Last Sunday morning found me in the woods of south Georgia still hunting parallel to a scrape line moving very slow and occasionally getting my rear on the ground and hitting my rattling bag and grunt call in the hope of enticing a mature whitetail buck to come in close to see what the fight was about.
I happened on a large oak tree and a flash above caught my eye as I heard a grey squirrel chattering very loud above me in the same tree. In the old tree sat a red-tailed hawk and the squirrel, both close to each other, both hungry, both making no attempt to hide their presence and both wanting the tree to "feed" them, the squirrel eating the fruit of the tree (acorns) the hawk wanting to eat the customer of the diner called an oak.
I took a seat on the ground for a view of what might happen, knowing that squirrels are great barometers for the finest in falling acorns, which are surf and turf to a deer herd and thought I might get to witness a solid hit on a squirrel by one of North America's better aerial hunters as well as harvest a hungry buck.
Looking up waiting and wanting to see death instead of squirrel noise I got to thinking of some parallels to the market beast..
First, no shortage of chatter and noise in the market, the algo's are here to stay. Two, death isn't far away if you hang out on a limb without watching for who might take you. Three, don't hang with excessive leverage. Keep your foundation under you unless you are sure of the weather conditions. Four, you can't eat the obvious under your nose because you may die a quick death. There is always somebody around to feed on you. Somebody bigger, faster and just as hungry. And fifth, when danger flies away, don't relax. Eat quick and put some food aside for another day.
For the day, I saw a couple of young bucks but let them continue on to maturity. You can't eat big horns (and I hate squirrel as a food source) but they sure look nice hanging in my cabin when feasting on a big thick juicy Black Angus filet!!!
CEO, Parisian Family Office. Began Wall Street in '82. Founded investment firm, Native American Advisors, '95. White Earth Chippewa. Raised on reservations. Conservative. NYSE/FINRA arbitrator. Drexel Burnham alum. Pureblood, clot-shot free. In a world elevated on a tech-driven dopamine binge, he trades from GHOST RANCH on the Yellowstone River in MT, TN farm, PAMELOT or CASA TULE', the family winter camp in Los Cabos, Mexico. Always been, will always be, an optimist.
Tuesday, October 30, 2007
I'm with the Government and here to help the Indians.......
Wednesday, October 24, 2007 10:39 AM MDT
A key witness against the federal government in a multi-billion dollar class action lawsuit this week will be one of its own attorneys, according to Public Employees for Environmental Responsibility (PEER). The pivotal testimony will contradict the Interior Department's central defense that it can accurately account for income from leases it manages on behalf of 300,000 Indian landowners.
Palm Springs Field Solicitor Robert McCarthy is expected to testify on Tuesday, Oct. 23. He is being called as a witness by the plaintiffs, based on his detailed disclosures documenting "gross mismanagement" of leases by Interior potentially costing Indian landowners millions of dollars every month. The Palm Springs area generates nearly a quarter of all the agency's Indian trust revenues.
The litigation, Cobell v. Kempthorne, was filed back on June 10, 1996, in the U.S. District Court for the District of Columbia. The court ruled in 1999 that the secretaries of Interior and Treasury had breached their trust obligations to the Indians and ordered Interior to give a complete accounting of all trust funds. The trial, which began on Oct. 10, will determine whether Interior can provide a fair and accurate accounting and whether it has corrected the fiduciary breaches the court had previously found.
McCarthy is likely to impeach much of the testimony presented by the government, particularly from James (Jim) Cason, an associate deputy Interior secretary, who testified last week that the agency found no "systemic" errors and that accounting problems "tend to be small, tend to be few, tend to be on both sides of the ledger, and tend to net out against each other."
By contrast, McCarthy will testify that he briefed Cason in 2005 about numerous cases of significant mismanagement and violations of laws, including missing records and failure to collect or account for Indian lease income; Interior officials routinely charged tribal members fees far in excess of those allowed by federal regulations, sometimes as high as $60,000, for transactions that by law may not result in fees more than $500, despite testimony by Cason that Interior does not charge for its management of Indian leases, aside from a "handful" of minor administrative fees; and the electronic system that Interior now uses to track lease payments and transactions has been described by the agency itself as "a data base of misinformation."
"To the extent that the government is relying upon the credibility of Jim Cason, it is in trouble," stated PEER Executive Director Jeff Ruch, noting that Cason was brought into Interior by now-imprisoned former Deputy Secretary Steve Griles. "In July, an Interior audit confirmed Robert McCarthy's charges, but the agency continues to ignore repeated verifications that crippling weaknesses still exist."
On Aug. 9, one day after McCarthy notified the agency that he had been identified as a potential witness in the Cobell case, the Solicitor's Office issued a proposal to fire him, allegedly for disclosing confidential information to a reporter back in April.
Two months later, the agency has yet to make a decision on the proposed termination. In that matter, McCarthy is being represented by PEER and the Government Accountability Project, both non-profit groups specializing in whistleblower protection.
Normally a government attorney would be barred from testifying against his or her agency, but the fiduciary relationship creates a special duty of loyalty for a lawyer to protect the interests of the beneficiaries of the trust, in this case the Indians, against malfeasance of the trustee, the Interior Department for which McCarthy still works.
A key witness against the federal government in a multi-billion dollar class action lawsuit this week will be one of its own attorneys, according to Public Employees for Environmental Responsibility (PEER). The pivotal testimony will contradict the Interior Department's central defense that it can accurately account for income from leases it manages on behalf of 300,000 Indian landowners.
Palm Springs Field Solicitor Robert McCarthy is expected to testify on Tuesday, Oct. 23. He is being called as a witness by the plaintiffs, based on his detailed disclosures documenting "gross mismanagement" of leases by Interior potentially costing Indian landowners millions of dollars every month. The Palm Springs area generates nearly a quarter of all the agency's Indian trust revenues.
The litigation, Cobell v. Kempthorne, was filed back on June 10, 1996, in the U.S. District Court for the District of Columbia. The court ruled in 1999 that the secretaries of Interior and Treasury had breached their trust obligations to the Indians and ordered Interior to give a complete accounting of all trust funds. The trial, which began on Oct. 10, will determine whether Interior can provide a fair and accurate accounting and whether it has corrected the fiduciary breaches the court had previously found.
McCarthy is likely to impeach much of the testimony presented by the government, particularly from James (Jim) Cason, an associate deputy Interior secretary, who testified last week that the agency found no "systemic" errors and that accounting problems "tend to be small, tend to be few, tend to be on both sides of the ledger, and tend to net out against each other."
By contrast, McCarthy will testify that he briefed Cason in 2005 about numerous cases of significant mismanagement and violations of laws, including missing records and failure to collect or account for Indian lease income; Interior officials routinely charged tribal members fees far in excess of those allowed by federal regulations, sometimes as high as $60,000, for transactions that by law may not result in fees more than $500, despite testimony by Cason that Interior does not charge for its management of Indian leases, aside from a "handful" of minor administrative fees; and the electronic system that Interior now uses to track lease payments and transactions has been described by the agency itself as "a data base of misinformation."
"To the extent that the government is relying upon the credibility of Jim Cason, it is in trouble," stated PEER Executive Director Jeff Ruch, noting that Cason was brought into Interior by now-imprisoned former Deputy Secretary Steve Griles. "In July, an Interior audit confirmed Robert McCarthy's charges, but the agency continues to ignore repeated verifications that crippling weaknesses still exist."
On Aug. 9, one day after McCarthy notified the agency that he had been identified as a potential witness in the Cobell case, the Solicitor's Office issued a proposal to fire him, allegedly for disclosing confidential information to a reporter back in April.
Two months later, the agency has yet to make a decision on the proposed termination. In that matter, McCarthy is being represented by PEER and the Government Accountability Project, both non-profit groups specializing in whistleblower protection.
Normally a government attorney would be barred from testifying against his or her agency, but the fiduciary relationship creates a special duty of loyalty for a lawyer to protect the interests of the beneficiaries of the trust, in this case the Indians, against malfeasance of the trustee, the Interior Department for which McCarthy still works.
Saturday, October 27, 2007
More Government help..................
WASHINGTON, Oct. 26 — The Federal Emergency Management Agency staged a fake news conference this week, with agency staff officials, pretending to be reporters, peppering one of their own bosses with decidedly friendly questions about the response to the California fires, the Department of Homeland Security acknowledged Friday.
The action, first reported on Friday in The Washington Post, drew a rebuke from the White House and Homeland Security Secretary Michael Chertoff, and an apology from the agency official who was at the lectern, Harvey E. Johnson, the deputy director.
“We have made it clear that such a stunt will never be tolerated or repeated,” a spokeswoman for the department, Laura C. Keehner, said on behalf of Mr. Chertoff.
The questions from the staff were posed after FEMA gave reporters only 15 minutes notice for a news conference on Tuesday, meaning that other than television camera crews, no reporters showed up before questioning began. A toll-free telephone line was provided so reporters could listen in, but it was not set up to allow questions.
As a result, staff members asked Mr. Johnson a series of friendly questions like, “Are you happy with FEMA’s response so far?” and, “What lessons learned from Katrina have been applied?”
The action, first reported on Friday in The Washington Post, drew a rebuke from the White House and Homeland Security Secretary Michael Chertoff, and an apology from the agency official who was at the lectern, Harvey E. Johnson, the deputy director.
“We have made it clear that such a stunt will never be tolerated or repeated,” a spokeswoman for the department, Laura C. Keehner, said on behalf of Mr. Chertoff.
The questions from the staff were posed after FEMA gave reporters only 15 minutes notice for a news conference on Tuesday, meaning that other than television camera crews, no reporters showed up before questioning began. A toll-free telephone line was provided so reporters could listen in, but it was not set up to allow questions.
As a result, staff members asked Mr. Johnson a series of friendly questions like, “Are you happy with FEMA’s response so far?” and, “What lessons learned from Katrina have been applied?”
Thursday, October 25, 2007
Merrill Lynch.............
This whole debacle of greed is costing the firm billions and billions.
Shareholders are getting their equity in the company marked down accordingly.
The massive fees garnered by the packaging and securitization of mortgages has topped out. Wall Street, with their fancy models and esoteric investments are getting pillaged by the market itself. It's about time.
Risk control seems to be a difficult concept to understand when so much easy compensation depends on exotics to be packaged and sold to the willing.
If Merrill is losing billions with their own money, perhaps you should look closely and see how much they are making off of your money, Mr. and Mrs. Average American Investor. Or better yet, give me a call and we will be glad to show you how much you are paying them in all of the hidden fees.
It may be the most profitable call you will make in your life. I'm easy to find.
Shareholders are getting their equity in the company marked down accordingly.
The massive fees garnered by the packaging and securitization of mortgages has topped out. Wall Street, with their fancy models and esoteric investments are getting pillaged by the market itself. It's about time.
Risk control seems to be a difficult concept to understand when so much easy compensation depends on exotics to be packaged and sold to the willing.
If Merrill is losing billions with their own money, perhaps you should look closely and see how much they are making off of your money, Mr. and Mrs. Average American Investor. Or better yet, give me a call and we will be glad to show you how much you are paying them in all of the hidden fees.
It may be the most profitable call you will make in your life. I'm easy to find.
19 presidential candidates, 19 losers
33 Senators Voted Against English as America's Official Language June 6, 2007
On Wed, 6 Jun 2007 23:35:23 -0500, "Colonel Harry Riley USA ret" wrote:
Senators,
Your vote against an amendment to the Immigration Bill 1348, to make English America's offical language is astounding. On D-Day no less when we honor those that sacrificed in order to secure the bedrock character and principles of America. I can only surmise your vote reflects a loyalty to illegal aliens.
I don't much care where you come from, what your religion is, whether you're black, white or some other color, male or female, democrat, republican or independent, but I do care when you're a United States Senator, representing citizens of America and vote against English as the official language of the United States.
Your vote reflects betrayal, political surrender, violates your pledge of allegiance, dishonors historical principle, rejects patriotism, borders on traitorous action and, in my opinion, makes you unfit to serve as a United States Senator... impeachment, recall, or other appropriate action is warrented.
Worse, 4 of you voting against English as America's official language are presidential candidates: Senator Biden, Senator Clinton, Senator Dodd, and Senator Obama.
Those 4 Senators vying to lead America but won't or don't have the courage to cast a vote in favor of English as America's official language when 91% of American citizens want English officially designated as our language.
This is the second time in the last several months this list of Senators have disgraced themselves as political hacks... unworthy as Senators and certainly unqualifed to serve as President of the United States.
If America is as angry as I am, you will realize a back-lash so stunning it will literally rock you out of your panties... and preferably, totally out of the United States Senate.
The entire immigration bill is a farce... your action only confirms this really isn't about America; it's about self-serving politics... despicable at best.
"Never argue with an idiot; they'll drag you down to their level and beat you with experience." ~ anonymous
The following senators voted against making English the official language of America:
Akaka (D-HI)
Bayh (D-IN)
Biden (D-DE) Wants to be President?
Bingaman (D-NM)
Boxer (D-CA)
Cantwell (D-WA)
Clinton (D-NY) Wants to be President?
Dayton (D-MN)
Dodd (D-CT) Wants to be President?
Domenici (R-NM) Coward, protecting his Senate seat...
Durbin (D-IL)
Feingold (D-WI) Not unusual for him
Feinstein (D-CA)
Harkin (D-IA)
Inouye (D-HI)
Jeffords (I-VT)
Kennedy (D-MA)
Kerry (D-MA) Wanted to be President
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (D-CT) Disappointment here.....
Menendez (D-NJ)
Mikulski (D-MD)
Murray (D-WA)
Obama (D-IL) Wants to be President?
Reed (D-RI)
Reid (D-NV) Senate Majority Leader
Salazar (D-CO)
Sarbanes (D-MD)
Schumer (D-NY)
Stabenow (D-M)
On Wed, 6 Jun 2007 23:35:23 -0500, "Colonel Harry Riley USA ret" wrote:
Senators,
Your vote against an amendment to the Immigration Bill 1348, to make English America's offical language is astounding. On D-Day no less when we honor those that sacrificed in order to secure the bedrock character and principles of America. I can only surmise your vote reflects a loyalty to illegal aliens.
I don't much care where you come from, what your religion is, whether you're black, white or some other color, male or female, democrat, republican or independent, but I do care when you're a United States Senator, representing citizens of America and vote against English as the official language of the United States.
Your vote reflects betrayal, political surrender, violates your pledge of allegiance, dishonors historical principle, rejects patriotism, borders on traitorous action and, in my opinion, makes you unfit to serve as a United States Senator... impeachment, recall, or other appropriate action is warrented.
Worse, 4 of you voting against English as America's official language are presidential candidates: Senator Biden, Senator Clinton, Senator Dodd, and Senator Obama.
Those 4 Senators vying to lead America but won't or don't have the courage to cast a vote in favor of English as America's official language when 91% of American citizens want English officially designated as our language.
This is the second time in the last several months this list of Senators have disgraced themselves as political hacks... unworthy as Senators and certainly unqualifed to serve as President of the United States.
If America is as angry as I am, you will realize a back-lash so stunning it will literally rock you out of your panties... and preferably, totally out of the United States Senate.
The entire immigration bill is a farce... your action only confirms this really isn't about America; it's about self-serving politics... despicable at best.
"Never argue with an idiot; they'll drag you down to their level and beat you with experience." ~ anonymous
The following senators voted against making English the official language of America:
Akaka (D-HI)
Bayh (D-IN)
Biden (D-DE) Wants to be President?
Bingaman (D-NM)
Boxer (D-CA)
Cantwell (D-WA)
Clinton (D-NY) Wants to be President?
Dayton (D-MN)
Dodd (D-CT) Wants to be President?
Domenici (R-NM) Coward, protecting his Senate seat...
Durbin (D-IL)
Feingold (D-WI) Not unusual for him
Feinstein (D-CA)
Harkin (D-IA)
Inouye (D-HI)
Jeffords (I-VT)
Kennedy (D-MA)
Kerry (D-MA) Wanted to be President
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (D-CT) Disappointment here.....
Menendez (D-NJ)
Mikulski (D-MD)
Murray (D-WA)
Obama (D-IL) Wants to be President?
Reed (D-RI)
Reid (D-NV) Senate Majority Leader
Salazar (D-CO)
Sarbanes (D-MD)
Schumer (D-NY)
Stabenow (D-M)
The Australian, Kevin McKern says................
"A prerequisite to wealth is self acceptance and belief, physical well being, mental flexibility and discipline. Better that than never, I guess."
Wednesday, October 24, 2007
Growth in China..............
Having grown up on so many Indian Reservations on the Great Plains (Dad worked for the Bureau of Indian Affairs and we moved alot as he tried to make more money by taking law enforcement positions on other reservations that came available at higher pay grades) I think there is a lesson in the following numbers. Living in the southern United States today I hear enough of the "why I can't get ahead syndrome" from some quarters. For those of you in Mandaree, whether you are white, black or red, the yellow are coming to a country near you. And the yuan will have an effect on your dollar though you won't know it until it's too late. Look at these numbers.
Billionaires in China in 2005 -- 5
Billionaires in China in 2006 -- 15
Billionaires in China in 2007 -- 106
Billionaires in China in 2005 -- 5
Billionaires in China in 2006 -- 15
Billionaires in China in 2007 -- 106
Friday, October 19, 2007
20 years ago today...............
October 19, 1987. 508 points. A 22% decline. Record volume.
Looking back it was a tremendous buying opportunity. As all steep market corrections have been in your lifetime and mine. Just step in, buy the market and give it time. That October day found me in the offices of Drexel Burnham Lambert in LaJolla, California where I had been a stockbroker for several years. I spent that preceding weekend on an adventure to ease the drama. Friday afternoon I met my pal, Budd Zuckerman at a San Diego airport with our dates and hopped in a chartered plane for a 40 minute run out to Catalina Island. We were late getting together and the pilot was in a hurry to get in the air and get out to Catalina as there were no lights on the Island's airstrip. It was a great weekend with plenty of great food and cold beer and our dates were alot of fun. The boat had been out there for a few weeks and we were to sail it back to San Diego for the partnership that owned it.
Early Sunday we left the yacht basin a little after 4 a.m. for the sail on the 46 foot Flatulyn back to San Diego. It was a little scary as once you left the confines of the marina there wasn't any coming back in until daylight arrived if engine trouble (fire) developed. And no shortage of sharks off of Catalina. And there aren't any lights on the open ocean to guide the way! We had no GPS, no cell phones, no marine emergency radios. Just a compass with no backup, some bravado, our dates and our youth. What else do you need? It was a cool, very cloudy sail until mid afternoon and the clouds were so thick it was virtually impossible to tell where the sun was. There were many many beautiful songbirds on migration virtually "lost" on the open ocean as they couldnt' detect the sun's position and they were landing on every piece of kelp sticking out on the ocean surface as well as all over the boat. We arrived back in San Diego before dark and readied ourselves for what was to be a wild day.
We had our morning meeting at 6 a.m. led by our branch manager, Walter J. Shaw, who has since gone on ahead. Walter did a great job in that meeting. He asked us all to keep him abreast of any major unsecured debits or margin issues in client accounts that were likely to crop up in a further downdraft. We all knew to a man there was going to be some major selling pressure after the Friday rumble of 108 points and a 4.8% drop.
With the market opening it was clear to see that specialists were inundated with selling. Stocks were being opened in big gaps down. As wire communication to the floor became impossible, phone orders were being the norm. And there were probably hundreds of thousands of phone calls that day to trading desks that went unanswered. Traders wouldn't trade. Phones were not being picked up. Notices of trade fills on either buys or sells were hours late. Hours. No specialist firm under the sun was going to commit their own capital when selling of this magnitude was staring them in the bottom line.
That day I had several clients wade into the abyss and just buy some blue-chips. Small trades but more buying than selling. As the day wore on it became apparent the system was in trouble. My livlihood was threatened. Was the NYSE on the verge of collapse? Where would we work? What would I do?
I remember so clearly sitting in the office of my great friend, Maurice Altshuler, who is still a broker with the venerable brokerage house of Morgan Stanley in LaJolla. Maurice and I talked about the future, what could happen and never without any fear for ourselves as to having a career or a job or doing something else. Little did I know that Maurice had over a $1,000,000,000 unsecured debit from a new client in Switzerland who had opened an account the previous week and put the money to work. It wasn't pretty then and could have been a nasty situation. Maurice handled it like he does with about everything else in life, with grace, dignity and professionalism.
The market soon recovered. 1987 was a year to remember. It was the year the government fingered Ivan Boesky and when Boyd Jefferies handed over his firm. It was a year to remember. And a heck of a year to put money in the stock market.
To buy them when no one else wants them. To buy when the baby is getting thrown out with the bathwater. Just buy the market. And sit until you need the money.
Looking back it was a tremendous buying opportunity. As all steep market corrections have been in your lifetime and mine. Just step in, buy the market and give it time. That October day found me in the offices of Drexel Burnham Lambert in LaJolla, California where I had been a stockbroker for several years. I spent that preceding weekend on an adventure to ease the drama. Friday afternoon I met my pal, Budd Zuckerman at a San Diego airport with our dates and hopped in a chartered plane for a 40 minute run out to Catalina Island. We were late getting together and the pilot was in a hurry to get in the air and get out to Catalina as there were no lights on the Island's airstrip. It was a great weekend with plenty of great food and cold beer and our dates were alot of fun. The boat had been out there for a few weeks and we were to sail it back to San Diego for the partnership that owned it.
Early Sunday we left the yacht basin a little after 4 a.m. for the sail on the 46 foot Flatulyn back to San Diego. It was a little scary as once you left the confines of the marina there wasn't any coming back in until daylight arrived if engine trouble (fire) developed. And no shortage of sharks off of Catalina. And there aren't any lights on the open ocean to guide the way! We had no GPS, no cell phones, no marine emergency radios. Just a compass with no backup, some bravado, our dates and our youth. What else do you need? It was a cool, very cloudy sail until mid afternoon and the clouds were so thick it was virtually impossible to tell where the sun was. There were many many beautiful songbirds on migration virtually "lost" on the open ocean as they couldnt' detect the sun's position and they were landing on every piece of kelp sticking out on the ocean surface as well as all over the boat. We arrived back in San Diego before dark and readied ourselves for what was to be a wild day.
We had our morning meeting at 6 a.m. led by our branch manager, Walter J. Shaw, who has since gone on ahead. Walter did a great job in that meeting. He asked us all to keep him abreast of any major unsecured debits or margin issues in client accounts that were likely to crop up in a further downdraft. We all knew to a man there was going to be some major selling pressure after the Friday rumble of 108 points and a 4.8% drop.
With the market opening it was clear to see that specialists were inundated with selling. Stocks were being opened in big gaps down. As wire communication to the floor became impossible, phone orders were being the norm. And there were probably hundreds of thousands of phone calls that day to trading desks that went unanswered. Traders wouldn't trade. Phones were not being picked up. Notices of trade fills on either buys or sells were hours late. Hours. No specialist firm under the sun was going to commit their own capital when selling of this magnitude was staring them in the bottom line.
That day I had several clients wade into the abyss and just buy some blue-chips. Small trades but more buying than selling. As the day wore on it became apparent the system was in trouble. My livlihood was threatened. Was the NYSE on the verge of collapse? Where would we work? What would I do?
I remember so clearly sitting in the office of my great friend, Maurice Altshuler, who is still a broker with the venerable brokerage house of Morgan Stanley in LaJolla. Maurice and I talked about the future, what could happen and never without any fear for ourselves as to having a career or a job or doing something else. Little did I know that Maurice had over a $1,000,000,000 unsecured debit from a new client in Switzerland who had opened an account the previous week and put the money to work. It wasn't pretty then and could have been a nasty situation. Maurice handled it like he does with about everything else in life, with grace, dignity and professionalism.
The market soon recovered. 1987 was a year to remember. It was the year the government fingered Ivan Boesky and when Boyd Jefferies handed over his firm. It was a year to remember. And a heck of a year to put money in the stock market.
To buy them when no one else wants them. To buy when the baby is getting thrown out with the bathwater. Just buy the market. And sit until you need the money.
Thursday, October 18, 2007
Wednesday, October 17, 2007
Bullshit!!! It is a B-A-I-L-O-U-T............
A planned king-size investment pool to acquire mortgage assets and bolster sputtering credit markets is gaining participants, despite hesitation from some banks and securities firms about joining the effort.
The three lead banks, Citigroup Inc., J.P. Morgan Chase & Co. and Bank of America Corp., are aiming to round up commitments totaling at least $80 billion to make the plan fly, according to people familiar with the matter.
While some people briefed on the plans say that target is fluid, others say that without the kind of critical mass of that large a fund, "it's unlikely to happen," as one put it. The three lead banks expect to ante up less than half the total, the same person said.
The plan, which has been supported by the Treasury Department, is aimed at breaking a logjam in the market for the short-term debt of investment vehicles that hold mortgage-related assets. Those assets have declined sharply in value amid a credit crunch touched off by a downturn in the value of subprime mortgages, or home loans to borrowers with weak credit.
The fund, dubbed the master-liquidity enhancement conduit, would issue short-term notes to investors and use the proceeds to buy securities from the specialized funds, known as structured investment vehicles, or SIVs, that are being forced to wind down their businesses. This could help prevent asset sales at fire-sale prices from triggering a market meltdown. There are some 30 SIVs with about $400 billion in assets, according to Moody's Investors Service.
Broad participation in the plan is important to raise sufficient sums of money to produce the jolt of market confidence needed to boost trading in some parts of the credit markets, those involved in the discussions say.
Yesterday, Wachovia Corp. said it will participate in the fund. "While it's not a significant issue for us, we plan to participate at an appropriate level because we want to help improve the stability of the markets," a spokeswoman said.
Among the firms offering support for the plan are Fidelity Investments and Federated Investors Inc. Both hold debt issued by an arm of Gordian Knot Ltd., one of the SIVs that could benefit from the fund.
The three lead banks, Citigroup Inc., J.P. Morgan Chase & Co. and Bank of America Corp., are aiming to round up commitments totaling at least $80 billion to make the plan fly, according to people familiar with the matter.
While some people briefed on the plans say that target is fluid, others say that without the kind of critical mass of that large a fund, "it's unlikely to happen," as one put it. The three lead banks expect to ante up less than half the total, the same person said.
The plan, which has been supported by the Treasury Department, is aimed at breaking a logjam in the market for the short-term debt of investment vehicles that hold mortgage-related assets. Those assets have declined sharply in value amid a credit crunch touched off by a downturn in the value of subprime mortgages, or home loans to borrowers with weak credit.
The fund, dubbed the master-liquidity enhancement conduit, would issue short-term notes to investors and use the proceeds to buy securities from the specialized funds, known as structured investment vehicles, or SIVs, that are being forced to wind down their businesses. This could help prevent asset sales at fire-sale prices from triggering a market meltdown. There are some 30 SIVs with about $400 billion in assets, according to Moody's Investors Service.
Broad participation in the plan is important to raise sufficient sums of money to produce the jolt of market confidence needed to boost trading in some parts of the credit markets, those involved in the discussions say.
Yesterday, Wachovia Corp. said it will participate in the fund. "While it's not a significant issue for us, we plan to participate at an appropriate level because we want to help improve the stability of the markets," a spokeswoman said.
Among the firms offering support for the plan are Fidelity Investments and Federated Investors Inc. Both hold debt issued by an arm of Gordian Knot Ltd., one of the SIVs that could benefit from the fund.
Tuesday, October 16, 2007
Montana Golfing Rules............
The Montana State Department of Fish and Wildlife is advising golfers to take extra precautions and be on the alert for bears while playing on Gallatin, Helena, and Lewis and Clark National Forests Golf Courses.
They advise golfers to wear noise-producing devices such as little bells on their clothing to alert, but not to startle the bears unexpectedly.
They also advise you to carry pepper spray in the case of an encounter with a bear. It is also a good idea to watch for signs of bear activity.
Golfers should be able to recognize the difference between black bear and grizzly bear droppings on the golf course.
Black bear droppings are smaller and contain berries and possibly squirrel fur.
Grizzly bear droppings have bells, golf-gloves and sunglasses in them and smell like pepper spray.
They advise golfers to wear noise-producing devices such as little bells on their clothing to alert, but not to startle the bears unexpectedly.
They also advise you to carry pepper spray in the case of an encounter with a bear. It is also a good idea to watch for signs of bear activity.
Golfers should be able to recognize the difference between black bear and grizzly bear droppings on the golf course.
Black bear droppings are smaller and contain berries and possibly squirrel fur.
Grizzly bear droppings have bells, golf-gloves and sunglasses in them and smell like pepper spray.
TANSTAAFL........
There ain't no such thing as a free lunch .......
There was a professor in a large college who had some exchange students in his class. One day during class the professor noticed one young man (an exchange student) who kept rubbing his back and stretching as if his back hurt.
The professor asked the young man what was the matter. The student told him he had a bullet lodged in his back. He had been shot while fighting communists in his native country who were trying to overthrow his country's government and install a new communist government.
In the midst of his story he looked at the professor and asked a strange question. He asked, 'Do you know how to catch wild pigs?'
The professor thought it was a joke and asked for the punch line. The young man said this was no joke. 'You catch wild pigs by finding a suitable place in the woods and putting corn on the ground. The pigs find it and begin to come everyday to eat the free corn. When they are used to coming every day, you put a fence down one side of the place where they are used to coming. When they get used to the fence, they begin to eat the corn again and you put up another side of the fence. They get used to that and start to eat again. You continue until you have all four sides of the fence up with a gate in the last side. The pigs, who are used to the free corn, start to come through the gate to eat, you slam the gate on them and catch the whole herd.
Suddenly the wild pigs have lost their freedom. They run around and around inside the fence, but they are caught. Soon they go back to eating the free corn. They are so used to it that they have forgotten how to forage in the woods for themselves, so they accept their captivity.
The young man then told the professor that is exactly what he sees happening to America. The government keeps pushing us toward Communism/Socialism and keeps spreading the free corn out in the form of programs such as supplemental income, tax credit for unearned income, tobacco subsidies, dairy subsidies, payments not to plant crops (CRP), welfare, medicine, drugs, etc. while we continually lose our freedoms- just a little at a time.
One should always remember,there is no free lunch!
You can never hire someone to provide a service for you cheaper than you can do it yourself.
Also, if you see that all of this government 'help' is a problem confronting the future of democracy in America, you might want to send this post on to your friends.
If you think the free ride is essential to our way of life then you probably don't give a shit...but may the Good Lord help us all when the gate slams shut!
There was a professor in a large college who had some exchange students in his class. One day during class the professor noticed one young man (an exchange student) who kept rubbing his back and stretching as if his back hurt.
The professor asked the young man what was the matter. The student told him he had a bullet lodged in his back. He had been shot while fighting communists in his native country who were trying to overthrow his country's government and install a new communist government.
In the midst of his story he looked at the professor and asked a strange question. He asked, 'Do you know how to catch wild pigs?'
The professor thought it was a joke and asked for the punch line. The young man said this was no joke. 'You catch wild pigs by finding a suitable place in the woods and putting corn on the ground. The pigs find it and begin to come everyday to eat the free corn. When they are used to coming every day, you put a fence down one side of the place where they are used to coming. When they get used to the fence, they begin to eat the corn again and you put up another side of the fence. They get used to that and start to eat again. You continue until you have all four sides of the fence up with a gate in the last side. The pigs, who are used to the free corn, start to come through the gate to eat, you slam the gate on them and catch the whole herd.
Suddenly the wild pigs have lost their freedom. They run around and around inside the fence, but they are caught. Soon they go back to eating the free corn. They are so used to it that they have forgotten how to forage in the woods for themselves, so they accept their captivity.
The young man then told the professor that is exactly what he sees happening to America. The government keeps pushing us toward Communism/Socialism and keeps spreading the free corn out in the form of programs such as supplemental income, tax credit for unearned income, tobacco subsidies, dairy subsidies, payments not to plant crops (CRP), welfare, medicine, drugs, etc. while we continually lose our freedoms- just a little at a time.
One should always remember,there is no free lunch!
You can never hire someone to provide a service for you cheaper than you can do it yourself.
Also, if you see that all of this government 'help' is a problem confronting the future of democracy in America, you might want to send this post on to your friends.
If you think the free ride is essential to our way of life then you probably don't give a shit...but may the Good Lord help us all when the gate slams shut!
Monday, October 15, 2007
Sheer genius...............
As many of you know, I have a very high regard for Victor Niederhoffer. He has been instrumental in helping shape many facets of my short term trading methodology. His web site, DailySpeculations.com, is one of my "must-read" sites on a daily basis........... and I've been quoted afew times there. With that said, Victor will probably never have the opportunity to manage a single dime of anyone else's money again.
Here's why. The following comments have been made by Victor over the years Read them and see the irony of those words being said by such genius and yet such a gun-slinger in the markets.
"When trading, survival is key. Chance plays a large part in the outcome of every game, and you must leave a large enough margin so that the normal fluctuation in conditions don't do you in."
"Losing should be a lesson. Everyone loses and all great competitors use their losses to improve their games. When you lose, consider it a normal part of the competitive arena and strive to bounce back through attention to detail, hard work, and practice."
"There are so many ways to lose, but so few ways to win. Perhaps the best way to achieve victory is to master all the rules for disaster, and then concentrate on avoiding them.”
Now read this article.
http://www.newyorker.com/reporting/2007/10/15/071015fa_fact_cassidy?printable=true
The first rule at Chippewa Partners and to every money manager worth his fees who is a fiduciary as we are, is to do no harm to any client under any circumstance.
The second rule is to never forget the first rule.
Victor, I am almost certain, may have never understood the first rule.
Never, ever forget, the market is a living, breathing beast that can quickly devour the Victor's of the world.
When you argue with her you lose.
Always.
Here's why. The following comments have been made by Victor over the years Read them and see the irony of those words being said by such genius and yet such a gun-slinger in the markets.
"When trading, survival is key. Chance plays a large part in the outcome of every game, and you must leave a large enough margin so that the normal fluctuation in conditions don't do you in."
"Losing should be a lesson. Everyone loses and all great competitors use their losses to improve their games. When you lose, consider it a normal part of the competitive arena and strive to bounce back through attention to detail, hard work, and practice."
"There are so many ways to lose, but so few ways to win. Perhaps the best way to achieve victory is to master all the rules for disaster, and then concentrate on avoiding them.”
Now read this article.
http://www.newyorker.com/reporting/2007/10/15/071015fa_fact_cassidy?printable=true
The first rule at Chippewa Partners and to every money manager worth his fees who is a fiduciary as we are, is to do no harm to any client under any circumstance.
The second rule is to never forget the first rule.
Victor, I am almost certain, may have never understood the first rule.
Never, ever forget, the market is a living, breathing beast that can quickly devour the Victor's of the world.
When you argue with her you lose.
Always.
Hardees ........fat city USA
The Center for Science in the Public Interest, a Washington-based advocate for nutrition and health, has called the Hardee's line of Thickburgers "food porn."
The group's senior nutritionist, Jayne Hurley, said Monday that the burrito was "another lousy invention by a fast-food company."
The "country breakfast bomb," as she called it, represents half a day's calories and a full day's worth of saturated fat and salt, to say nothing of cholesterol.
"That's all before 10 o'clock in the morning," she said.
Haley makes no apologies.
"We don't try to hide what these are," he said. "When consumers go to other fast-food places they feel like they've got to buy two of their breakfast sandwiches or burritos to fill up. This is really designed to fill you up."
The group's senior nutritionist, Jayne Hurley, said Monday that the burrito was "another lousy invention by a fast-food company."
The "country breakfast bomb," as she called it, represents half a day's calories and a full day's worth of saturated fat and salt, to say nothing of cholesterol.
"That's all before 10 o'clock in the morning," she said.
Haley makes no apologies.
"We don't try to hide what these are," he said. "When consumers go to other fast-food places they feel like they've got to buy two of their breakfast sandwiches or burritos to fill up. This is really designed to fill you up."
Who are the bad guys here???
Prominent tribal attorney sued by former client
SACRAMENTO -- One of California's most successful Indian gambling tribes has accused its former counsel, prominent tribal attorney Howard Dickstein, of fraud and self-dealing in a lawsuit filed Tuesday in Yolo County.
"This lawsuit is about greed and betrayal," declares the 57-page complaint filed by attorneys for the Rumsey band, which operates one of the state's largest casinos with 3,100 slot machines in the remote Capay Valley northwest of Sacramento.
The 40-member tribe alleged that Dickstein and it's former financial advisor, Arlen Opper, "placed their own interests and the interests of others ahead of the tribe's" in complicated investments and business deals "fraught with self-dealing and conflicts of interest."
"In the final analysis, the tribe's former trusted counsel and investment advisor literally fed off the tribe's financial success, or allowed others to do so, without the tribal council's knowledge and approval," the suit alleges.
Dickstein, who also represents the Pala band of San Diego County, helped deliver Rumsey from poverty during 20 years as its attorney. He was abruptly fired last year, not long after a new chairman was elected. He portrayed the lawsuit as "political payback" by opponents in the small tribe.
Dickstein said he helped Rumsey grow from "less than $100,000 in assets and a tilt-up bingo hall" to a diverse economic empire with "assets in excess of $1 billion."
"It's extremely hurtful ... after all these years of good faith and dedication, to be faced with a pack of lies," Dickstein said, promising a countersuit. "We will fight back and fight back hard."
- James P. Sweeney, Copley News Service
SACRAMENTO -- One of California's most successful Indian gambling tribes has accused its former counsel, prominent tribal attorney Howard Dickstein, of fraud and self-dealing in a lawsuit filed Tuesday in Yolo County.
"This lawsuit is about greed and betrayal," declares the 57-page complaint filed by attorneys for the Rumsey band, which operates one of the state's largest casinos with 3,100 slot machines in the remote Capay Valley northwest of Sacramento.
The 40-member tribe alleged that Dickstein and it's former financial advisor, Arlen Opper, "placed their own interests and the interests of others ahead of the tribe's" in complicated investments and business deals "fraught with self-dealing and conflicts of interest."
"In the final analysis, the tribe's former trusted counsel and investment advisor literally fed off the tribe's financial success, or allowed others to do so, without the tribal council's knowledge and approval," the suit alleges.
Dickstein, who also represents the Pala band of San Diego County, helped deliver Rumsey from poverty during 20 years as its attorney. He was abruptly fired last year, not long after a new chairman was elected. He portrayed the lawsuit as "political payback" by opponents in the small tribe.
Dickstein said he helped Rumsey grow from "less than $100,000 in assets and a tilt-up bingo hall" to a diverse economic empire with "assets in excess of $1 billion."
"It's extremely hurtful ... after all these years of good faith and dedication, to be faced with a pack of lies," Dickstein said, promising a countersuit. "We will fight back and fight back hard."
- James P. Sweeney, Copley News Service
Touts, scum and Wall Street thieves.........
As an NASD and NYSE arbitrator for over a decade I was privy to many financial shenanigans. History repeats itself. Greed and fear haven’t changed in 10,000 years. Every day on the financial news there is a parade of money managers, analysts, CEO’s, economists and politicians touting their wares. My job as a money manager is to protect and grow the assets of our respected clients. You see, I have a theory that the public is always guided to do the wrong thing so that they will make a contribution to the market infrastructure and provide funds for the massive communication costs, buildings, salaries, brokerage house traders, dealers, hedge funds, mutual funds on down to the salesman stockbrokers that must survive in order for the whole ball of wax to continue There is a reason Wall Street needs to suck $50,000,000,000 out of the coffers of the general public every year, to pay everybody. It is my job to question the touts and not accept any of their “information” at face value. Nor do I accept anything at face value from an investor relations department or public relations department. Just can’t.
Unexamined acceptance is the greatest cause of investor losses in my book. Listening to conference calls is tricky. Listening for a change in breathing patterns, tonality changes and hurried answers when the tough questions are asked is a far better tip-off than reading the press releases. How management handles bad quarterly earnings, criticism, merger issues and revenue shortfalls can be telling and impact our invested capital
I can not trust those who manage the companies we own. It’s my job. Many are more concerned about the next golf outing on the corporate jet than the stock price. Always question. Few actually own shares they have purchased in the open market like we have. Few pony up real money to buy shares like investors do every day in the open market. I do my best to verify all I am told by corporate chieftains and public relations firms. I do my best to verify everything. Studying the financial reports, especially the footnotes and “risk factor” sections is important. In conference calls I listen for excuses, deflection and innuendo and run when the integrity of those of us asking the tough questions is questioned. These guys have huge ego’s, status, arrogance and usually a huge financial incentive to keep the status quo.
It’s a tough job. Somebody has to do it.
Unexamined acceptance is the greatest cause of investor losses in my book. Listening to conference calls is tricky. Listening for a change in breathing patterns, tonality changes and hurried answers when the tough questions are asked is a far better tip-off than reading the press releases. How management handles bad quarterly earnings, criticism, merger issues and revenue shortfalls can be telling and impact our invested capital
I can not trust those who manage the companies we own. It’s my job. Many are more concerned about the next golf outing on the corporate jet than the stock price. Always question. Few actually own shares they have purchased in the open market like we have. Few pony up real money to buy shares like investors do every day in the open market. I do my best to verify all I am told by corporate chieftains and public relations firms. I do my best to verify everything. Studying the financial reports, especially the footnotes and “risk factor” sections is important. In conference calls I listen for excuses, deflection and innuendo and run when the integrity of those of us asking the tough questions is questioned. These guys have huge ego’s, status, arrogance and usually a huge financial incentive to keep the status quo.
It’s a tough job. Somebody has to do it.
Tuesday, October 09, 2007
political nonsense.............
I have a hard time understanding why the presidential debates only have only the candidates from the two major parties involved. Why not throw the whole dam bunch of liars into the fray and see what sticks and what doesn't. The battle lines are so blurred. What was democratic is now conservative and what was conservative is now far left.
Hillary Clinton's proposal to give $5,000 to every newborn in America is typical of the vote-buying propaganda usually espoused by the Democrats.
Just where in the hell will the money come from to give away to those who sire babies in America? Let me tell you if you are in Mandaree. It will come from guys like me. It will be robbed from guys like me. Theft by taking. Simple.
And sick. God help America.
Hillary Clinton's proposal to give $5,000 to every newborn in America is typical of the vote-buying propaganda usually espoused by the Democrats.
Just where in the hell will the money come from to give away to those who sire babies in America? Let me tell you if you are in Mandaree. It will come from guys like me. It will be robbed from guys like me. Theft by taking. Simple.
And sick. God help America.
Monday, October 08, 2007
Another Georgia death by a deer..................
66-year-old Ball Ground man was attacked and killed by a deer Sunday night, authorities said.
The deer — most likely a red deer, and not the more commonly found white-tailed deer — was one of several that John Henry Frix kept on his vast property on Trail of Tears Trail off Yellow Creek Road.
His relatives told sheriff's deputies that the deer had been very aggressive lately, chalking its behavior to rut — the period when deer mate.
Frix had gone out to tend to the deer about 7 p.m., county sheriff's Sgt. Jay Baker said. When he didn't return, his relatives called authorities.
Deputies found him about an hour and a half later lying inside one of the pens, 100 yards from the home. He had been gored several times in the upper body by the antlers of the deer, Baker said.
It appeared that Frix tried to fight off the animal, which was the size of a small elk, but was unsuccessful, authorities said.
Frix's family, reached by telephone Sunday night, did not want to talk about the death. One of them later killed the animal.
"I've heard about [such deaths] in the news, but I don't know if we've ever had a man killed by a deer in Cherokee County," Baker said.
Although deer kill about 150 people a year in the United States, most of these deaths occur when the animals collide with cars. However, deaths such as Frix's are not altogether uncommon.
Most attacks take place during rut — when daylight hours shorten. The results of mating produce an offspring in spring months when food in the wild is plentiful and the warm temperature prevents hypothermia.
During this time, the normally docile creatures become aggressive, locking antlers and fighting with other deer to prove their superiority as a breeding partner.
The deer — most likely a red deer, and not the more commonly found white-tailed deer — was one of several that John Henry Frix kept on his vast property on Trail of Tears Trail off Yellow Creek Road.
His relatives told sheriff's deputies that the deer had been very aggressive lately, chalking its behavior to rut — the period when deer mate.
Frix had gone out to tend to the deer about 7 p.m., county sheriff's Sgt. Jay Baker said. When he didn't return, his relatives called authorities.
Deputies found him about an hour and a half later lying inside one of the pens, 100 yards from the home. He had been gored several times in the upper body by the antlers of the deer, Baker said.
It appeared that Frix tried to fight off the animal, which was the size of a small elk, but was unsuccessful, authorities said.
Frix's family, reached by telephone Sunday night, did not want to talk about the death. One of them later killed the animal.
"I've heard about [such deaths] in the news, but I don't know if we've ever had a man killed by a deer in Cherokee County," Baker said.
Although deer kill about 150 people a year in the United States, most of these deaths occur when the animals collide with cars. However, deaths such as Frix's are not altogether uncommon.
Most attacks take place during rut — when daylight hours shorten. The results of mating produce an offspring in spring months when food in the wild is plentiful and the warm temperature prevents hypothermia.
During this time, the normally docile creatures become aggressive, locking antlers and fighting with other deer to prove their superiority as a breeding partner.
Sunday, October 07, 2007
Today at Talladega................
Talladega. The name signifies speed. Talladega Superspeedway. It had been five years since I had been to a Nascar race there. I never thought I would be back. Five years ago the traffic mayhem and vast number of inebriated rednecks all trying to drive out at the same time gave me shivers. With kids, that situation only magnified. I wanted no part of it, especially the 100 minute wait to get on the freeway and head to Atlanta after the race.
I have to say, they have cleaned it up. Alot. The number of drunks was down big time. The number of fans cheering Dale Earnhardt Jr. remained the same. In some ways, things haven't changed. Oncologists in Alabama must have more than Ft. Knox stashed away. The tobacco consumption doesn't look to be down.
Race tickets came via a good client with a major corporation. It is my youngest sons 11th birthday tomorrow so the tickets came in handy. His favorite driver is Jimmie Johnson, in the #48 car. Nascar racing and other sports have many similiarities. What you fight against all day is "bad" air. How you win is with "good" air. Either way, no one can see the air, only it's effect. Today's race was decided in the last 600 yards. Not a bad finish after 188 laps and 500 miles. Almost like a professional basketball game when the offense kicks it in over the last few minutes. Last shot wins so to speak in the big oval track as well.
Today, Jimmie Johnson finished second to Jeff Gordon. Both drivers spent about 475 miles near the back of the pack, avoing wrecks and biding their time. Their experience showed. Like a great mature tennis player they didn't try to overpower their opponents. They played the game, fought off all comers and rallied at the end to finish first and second.
It really is a team effort. The amount of practice and coaching that go into a world-class racing pit crew is similiar to a pro football team. The schooling, practice, physical conditioning and attitude can and do make the difference. It isn't just the driver. Nanoseconds can make a big difference at 195 miles per hour.
Nascar has figured it out with massive video display screens in front of the grandstands and excellent camera work. Replays were outstanding. No one was injured today and that in itself is probably a miracle. Week in week out, Nascar drivers don't have much room for error at superspeedway speeds. They probably feel safer on the track racing amongst themselves than being on a freeway with the general public.
I have to say, I hate paying taxes. The AMT killed me last year and will kill me this year. One of the things I do NOT mind paying taxes for is to watch the speed and grace of a formation of F-14 Tomcat fighter jets scream overhead in a passing salute at the finale of our National Anthem to start the race Maybe you just have to be there amongst over 200,000 screaming Nascar fans and feel the rumble and vibration of the afterburners as they turn straight up a mile and scream out of there like swallows in the wind. If that isn't enough the sound and fury of 43 cars coming down the stretch to start things off is like nothing most Americans have ever experienced. Maybe you think Nascar is fairly redneck and dull to watch guys race in a circle. Saying that, your experience is probably only of watching Nascar racing on television. I suggest you take a day out of your busy life and give a day of racing a chance to pump some life back into you. It was a beautiful day to spend with a healthy son who turns 11 tomorrow. It has been a great race so far teaching him about the game of life. Thank you Talladega!
I have to say, they have cleaned it up. Alot. The number of drunks was down big time. The number of fans cheering Dale Earnhardt Jr. remained the same. In some ways, things haven't changed. Oncologists in Alabama must have more than Ft. Knox stashed away. The tobacco consumption doesn't look to be down.
Race tickets came via a good client with a major corporation. It is my youngest sons 11th birthday tomorrow so the tickets came in handy. His favorite driver is Jimmie Johnson, in the #48 car. Nascar racing and other sports have many similiarities. What you fight against all day is "bad" air. How you win is with "good" air. Either way, no one can see the air, only it's effect. Today's race was decided in the last 600 yards. Not a bad finish after 188 laps and 500 miles. Almost like a professional basketball game when the offense kicks it in over the last few minutes. Last shot wins so to speak in the big oval track as well.
Today, Jimmie Johnson finished second to Jeff Gordon. Both drivers spent about 475 miles near the back of the pack, avoing wrecks and biding their time. Their experience showed. Like a great mature tennis player they didn't try to overpower their opponents. They played the game, fought off all comers and rallied at the end to finish first and second.
It really is a team effort. The amount of practice and coaching that go into a world-class racing pit crew is similiar to a pro football team. The schooling, practice, physical conditioning and attitude can and do make the difference. It isn't just the driver. Nanoseconds can make a big difference at 195 miles per hour.
Nascar has figured it out with massive video display screens in front of the grandstands and excellent camera work. Replays were outstanding. No one was injured today and that in itself is probably a miracle. Week in week out, Nascar drivers don't have much room for error at superspeedway speeds. They probably feel safer on the track racing amongst themselves than being on a freeway with the general public.
I have to say, I hate paying taxes. The AMT killed me last year and will kill me this year. One of the things I do NOT mind paying taxes for is to watch the speed and grace of a formation of F-14 Tomcat fighter jets scream overhead in a passing salute at the finale of our National Anthem to start the race Maybe you just have to be there amongst over 200,000 screaming Nascar fans and feel the rumble and vibration of the afterburners as they turn straight up a mile and scream out of there like swallows in the wind. If that isn't enough the sound and fury of 43 cars coming down the stretch to start things off is like nothing most Americans have ever experienced. Maybe you think Nascar is fairly redneck and dull to watch guys race in a circle. Saying that, your experience is probably only of watching Nascar racing on television. I suggest you take a day out of your busy life and give a day of racing a chance to pump some life back into you. It was a beautiful day to spend with a healthy son who turns 11 tomorrow. It has been a great race so far teaching him about the game of life. Thank you Talladega!
Friday, October 05, 2007
This appeared on Craigs List..................
What am I doing wrong?
Okay, I’m tired of beating around the bush. I’m a beautiful (spectacularly beautiful) 25 year old girl. I’m articulate and classy.
I’m not from New York . I’m looking to get married to a guy who makes at least half a million a year. I know how that sounds, but keep in mind that a million a year is middle class in New York City, so I don’t think I’m overreaching at all.
Are there any guys who make 500K or more on this board? Any wives? Could you send me some tips? I dated a business man who makes average around 200 - 250. But that’s where I seem to hit a roadblock. 250,000 won’t get me to central park west. I know a woman in my yoga class who was married to an investment banker and lives in Tribeca, and she’s not as pretty as I am, nor is she a great genius. So what is she doing right? How do I get to her level?
Here are my questions specifically:
- Where do you single rich men hang out? Give me specifics- bars, restaurants, gyms
-What are you looking for in a mate? Be honest guys, you won’t hurt my feelings
-Is there an age range I should be targeting (I’m 25)?
- Why are some of the women living lavish lifestyles on the upper east side so plain? I’ve seen really ‘plain jane’ boring types who have nothing to offer married to incredibly wealthy guys. I’ve seen drop dead gorgeous girls in singles bars in the east village. What’s the story there?
- Jobs I should look out for? Everyone knows - lawyer, investment banker, doctor. How much do those guys really make? And where do they hang out? Where do the hedge fund guys hang out?
- How you decide marriage vs. just a girlfriend? I am looking for MARRIAGE ONLY
Please hold your insults - I’m putting myself out there in an honest way. Most beautiful women are superficial; at least I’m being up front about it. I wouldn’t be searching for these kind of guys if I wasn’t able to match them - in looks, culture, sophistication, and keeping a nice home and hearth.
it’s NOT ok to contact this poster with services or other commercial interests
PostingID: 432279810
THE ANSWER
Dear Pers-431649184:
I read your posting with great interest and have thought meaningfully about your dilemma. I offer the following analysis of your predicament.
Firstly, I’m not wasting your time, I qualify as a guy who fits your bill; that is I make more than $500K per year. That said here’s how I see it.
Your offer, from the prospective of a guy like me, is plain and simple a crappy business deal. Here’s why. Cutting through all the B.S., what you suggest is a simple trade: you bring your looks to the party and I bring my money. Fine, simple. But here’s the rub, your looks will fade and my money will likely continue into perpetuity…in fact, it is very likely that my income increases but it is an absolute certainty that you won’t be getting any more beautiful!
So, in economic terms you are a depreciating asset and I am an earning asset. Not only are you a depreciating asset, your depreciation accelerates! Let me explain, you’re 25 now and will likely stay pretty hot for the next 5 years, but less so each year. Then the fade begins in earnest. By 35 stick a fork in you!
So in Wall Street terms, we would call you a trading position, not a buy and hold…hence the rub…marriage. It doesn’t make good business sense to “buy you” (which is what you’re asking) so I’d rather lease. In case you think I’m being cruel, I would say the following. If my money were to go away, so would you, so when your beauty fades I need an out. It’s as simple as that. So a deal that makes sense is dating, not marriage.
Separately, I was taught early in my career about efficient markets. So, I wonder why a girl as “articulate, classy and spectacularly beautiful”
as you has been unable to find your sugar daddy. I find it hard to believe that if you are as gorgeous as you say you are that the $500K hasn’t found you, if not only for a tryout.
By the way, you could always find a way to make your own money and then we wouldn’t need to have this difficult conversation.
With all that said, I must say you’re going about it the right way.
Classic “pump and dump.”
I hope this is helpful, and if you want to enter into some sort of lease, let me know.
Okay, I’m tired of beating around the bush. I’m a beautiful (spectacularly beautiful) 25 year old girl. I’m articulate and classy.
I’m not from New York . I’m looking to get married to a guy who makes at least half a million a year. I know how that sounds, but keep in mind that a million a year is middle class in New York City, so I don’t think I’m overreaching at all.
Are there any guys who make 500K or more on this board? Any wives? Could you send me some tips? I dated a business man who makes average around 200 - 250. But that’s where I seem to hit a roadblock. 250,000 won’t get me to central park west. I know a woman in my yoga class who was married to an investment banker and lives in Tribeca, and she’s not as pretty as I am, nor is she a great genius. So what is she doing right? How do I get to her level?
Here are my questions specifically:
- Where do you single rich men hang out? Give me specifics- bars, restaurants, gyms
-What are you looking for in a mate? Be honest guys, you won’t hurt my feelings
-Is there an age range I should be targeting (I’m 25)?
- Why are some of the women living lavish lifestyles on the upper east side so plain? I’ve seen really ‘plain jane’ boring types who have nothing to offer married to incredibly wealthy guys. I’ve seen drop dead gorgeous girls in singles bars in the east village. What’s the story there?
- Jobs I should look out for? Everyone knows - lawyer, investment banker, doctor. How much do those guys really make? And where do they hang out? Where do the hedge fund guys hang out?
- How you decide marriage vs. just a girlfriend? I am looking for MARRIAGE ONLY
Please hold your insults - I’m putting myself out there in an honest way. Most beautiful women are superficial; at least I’m being up front about it. I wouldn’t be searching for these kind of guys if I wasn’t able to match them - in looks, culture, sophistication, and keeping a nice home and hearth.
it’s NOT ok to contact this poster with services or other commercial interests
PostingID: 432279810
THE ANSWER
Dear Pers-431649184:
I read your posting with great interest and have thought meaningfully about your dilemma. I offer the following analysis of your predicament.
Firstly, I’m not wasting your time, I qualify as a guy who fits your bill; that is I make more than $500K per year. That said here’s how I see it.
Your offer, from the prospective of a guy like me, is plain and simple a crappy business deal. Here’s why. Cutting through all the B.S., what you suggest is a simple trade: you bring your looks to the party and I bring my money. Fine, simple. But here’s the rub, your looks will fade and my money will likely continue into perpetuity…in fact, it is very likely that my income increases but it is an absolute certainty that you won’t be getting any more beautiful!
So, in economic terms you are a depreciating asset and I am an earning asset. Not only are you a depreciating asset, your depreciation accelerates! Let me explain, you’re 25 now and will likely stay pretty hot for the next 5 years, but less so each year. Then the fade begins in earnest. By 35 stick a fork in you!
So in Wall Street terms, we would call you a trading position, not a buy and hold…hence the rub…marriage. It doesn’t make good business sense to “buy you” (which is what you’re asking) so I’d rather lease. In case you think I’m being cruel, I would say the following. If my money were to go away, so would you, so when your beauty fades I need an out. It’s as simple as that. So a deal that makes sense is dating, not marriage.
Separately, I was taught early in my career about efficient markets. So, I wonder why a girl as “articulate, classy and spectacularly beautiful”
as you has been unable to find your sugar daddy. I find it hard to believe that if you are as gorgeous as you say you are that the $500K hasn’t found you, if not only for a tryout.
By the way, you could always find a way to make your own money and then we wouldn’t need to have this difficult conversation.
With all that said, I must say you’re going about it the right way.
Classic “pump and dump.”
I hope this is helpful, and if you want to enter into some sort of lease, let me know.
on half-truths and honesty..............
Honesty is seen as a fluid concept, shades of grey changing slightly depending on the needs of the moment, the people around and the risks involved. Little white lies sprinkle our days and yet we think nothing of them. We see them as merely a way to get along with others without putting us in danger.
In some ways, I agree with this perception, when you are truly confronting danger, but in most cases, people try to apply the same excuse to leaps of dishonesty that go far beyond the little white lie. No , I believe that we all must be as honest as possible as much as possible, less we slip into the delusion that honesty is only some vague philosophical concept that really doesn't apply to the real world.
It is important to be honest with others, and yourself, for the simple reason that life demands it. Those who are chronically dishonest are always wary, always on guard, lest their deceptions be exposed. They pile lie upon lie to cover yet another lie until, inevitably, it all comes tumbling down, leaving those around them to suffer the consequences.
You need to cultivate a reputation for honesty because honesty is required to build trust. Trust is required by all of us who wish to do great things. We must trust that those around us are working in their best interest and the best interest of their work. We need to feel that we can turn our attention to this and that, without fear the others will somehow take advantage of our lack of attention. We need to feel that those around us will not do us harm. If you want to gain the trust of others, you must be as honest as possible.
Being honest is more than telling half-truths and white lies to smooth the waters. Honesty involves telling the truth even when it isn't easy. Only petty people fear the truth. The people you want to know are not afraid of the truth or the person who speaks it. It may seem laughable, but there are others out there who respect honesty as much as you and it is those you need to seek out and emulate. Everyone will be better off for acknowledging the truth.
Being honest with yourself is also terribly important. Too many of us hide our inadequacies behind false bravado, forcing others to suffer. When we hide our failures, we hurt everyone, sometime even more than ourselves. I am sure you have been on the receiving end of of someone who hid their failures until the last minute. You don't like it when others do that to you, so why would you even think of doing it to others. Be honest and take responsibility for your own actions, good and bad.
Developing a reputation for honesty helps you in several ways. First, you will find that people are more open to you...and your ideas. They know you will give an honest opinion and not use the information in ways that might hurt them. People will also give you the benefit of the doubt when issues do arise.
Of course, there is a complimentary danger when you develop a reputation for honesty. Should you ever abandon that honesty, or use the trust you have developed to take advantage of someone, the retribution will be swift and heavy. Don't pretend honesty, if you don't truly believe in its importance or your fall will be worse than if you had been chronically dishonest all your life. This doesn't mean you shouldn't start being honest, though, only that you need to continue it in the future.
Honesty leads to trust and trust leads to collaboration with others on equal footing. Deny this honesty, or deny this trust, and you are crippling your life with every passing day.
In some ways, I agree with this perception, when you are truly confronting danger, but in most cases, people try to apply the same excuse to leaps of dishonesty that go far beyond the little white lie. No , I believe that we all must be as honest as possible as much as possible, less we slip into the delusion that honesty is only some vague philosophical concept that really doesn't apply to the real world.
It is important to be honest with others, and yourself, for the simple reason that life demands it. Those who are chronically dishonest are always wary, always on guard, lest their deceptions be exposed. They pile lie upon lie to cover yet another lie until, inevitably, it all comes tumbling down, leaving those around them to suffer the consequences.
You need to cultivate a reputation for honesty because honesty is required to build trust. Trust is required by all of us who wish to do great things. We must trust that those around us are working in their best interest and the best interest of their work. We need to feel that we can turn our attention to this and that, without fear the others will somehow take advantage of our lack of attention. We need to feel that those around us will not do us harm. If you want to gain the trust of others, you must be as honest as possible.
Being honest is more than telling half-truths and white lies to smooth the waters. Honesty involves telling the truth even when it isn't easy. Only petty people fear the truth. The people you want to know are not afraid of the truth or the person who speaks it. It may seem laughable, but there are others out there who respect honesty as much as you and it is those you need to seek out and emulate. Everyone will be better off for acknowledging the truth.
Being honest with yourself is also terribly important. Too many of us hide our inadequacies behind false bravado, forcing others to suffer. When we hide our failures, we hurt everyone, sometime even more than ourselves. I am sure you have been on the receiving end of of someone who hid their failures until the last minute. You don't like it when others do that to you, so why would you even think of doing it to others. Be honest and take responsibility for your own actions, good and bad.
Developing a reputation for honesty helps you in several ways. First, you will find that people are more open to you...and your ideas. They know you will give an honest opinion and not use the information in ways that might hurt them. People will also give you the benefit of the doubt when issues do arise.
Of course, there is a complimentary danger when you develop a reputation for honesty. Should you ever abandon that honesty, or use the trust you have developed to take advantage of someone, the retribution will be swift and heavy. Don't pretend honesty, if you don't truly believe in its importance or your fall will be worse than if you had been chronically dishonest all your life. This doesn't mean you shouldn't start being honest, though, only that you need to continue it in the future.
Honesty leads to trust and trust leads to collaboration with others on equal footing. Deny this honesty, or deny this trust, and you are crippling your life with every passing day.
Thursday, October 04, 2007
The "V" Formation overhead..................
I am a waterfowl hunter. Geese and ducks. I have killed lots of smart geese and lots of dumb geese. What kills the smart ones is their relationship with their life-long mates, causing them to fly back into the goose decoy spreads looking for the mate that just dropped out of the sky. Most geese killed over decoys are responding to the greed factor that the geese on the ground (the decoys) are feeding on food the geese in the air want.
These two basic goose-killing methodologies have significant lessons for market players. One, don’t fall in love with your positions because you can be gunned down at any time if they get you into strange territory. Two, don’t get yourself into situations where you “need” to be in the trade with everyone else who is feeding at the trough. That will get you killed faster than anything. One more thing, when you exit a position where shots were fired and you escaped, don’t come back and visit any time soon. There are lots of greenbacks in other places. Just keep looking until you find them.
These two basic goose-killing methodologies have significant lessons for market players. One, don’t fall in love with your positions because you can be gunned down at any time if they get you into strange territory. Two, don’t get yourself into situations where you “need” to be in the trade with everyone else who is feeding at the trough. That will get you killed faster than anything. One more thing, when you exit a position where shots were fired and you escaped, don’t come back and visit any time soon. There are lots of greenbacks in other places. Just keep looking until you find them.
Tuesday, October 02, 2007
Laughing on a fall day.........
About a century or two ago, the Pope decided that all the Indians had to leave. Naturally there was a big uproar from the Indian community. So the Pope made a deal. He would have a debate with a member of the Indian community. If the Indian won, the Indians could stay. If the Pope won, the Indians would leave. The Indians realized that they had no choice. So they picked a middle aged man named Santu to represent them. Santu asked for one addition to the debate. To make it more interesting, neither side would be allowed to talk. The Pope agreed.
The day of the great debate came. Santu and the Pope sat opposite each other for a full minute before the Pope raised his hand and showed three fingers, Santu looked back at him and raised one finger. The Pope waved his fingers in a circle around his head. Santu pointed to the ground where he sat. The Pope pulled out a wafer and a glass of wine. Santu pulled out an apple. The Pope stood up and said, "I give up. This man is too good. The Indians can stay."
An hour later, the cardinals were all around the Pope asking him what had happened.
The Pope said, "First I held up three fingers to represent the trinity. He responded by holding up one finger to remind me that there was still one God common to all religions. Then I waved my finger around me to show him that God was all around us. He responded by pointing to the ground and showing that God was also right here with us. I pulled out the wine and wafer to show that God absolves us from our sins. He pulled out an apple to remind me of original sin.
He had an answer for everything. What could I do?
Meanwhile, the Indian community had crowded around Santu. "What happened?" they asked. "Well" said Santu , "First he said to me that the Indians had three days to get out of here. I told him that not one of us was leaving.
Then he told me that this whole city would be cleared of Indians. I let him know that we were staying right here."
"Yes, yes,.. and then???" asked the crowd.
I don't know", said Santu , "He took out his lunch, and I took out mine!"
The day of the great debate came. Santu and the Pope sat opposite each other for a full minute before the Pope raised his hand and showed three fingers, Santu looked back at him and raised one finger. The Pope waved his fingers in a circle around his head. Santu pointed to the ground where he sat. The Pope pulled out a wafer and a glass of wine. Santu pulled out an apple. The Pope stood up and said, "I give up. This man is too good. The Indians can stay."
An hour later, the cardinals were all around the Pope asking him what had happened.
The Pope said, "First I held up three fingers to represent the trinity. He responded by holding up one finger to remind me that there was still one God common to all religions. Then I waved my finger around me to show him that God was all around us. He responded by pointing to the ground and showing that God was also right here with us. I pulled out the wine and wafer to show that God absolves us from our sins. He pulled out an apple to remind me of original sin.
He had an answer for everything. What could I do?
Meanwhile, the Indian community had crowded around Santu. "What happened?" they asked. "Well" said Santu , "First he said to me that the Indians had three days to get out of here. I told him that not one of us was leaving.
Then he told me that this whole city would be cleared of Indians. I let him know that we were staying right here."
"Yes, yes,.. and then???" asked the crowd.
I don't know", said Santu , "He took out his lunch, and I took out mine!"
Monday, October 01, 2007
Hythiam.............
Hythiam says investigators observe significant reduction in methamphetamine cravings and use in study of component of it's PROMETA treatment program published in Mayo Clinic Proceedings Journal. Hythiam announced that the Mayo Clinic Proceedings medical journal published in their October installment, an open-label study by Dr. Harold C. Urschel, III, M.D., M.M.A. of the pharmacological component of the PROMETA Treatment Program for methamphetamine dependence. The study found that this component of the PROMETA Treatment Program persistently reduced methamphetamine cravings and use.
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