Monday, September 6
Coal Sky
at 17:15
Sunday, September 5
Sneaky
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Friday, September 3
London Facing East
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Penguin House - Hedge Funds
Last night we are at Lars' book launching party on the Strand, pictured. Recall Lars a retired hedge fund manager who wrote an insider's expose on the industry. Until it all ended, money was easy assuming, of course, one could raise it. Hedge fund economics simple: 20% of the upside over a "high water mark" plus a management fee on assets of 1-2% per annum (hedge funds are different from long-only funds as they can "short" stocks or bet on their decline; this allows them to "hedge" their position). Consider a small fund of say $200 million. Should the thing double, the fees to the manager are $40 million paid immediately (private equity, by contrast, must pay back its investors+a preferred dividend of 7-8% before they can take their "carried interest," also 20%. This period rarely less than five-years and more likely seven or more; one advantage private equity enjoys is a "lock" on capital of ten years while hedge funds must return money immediately if "called"). But sweet liquidity: managers that caught the timing made themselves rich, and stayed rich, even when the financial markets crashed and their investors crushed.
at 12:54
Thursday, September 2
First Day School
Full-time education in the UK is compulsory for all children aged between 5 and 16 (inclusive). Students may continue their secondary studies for a further two years (sixth form), leading most typically to an A level qualification, although other qualifications and courses exist, including Business and Technology Education Council (BTEC) qualifications and the International Baccalaureates which have become ever more popular with ex-pats for US colleges. The leaving age for compulsory education was raised to 18 by the Education and Skills Act 2008. The change takes effect in 2013 for 17-year olds and 2015 for 18-year olds. State-provided schools, like ours, are free of charge, and there is also a tradition of independent schooling, but parents may choose to educate their kids by any suitable means. The National education budget for 2008-09 was £62.2 billion with total enrollment 11.7 million, of which 4.4 primary, 3.6 secondary and 3.7 post-secondary. (source: Dept of School, Children & Family; Higher Education Statistics Agency). This equates to about £5,300 per child.
Eitan and Madeleine are in our fabulous state primary school which is a ten minute walk from our house. We anticipate Independent, or private education, from secondary (Year 7) and Eitan will take the "10-plus" exam this year. Gulp. Approximately 7% of English schoolchildren attend privately run independent schools, some of which are called (confusingly for the Americans) "public schools". Education at independent schools is usually chargeable. Such schools, some of which are boarding schools, cover primary and secondary education and charge between £2500 and £30,000 per year (ISC Annual Census). Many offer scholarships for those with particular skills (football? performance?) or aptitudes or bursaries to allow less well-off students to attend which I note, dear reader, includes ours.
"In the UK, state schools exist in a bewildering variety of forms. Over the last hundred years, successive governments have struggled to improve education by reforming its structure, over and over again. What all state schools have in common is that they are entirely free to parents, being funded through taxation."
at 11:32
Tuesday, August 31
Great Smog - 1952
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Bouncing Back
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Monday, August 30
Firewood
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Cowgal
Martine, Sonnet's Aunt, in front of her horse-trailer in La Veta. The road to the Minnis ranch unpaved, heading straight for the Spanish Mountains - I cannot imagine a more stunning vista to return to every day. At some point it must become who you are, which certainly seems the case with Martine. Her love is her animals and around the house are several cats (dog Guinnes passed a year ago) and, of course, the horses which she cares for single handedly when Bill in Denver where they have their second home (the ranch is closed during the winter and the horses "boarded" at nearby stables). This means moving 100lb barrels of hey and removing equally heavy manure, exercising the animals and putting them to pasture every day. They are healthy beasts as, Martine points out, "they fart all the time." This being a good sign. Martine used to teach at Boston then Denver public schools up to the second grade; she did a sabbatical year in Oxford where she taught and took some classes (there are photos of the Royal Family throughout the house). Martine a grandmother of one and soon to be two as Maire announces her pregnancy over the phone during dinner (Martine and Bill knew before of course). She went to Vassar (see: T-shirt) while her stories as interesting as her life. We enjoy her. She sure looks after Eitan and Madeleine.
at 21:24
Moonrise
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Friday, August 27
Sunkist
What are we to make of the Times cover story that over 1,000 UK girls, aged 11 or 12, are on the pill? Well, firstly, the suggestion that these girls are sexually active is tosh: many pre-adolescents are prescribed hormonal contraceptives for heavy periods, acne and endometriosis which is a lot less eye-catching interesting than "11 year-olds on the pill." Secondly, the report relies heavily on the Christian Medical Association (enough said). Here are the facts, according to The Lancet, 2001, study: "We recruited 11161 men and women to the survey (4762 men, 6399 women). The proportion of those aged 16—19 years at interview reporting first heterosexual intercourse at younger than 16 years was 30% for men and 26% for women; median age was 16 years. The proportion of women reporting first intercourse before 16 years increased up to, but not after, the mid-1990s. There has been a sustained increase in condom use and a decline in the proportion of men and women reporting no contraceptive use at first intercourse with decreasing age at interview. Among 16—24 year olds, non-use of contraception increased with declining age at first intercourse; reported by 18% of men and 22% of women aged 13—14 years at occurrence. Early age at first intercourse was significantly associated with pregnancy under 18 years, but not with occurrence of STIs. Low educational attainment was associated with motherhood before 18 years, but not abortion."
at 15:30
Chimayo Shrine
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Shidoni
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Thursday, August 26
Galisteo Basin Preserve
Following the success of our 10-mile day hike to Nambe Lake off the Winsor Trail and two-miles from the Pecos Wilderness boundary (we are rewarded with spectacular lunch spot and water too cold to swim in) we take a different trail across desert terrain - pictured. The Galisteo Basin Preserve is a land conservation and community development project located in Santa Fe County’s Galisteo Basin—a high-desert area of fragile land and water resources "celebrated for its scenic, cultural, and wildlife values." The preserve designed to conserve and restore 13,000 acres of open space and promote "thoughtful, stewardship-oriented community development." Our flat walk interrupted by the occasional adobe house with visible development for more -- still, the lots are minimum 26-acres and houses separated by a band of no less than three-acres. There are plots of 600 acres or more. If managed properly I think it could work though I would not recommend the trail for unspoiled beauty.
at 14:22
Wednesday, August 25
Santa Fe Square - Chill
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New Mexico Museum Of Art
--Samuel Beckett
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