This entry is taken from the speech presented  at the opening of the PELMAMA Art Exhibition held on 11 November 2009

Since the opening of the Pretoria Art Museum in 1964 there was a close relationship with the Haenggi’s. It started with a donation of a drawing by Frans Oerder to the Pretoria Art Museum by Madame Fernande Marie-Louise Haenggi.

Mr Fernand Haenggi was the Co-owner and co-director of Gallery 101, Johannesburg, established jointly with his mother, Madame Haenggi, and operating from 1961. The Gallery 101 Group had at its peak 3 branches in Johannesburg. He left the 101 Group in 1972 to start his own gallery, taking over the Hyde Park Corner Branch in Johannesburg, operating henceforth as Gallery 21 Johannesburg, concentrating on top modern South African and international art.

The character of Gallery 21 was somewhat different from the catch-all character of Madame Haenggi’s gallery.  Fernand leaned towards contemporary styles in both local and international art, and he tended to concentrate on a small group of artists, whom he nurtured and promoted.  He devoted energy and effort to fostering his exhibitors, exposing them on major exhibitions in South Africa and abroad, publishing books about their work and issuing folios of their graphic prints.   

Mr Haenggi was dynamically involved in the South African art market from 1961 until 1993, and also the driving force behind PELMAMA, when he decided to retire and settle in Switzerland, his home country. In 1979, Mr Haenggi organised a Lucas Sithole retrospective exhibition at Rand Afrikaans University, Johannesburg, which was then shown at the Pretoria Art Museum in 1979.

As from 1991, The Haenggi Foundation Inc. donated and loaned a number of important art works to the Pretoria Art Museum, in recognition of the many years of congenial cooperation. This included works by many exciting South African artists covering the period of the 1960’s to the 1980’s. It consisted of mostly graphic artworks and a collection of ceramics. The donation of ceramics was a very considerable addition to the small collection already brought together by the Art Museum and almost doubled the Museum’s ceramic collection at that stage. The Haenggi Foundation received a variety of art objects from the collection of Gertrude Agranat and some of the ceramics that came to the Museum stems from this bequest. From 1991 onward the Museum received various artworks on loan from the Haenggi Foundation.

All works of art donated over the years to The Haenggi Foundation by artists or private collectors have been passed on freely to public museums in South Africa, as part of the PELMAMA Permanent Art Collection. In 1995, the donation was extended to include works and items from the studio of Lucas Sithole. All the artworks donated and on loan became an integral part of the Pretoria Art Museum’s exhibitions.

On the occasion of Mr Haenggi’s 75^th birthday in January, 2009, all works until now loaned to the Pretoria Art Museum through The Haenggi Foundation Inc. are to be considered freely donated to the Pretoria Art Museum. This gift is all the more meaningful and significant in the light of the financial constraints under which art museums have to deliver, and the lack of funding for acquisitions.

With this exhibition the Pretoria Art Museum would like to acknowledge the generosity of Mr Fernand Haenggi for this tremendous donation.

I’ll never fear like that anymore… A wounded heart on a lacerated soul… A broken life, an useless plot… I want so much to forget my death…

Small Group Discussion #1 with Ron Naples

Currently serves as Chairman of the Pennsylvania Stimulus Oversight Commission and Chief Accountability Officer for the Commonwealth of Pennsylvania.

Ethics is personal behavior, personal responsibility.

We must care for corporate destiny. What is the role of Wall Street: facilitate financial investments (a neutral force), allows markets to be intermediated. We must always be concerned with the questions “Can I do something?” which is a legal question, and “Should I do something?” which is an ethical question; right wins out in the end. We must recognize “the value of what we create.”

Values do not become intention but are constant: we should live by them all the time and communicate them to people who question us/our values.

Capstone Introduction – General Franks

Tennyson’s “Ulysses”: “made weak by time and fate/… but not to yield” – ethics needs to be fundamental and shared. The final accounting is dependent on a continued commitment to ethics. The goal of leadership is to establish and command trust.

Question and Answer session #1: Hank Shea, Vince Bove, Gus Lee, Mauren LeBoeuf, Ronald Naples, Joe Fields, Roland Smith, moderator: Bill Cater

Q: What is the environment of ethics?
A: The leader’s responsible for setting community norms: “You can make poor business decisions and recover from them; you can’t make poor ethical decisions and recover.” (RS) – Ethics must overcome diverse views and find a common cause. (RW) – “It always comes down to behavior.” (RN) – One must intentionally develop integrity and character, dismiss those lacking in character from further interactions. (GL)

Q: How do you determine the best ethical decisions?
A: Have a good ethical foundation. Confront the problem, “go harder faster, have more courage earlier,” and don’t worry too much about compassion. (JF)

Q: What is the influence on media and culture on ethical sensibilities?
A: It’s important to stay connected and aware, but be careful of living your life out loud. A moment of indiscretion will follow you for the rest of your life. (MLB) The easiness of technology-enabled communication requires responsibility. (HS) What’s the standard of accountability? (RN) Hedonism, consumerism, individualism and fear destroy the moral center: journalism — tainted by sensationalism and the desire for money and big stories– is inviting people to be un-American. (GL)

Q: How do you maintain your own moral character without a moral environment?
A: Past experiences of a moral environment  can be relied on. (RN) “Wishbone not backbone”: you can act beyond your own immature self in order to do the right thing. Ethics is the essence of life, not a subtopic of philosophy. (GL) Make allies: if the decision comes down to doing the wrong thing or leave, LEAVE. (HS) Do ethical prepwork: figure out your own values in advance. Define what success looks like on ethical terms and go from there. (JF)

Q: Robots in warfare?
A: Remember why we fight: ultimately for our values. The anonymity of robots is cowardice. (GL)

Question and Answer session #2:

Thomas White, John Cavalier, Anucha Browne Sanders, Eric Greitens, Barney Forsythe, Leo Brooks, Jacob Moses, Bob Dees, moderator: Ronald Clark.

Access, affordability, and accountability are the three important issues of function. (BF)

You can never be 100% perfect, especially if/when you’re leading a dynamic progressive group: have an ethic of self-improvement and learn from your mistakes. (BD) Present yourself honestly. (LB)

Instilling ethics in the workplace: crisis is a techable moment that defines a leader’s character.

Regarding sexual assault: Crimes cannot be confidential: we are owed a safe, clean environment and crimes must be dealt with ruthlessly. Look at a culture: what are the longstanding characteristics that can be changed? Do victims and perpetrators have other infringements leading up to the event? (LB) We have natural ideas of right and wrong, but do we really believe in sterile environments? (No.) Be prepared for new environments and step up to its problems. (ABS)

Small Group discussion with General Brooks:

Teaching with a bias is unethical if it does not relate to the curriculum; it shapes them in a way not germane to the subject. We are all allowed to believe what we want to believe and to express our beliefs — but only if it’s germane to the subject.

Situational Ethics: very dangerous. There are things we accept today that were not okay previously: why is it different? We need a cocoon to nurture our children and their morals until they’re ready to confront the world: what s the most productive way to nurture a moral environment?
Important beliefs: (1) believe you can (2) hard work pays off (3) you have to be better, you can’t be just as good, you have to be irreplaceable (4) recognize your own gifts.

Accept the consequences of your actions and upbringing.

Ethics and religion both demand a respect for others, being trustworthy, justice; if ethics is how you relate with humanity, how does that relate to religion? There needs to be the right to possess beliefs and acknowledge them. “We need to work on being all-inclusive but recognize our own history of this country’s foundation in Christianity….Civil rights came about not because our principles were wrong but because we weren’t upholding the principles to the degree we should have.”
When should you listen vs. defend. vs. disagree? What hat are you wearing? Do you have an obligation to support the leader? Do you have to protect the process?

I typed “I baked my first loaf of bread yesterday.” I got the result “omfgwtfbbq”.

Google is officially my favorite website.

Letter to the Past Review

Sparked off by:

• Event/person
• Reflect on emotions then/now
• Most important thing you wanted to know/say (fear of confrontation, self-denial, having to deal with the situation/consequences)
• Revisit the past, relive the past. Emotions. Painful memories.

The letter is a practical, personal example of how a character – YOU – undergo an inevitable process of change.

Process of change is an essential ingredient of any effective story.

In dramatic writing, the very essence is character change/development.

Observation –> Learn

Experience –> Learn (ex-convict release from prison)

Memory –>  Learn

How we learn depends on each individual’s mindset. Learn from mistake?

A storyteller should be concerned with the potential of every experience.

Everything about you – where you were born, what food you eat, the bump on your forehead – your experiences are unique and irreplaceable.

Many of your experiences are universal and translatable and can be used in any location. (Home, Run)

TIP:

• If you don’t know what to do with a character, make him yourself for a while. Be careful not to put your OWN personality onto the character.
• See how he/she relates to the world he has been thrown into.
• PLUNDER YOUR OWN PERSONAL BACKGROUND! The things that happen to you as you grow up and the things that are currently happening to you make terrific story sources.

Record your experiences: Diary, blog

Reflect your past (colourful past, good/bad)

Recall how you felt then/now.

All people have fragments of stories. Bits and pieces of our existence. Remember the emotion.

These potential ideas prompt your desire to know more.

Respond emotionally and intellectually to what you heard. Emotionally first, need some time to adapt.

Good stories are born in the heart, not the head.

Initial ideas sparked off by:

• Memories/emotions (heart)
• Development – research etc (head)

Remember the role of an audience, YOU ARE THE AUDIENCE! make the film worthwhile.

Take them on a ride of discovery. Feed them new info. Different angle, tell it from a diff POV. Most of the time, stereotypical view.

Your memory is a wonderful cabinet of past incidents which you have experienced or been told.

Her memory, and your memory is different, although the same incident.

These memories are points of reference to your own past existence.

Write something you do not know.

• Imagination
• Research
• Interviews

Always room for personal discovery!

Experience vs Memory

Experience – What you go through.

Memory – Manufactured, what you remember.

Sunat 2006, M. Raihan halim

True/False stories

Write one true, one false story.

By 3 Nov, Wed, 10 am

1 2 3 Do Re Mi
Apa nak jadi
Alif Bata A B C
Apa nak jadi
Akan terjadi
Hujan pasti berhenti

Ada masanya aku suka berteman
Ada masanya aku suka bersendiri
Ada masanya aku suka berjalan
Ada masanya aku suka berehat

Ada masanya engkau suka berteman
Ada masanya engkau suka bersendiri
Ada masanya engkau suka berjalan
Ada masanya engkau suka apa yang ku suka

Hidup dan nasib roler koster
Susah dan senang bersilih ganti
Bila-bila boleh naik dan turun
Apokalips

-rosli.khamis

.s e l i t j o k e r

.PTK HERE
.3 quotes daily HERE

[auto-imported from fadlyahmad.wordpress.com]

Girls are like apples… the best ones are at the top of the trees. The boys don’t want to reach for the good ones because they are afraid of falling and getting hurt. Instead, they just get the rotten apples that are on the ground that aren’t as good, but easy. So the apples at the top think there is something wrong with them, when, in reality, they are amazing. They just have to wait for the right boy to come along, the one who’s brave enough to climb all the way to the top of the tree…

I love Pete Wentz.

This is a set of notes for a paper from the learning theory reading group, which I’m posting here with some keywords so I can easily search for them. I doubt they’ll be useful for anyone else, but who knows?

These notes include notes on the following material which is a pre-requisite for understanding this paper:

Kushilevitz and Mansour First gave a polynomial time membership query algorithm for learning decision trees under the uniform distribution. Their algorithm uses a subroutine (often called KM), based on the list-decoding algorithm of Goldreich and Levin, which fnds and estimates all “large” Fourier coefficients of the target function using membership queries. Subsequently Jackson extended the KM algorithm and combined it with the hypothesis boosting algorithm of Freund to give the Harmonic Sieve algorithm, which uses membership queries to learn DNF under the uniform distribution in polynomial time. Bshouty and Feldman later observed that a certain algorithmic variant of KM, which they called the Bounded Sieve, is all that is necessary for Jackson’s algorithm to work.

Dr. O’Donnel has some slides from a DNF survey talk here

So far, the disadvantages of writing anonymously are 1) a missing community of readers who might be interested in my blog just because we’re friends or because we know each other and 2) a ban on paying tribute to people who I know who’ve passed away — unless I don’t mention their names.

I hate it. I hate all. I hate you.

Below are note on the religious landscape of Australia post-1945 in relation to:

• Christianity as the major religious tradition
• Immigration
• Denominational Switching
• Secularism
• New Age religions

Turn the following into your own notes and then use those notes to improve the quality of your discussion essay that you began in class.

Overview of the changing patterns of religious adherence

In 1947 Australia was predominantly Anglo-Celtic, with 88% of the population identifying itself as Christian, 0.5% as belonging to a religion other than Christianity, and 0.3% as non-religious. (The census states that answering the question on religious affiliation is voluntary; this accounts for the relatively large 11.1% in the “Not stated/Inadequately described” category.)

Over subsequent decades immigration has helped to reshape the profile of Australia’s religious affiliations. Following World War II came increasing migration from Europe which led to growing numbers of Orthodox Christians, the establishment of new Protestant groups, and growth in the number and diversity of Catholics. Jewish immigration from Europe has kept the proportion of Jews in Australia fairly constant at around 0.4%. More recently, immigration from Asia and the Middle East has expanded Buddhist, Hindu and Muslim numbers considerably, and increased the ethnic diversity of existing Christian denominations.

Denominational switching, the rise of Pentecostalism and the New Age Movement have also contributed to the changes in religious affiliation over this time. The most significant changes in affiliation from 1947 to 2001 are the decline in proportion of Christians (down by 20.0%) and the increase in the category of ‘No Religion’ (up by 15.2%).

Decline in Anglican figures

The 2001 census figures record a decline of Christianity, the largest religious grouping in Australia, as a percentage of the population. Anglicans were the most dramatically affected Christian denomination, dropping from 39.0% of the Australian population in 1947 to just 20.7% in 2001. Only around 5% of people identifying themselves as Anglicans are at church each week.

Numerical increase in Catholic figures

Catholics have increased from 20.9% of the Australian population in 1947 to remain stable at around 25-27% of the population since the 1960s. Catholicism has benefited greatly from immigration making it Australia’s largest and most multicultural denomination. The proportion of Catholics peaked in 1991 at 27.3% but in 2001 was down to 26.6%. Despite the recent decline as a percentage of the population, they have continued to increase numerically from 4,606,644 in 1991 to 5,001,624 in 2001. However these apparently healthy figures mask the growing issue of nominal Catholics – who were baptised Catholic and still identify themselves as such – but who for various reasons do not participate in the faith life of the Catholic community. Less than 20% of Australian Catholics attend mass each weekend.

Decline in Presbyterian and Uniting Church figures

The Presbyterian Church dropped from 9.8% in 1947 to 3.4% in 2001. This is due in part to many of its members taking part in the merger between Presbyterians, Methodists and Congregationalists to form the Uniting Church in 1977. While the Methodist and Congregationalist Churches no longer exist in Australia a number of Presbyterians withdrew from the merger and continue to exist today. The Uniting Church (formed in 1977) dropped from 7.6% in 1986 to 6.7% in 2001. These churches have faced not only a decrease in the percentage of those adhering to that denomination as a percentage of the population but also a decline in actual numbers over the past 10 years.

Numerical increase in Orthodox figures

In 1947 only 0.2% of the population were Orthodox Christian, but following a dramatic growth after World War II, the proportion of adherents to Orthodox denominations has remained fairly constant since the 1970s at about 2.7-2.8%. In 1996 Orthodox Christians constituted 2.82% of the population; this figure has dropped slightly to 2.8% in 2001, but this actually indicates a growth in actual numbers due to the population growth of Australia.

Steady growth in Pentecostal figures

The figures for Pentecostals record a steady growth since they first appeared in the census in the 1960s (when it was just 0.2% of the population) both as a percentage of the population and in actual numbers. In 1996 Pentecostals constituted 0.98% which only increased to 1.0% in 2001. This was a much lower growth than anticipated considering the growing visibility of Pentecostalism in Australia.

However, in 2000 Pentecostal leaders congregated together to form the Australian Christian Churches. These leaders then encouraged their members to write in Australian Christian Churches rather than Pentecostal so the census may not reflect the actual growth of Pentecostalism. Despite the low proportion of Pentecostals in the population, they show the greatest fidelity of any denomination in attending weekly church services, coming second only to Catholics in the numbers actually at church each week.

Rise of secularism

The rise of secularism has led to both a drop in the numbers of people regularly attending religious services should along with the significant increase in the “No Religion” category. In 1947 only 0.3% of the population classified themselves as having “No Religion”. However, in 1971 the instruction “if no religion, write none” was introduced into the census. This saw a seven-fold increase from the previous census year in the percentage of persons stating they had no religion (0.8% in 1966 to 6.7% in 1971). Thus many people who would have previously fallen under the “Not Stated” category were now included. Since 1971 this percentage has progressively increased to about 16.5% in 1996, with a dip to 15.5% in 2001.

Jewish figures have remained steady

Jewish figures have remained quite steady since the beginning of the census with the proportion of Jews in Australia fairly constant at around 0.4%. The number of Jews migrating following the Second World War doubled the numbers of Jews in Australia, but as the general population also doubled the proportion remained the same. It is likely, however, that the Jewish population is larger than reflected in the census. Many Jewish migrants have suffered religious persecution before coming to Australia and are wary of disclosing their religious identity for fear of further persecution.

Steady increase in Hindu, Muslim and Buddhist figures

The numbers of people who subscribe to Buddhism, Hinduism and Islam are steadily increasing largely due to immigration. In 1947 adherents of Buddhism, Hinduism and Islam were too few in number to show up as a proportion on the census (each less than 0.1%). Buddhism has shown rapid growth in recent decades, recently overtaking Islam to become the largest religion other than Christianity in Australia. In 1986 Buddhists comprised 0.5% of the population; by 2001 they made up 1.9%. Hindus increased from comprising 0.1% of the Australian population in 1986 to 0.5% in 2001. The numbers of Muslims in Australia have also increased dramatically from just 2,704 in 1947 to 281,500 people in 2001. Islam first showed up on the census in 1976 (0.3%) but now accounts for 1.5% of the population.

Content Description

Christianity as the major religious tradition

Historical background

By 1947 Christianity had long been established as the major religious tradition in Australia. This was due to the European settlers of the 18th and 19th centuries who brought to Australia their traditional Christian churches – predominately the Church of England and the Roman Catholic, Methodist, Presbyterian, Congregationalist, Lutheran and Baptist churches. Traditional Indigenous religions were not recognised or even banned and missionary efforts were made to convert the natives. Despite sectarianism between different denominations, the tradition of Christianity was dominant in Australia and to some extent shaped the nation’s identity. By allowing in only people from certain European countries the ‘White Australia’ Policy (enshrined in the Immigration Restriction Act of 1901) effectively also kept out religious traditions other than Christianity. Consequently in 1947: 88.0% of Australians considered themselves Christian, 0.4% Jewish, 0.2% had no religion, and less than 0.1% acknowledged belonging to another religious tradition.

Factors contributing to the decline of Christianity

The 2001 census figures reveal that Christianity is still the numerically largest religious tradition in Australia accounting for 68.0% of the population. However, there has been a significant decline in the percentage of people affiliated with Christianity. Furthermore, of those claiming affiliation there has been a decline in the regular attendance of religious services. The ongoing decline in most Christian groups as a percentage of the population is due to increasing secularisation, dissatisfaction with traditional religious movements, aging membership, and a lack of migrant intake. Of all the Christian denominations the Anglican, Uniting and Presbyterian churches have been most acutely affected by this decline in the numbers of those regularly attending church.

There are a number of factors that need to be considered in attempting to draw conclusions from this data. Firstly, it needs to be noted that up until recently the churches themselves collected the only detailed information available on regular church attendance. Researchers now consider these figures to be overstated. Thus the slumps in religious observance may not have decreased as drastically as some may suggest. Secondly, new and emerging forms of religious practice are often not acknowledged in statistics on church attendance. This means that the plethora of small informal groupings and individual spiritual pursuits are not acknowledged as religious practice.

Reasons for the increase in the Catholic figures

In contrast to the general trend of significant decreases in the number of people affiliated to Christian denominations Catholicism has continued to increase both numerically and proportionally (from 20.9% in 1947 to 26.6% in 2001) making it the largest religious group in Australia. Catholicism has been insulated from the effect of the decline in religious affiliation because of its substantial migrant intake and slightly higher birth rate. Also, people who are baptised Catholic tend to identify themselves as Catholic even if they do not practice the religion, whereas those brought up Protestant who no longer practice would more often no longer consider themselves affiliated with that denomination.

Reasons for the increase in the Pentecostal figures

The Pentecostal figures also display a resistance to the general trend of decline in religious affiliation, by continuing to show an increase both numerically and as a percentage of the population. The increase in the 2001 census was however below expectations rather than the steep increases of previous years. One possible reason for this slow down is the so called “revolving door syndrome” which recognises that large numbers of Pentecostals remain with the church for a relatively short period of time, often between eighteen months and two years. Another reason for the apparent slowing in growth of the 2001 figures is because in 2000 Pentecostal leaders congregated together to form the Australian Christian Churches. These leaders then encouraged their members to write in Australian Christian Churches rather than Pentecostal in the 2001 census.

Immigration

Reasons for immigration following World War II

The most significant reason for the increase in the diversity of the religious character in Australia is immigration. The large number of immigrants since the Second World War can be attributed to various factors. Firstly, in the aftermath of the war many Europeans (and some non-European refugees) whose families and homes had been devastated sought to start a new life in a safer and more secure environment. Secondly, the Australian government during this time actively sought immigration in the belief the nation’s security and economic prosperity was dependant upon a significant increase to its population. To achieve this, the Australian government offered assisted passage to migrants hoping to entice them to come to Australia. Thirdly, the decline of the ‘White Australia’ policy up to its final demise in 1973 meant that the migration of people from a greater variety of ethnic groups became easier. Fourthly, overseas wars and persecution have led to waves of immigration from affected areas – e.g. Vietnam (1970s); Lebanon (1980s); Afghanistan, Bosnia and Herzegovina (1990s).

Immigration has changed Australia into a multifaith society

Immigration has greatly increased the number of people affiliated with religious traditions other than Christianity. Two-thirds of Australia’s Muslim community were born overseas, coming from over 70 different countries. The main sources of Islamic immigration are the Middle East (particularly Lebanon, Iraq and Iran), Europe ( Turkey, Bosnia and Herzegovina) and Asia ( Malaysia and Indonesia).

The growth of Buddhism is the result of immigration from troubled areas of the Indo-Chinese Peninsula – that is from Laos, Cambodia and Vietnam. In recent years, Buddhist figures have further increased as a result of immigration from Malaysia, Thailand, Hong Kong and China. Significant numbers of Jews have also migrated from a variety of European origins. Hindu figures in Australia have also been increased as a result of immigration from India and Fiji.

Impact of immigration on Christian membership in Australia

As a result of immigration there has been a significant change to the previously predominantly Anglo-Celtic membership of the Christian tradition. Many migrants from Eastern Europe have brought their Orthodox denomination of Christianity to Australia and this is particularly evident in Sydney and Melbourne. The increase in the number of Catholics in Australia in the post World War Two period is largely the result of immigration from Mediterranean countries (especially Italy and Malta) as well as some from Eastern Europe ( Poland and the Ukraine). More recently, Roman Catholic figures have increased as a result of immigration from Asia ( Vietnam and the Philippines), Latin America and Africa. In addition to the Roman Catholic population, Eastern Catholics (Maronite, Melkite and Ukrainian rite Catholics) have also immigrated. There is a significant population of Maronite Catholics who have mostly come from Lebanon in the Middle East. These successive waves of immigration have significantly altered the ethnic mix of Catholicism – from being predominantly Irish to becoming the most multicultural of faiths in Australia – while at the same time contributing to its growth in comparison to other Christian denominations such as the Anglicanism.

Denominational switching

Reasons for denominational switching

Denominational switching refers to the transfer of followers from one Christian denomination to another. This phenomenon is far more common in Protestant denominations than in Catholic or Orthodox groups. Catholic and Orthodox Christians tend to have a higher level of denominational loyalty based on their appreciation of their own distinctive histories, traditions and liturgies.

Protestants, especially younger ones, will more often ’shop around’ for a new denomination based on factors such as liking the minister, style of worship and music, proximity to home, sense of community and activities (such as prayer groups, Bible studies and youth groups) provided by a particular congregation. People no longer remain in a particular denomination simply because their parents and grand-parents belonged to it or because they share the same ethnic background with other church members.

In contemporary society loyalty to a particular community has to be earned. With the contemporary ethos of individualism people focus on their personal needs rather than the needs of their traditional communities. People are looking around for the ‘right’ congregation in which to get involved – one that meets their needs, expresses their faith in culturally appropriate ways and addresses their concerns in meaningful ways.

Characteristics of Pentecostalism

The ongoing growth of Pentecostalism is largely based on denominational switching from other non-Pentecostal Protestant churches. Pentecostalism is an evangelical and charismatic strand of the Christian tradition. Evangelical Christians place great emphasis on personal conversion, a fundamentalist/literal approach to the Bible and downplays the importance of liturgy and ritual, focusing rather on dynamic preaching of the scripture. Charismatic Christians place a strong emphasis on the gifts of the Holy Spirit such as ’speaking in tongues’, prophecy and faith healing. The 1996 census reported a massive increase of 60% in the Pentecostal figures over the past 10 years. This is partly due to the fact that Pentecostal groups attract many people who have been disaffected by other Christian communities.

Pentecostalism is well known for its emphasis on music (e.g. Hillsong), especially contemporary music with sophisticated production and presentation. This is particularly appealing to the younger generation who often express dissatisfaction with the staid nature of worship in traditional churches. Many people also chose to join Pentecostal denominations because of the strong sense of community and charismatic leaders.

However, research indicates that many people leave Pentecostalism after about two years – indicating that for many it is exciting and involving in the short term but unfulfilling in the long run. This phenomenon is known as the ‘revolving door syndrome’.

Historically , Pentecostalism has seen increases in membership during times of uncertainty and anxiety. Many believe that the economic uncertainty and pessimism, which has characterised much of the past two decades, has contributed greatly to the attraction of a religious way of life, which offers clear cut and definite answers to complex and often troubling circumstances.

Rise of New age religions

Definition

It is difficult to define precisely what a new age religion is, because new age religions are extremely diverse in nature. The term “new age” should be understood as a kind of umbrella term to cover a range of spiritual beliefs and practices aiming to foster individual fulfilment in the form of personal happiness, health and meaning in life. New age religions can be followed as an alternative to, or in conjunction with, other more traditional religious practices.

Characteristics of new age religion

Despite the diversity there are some characteristics that are common across many new age religions. New age religions tend to be individualistic and search oriented rather than focused on an established tradition that has an established community, official doctrine and structures of authority.

They often involve a focus upon the development of the self and the exploration of individual spirituality, and the notion that the divine exists within each person. Mystical experiences or higher states of consciousness are often important. New age religions often seek wisdom in ancient and Eastern traditions, such as Buddhism, Hinduism and Sufism, but only accept the teachings that suit them rather than the whole integrated worldview.

Many new age religions are attracted by indigenous spirituality and may chose to pick out elements of the belief systems of indigenous religions including Celtic, Native American, African and Australian Aboriginal. Consequently, new age religions generally favour a creation centred spirituality – the belief that the transcendent is found through the natural world.

Many followers of new age religions would reject monotheism, the belief in a single transcendent God, but might accept a Goddess (often called “Gaia” or the “Earth Mother”), many gods (polytheism), worship of nature (pantheism) and/or the belief that everything is one (monism). These inclinations suggest a rejection of traditional Western Christianity which is blamed for many of the current world problems.

Reasons for the popularity of new age religion

The popularity of new age religions can be attributed to various factors. One significant reason for their popularity is that new age religions are individualistic and liberal in the sense that it is the type of spirituality in which a person can pick and choose which beliefs and practices to follow and hence tailor a ‘religion’ to suit their individual preferences.

Many people supplement traditional religion with aspects of new age spiritualities. It is not uncommon for a person practising a traditional religion such as Christianity or Islam to also take up a practice associated with new age spiritualities such as feng shui or numerology.

Another significant reason why new age religions are increasingly popular is because despite general dissatisfaction at mainstream religions there is still a longing for a spiritual dimension to life. It can be said that the new age movement developed as a reaction against what some perceived as the failure of Christianity and the failure of secular humanism to provide spiritual and ethical guidance in the contemporary world.

The idea of straying away from one’s own cultural and spiritual traditions to find personal fulfilment and discover one’s own spirituality can be traced back to the social revolution which took place in the 1960s. A critical part of this reaction against traditional Western Christianity, which many saw as rigid and staid, is a shift away from external means of salvation and a re-emphasis on creation centred spirituality, which uses nature mysticism to promote personal, social and ecological harmony.

A final reason as to why some new age religions are so popular is some of their practices claim to be a supernatural means of curing sickness, predicting the future, or gaining personal wealth.

Various forms of new age religion

New age religions come in many forms. Some new age religions include beliefs about the power of certain physical designs and objects. Other new age movements centre on animals or other parts of creation as being the key to harmony and wellbeing. Examples of new age spiritualities include:

   1.

      Numerology, which is belief that certain numbers and patterns of numbers hold the key to understanding human existence.

   2.

      Astrology, which is based on the principal that the reading of the stars in conjunction with the time of birth to predict a person’s individual traits and anticipate the future course of their lives. The instrument used to determine these predictions is called a horoscope.

   3.

      Yoga and tai chi, which are used by people as forms of gentle exercise, meditation and relaxation. It is believed that such use of yoga and tai chi will lead to a healthier more peaceful life. Yoga and tai chi however, in their pure forms are part of the Hindu and Tao religions; many people however practice them without reference to their broader religious context.

   4.

      Feng shui, which is the belief that the strategic placement of furniture and possessions can lead to greater harmony and well being in life. It originated in Taoism.

   5.

      Transcendental meditation is a technique of mediation that is believed to enable a person to move beyond or transcend their present existence to make contact with another plane of existence.

   6.

      Paganism, which is a collection of diverse contemporary spiritualities rooted in ancient indigenous traditions, deriving inspiration from them, drawing upon their myths and symbols and often invoking their many gods. It is characterised by a belief in the interconnection of all life, personal autonomy, and immanent divinities. It is nature-centred and supportive of gender equity. Wicca, or Witchcraft, is a type of paganism that practices magick as a tool for personal and global transformation.

Secularism

Definition

Secularism is the belief that religion should not interfere with or be integrated into the public affairs of a society. Philosophically secularism refers to the belief that human ethics and the universe should be understood without reference to religion or the supernatural. Politically secularism refers to the belief that religion should not interfere with the political running of the state. Thus, secularism promotes the idea that society would be better off by not being controlled by religion.

Reasons for secularisation

Secularisation is the process of a society becoming more secular, i.e. less religious. Secularisation can be seen in the diminishing relevance of religious values for the integration and legitimation of everyday life in society. The declines in religious affiliation, church attendance, prayer, numbers of clergy and religious orders are all signs of secularisation.

Reasons for secularisation include: increasing pluralism (diversity of beliefs and cultures) in Australia means that no single religious belief system is dominant; increasing individualism means that people do not look to traditional communities for meaning in their lives; increasing materialism means that spirituality is often ignored in favour of possessions, power, looks and fame; increasing disillusionment with traditional religions for hypocrisy, abuse of power and/or irrelevance means that religions have lost moral authority and respect; and increasing scepticism towards the supernatural due to scientific progress that means that there are more atheists and agnostics in society. Secularisation of society indicates that more and more people are comfortable to live their lives without reference to religion or God.

Significant increase in the number of people writing “No religion”

The most telling evidence of this trend of secularisation is the significant increase in the number of people responding “No Religion” in the census. In 1947 there were only 0.3% of the population that stated they followed “No Religion”. This increased significantly to 16.1% in 1996, but has dropped slightly to 15.5% in 2001.

The increase in “No Religion” is particularly pronounced in the younger age categories. The increases in the number of people responded “No Religion” should be read along with the decreasing proportions of Australians claiming religious affiliation and the decline in church attendance. What these figures reveal is that it has become increasing acceptable in contemporary Australian society to have no religious affiliation or to not participate in one’s nominal religion.

“That suggests… that an appearance of openness is required and that some matters be disclosed, not at all.”
“You’re suggesting effective government is hypocritcal?”
“Isn’t it? Aren’t many effective aspects of society just accepted hypocrisy, such as good manners toward those one detests, being courteous to someone whose treatment of others leaves much to desired?” p. 149

“Life is akin to many things. Sometimes, it is a melody, sometimes a year with seasons, but when people are involved, it is most like a game of plaques. Some are able to play, while others are merely played. Always be the player. Except with [your partner]. Never play [your partner], and never suffer yourself to be played [by your partner].” p. 386

“People in every society in every time in every land want to believe that small groups of powerful people rule them secretly, even that such groups play people as though they were plaques in some arcane and complex game. While such games are played, they usually involve only a very few people at high levels, most all of whom know the rules of such games. The majority of the populace thinks such games are widespread because they cannot accept that bad things usually happen because of greed and stupidity, usually involving many people, if not the entire population of a land.” p. 398

Imager’s Challenge, L.E. Modesitt Jr, 2009

Je travaille sur un nouveau texte depuis deux ou trois mois. Un roman rédigé au «Je». Il s’agit de libérer une parole. Qui ne vient jamais facilement. Emprisonnée. Par une peur, toujours la même. Celle de passer à côté. Comme tout le reste en ce qui me concerne. Je parlerais volontiers d’un malaise permanent et fuligineux. Mais il faut continuer. La rédaction d’un roman est invariablement un pèlerinage. J’ai beaucoup marché jusqu’à ce jour. Le néant, il ne s’est présenté que le néant comme bout de la route. Un cul-de-sac. Qu’est-ce donc d’autre que la vie considérée dans sa finalité? Car elle a bien une finalité la vie. 

Ce qui me pose aussi problème eu égard à la rédaction de cet autre roman est la forme à utiliser. Me voici encore dans les brumes. J’oscille entre deux possibilités. Oui, bien sûr, l’une d’elles prime davantage sur l’autre. Celle utilisée à la première personne du singulier. N’empêche, un doute persiste. Et signe. Ce qui m’agace et finit par me fatiguer, comme de raison. Je vois par ailleurs dans ces sempiternelles hésitations un reflet plus que crédible. Mais je le tairai ici. Car ce blogue, avouons-le, n’a rien d’un journal personnel en dépit de ce que l’on veut bien faire croire à ceux et celles qui s’aventurent sur le chemin de la lecture de ces quelques lignes. La solitude de la rédaction. Soi face à soi. L’autre soi étant, bien sûr, la page blanche. Donc un miroir dès lors qu’il s’agit de créer un texte littéraire. Où se trouver? Nous sommes pourtant en nous. Je veux dire que chacun est en soi. Il suffirait d’y entrer? De fouiller? De creuser? Oui, sans nul doute. Mais encore. Si le jour est gris c’est que nous le remarquons. Si nous le remarquons, et le consignons dans quelque support, c’est probablement que nous pouvons en tirer quelque chose. Comme un objet, ou une personne, ou un mouvement encore visés par l’objectif d’une caméra. Écrire à partir d’une photographie c’est encore chercher en soi. Puiser. Il n’y a souvent rien de plus facile que de photographier. Je parle de beaux clichés pour quelqu’un qui sait manipuler la caméra. Moi je ne sais pas. Je voudrais plutôt savoir manipuler le stylo à bille (ou le clavier d’ordinateur) et l’esprit. Les deux fusionnés. Pour en tirer le meilleur. Rédiger des romans comme savent si bien le faire certaines gens. Moi je ne sais pas encore tout à fait. Des mots, oui, bien sûr. Mais comment bien les agencer en des phrases qui fassent du sens? Il faut du travail, un brin de folie, du courage, de l’opiniâtreté, de la discipline. Outre les éléments directement inhérents à la linguistique dans le contexte de la création littéraire: vocabulaire, syntaxe, orthographe, rhétorique, rythmique, etc. Une folie. Une histoire bien ficelée est pour ma part pénible à dénicher. Mais j’essaie. De toutes mes forces, de toute ma volonté honnête. Je sais que je pourrais fort bien essayer toute ma vie durant. Ne faire que cela: essayer. En ne marchant, finalement, qu’à côté de la voie. Dans le champ. C’est en soi, cette pensée, traumatisant, pour dire le moins. Dois-je continuer?    

It’s nearing 3 am as I sit on the sofa typing out this post. I am currently feeling as proud as a mum showing off her newborn child: the oven just went ‘ding’, and the first loaf of bread that I ever tried baking is done. After around 4 hours of stirring, mixing, kneading and waiting, the result is a really fragrant, honey-brown crusted bread. And it’s making me hungry just looking at it. (I’ll upload a picture later in the day)

But alas, there’s 4 hours more to wait, before I show off my new success to my family. And I think I’ve found a new hobby

There’s one thing I can count on having on me at all times, and that’s my iPhone. It stands to reason, then, that in a pinch, my Apple (s aapl) wonder device is what I turn to in order to keep track of stray ideas and thoughts that might otherwise go unrecorded, lost forever to the ether. Imagine where we’d be if the Snuggie inventor hadn’t been able to record that gem.

Idea Organizer is an app for the iPhone that I recently discovered that makes logging those ideas incredibly easy. There are other ways to do what it does, some via built-in tools offered by Apple itself, but no other solution brings all the features and functionality together in the same place.

Idea Organizer combines an audio recorder, a text notebook and an image capture tool to help make sure that you can not only keep track of any ideas that pop into your head, but also the ones you get from the world around you. You can create an idea using any type of media mentioned, and then add other types of content later to provide context.

The other reason I prefer this app to any other is that it keeps thing simple and has an intelligently designed user interface. The app opens directly to a screen that presents you with a button that gives you access to your most recent idea, and three big buttons that allow you create a new idea based on text input, photo or audio. Idea Organizer’s developers were clearly thinking about the fleeting nature of good ideas when they designed the app.

Finally, you can email any ideas to yourself at any time, for easier editing on an actual computer. You can also batch email all your ideas at once, which is a terrific convenience feature.

For $1.99, Idea Organizer (iTunes link) is great bargain for a very handy little app. Sure, you can approximate its function for free, but in many more steps and with a lot more hassle.

How do you make sure you don’t lose track of great ideas you have while out of the office?

Here are some notes from the Baupost 2009 Annual Meeting. I found them here on www.gurufocus.com.

Seth Klarman – Portfolio Manager

• They recognized 18 months ago that the opportunities were about to get really good. This was as they started seeing panic sellers and limited buyers.
• They were able to source large lumpy offerings for securities. Especially mortgages.
• There currently is a large and GROWING supply of distressed securities.
• Typically illiquid and highly complex.
• In early 2008 it was an advantage to have a large amount of assets under management.
• Feels it is the most interesting time in his career to be an investor.
• Risks continue to be numerous and enormous. Makes for great opportunities.
• Cards of the economic future have not been dealt yet.
• Stimulus will eventually have to be removed.
• In this environment they prefer debt to equity – less risk.
• Cash is building in the fund – around 30%. May raise more in the future.
• With the market rallying, it is creating a huge amount of pressure on the investment community to perform and keep up. This will create opportunities as people chase returns – not Baupost’s game – will not play it.
• It has been hard to stay away from the crowd.
• Baupost’s Goal – remain excellent.
• Value approach – always looking for bargains.
• Over the long run, the crowd is always wrong.
• Hold cash when opportunities are not presenting themselves.
• Great investments don’t just knock on the door and say “buy me.”
• What is their edge on a name?
  • Must have superior information.
  • Complexity – limits competition.
  • Ability to be long term.
  • Well founded contrarian view.
• Flexible approach – will look at ALL asset classes.
• Like to have a catalyst – reduces dependence on the market.
• Distressed debt inherently has a catalyst – maturity.
• EXCESSIVE DIVERSIFICATION DILUTES RETURNS.
• Not market neutral.
• Risk management must be a 24/7 365 job.
• Risk is NOT volatility.
• Volatility is GOOD.
• NOT true that higher risk leads to high returns.
• And.. NOT true that high returns only come from high risk.
• Risk is the probability of losing money and the amount you can lose.
• They don’t worry about career risk.
• As Jean-Marie Eveillard says.. they would rather lose half of their clients than lose half of their clients money
• No forced selling anywhere right now.
• In down markets they sow seeds, in up markets they harvest.
• Future always unpredictable.
• Need a margin of safety.
• Limit Risk with:
  • Deep analysis.
  • Bargain purchase.
  • Sensitivity analysis.
  • Don’t use any recourse leverage on the portfolio.
  • Need a catalyst.
  • Great majority of personal assets in the fund.
• It is crucial in a sound investment process to search a mile wide than a mile deep with they find something – also.. never stop digging for information.
• In employees, he values investment curiosity and intellectual honesty.
• Need to rigorously separate fact from fiction.
• Team based collaborative culture.
• Avoid organizing investment team into silos.
• Team of generalists.
• Always look for forced urgent selling.
• Don’t short many stocks. Instead they hedge for tail risk with CDS and options.
• They are happy to incur illiquidity.
• Illiquidity risk is a risk they LOVE.
• Comfortable holding cash for tomorrow’s opportunity.
• They find it is hard to un-train people so they try to hire young.
• Learning organization.
• Can’t let client pressures or market pressures distract them.
• An understanding that their clients expect certain times of underperformance.

Herb Wagner – Head of Public debt and equities

• Very focused on RMBS, CDS of all kinds, Distressed corp. debt, and equities in US and Europe.
• When your team is organized into silos, people only recommend ideas in their silo.
• Find ideas from – reading, sell side analysts, buy side friends, and existing investments.
• Best ideas are internally generated.
• Once they have an idea, it flows up to the team leaders. As part of weekly meetings they discuss everything. Everyone knows what each other are working on.
• They have traders in the office 24 hours a day. Eyes and ears of the firm.
• The edge they have is figuring out what organizations are having to sell certain securities.
• Existing Portfolio
  • 60% public
  • 5-8% equities
  • Rest is Debt
  • Structured Finance 22-25%.
• Next few years will still provide great debt opportunities.
• 1 trillion corp. debt maturing in next 4-5 years. Lots will be extended and refinanced, but lots will default.
• Loves RMBS – Most of these bonds will not trade back to par. Limits the buyers.
• The previous stretch of financial stability lead to more risk being taken. History screwed everyone. I.e. the experts modeled historical returns for home prices. How many times did you hear “home prices don’t go down”?
• RMBS
  • Technology systems are extremely important in analyzing.
  • Need to have a good sense of where housing markets will bottom.
  • They started in this space by shorting RMBS in 2007 and 2008.
  • INTEX is the best software for analyzing RMBS.
  • During the dislocation calls would come in Friday at 4pm from the dealers who were liquidating mortgage portfolios for mutual funds. They would give them 3 hrs to bid.
  • Need to understand structures.
  • Most mortgage experts don’t even understand the structures. Very confusing.
  • Analyzed housing in different collapses.
  • Looked at affordability than stressed it another 20%
  • Used a rental yield of 10%
  • Attended distressed real estate auctions in CA.
  • March 2008 Peloton blew up and that was their first purchase of RMBS – was too early.
  • They bought these bonds 20% below their mark the previous day.
  • But.. this established Baupost as a player in the market.
  • Bought many mortgages without competing bids.
  • There is still a huge shadow inventory of homes that are still to hit the market. Will drive prices down more.
  • Case Shiller makes people think that home prices have flattened out. Misleading.
  • No slowdown in delinquencies.
  • Prices will trade below affordability levels.
  • On the RMBS they have been buying, home prices can still go down another 40% and they will recover 56 cents on the dollar.
  • Modifications are a huge wild card.
  • Bought IO mortgages in the spring – been a big winner.
• SIV’s – this is the first firm I have heard talk about buying SIVs.
  • Basically a CDO with highly rated assets.
  • Borrowed short and lent long.
  • Purchased significant medium term notes of SIVs with yields of 15-50%.
  • A SIV is like sausage. Just a bunch of scraps of assets.
  • 200-400 different underlying items.
• Auto Finance companies
  • They invested 1.8 billion and made 1.2 billion in profits.
  • Ford Motor, Chrysler Finance, and GMAC.
  • First started buying at mid teen yields.. kept buying and in the heart of the crisis they were buying at 50% yields.
  • They love to buy bonds as prices are plummeting. They will just keep buying.
  • Seth has said to the team: “It is not us who is having the bad day as we are buying at lower prices than original purchase. … it is the guy who is selling that is having the bad day”.
  • They found that people pay their car loans. Loss rates remain low. Downside protection pretty good.
  • GMAC was the worst of all. Ford is the best.
• Hedging
  • Try to hedge if they can.
  • Rarely short stocks.. currently not short any stocks.
  • Not L/S fund.
  • Seek to be dollar denominated.
  • Buy insurance when it is cheap.
  • They like hedging interest rates .
  • CMS caps and if we get double digit 10 yr rates, they will make a 10X return on the hedge.

Q and A with Seth: Conducted by Roger Lowenstein

Q: Origins of Baupost

A: He bought first stock when he was 10 yrs old. Early on in college worked for Michael Price at Mutual Shares. Baupost was first going to be a family office. Started firm in 1982. Almost 30 yrs old.

Q: Is this crisis different than others you have seen?

A: Stands out in terms of magnitude of what happened. Decades of easy credit. Cats and dogs were getting credit cards. The government intervention is different than previous crisis’. It is huge. Gov won’t even let a garden variety recession happen. More bailouts increase risk. Sooner or later that will blow up as well. Big question keep asking himself is “was it really that easy to just print 2 trillion dollars and solve all the problems”?

Q: Interest rate risk? Has the government solved crisis or just taken on all the problems and setting us up for the “Big One”?

A: Impossible to know what they have brought upon us. A sudden and complete melt down is off the table because of their backstop. As long as they can print money we will be ok. All he cares about is being able to buy when others are panic selling. Usually the forced sellers are index funds and mutual funds.

Q: Do you worry about the dollar?

A: Spent a week in NY a few weeks ago. People were oddly optimistic. Money managers play a funny game. In that they are always trying to make money for clients. Baupost plays a different game. Only buy when the markets are getting beat up.. a long term game. Now.. he thinks there is a third game in town. A macro game. People are trying to time markets right now more than he ever remembers.

He has always worried about Fiat Currency. All governments will print money. Jim Grant influenced him greatly on being nervous about fiat currency. Baupost will own call options on Gold sometimes. He is deeply worried now but does not think it is his mandate to own bullion and miners. Will leave it up to his investors. Interesting because bonds, stocks, and gold are all saying different things. The markets are not agreeing.

Q: Last year people said that stock picking did not work. Only macro mattered. Agree?

A: Bought Ford Motor credit bonds at .40 on the dollar when in a depression they modeled getting .60 on the dollar. The main point is how much did people make this year relative to the amount of risk they took. People don’t care about risk adjusted returns anymore.

He thinks it is a tough job for consultants to sort through who was lucky this year.. vs. who was good.

Q: How did you have the courage to buy after the LEH blowup? And .. what did you do?

A: Was buying before Lehman.. after Lehman.. and since than. Also selling here and there. So many money managers need complete liquidity. He does not care if the market opens or not. Has always assumed that with the right type of issue, the market could close for months.

They bought lots of debt during the LEH crisis. Lots of Auto Finance.

Q: Any investments that stood out or “screamed” at you?

A: Only on the debt side. Equity markets were still expensive. No screaming stocks. If March 9th was really the bottom, it was a very expensive bottom relative to prior cycles… so he stuck with debt.

There was a subsidiary of AIG that was only in the mortgage business. He called them the “Thursday” bonds because he bought them on that Tuesday after the AIG collapse at .47 on the dollar. They matured at par TWO DAYS later.

Also bought another bond at .15 on dollar that has already returned .15 to him in cash and they think is worth .60. pays monthly. It is a structured product that is the senior most piece in the pool. 50% IRR for 5 yrs.

Q: Anything that did not work?

A: Does not see a bargain becoming bigger as a bigger problem. Biggest mistake was holding certain stocks into the crisis. Made them look stupid.

Q: Housing turning?

A: Still huge supply. Prime borrowers have homes that are way below loan value. Will be a long time before market recovers. Base case is another 20% decline… worse case scenario in their mind is 40% down from here.

Q: Stocks are flat for 10 years. Why don’t you own stocks?

A: Try to remain agnostic to stocks or bonds. Only buy stocks when they are cheap. Never got cheap.. certainly not cheap right now. 18X adjusted earnings. Debt however did get cheap.

Q: Do you feel that you have less of an edge in stocks?

A: Always have more of an edge where others aren’t looking or care about. Commercial R/E will get really interesting. Will just go where other aren’t. Stocks are expensive and competitive.

Q: Cash. Why?

A: Cash is more accepted now after last year. Endowments learned lessons on not having any cash. Cash is not a market time call. He uses it to buy assets.

Q: Does the cash position mean that you have too much money under management?

A: Don’t think so. Goal is not to make the highest return possible all the time. Managing 20 billion. Thinks there are advantages to size in this market. Helps in Commercial R/E and Mortgages. The negative is obviously that small ideas don’t move the needle. Will return capital at some point.

The endowment consulting business is screwed up. Endowments all benchmark themselves against how they are doing against each other. … what percentile they are in. this is dangerous because it forces everyone to chase each other and they end up taking too much risk.

The consultants only know how to measure return. They need to focus on risk adjusted return. It is all about generating returns with less risk. That is where the cash comes in.

Q: Do you have a benchmark for your fund?

A: Walked out of a meeting with a client when they wanted to talk with him about what benchmark to use for Baupost. Thought it was a waste of his time and he could not add any value there. He does not want to think about any benchmark other than risk adjusted returns.

Q: Should endowments hedge on their own or leave it to their managers?

A: Hard job for endowments. They have to spend a lot of time worrying about the character of their managers. This is a waste of their time. Its too bad they have to do this because a few bad apples.

Wall Street exists to “rip peoples eyeballs out”. Don’t try hedging yourself. You will get screwed. Also committees are entirely too slow. They will screw it up because they usually want to hedge at times that they feel they need it. This is all wrong. You hedge when you feel you don’t need it. That is when insurance is the cheapest. You want to sell your insurance when others are desperate to buy insurance. This is hard to do.

Finds it interesting that endowment kept adding to their VC and PE managers when it was obvious that it was not a good time to do it. They did it so they would not lose their slot. These asset classes are only good to invest in when people don’t want to be illiquid.

Q: From a public policy standpoint is there anything the government can do to reduce risk?

A: Having a risk regulator makes him laugh. No one will see the risks when things are good. No politician will be able to slow things down when it looks as though everything is good. If anyone would have tried to slow down housing in 2005/2006 they would have been looked at as crazy. Politicians will never take away a punch bowl.

Too big to fail is a disaster for the world. He thought that one positive to the pay czar is it could cause people to not want to be bankers. They need to make higher capital ratios and banks less profitable.

Q: So.. does that mean that JP Morgan should be told it cannot be in the derivative business?

A: The US needs to let AIG go bust. They need to do it NOW. Interventions were well intentioned but highly arbitrary. Let CIT fail, but GMAC gets another loan? That is fishy.

In the past, the reason the US was such a good place to invest has all been wiped over the last 12 months: rule of law, unions benefiting over creditors.. this is hurting our credibility.

General Q & A:

Q: How do you invest your cash

A: Short treasuries

Q: More thoughts on liquidity?

A: thinks it is a great time to make illiquid investments. There is a bubble in people fearing illiquid investments. This is the time to do it because no one else wants to.

Been in Westfield for 20min now..H is late as usual! Worse, was wandering around outside Aldo, guess who I bumped into? The area manager I called a ‘dickhead’ before I resigned!! Aint this shit funny..

The updated conference programme is available here.

That fucker H doesn’t answer the phone. N texted me to call her back and now her phone’s off..I’m dressed and everything but don’t know where to go..

Classwork

In today’s class we began talking about the evolution of stars.  Notes were given and a short video clip was shown.      

Homework

1)Read pages 78 to 85 in the textbook.

2)Answer questions 1 -3.

3) Complete the “Evolution of Stars” worksheet (2 sides).

Help Sessions

Due to the Thanksgiving holiday there will be no afternoon class or help sessions this Wednesday.  All students are encouraged to attend my help sessions next Wednesday.

Notes

The notes for the Astronomy unit have been placed on the “Student Shared Drive” in the school’s computer system, but there are no notes for the engineering project

Projects

The “In a Galaxy Far, Far Away” project in due on December 7th.

Still in bed…This unemployment thing is getting long…I have applied for two jobs. Writing CV is like putting me back on the school bench again…The first one took me over an hour…the next was just ‘copy and paste’ hahaha…Ok H, I’m cooooming now!

She even called me brutal..I hope her next Blackberry will get brutal on her…twat!