and the fatwa...
I just found this news column and thought it was indicative of how the central issues in Pakistan somehow get sidestepped for the most bizarre and innocuous events that somehow take centerstage. Read on...
After the flirtation came the fatwa.
With some overly friendly comments to Gov. Sarah Palin at the United Nations, Asif Ali Zardari has succeeded in uniting one of Pakistan's hard-line mosques and its feminists after a few weeks in office.
A radical Muslim prayer leader said the president shamed the nation for "indecent gestures, filthy remarks, and repeated praise of a non-Muslim lady wearing a short skirt."
Feminists charged that once again a male Pakistani leader has embarrassed the country with sexist remarks. And across the board, the Pakistani press has shown disapproval.
What did President Zardari do to draw such scorn? It might have been the "gorgeous" compliment he gave Ms. Palin when the two met at the UN last week during her meet-and-greet with foreign leaders ahead of Thursday's vice presidential debate with opponent Sen. Joe Biden, the Democratic vice presidential nominee.
But the comments from Zardari didn't end there. He went on to tell Palin: "Now I know why the whole of America is crazy about you."
"You are so nice," replied the Republican vice presidential hopeful, smiling. "Thank you."
But what may have really caused Pakistan's radical religious leaders to stew was his comment that he might "hug" Palin if his handler insisted.
Though the fatwa, issued days after the Sept. 24 exchange, carries little weight among most Pakistanis, it's indicative of the anger felt by Pakistan's increasingly assertive conservatives who consider physical contact and flattery between a man and woman who aren't married to each other distasteful. Though fatwas, or religious edicts, can range from advice on daily life to death sentences, this one does not call for any action or violence.
Last year, the mosque that issued the fatwa, Lal Masjid (Red Mosque) in Islamabad, condemned the former tourism minister, Nilofar Bahktiar, after she was photographed being hugged by a male parachuting coach in France.
Clerics declared the act a "great sin" and, though less vocal about it, similar sentiments were shared by many among Pakistani's middle classes. The Red Mosque gained international infamy in July 2007 after becoming the focal point of a Pakistan Army operation.
For the feminists it's less about cozying up to a non-Muslim woman and more about the sexist remarks by Zardari.
"As a Pakistani and as a woman, it was shameful and unacceptable. He was looking upon her merely as a woman and not as a politician in her own right," says Tahira Abdullah, a member of the Women's Action Forum.
Dismissing the mosque's concerns as "ranting," she, however, adds: "He should show some decorum – if he loved his wife so much as to press for a United Nations investigation into her death, he should behave like a mourning widower," in reference to former Pakistani premier Benazir Bhutto, a feminist icon for millions of Pakistani women.
The theme of decorum was picked up by English daily Dawn, whose editorial asked: "Why do our presidents always end up embarrassing us internationally by making sexist remarks?"
The incident bears some resemblance to yet another charm offensive by a senior Pakistani politician. Marcus Mabry's biography of Condoleezza Rice includes a passage in which he relates a meeting between former Pakistani Prime Minister Shaukat Aziz and Ms. Rice, in which Mr. Aziz was said to have stared deeply into the secretary of State's eyes and to have told her he could "conquer any woman in two minutes."
There are some, however, who see things as having been blown out of proportion.
"It was a sweet and innocuous exchange played as an international incident on Pakistani and rascally Indian front-pages with one English daily [writing] it in a scarlet box, half-implying Mrs. Palin would ditch Alaska's First Dude and become Pakistan's First Babe. As if," wrote columnist Fasih Ahmed in the Daily Times.
For most, it will soon be forgotten in a country dealing with terrorism, rising food prices, and a struggling economy. "We don't care that much how they [politicians] behave – what really matters is keeping prices down," says Nazeera Bibi, a maid in Lahore.
After the flirtation came the fatwa.
With some overly friendly comments to Gov. Sarah Palin at the United Nations, Asif Ali Zardari has succeeded in uniting one of Pakistan's hard-line mosques and its feminists after a few weeks in office.
A radical Muslim prayer leader said the president shamed the nation for "indecent gestures, filthy remarks, and repeated praise of a non-Muslim lady wearing a short skirt."
Feminists charged that once again a male Pakistani leader has embarrassed the country with sexist remarks. And across the board, the Pakistani press has shown disapproval.
What did President Zardari do to draw such scorn? It might have been the "gorgeous" compliment he gave Ms. Palin when the two met at the UN last week during her meet-and-greet with foreign leaders ahead of Thursday's vice presidential debate with opponent Sen. Joe Biden, the Democratic vice presidential nominee.
But the comments from Zardari didn't end there. He went on to tell Palin: "Now I know why the whole of America is crazy about you."
"You are so nice," replied the Republican vice presidential hopeful, smiling. "Thank you."
But what may have really caused Pakistan's radical religious leaders to stew was his comment that he might "hug" Palin if his handler insisted.
Though the fatwa, issued days after the Sept. 24 exchange, carries little weight among most Pakistanis, it's indicative of the anger felt by Pakistan's increasingly assertive conservatives who consider physical contact and flattery between a man and woman who aren't married to each other distasteful. Though fatwas, or religious edicts, can range from advice on daily life to death sentences, this one does not call for any action or violence.
Last year, the mosque that issued the fatwa, Lal Masjid (Red Mosque) in Islamabad, condemned the former tourism minister, Nilofar Bahktiar, after she was photographed being hugged by a male parachuting coach in France.
Clerics declared the act a "great sin" and, though less vocal about it, similar sentiments were shared by many among Pakistani's middle classes. The Red Mosque gained international infamy in July 2007 after becoming the focal point of a Pakistan Army operation.
For the feminists it's less about cozying up to a non-Muslim woman and more about the sexist remarks by Zardari.
"As a Pakistani and as a woman, it was shameful and unacceptable. He was looking upon her merely as a woman and not as a politician in her own right," says Tahira Abdullah, a member of the Women's Action Forum.
Dismissing the mosque's concerns as "ranting," she, however, adds: "He should show some decorum – if he loved his wife so much as to press for a United Nations investigation into her death, he should behave like a mourning widower," in reference to former Pakistani premier Benazir Bhutto, a feminist icon for millions of Pakistani women.
The theme of decorum was picked up by English daily Dawn, whose editorial asked: "Why do our presidents always end up embarrassing us internationally by making sexist remarks?"
The incident bears some resemblance to yet another charm offensive by a senior Pakistani politician. Marcus Mabry's biography of Condoleezza Rice includes a passage in which he relates a meeting between former Pakistani Prime Minister Shaukat Aziz and Ms. Rice, in which Mr. Aziz was said to have stared deeply into the secretary of State's eyes and to have told her he could "conquer any woman in two minutes."
There are some, however, who see things as having been blown out of proportion.
"It was a sweet and innocuous exchange played as an international incident on Pakistani and rascally Indian front-pages with one English daily [writing] it in a scarlet box, half-implying Mrs. Palin would ditch Alaska's First Dude and become Pakistan's First Babe. As if," wrote columnist Fasih Ahmed in the Daily Times.
For most, it will soon be forgotten in a country dealing with terrorism, rising food prices, and a struggling economy. "We don't care that much how they [politicians] behave – what really matters is keeping prices down," says Nazeera Bibi, a maid in Lahore.
Monday, September 29, 2008
1.2 trillion in market value wiped out in one day...
We are living in historic times, though I wish I would be writing that for different reasons.
Today's events were extraordinary, capping off weeks of financial meltdown that finally came to a head with a 700bn dollar bailout plan failing to pass in the Congress- this after the President, no less, urged his own party to back it- only one-third did and the plan is now on hold as the politicians take a "well deserved" Jewish holiday break!
I dont think Washington realizes that 1.2 trillion dollars in market value was wiped out today, I dont think any of them get it. As I walked down Tryon Street, there was a pall of gloom across the street in Wachovia, a perfectly sound and stable bank that got sold for less than a dollar a share. A lot of people have their retirements in stock, they have their long term savings in stock and to see all that disappear is shocking. To put it simply, credit is the oil that lubricates the economy and for it to come to a grinding halt, as it almost did today, will be catastrophic for everyone, not just those on Wall Street.
A lot of people are confused about how we got here. Three easy steps- first- "selling" mortgages to those who can't afford it, second- securities getting "sold" in the hope that house prices would go up and so their value getting inflated beyond their true worth, and third- as the housing prices don't go up, the inherent value of the securities comes into question, which tightens the entire credit situation up as no one is really confident about the actual worth of the security. Crystal clear!
This has been a sad day- for investors and the common man. It has been a despicable day for politicians- their unbridled greed, unprincipled partisanship and incorrigible incompetence is something that galls me no end!
Today's events were extraordinary, capping off weeks of financial meltdown that finally came to a head with a 700bn dollar bailout plan failing to pass in the Congress- this after the President, no less, urged his own party to back it- only one-third did and the plan is now on hold as the politicians take a "well deserved" Jewish holiday break!
I dont think Washington realizes that 1.2 trillion dollars in market value was wiped out today, I dont think any of them get it. As I walked down Tryon Street, there was a pall of gloom across the street in Wachovia, a perfectly sound and stable bank that got sold for less than a dollar a share. A lot of people have their retirements in stock, they have their long term savings in stock and to see all that disappear is shocking. To put it simply, credit is the oil that lubricates the economy and for it to come to a grinding halt, as it almost did today, will be catastrophic for everyone, not just those on Wall Street.
A lot of people are confused about how we got here. Three easy steps- first- "selling" mortgages to those who can't afford it, second- securities getting "sold" in the hope that house prices would go up and so their value getting inflated beyond their true worth, and third- as the housing prices don't go up, the inherent value of the securities comes into question, which tightens the entire credit situation up as no one is really confident about the actual worth of the security. Crystal clear!
This has been a sad day- for investors and the common man. It has been a despicable day for politicians- their unbridled greed, unprincipled partisanship and incorrigible incompetence is something that galls me no end!
The bailout and the vote...
I hate politicians, and have hated them for some time now- I find them self serving, conniving, and inherently deceitful. I stopped following politics in 1995 and I must say for the last 13 years, I have saved myself a lot of grief and wasted time discussing politics- in the newspapers, I turn to sports and entertainment right away and then move to business, I completely skip politics. My life has been inherently happier that way.
Today, unfortunately politics and business met, the politicians had to vote on the 700bn package that actually rescues the common american man and frankly, saves the economy from coming to a complete halt...and once again, the politicians let me down. They voted against it!! This is when we have faced the following situation in the last fortnight-
a) We faced the biggest bank collapse in American history, WaMu
b) Wachovia, the 4th largest bank in the country was sold off for a dollar
c) Lehman went under
d) Investment Banks as we know them don't exist anymore
e) AIG being bailed out for 85bn
f) There has been severe gas shortage in the country with gas lines at pumps not seen since the oil crisis in the seventies.
And what can the politicians think of? How will voters react? How will their contituents react? I used to think Indian politics was a quagmire, it seems no better in Washington.
What is shocking is that President can't get his party to fall in line?!!
And what is their alternative- wait for another 10 banks to fail!!!
I hate politics and politicians- always have and given the events of today, I think always will!!!
Today, unfortunately politics and business met, the politicians had to vote on the 700bn package that actually rescues the common american man and frankly, saves the economy from coming to a complete halt...and once again, the politicians let me down. They voted against it!! This is when we have faced the following situation in the last fortnight-
a) We faced the biggest bank collapse in American history, WaMu
b) Wachovia, the 4th largest bank in the country was sold off for a dollar
c) Lehman went under
d) Investment Banks as we know them don't exist anymore
e) AIG being bailed out for 85bn
f) There has been severe gas shortage in the country with gas lines at pumps not seen since the oil crisis in the seventies.
And what can the politicians think of? How will voters react? How will their contituents react? I used to think Indian politics was a quagmire, it seems no better in Washington.
What is shocking is that President can't get his party to fall in line?!!
And what is their alternative- wait for another 10 banks to fail!!!
I hate politics and politicians- always have and given the events of today, I think always will!!!
Wednesday, September 17, 2008
The Lehman collapse, the AIG bailout and Merrill buyout!
Over the last week, my favorite TV channel has been CNBC- its almost as if you are following a thriller and you dont want to blink as you will miss something.
Its been an unbelievable week- and I was in Vegas on vacation when I first happened to glance at a news item that Lehman was in trouble. I thought, thats not a big deal as a lot of companies have been reporting losses. Being a 150 year old Wall Street powerhouse, even if Lehman was in trouble, the worst I expected was loss in profits, some more writedowns, potential layoffs and that was it. By Thursday and Friday, it was clear that Lehman needed to sell and Bank of America became a leading contended to buy. That piqued my interest.
Our vacation ended Sunday night and as I turned on my computer, I began to follow the saga more closely. It appeared that talks with Lehman had broken down and Barclays was in play for Lehman, not Bank of America. I continued surfing the net and just past midnight on Sunday, bloomberg reported that Bank of America had agreed to buy Merrill Lynch for 50 billion. That was a bolt from the blue- was Merrill even in trouble? What happened to Lehman? And as I looked over, it seemed that Lehman was going to file for Chapter 11. An institution like Lehman in bankruptcy- absolutely unbelievable and seeing the writing on the wall, Merrill did the wisest thing by selling out. Walking into the Bank Monday morning was an absolute rush- lots of excitement, lots of pride about being part of the biggest financial institution that can make a deal of 50 bn literally over a weekend! It was heady and still is...
But this was not all- news poured in that AIG was in trouble and the government was asking the big banks to pony up 75bn to help save the company. Fears about bank run, whether deposits themselves were safe became more real. Comparisons begun to be made with 1929- on Monday, the stock market had its worst day since September 11, 2001- this wasnt recession anymore, we were well and truly in Depression freefall.
Today, every hour, I kept checking bloomberg on AIG as the stock plummeted to 1.47 at one stage, kept bouncing back to 3-ish and back to the high 1's or low 2's. It was like being in an emergency room watching someone on life support and praying. My wife called me in the afternoon to ask me whether we should take out our insurance in AIG. We discussed it for 10 minutes- the longest money discussion we have had in our marriage! We decided against it- we believed the company as strong and too good to be allowed to go belly up. As a mark of my confidence, I bought a few shares of AIG, and given I just came back from Vegas, I was very willing to take on this gamble- much better odds than the roulette!
This evening, even as we went to bed, news arrived about an 85bn infusion into AIG by the government for an 80% stake in the company! Thank God! Its a relief, but we are clearly not out of the woods yet. As our CEO Ken Lewis pointed out, 2009 is going to a tough year but he can see the clouds lifting in 2010- thats still 5 quarters away!!
I turned off CNBC today and moved over to CNN in the hope to catch some political news or hurricane news, but there was Anderson Cooper interviewing Susie Orman on what the financial crisis meant to the common man, comparisons to the Great Depression and the road ahead.
It was then that I realized that maybe, CNBC is going to stay one of my regular channels for the forseeable future, not just last week. It is an exciting time, and reminds me of the old Dickens phrase- "it was the best of times, it was the worst of times" depending upon how you look at things. From my vantage, I am excited about how all this would shake out and eventually lead to a more stable, less exhuberant financial sector that relies on good old basics to make money. I never thought CNBC would be my favorite channel, but it seems thats the only way to keep up to date with a sector that is changing with dizzying speed with each passing second.
Fasten your seatbelts everyone!!
Its been an unbelievable week- and I was in Vegas on vacation when I first happened to glance at a news item that Lehman was in trouble. I thought, thats not a big deal as a lot of companies have been reporting losses. Being a 150 year old Wall Street powerhouse, even if Lehman was in trouble, the worst I expected was loss in profits, some more writedowns, potential layoffs and that was it. By Thursday and Friday, it was clear that Lehman needed to sell and Bank of America became a leading contended to buy. That piqued my interest.
Our vacation ended Sunday night and as I turned on my computer, I began to follow the saga more closely. It appeared that talks with Lehman had broken down and Barclays was in play for Lehman, not Bank of America. I continued surfing the net and just past midnight on Sunday, bloomberg reported that Bank of America had agreed to buy Merrill Lynch for 50 billion. That was a bolt from the blue- was Merrill even in trouble? What happened to Lehman? And as I looked over, it seemed that Lehman was going to file for Chapter 11. An institution like Lehman in bankruptcy- absolutely unbelievable and seeing the writing on the wall, Merrill did the wisest thing by selling out. Walking into the Bank Monday morning was an absolute rush- lots of excitement, lots of pride about being part of the biggest financial institution that can make a deal of 50 bn literally over a weekend! It was heady and still is...
But this was not all- news poured in that AIG was in trouble and the government was asking the big banks to pony up 75bn to help save the company. Fears about bank run, whether deposits themselves were safe became more real. Comparisons begun to be made with 1929- on Monday, the stock market had its worst day since September 11, 2001- this wasnt recession anymore, we were well and truly in Depression freefall.
Today, every hour, I kept checking bloomberg on AIG as the stock plummeted to 1.47 at one stage, kept bouncing back to 3-ish and back to the high 1's or low 2's. It was like being in an emergency room watching someone on life support and praying. My wife called me in the afternoon to ask me whether we should take out our insurance in AIG. We discussed it for 10 minutes- the longest money discussion we have had in our marriage! We decided against it- we believed the company as strong and too good to be allowed to go belly up. As a mark of my confidence, I bought a few shares of AIG, and given I just came back from Vegas, I was very willing to take on this gamble- much better odds than the roulette!
This evening, even as we went to bed, news arrived about an 85bn infusion into AIG by the government for an 80% stake in the company! Thank God! Its a relief, but we are clearly not out of the woods yet. As our CEO Ken Lewis pointed out, 2009 is going to a tough year but he can see the clouds lifting in 2010- thats still 5 quarters away!!
I turned off CNBC today and moved over to CNN in the hope to catch some political news or hurricane news, but there was Anderson Cooper interviewing Susie Orman on what the financial crisis meant to the common man, comparisons to the Great Depression and the road ahead.
It was then that I realized that maybe, CNBC is going to stay one of my regular channels for the forseeable future, not just last week. It is an exciting time, and reminds me of the old Dickens phrase- "it was the best of times, it was the worst of times" depending upon how you look at things. From my vantage, I am excited about how all this would shake out and eventually lead to a more stable, less exhuberant financial sector that relies on good old basics to make money. I never thought CNBC would be my favorite channel, but it seems thats the only way to keep up to date with a sector that is changing with dizzying speed with each passing second.
Fasten your seatbelts everyone!!
Monday, September 01, 2008
Phelps, Bolt and Obama- stories of inspiration and perseverence
August was a difficult month for morning meetings in office- when I was not following the olympics late into the night, it was the Democratic party convention in Denver that kept me awake- the Michelle Obama speech, the Clinton speech, the Biden speech, the Barack speech- it lifted my spirit and made me believe in hope and that anything was possible. Again, let me qualify as I have done previously in my blog, while I am not interested in politics, just in the pure art of speech making and speech giving, if the Democrats win Gold, the Republicans dont even make the podium!
Talking of podiums, the two men who stood out for me were Phelps and Usain Bolt, one I knew before this Olympics, and the other one I had never heard of, but who seemed to possess superhuman quality in the sprints. Bolt's emphatic wins in 100 and 200 with world record times were breathtaking to watch, and given his premature celebratory gestures in the 100, he made us feel he could go better than 9.69, which makes this 21 year old a great athletic prospect for the future. He doesnt have the best of starts, but accelerates remarkably well- if he can add 400 to his repertoire, he could potentially turn out to be greater than Michael Johnson, if not Carl Lewis- he is THAT special.
Phelps made me love swimming more than anyone else. He won in all fashions- with conviction, by the thinnest of margins, leading from the front, coming from behind, as an individual, as part of a team effort- it was an incredible effort and one that is likely to stand the test of time. As my two year old watched the races with a "go Phelps" cheer, I wondered how many budding sportspersons he would inspire.
Even as I watched the closing ceremony with breathtaking awe, I wondered when was the last Olympics when I felt genuinely sad at the closing, and my mind had to go back to 1984 (when Mary Lou and Carl Lewis turned in the performances of a lifetime). I may have been bleary eyed in morning meetings, but I think it was all worth it- there is nothing like watching history being made live!
Talking of podiums, the two men who stood out for me were Phelps and Usain Bolt, one I knew before this Olympics, and the other one I had never heard of, but who seemed to possess superhuman quality in the sprints. Bolt's emphatic wins in 100 and 200 with world record times were breathtaking to watch, and given his premature celebratory gestures in the 100, he made us feel he could go better than 9.69, which makes this 21 year old a great athletic prospect for the future. He doesnt have the best of starts, but accelerates remarkably well- if he can add 400 to his repertoire, he could potentially turn out to be greater than Michael Johnson, if not Carl Lewis- he is THAT special.
Phelps made me love swimming more than anyone else. He won in all fashions- with conviction, by the thinnest of margins, leading from the front, coming from behind, as an individual, as part of a team effort- it was an incredible effort and one that is likely to stand the test of time. As my two year old watched the races with a "go Phelps" cheer, I wondered how many budding sportspersons he would inspire.
Even as I watched the closing ceremony with breathtaking awe, I wondered when was the last Olympics when I felt genuinely sad at the closing, and my mind had to go back to 1984 (when Mary Lou and Carl Lewis turned in the performances of a lifetime). I may have been bleary eyed in morning meetings, but I think it was all worth it- there is nothing like watching history being made live!
Saturday, August 16, 2008
Kindle- a revolution in reading
I love reading but the challenge has always been finding the time to go to a bookstore, browsing through the store, finding the right book, buying in, and then finding the time to read it. Given how busy we typically are in our work lives, that seldom happens. Result- I read only one book over the last six months.
And then, I bought Kindle, the amazon Ebook that arrived in the mail two weeks back.
Since that day, I have read three books and just love the device. I think this is the future of reading, for three reasons-
One- the convenience. Even if it is 11pm on Saturday and a book pops up in my head, I can buy it, instantly! Yes, the kindle has an inbuilt wireless that enables me to browse the Amazon store, and I can buy anything with the click of a button. That simple. If I am not sure I want to buy the book, but just want to browse, I am download a free sample of the book, read it and see if I would like the book. Virtual browsing at its very best.
Two- The non glare screen makes reading very comfortable. I have read the book in artificial light indoors as well as broad daylight under the sun. It really does feel like a real book- no glare, nothing.
Three- you don't have to lug your books around. It is light and convenient and can hold upto 200 books. So, when you are traveling, you don't have to decide, which three books to take, you can take them all!!
At 359 dollars, I think the device is a little bit on the expensive side, but if you like reading, I think it is a worthwhile investment. Of course, there are likely to be improvements in the model, like all gadgets do, but for the first generation, the Kindle is as good as you can get.
Now let me stop writing and get back to reading on the kindle....
And then, I bought Kindle, the amazon Ebook that arrived in the mail two weeks back.
Since that day, I have read three books and just love the device. I think this is the future of reading, for three reasons-
One- the convenience. Even if it is 11pm on Saturday and a book pops up in my head, I can buy it, instantly! Yes, the kindle has an inbuilt wireless that enables me to browse the Amazon store, and I can buy anything with the click of a button. That simple. If I am not sure I want to buy the book, but just want to browse, I am download a free sample of the book, read it and see if I would like the book. Virtual browsing at its very best.
Two- The non glare screen makes reading very comfortable. I have read the book in artificial light indoors as well as broad daylight under the sun. It really does feel like a real book- no glare, nothing.
Three- you don't have to lug your books around. It is light and convenient and can hold upto 200 books. So, when you are traveling, you don't have to decide, which three books to take, you can take them all!!
At 359 dollars, I think the device is a little bit on the expensive side, but if you like reading, I think it is a worthwhile investment. Of course, there are likely to be improvements in the model, like all gadgets do, but for the first generation, the Kindle is as good as you can get.
Now let me stop writing and get back to reading on the kindle....
Thursday, June 26, 2008
A New Earth
I just finished reading A New Earth by Eckhart Tolle. While I am not a huge fan of self help books, this book did make me stop and think in a few places, and anything that does that is worth one read at least in my view.
The framework is pretty simple.
First- he points out that your internal frame of mind shapes how you view the world. "Complaining is one of the ego's favorite strategies for strengthening itself," he warns. It's about making you feel better by putting down someone else. He elaborates later - "Complaining is not to be confused with informing someone of a mistake or deficiency so that it can be put right. And to refrain from complaining doesn't necessarily mean putting up with bad quality or behavior." So it is about standing up for yourself, certainly, but not by abusing others.
Second- he warns that all possessions fade over time, just as beauty and strength does. Taking pride in these things is setting yourself up to feel sadness when they are no longer there. It is better to be content inwardly, rather than based on external objects.
Third- he talks about how some people feel they can't be happy until something in their current life changes (I get a new house, I get a new job). He says other people feel they can never be happy because of something in their past. He says both sets of people are mistaken. You can choose to be happy NOW. Not that you resign yourself to your situation necessarily - you can strive to better your life. But you can accept that you are where you are, that you will find serenity where you are while you work to improve things.
While all this is Buddhist philosophy, Tolle has tried to make it more current. His writing style is compelling, yet tends to get tedious and repititious at times. This is NOT a light read and I had to re-read some passages just to get at exactly what he was trying to say.
But as I said, the book did make me stop and think a few times- and think about fundamental questions around life and the way to lead a good one...and for me, that is good time spent- we dont do enough of that in our busy lives.
The framework is pretty simple.
First- he points out that your internal frame of mind shapes how you view the world. "Complaining is one of the ego's favorite strategies for strengthening itself," he warns. It's about making you feel better by putting down someone else. He elaborates later - "Complaining is not to be confused with informing someone of a mistake or deficiency so that it can be put right. And to refrain from complaining doesn't necessarily mean putting up with bad quality or behavior." So it is about standing up for yourself, certainly, but not by abusing others.
Second- he warns that all possessions fade over time, just as beauty and strength does. Taking pride in these things is setting yourself up to feel sadness when they are no longer there. It is better to be content inwardly, rather than based on external objects.
Third- he talks about how some people feel they can't be happy until something in their current life changes (I get a new house, I get a new job). He says other people feel they can never be happy because of something in their past. He says both sets of people are mistaken. You can choose to be happy NOW. Not that you resign yourself to your situation necessarily - you can strive to better your life. But you can accept that you are where you are, that you will find serenity where you are while you work to improve things.
While all this is Buddhist philosophy, Tolle has tried to make it more current. His writing style is compelling, yet tends to get tedious and repititious at times. This is NOT a light read and I had to re-read some passages just to get at exactly what he was trying to say.
But as I said, the book did make me stop and think a few times- and think about fundamental questions around life and the way to lead a good one...and for me, that is good time spent- we dont do enough of that in our busy lives.
Saturday, May 03, 2008
Its the economy, stupid!!
We are back at the same place we were about a decade and half ago- its all about the economy. Many folks in their working lifetimes have not faced this scenario- a recession, slowing growth, rising gas prices, falling home prices and job losses- it a tough US economy and will be for at least a couple of quarters, if not more.
There are three things are slightly surprising about the current scenario. One- very few saw it coming. Even the very best at Wall Street felt that the sub-prime crisis was fairly well contained but is becoming increasingly evident, that was not the case. Two- the Fed has been slow, first to pull down interest rates, and then, call it a recession and take necessary action. Third- the political landscape still seems to ignore the reality facing the average person in the US. The sooner the statesmen realize that its all about the economy, the better it will be for the 2008 Presidential campaign that is sounded trite and jaded even before the actual action has begun in the true sense of the word.
The only way out is through severe belt tightening- my promise to lose some weight may finally carry both a literal and figurative meaning!!
Not everything is severely gloomy though. The global economy continues to grow well and the basic fundamentals of the American economy are still very strong. The war needs to end, there needs to be an economic stimulus, manufacturing domestically needs to improve and Service sectors need to look for value add without completely wiping the customer's wallet. It will be tough but not impossible.
I have hope and and while hope itself is not a strategy, positive visualization goes a long way in moving energy in the right direction and thats all that is needed right now.
Lets press on...
There are three things are slightly surprising about the current scenario. One- very few saw it coming. Even the very best at Wall Street felt that the sub-prime crisis was fairly well contained but is becoming increasingly evident, that was not the case. Two- the Fed has been slow, first to pull down interest rates, and then, call it a recession and take necessary action. Third- the political landscape still seems to ignore the reality facing the average person in the US. The sooner the statesmen realize that its all about the economy, the better it will be for the 2008 Presidential campaign that is sounded trite and jaded even before the actual action has begun in the true sense of the word.
The only way out is through severe belt tightening- my promise to lose some weight may finally carry both a literal and figurative meaning!!
Not everything is severely gloomy though. The global economy continues to grow well and the basic fundamentals of the American economy are still very strong. The war needs to end, there needs to be an economic stimulus, manufacturing domestically needs to improve and Service sectors need to look for value add without completely wiping the customer's wallet. It will be tough but not impossible.
I have hope and and while hope itself is not a strategy, positive visualization goes a long way in moving energy in the right direction and thats all that is needed right now.
Lets press on...
Sunday, April 20, 2008
A two month hiatus- a new home!!
I am writing after a long time- the main reason being we have moved into a new home and as with all transitions. clearing up boxes, settling in, knowing the neighbors and the neighborhood, getting to know exactly what is kept where has taken up all the time and it has all been wonderful.
We have moved to a neighborhood in Huntersville, slightly north of Charlotte, called Northstone. 996 houses strong, the community boasts of a fantastic golf course, and while I am not a golfer, I am extremely tempted to start now for a number of reasons. First- it is potentially a game I can play well into old age, something I cant say for cricket or soccer, the two others games I love. Second- in Charlotte, the weather is wonderful to play the game almost 10-11 months of the year. Third- I am beginning to find that almost the friends I know play and love the game, so I am curious to find out what is so exciting about a game that looks fairly boring to me on television! Time will tell and we shall see.
Within a month of moving in, we have had two of our best friends, one from Singapore and one from England, visit us and that has been wonderful. Through this post on the blog, I am extending an invitation to all our friends to come and visit us- the home is spacious and from our point of view, extremely relaxing, so come on over...
Sanjay, Rica and I love it here so far and I am certain that only a big move like that makes me not write for two months. I promise to a regular routine henceforth writing about everything interesting- from American Idol, to the Obama- Clinton fights, to the IPL in India to the recession that is clearly worse than was originally thought. We live in interesting times and as always, I intend sharing my point of view...
We have moved to a neighborhood in Huntersville, slightly north of Charlotte, called Northstone. 996 houses strong, the community boasts of a fantastic golf course, and while I am not a golfer, I am extremely tempted to start now for a number of reasons. First- it is potentially a game I can play well into old age, something I cant say for cricket or soccer, the two others games I love. Second- in Charlotte, the weather is wonderful to play the game almost 10-11 months of the year. Third- I am beginning to find that almost the friends I know play and love the game, so I am curious to find out what is so exciting about a game that looks fairly boring to me on television! Time will tell and we shall see.
Within a month of moving in, we have had two of our best friends, one from Singapore and one from England, visit us and that has been wonderful. Through this post on the blog, I am extending an invitation to all our friends to come and visit us- the home is spacious and from our point of view, extremely relaxing, so come on over...
Sanjay, Rica and I love it here so far and I am certain that only a big move like that makes me not write for two months. I promise to a regular routine henceforth writing about everything interesting- from American Idol, to the Obama- Clinton fights, to the IPL in India to the recession that is clearly worse than was originally thought. We live in interesting times and as always, I intend sharing my point of view...
Saturday, February 16, 2008
Transitions
Transitions are interesting times- a change of place, a change of scenery, leaving old friends, trying to get into new friend circles, figuring out the lay of the land- its all both extremely exciting and sometimes, can be challenging.
I have made several transitions, both in my career and in a geographies, and after the initial "butterflies in the stomach", anxiety phase, it has always worked out well, and the move to Charlotte from Boston has brought its own set of experiences so far. And the two places are VERY different, more so than I had ever imagined. It would naive to even compare the two places as they so different- in terms of history, culture, topography, weather- everything.
Heres what I have something pleasantly surprising about Charlotte. A lot of people here are transplants from somewhere else. They all grew up elsewhere and came here for work- and the fact that this is the corporate HQ for both Bank of America and Wachovia- has helped in that process. That lends to the diversity of the place. It also lends to sharing of common experience as a lot of people seem to have moved here- so there is always a piece of advice in terms of where to live, what to look for and what to do over the weekends.
What I am also beginning to find that when people move, they do take a part of the place with them.
Let me explain with a specific example. We moved to Boston in 2004 and learnt to be Red Sox fans and Patriots fans and even when we moved, its difficult to just cut off your linkage with them. So when this Super Bowl came around, we were cheering for the undefeated team of the season. We all know how that ended, but the point is, I felt the disappointment of that loss as much as most people who physically reside in Boston. I wonder whether I will ever switch loyalties. I learnt to appreciate baseball at Fenway and football at Gillette Stadium and that is something that will always stay with me. Transitions dont mean you completely uproot yourself from a place- you take some part of that with you- always!
We are looking forward to our new home and a set of new experiences, and from what we have so far, its going to be exciting. Arent all transitions meant to be that way?!!!
I have made several transitions, both in my career and in a geographies, and after the initial "butterflies in the stomach", anxiety phase, it has always worked out well, and the move to Charlotte from Boston has brought its own set of experiences so far. And the two places are VERY different, more so than I had ever imagined. It would naive to even compare the two places as they so different- in terms of history, culture, topography, weather- everything.
Heres what I have something pleasantly surprising about Charlotte. A lot of people here are transplants from somewhere else. They all grew up elsewhere and came here for work- and the fact that this is the corporate HQ for both Bank of America and Wachovia- has helped in that process. That lends to the diversity of the place. It also lends to sharing of common experience as a lot of people seem to have moved here- so there is always a piece of advice in terms of where to live, what to look for and what to do over the weekends.
What I am also beginning to find that when people move, they do take a part of the place with them.
Let me explain with a specific example. We moved to Boston in 2004 and learnt to be Red Sox fans and Patriots fans and even when we moved, its difficult to just cut off your linkage with them. So when this Super Bowl came around, we were cheering for the undefeated team of the season. We all know how that ended, but the point is, I felt the disappointment of that loss as much as most people who physically reside in Boston. I wonder whether I will ever switch loyalties. I learnt to appreciate baseball at Fenway and football at Gillette Stadium and that is something that will always stay with me. Transitions dont mean you completely uproot yourself from a place- you take some part of that with you- always!
We are looking forward to our new home and a set of new experiences, and from what we have so far, its going to be exciting. Arent all transitions meant to be that way?!!!
Monday, January 21, 2008
Beating Australia at Perth- a win to savor
The last two days have been a blur for me- I still cant believe we beat Australia at Perth- what a fantastic win especially after the unsavory events in Sydney where the umpires robbed us of victory. There are some moments in sports that are memorable, that are there to savor for they show the finest in human spirit and India's win in Perth will surely count amongst them for several reasons.
First- the one hour where Ponting was made to feel like a schoolboy by some terrific bowling from Delhi teenager, Ishant Sharma. Cricket is a great leveler, and reputations are nothing on the field and the way Ishant troubled Ponting, it was apparent he would have his wicket any moment.
Second- the comeback of Irfan Pathan. He made a terrific start to his career and then went into wilderness. He has worked hard and come back into the side to win the Match of the Match award. Too often, in such circumstances, you can doubt yourself, lose confidence and not perform. Irfan has come back and come back with a vengeance and hunger that will serve us well.
Three- the all round performance here; everyone chipped in- (you could consider Ganguly and Jaffer to be minor failures) but this was a true team performance and we need that if we are win consistently.
The last time someone stopped Australia at 16 straight wins, it as India way back in 2001. This time, it was us again. If this does not prove we are one of the best in the world, what will??!!!
Not to forget that if we were not undone by the umpires in Sydney, we could be looking at a very different scoreline in the series, something the Aussies are not used to.
Hail the victory and lets savor the win.
First- the one hour where Ponting was made to feel like a schoolboy by some terrific bowling from Delhi teenager, Ishant Sharma. Cricket is a great leveler, and reputations are nothing on the field and the way Ishant troubled Ponting, it was apparent he would have his wicket any moment.
Second- the comeback of Irfan Pathan. He made a terrific start to his career and then went into wilderness. He has worked hard and come back into the side to win the Match of the Match award. Too often, in such circumstances, you can doubt yourself, lose confidence and not perform. Irfan has come back and come back with a vengeance and hunger that will serve us well.
Three- the all round performance here; everyone chipped in- (you could consider Ganguly and Jaffer to be minor failures) but this was a true team performance and we need that if we are win consistently.
The last time someone stopped Australia at 16 straight wins, it as India way back in 2001. This time, it was us again. If this does not prove we are one of the best in the world, what will??!!!
Not to forget that if we were not undone by the umpires in Sydney, we could be looking at a very different scoreline in the series, something the Aussies are not used to.
Hail the victory and lets savor the win.
Tuesday, January 08, 2008
Charismatic speech making and Obama...
I have very little interest in politics. I seldom read about it, skim the headlines, read the odd column, but never quite dive in. I find it time wasting and futile- in general I find politicians concieted and self serving, and so I think it is not worth my time one way or the other. In newspapers, I read the sports and entertainment sections with much more enthusiasm and vigor. I seldom listen to their speeches, its the same thing phrased differently and packaged differently.
But one man is changing that for me- and that is Barack Obama. I just happened to listen to him the other day and he connects with the audience like I have never seen. He is by far, the most charismatic speaker I have ever seen. Is his record great? I dont know. Will he do things any different than other politicians? I have no idea...but for sure, when I listen to him, he conjures up hope and an optimism that I have seldom seen.
He seems to have a quality that I have not seen in any other politician- authenticity. If he is not authentic, he is a damn good actor!!!! Because I was very impressed. I dont know whether he will win or not, but surely, if charismatic speech making was one yardstick, he would win by a country mile!
But one man is changing that for me- and that is Barack Obama. I just happened to listen to him the other day and he connects with the audience like I have never seen. He is by far, the most charismatic speaker I have ever seen. Is his record great? I dont know. Will he do things any different than other politicians? I have no idea...but for sure, when I listen to him, he conjures up hope and an optimism that I have seldom seen.
He seems to have a quality that I have not seen in any other politician- authenticity. If he is not authentic, he is a damn good actor!!!! Because I was very impressed. I dont know whether he will win or not, but surely, if charismatic speech making was one yardstick, he would win by a country mile!
Sunday, January 06, 2008
Aussie win in very poor taste- an article by a neutral!
I am rankled by not just the poor umpiring in Sydney but also by the characterless show by the Aussies who profess to be the messiahs of honest conduct of the game. I am reproducing here, an article by Peter English, on how India got robbed of a crucial game. This series should be called the Benson and Bucknor series because India is not playing just Australia, they are playing against the two umpires as well.
Read the article- coming from a neutral, it makes me feel the Indian team should return to India as there is no point is carrying on in a series that you know has been pre-decided in favor of the home team. The irony is that while Ponting cheats about catches and Symonds benefits from the umpires' largesse, it is poor Harbhajan who has been called in for bad conduct! If this is not symptomatic of double standards, I dont know what is.
Mohit.
Australia's attitude lacking in appeal
Peter English at the SCG
January 6, 2008
Andrew Symonds turned in disgust and threw darts with his eyes at Steve Bucknor. Mahendra Singh Dhoni had not played a shot to Symonds' offspin and the bowler was furious even though the ball was heading over the stumps. After the umpiring perks Symonds received during the match he had nothing to complain about.
On the last ball before tea it was Ricky Ponting who could not understand why Bucknor did not agree with a similar appeal against Rahul Dravid. Ponting crouched down and muttered as if nothing ever went his team's way. In this Test, from the moment Ponting's legside edge on day one went unnoticed by Mark Benson, almost everything did.
Symonds was the most fortunate man in the game. Following his batting reprieves, he was at the centre of another crucial decision that went against India and led to them losing the match. Poor Dravid, who battled to 38, was providing a formidable obstacle when he pushed his pad forward to Symonds and hid his bat and gloves behind his front leg. A sound was heard, Adam Gilchrist caught the ball, the Australians yelled and India's comfortable position of 3 for 115 was soon to be 6 for 137.
Bucknor was swayed in a ruling that was as bad as his miss of Symonds in the first innings. Listening to the edges has obviously become more difficult, but soon a fine servant may actually hear the calls for his retirement. The decisions contributed to India losing the Test, but the visiting players shook the hands of both officials after the match. While they took their caps off and lined up, the Australians danced, jumped and whooped in a manner that would have reminded the Indians of their World Twenty20 celebrations.
The noise of Symonds' nick on 31 was so loud it could have carried to the shoppers in nearby Oxford Street. Bucknor's decision cost India 131 runs and he also refused to call for the third umpire during a close stumping when Symonds was 148. Two days later Anil Kumble missed a hat-trick when Bucknor judged a wrong'un to be going over the stumps when Symonds pushed forward. He went on to score another 61.
Most Australian players believe luck evens itself out over a career, but their long-sightedness is not shared by visiting teams. Bob Woolmer reckoned Australia received almost six times more line-ball decisions than Pakistan during the 2004-05 series, and while it sounded like an exaggeration, it does seem that the benefit of the doubt favours the home team in Australia and around the world
Umpires must feel like frontline soldiers on the final days of the Tests. Fielders crowd round the batsmen and they are shouted at every couple of balls over fantasy and non-fiction. Every country has its ways of pushing the rules and one of Australia's traditional pet hates was the amount of appealing conducted by teams from the subcontinent.
Shane Warne helped alter that view and on the final day his former team-mates were expert at trying to influence the officials with shouts at all volumes. (Despite the consistent requests, none was as ridiculous as Kumble's plea for an lbw of Brad Hogg in the first innings when the ball was struck through cover for two.) Benson was so worn down late in the afternoon that he sent a run-out call to the third umpire even though the batsman was in by a metre.
"Both arguments are about telling the truth. Why should Clarke be trusted to rule on a potentially match-turning catch when he stayed at the crease on day four after edging a ball to first slip?"
In the same session he had to deal with Michael Clarke's low catch off Sourav Ganguly, who stood with hand on hip as he waited for a decision. Of course the Australians raced to the fielder and swamped him. They were certain it was out, but Benson wasn't sure. He looked to Bucknor at square leg and then walked down the pitch and asked Ponting what he thought. "He caught it," Ponting seemed to say and put his finger up. Benson did the same.
Fortunately for Ponting, who gained credibility for the decision by refusing to accept a low catch in the first innings, the replays did not show the ball falling short. Typically, they also could not clear all doubt from the take. Ponting's noble request for all teams to have an honesty system for these incidents has been rejected by the rest of the world - he had a small victory before this series when Kumble agreed the captains would have the final say on contentious catches - and they must have squirmed when they saw Ponting relaying the message to the umpire.
Australians see catching differently to appealing and walking. They say it's up to the umpire to decide on edges and lbws, but when it comes to knowing whether a ball has carried, the fielder is the best person to judge. What they miss is that both arguments are about telling the truth. Why should Clarke be trusted to rule on a potentially match-turning catch when he stayed at the crease on day four after edging a ball to first slip?
One of Gilchrist's finest traits is he walks whenever he gets an edge, and claims to appeal only if he's sure the batsman has got a nick. Apart from Dravid, Gilchrist was the best-positioned player to know what Symonds' delivery had touched. It was definitely not bat or glove. Gilchrist also did not see the puff of dust from the ball bouncing after Dhoni hit it into his leg before ricocheting back to the wicketkeeper, who appealed with his team-mates for a catch. It was an easy decision for Bruce Oxenford, the television umpire.
Under Steve Waugh the Australians devised a Spirit of Cricket document that they swear by. They insist they play the game "hard and fair" and are shocked whenever their outlook is challenged. After emotional days like this it is hard to sympathise with their complaints.
Read the article- coming from a neutral, it makes me feel the Indian team should return to India as there is no point is carrying on in a series that you know has been pre-decided in favor of the home team. The irony is that while Ponting cheats about catches and Symonds benefits from the umpires' largesse, it is poor Harbhajan who has been called in for bad conduct! If this is not symptomatic of double standards, I dont know what is.
Mohit.
Australia's attitude lacking in appeal
Peter English at the SCG
January 6, 2008
Andrew Symonds turned in disgust and threw darts with his eyes at Steve Bucknor. Mahendra Singh Dhoni had not played a shot to Symonds' offspin and the bowler was furious even though the ball was heading over the stumps. After the umpiring perks Symonds received during the match he had nothing to complain about.
On the last ball before tea it was Ricky Ponting who could not understand why Bucknor did not agree with a similar appeal against Rahul Dravid. Ponting crouched down and muttered as if nothing ever went his team's way. In this Test, from the moment Ponting's legside edge on day one went unnoticed by Mark Benson, almost everything did.
Symonds was the most fortunate man in the game. Following his batting reprieves, he was at the centre of another crucial decision that went against India and led to them losing the match. Poor Dravid, who battled to 38, was providing a formidable obstacle when he pushed his pad forward to Symonds and hid his bat and gloves behind his front leg. A sound was heard, Adam Gilchrist caught the ball, the Australians yelled and India's comfortable position of 3 for 115 was soon to be 6 for 137.
Bucknor was swayed in a ruling that was as bad as his miss of Symonds in the first innings. Listening to the edges has obviously become more difficult, but soon a fine servant may actually hear the calls for his retirement. The decisions contributed to India losing the Test, but the visiting players shook the hands of both officials after the match. While they took their caps off and lined up, the Australians danced, jumped and whooped in a manner that would have reminded the Indians of their World Twenty20 celebrations.
The noise of Symonds' nick on 31 was so loud it could have carried to the shoppers in nearby Oxford Street. Bucknor's decision cost India 131 runs and he also refused to call for the third umpire during a close stumping when Symonds was 148. Two days later Anil Kumble missed a hat-trick when Bucknor judged a wrong'un to be going over the stumps when Symonds pushed forward. He went on to score another 61.
Most Australian players believe luck evens itself out over a career, but their long-sightedness is not shared by visiting teams. Bob Woolmer reckoned Australia received almost six times more line-ball decisions than Pakistan during the 2004-05 series, and while it sounded like an exaggeration, it does seem that the benefit of the doubt favours the home team in Australia and around the world
Umpires must feel like frontline soldiers on the final days of the Tests. Fielders crowd round the batsmen and they are shouted at every couple of balls over fantasy and non-fiction. Every country has its ways of pushing the rules and one of Australia's traditional pet hates was the amount of appealing conducted by teams from the subcontinent.
Shane Warne helped alter that view and on the final day his former team-mates were expert at trying to influence the officials with shouts at all volumes. (Despite the consistent requests, none was as ridiculous as Kumble's plea for an lbw of Brad Hogg in the first innings when the ball was struck through cover for two.) Benson was so worn down late in the afternoon that he sent a run-out call to the third umpire even though the batsman was in by a metre.
"Both arguments are about telling the truth. Why should Clarke be trusted to rule on a potentially match-turning catch when he stayed at the crease on day four after edging a ball to first slip?"
In the same session he had to deal with Michael Clarke's low catch off Sourav Ganguly, who stood with hand on hip as he waited for a decision. Of course the Australians raced to the fielder and swamped him. They were certain it was out, but Benson wasn't sure. He looked to Bucknor at square leg and then walked down the pitch and asked Ponting what he thought. "He caught it," Ponting seemed to say and put his finger up. Benson did the same.
Fortunately for Ponting, who gained credibility for the decision by refusing to accept a low catch in the first innings, the replays did not show the ball falling short. Typically, they also could not clear all doubt from the take. Ponting's noble request for all teams to have an honesty system for these incidents has been rejected by the rest of the world - he had a small victory before this series when Kumble agreed the captains would have the final say on contentious catches - and they must have squirmed when they saw Ponting relaying the message to the umpire.
Australians see catching differently to appealing and walking. They say it's up to the umpire to decide on edges and lbws, but when it comes to knowing whether a ball has carried, the fielder is the best person to judge. What they miss is that both arguments are about telling the truth. Why should Clarke be trusted to rule on a potentially match-turning catch when he stayed at the crease on day four after edging a ball to first slip?
One of Gilchrist's finest traits is he walks whenever he gets an edge, and claims to appeal only if he's sure the batsman has got a nick. Apart from Dravid, Gilchrist was the best-positioned player to know what Symonds' delivery had touched. It was definitely not bat or glove. Gilchrist also did not see the puff of dust from the ball bouncing after Dhoni hit it into his leg before ricocheting back to the wicketkeeper, who appealed with his team-mates for a catch. It was an easy decision for Bruce Oxenford, the television umpire.
Under Steve Waugh the Australians devised a Spirit of Cricket document that they swear by. They insist they play the game "hard and fair" and are shocked whenever their outlook is challenged. After emotional days like this it is hard to sympathise with their complaints.
Back in the US
It took three flights and 18 hours for us to be in the air to get from Manila to Boston.
In manila, it was about 28 degrees centigrade when we left, it was 28F when we landed in Boston.
Coach class on trans-Pacific flights can be tough but good luck on any American airline. Our flight with our 17 month old son was made good by our co-passengers and despite the airlines staff. On Northwest, they are anything but co-operative. Now, I know why most American airlines are losing money. The service is not just non-responsive, it just plain discourteous and shoddy. Pay a little more, and travel Singapore Airlines or even Malaysian or Thai. You will thank yourself that you made the choice. A long time back now, the Americans lost their competitiveness in the car industry to the Asians, mostly Japanese. They are well on their way to losing their competitiveness in the airlines industry.
Our vacation was great, but we are glad to be back. You enjoy your vacation only when there is work to reinvigorate you and I am looking forward to a productive 2008. While the recession call is still very much on the horizon, I am optimistic that we will be better off by Q3. If the Iowa caucus is anything to go by, this country is ready for a job and by God, Northwest made me feel I had changed my airline a long time back!
On the sports front, the Patriots maintain their winning streak while the umpires in Sydney handed Australia a match India deserved to win! I have already bemoaned the umpiring standards in the last column, so I will not do that again.
Its a new year and the best way to start out optimistic and hope better things will happen.
Happy New Year everyone!
In manila, it was about 28 degrees centigrade when we left, it was 28F when we landed in Boston.
Coach class on trans-Pacific flights can be tough but good luck on any American airline. Our flight with our 17 month old son was made good by our co-passengers and despite the airlines staff. On Northwest, they are anything but co-operative. Now, I know why most American airlines are losing money. The service is not just non-responsive, it just plain discourteous and shoddy. Pay a little more, and travel Singapore Airlines or even Malaysian or Thai. You will thank yourself that you made the choice. A long time back now, the Americans lost their competitiveness in the car industry to the Asians, mostly Japanese. They are well on their way to losing their competitiveness in the airlines industry.
Our vacation was great, but we are glad to be back. You enjoy your vacation only when there is work to reinvigorate you and I am looking forward to a productive 2008. While the recession call is still very much on the horizon, I am optimistic that we will be better off by Q3. If the Iowa caucus is anything to go by, this country is ready for a job and by God, Northwest made me feel I had changed my airline a long time back!
On the sports front, the Patriots maintain their winning streak while the umpires in Sydney handed Australia a match India deserved to win! I have already bemoaned the umpiring standards in the last column, so I will not do that again.
Its a new year and the best way to start out optimistic and hope better things will happen.
Happy New Year everyone!
Wednesday, January 02, 2008
Umpires rob India of dominance in Sydney!
Just when you thought the awesome Aussies wee finally vulnerable against the most disciplined attack in some time, the umpires came to Australia's rescue. They refused to give the Aussie batsmen out! Loud snicks for caught behind were ignored, and clear stumpings were ruled not out. It was as if Australia were playing with 13 players, not 11. I know it might be said that these were "honest" mistakes, can we please have some more accountability in umpiring standards in world cricket?!! People pay a lot to get a cracking contest. When it is ruined by pathetic umpiring, it just leaves a bad taste in your mouth.
Dont get me wrong, the Aussies are a strong team and I do not grudge them the best team in the world status, not by long shot. But today, India had them, almost, and that almost will never be captured in statistics. RP Singh and Harbhajan bowled brilliantly to have them at 136 for 6 and while Hogg and Symonds played well, they were helped along by some atrocious umpiring decisions. Ponting was out twice before he was given wrong out on 55. Symonds went on to make 137 (still not out) when he was clearly out in his thirties and then again, on 48. What does India have to do to get them out, bribe the umpires tonight??!!!
I am amazed, that given all the technology and the money that is flowing into the cricket, the standard of umpiring remains so abysmal and how India continues to get the short shaft when it comes to good umpires. I remember in the One Day series finals in England earlier in 2007, both Sachin and Dravid were given out incorrectly, at that time, by Aleem Dar, and we were robbed of the final. If Australia do win the Sydney, they have to thank Benson and Steve "Shocker" Bucknor for their victory.
Many a times, I have complained about India's performance. Today, I will not, for the bowlers deserve nothing but kudos and while my blood boils in anger at the two umpires, there is nothing you can do but wonder at the stupidity of the officials to allow such things to happen. I am pretty certain, if Indians complain, it will be a matter of sour grapes.
Lets get rid of the double standards- when Ponting complains about umpiring, he is being fair, when Kumble complains, he is whining...
Will someone get some sense here.
I wish the Indian team luck but when you are stacked 11 against 13 with the most powerful men in the jury in the opposite, it becomes just a wee bit difficult to win, dont you think!!
Dont get me wrong, the Aussies are a strong team and I do not grudge them the best team in the world status, not by long shot. But today, India had them, almost, and that almost will never be captured in statistics. RP Singh and Harbhajan bowled brilliantly to have them at 136 for 6 and while Hogg and Symonds played well, they were helped along by some atrocious umpiring decisions. Ponting was out twice before he was given wrong out on 55. Symonds went on to make 137 (still not out) when he was clearly out in his thirties and then again, on 48. What does India have to do to get them out, bribe the umpires tonight??!!!
I am amazed, that given all the technology and the money that is flowing into the cricket, the standard of umpiring remains so abysmal and how India continues to get the short shaft when it comes to good umpires. I remember in the One Day series finals in England earlier in 2007, both Sachin and Dravid were given out incorrectly, at that time, by Aleem Dar, and we were robbed of the final. If Australia do win the Sydney, they have to thank Benson and Steve "Shocker" Bucknor for their victory.
Many a times, I have complained about India's performance. Today, I will not, for the bowlers deserve nothing but kudos and while my blood boils in anger at the two umpires, there is nothing you can do but wonder at the stupidity of the officials to allow such things to happen. I am pretty certain, if Indians complain, it will be a matter of sour grapes.
Lets get rid of the double standards- when Ponting complains about umpiring, he is being fair, when Kumble complains, he is whining...
Will someone get some sense here.
I wish the Indian team luck but when you are stacked 11 against 13 with the most powerful men in the jury in the opposite, it becomes just a wee bit difficult to win, dont you think!!
Tuesday, January 01, 2008
Vacationing in the Philippines
We have been in the Philippines over the last ten days and they have been incredibly relaxing- relaxing for three reasons.
One- our trip to Boracay, which is probably the finest white sand beach in the world.
Two- reconnecting with family and old friends. My wife's high school batch in Midsayap, Cotabato, celebrated 20 years of passing out from school and it was occasion to remember. The preparation was extensive but it was the warmth of everyone in the small town of Midsayap (pop of 120,000) that completely won my heart. Their sincerity and genuiuneness is something that is uncommon in today's day and age.
Three- the variety of food. Being primarily a vegetarian, I can't partake of most delightful Filipino food but I was completely surprised to taste the empanadas made a small boutique bakery called Blue Bell Cafe. Janette, the owner and brainchild behind the venture, is a chemical engineer, who decided to quit her teaching career for her love for baking, and what a fantastic decision it was. Now, she employs 36 people in three different stores and if the empanadas are anything to go by, I am sure she will have more success in years to come. I had three of them before my flight to Manila and three more after we landed and the taste is still lingering in my mouth. For anyone who likes the Indian samosas, Janette's empanadas are a must.
We have four more days before we fly back to the US, but the memories of friends, family and beaches of Boracay will linger for a long time.
One- our trip to Boracay, which is probably the finest white sand beach in the world.
Two- reconnecting with family and old friends. My wife's high school batch in Midsayap, Cotabato, celebrated 20 years of passing out from school and it was occasion to remember. The preparation was extensive but it was the warmth of everyone in the small town of Midsayap (pop of 120,000) that completely won my heart. Their sincerity and genuiuneness is something that is uncommon in today's day and age.
Three- the variety of food. Being primarily a vegetarian, I can't partake of most delightful Filipino food but I was completely surprised to taste the empanadas made a small boutique bakery called Blue Bell Cafe. Janette, the owner and brainchild behind the venture, is a chemical engineer, who decided to quit her teaching career for her love for baking, and what a fantastic decision it was. Now, she employs 36 people in three different stores and if the empanadas are anything to go by, I am sure she will have more success in years to come. I had three of them before my flight to Manila and three more after we landed and the taste is still lingering in my mouth. For anyone who likes the Indian samosas, Janette's empanadas are a must.
We have four more days before we fly back to the US, but the memories of friends, family and beaches of Boracay will linger for a long time.
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