MaoXian.com -- Archive > August 16, 2005

Reading Roundup (XX) - Yale's Endowment, Women Entrepreneurs in Beijing, Iraqi Heat, and Baby T Stats

Articles I've recently read with my comments in italics, and other miscellany:

Pro Tells Why the Little Guy Just Can't Win, by Joe Nocera.
["...over the last two decades, Yale has generated average annual returns of 16.1 percent ... the endowment has barely 5 percent in bond holdings. 'The other 95 percent are in places that we think will provide 'equity like' returns' ... At the end of the 2004 fiscal year, Yale had a mere 15 percent of its assets in domestic equities, and another 15 percent in foreign stocks. It had 15 percent in private equity, and 18 percent in 'real assets,' which includes investments in timber and energy. But its biggest percentage, 26 percent, was in something called 'absolute return.' That is a category invented by Mr. Swensen in 1990. It means hedge funds ...

He uses 'invidious,' 'investor-damaging' and 'dirty scheme' to describe the general behavior of the [mutual fund] industry ... He thinks we'd all be better off sticking with index funds, instead of trying to beat the market. He thinks we should get our index funds from Vanguard, with its rock-bottom fees. We should have a diversified portfolio of index funds, for the same reason Yale does. We should be disciplined in our approach, especially in rebalancing our portfolio to stick to our diversification targets." I agree on all points.]

Four women who shape Beijing, by Amelia Newcomb.
["For Hung, the challenge has been to understand a culture that she left at an early age and returned to fully only in 1991. In the early 1970s, she was selected by Mao as one of 28 young teens to study in the US - the goal apparently being to create a future generation of savvy diplomats. 'Oops,' says Hung, smiling wryly." Fascinating profiles of four female entrepreneurs in Beijing.]

My cousin is a flight surgeon currently based in Balad, Iraq. Here's an excerpt from a recent letter in which she described the incredible heat there:

"The real heroes in the story of the heat are the Army guys and Marines who are constantly out in these conditions in heavy gear.... I don't know how they do it. You should see them eat when they come on base with their convoys. It's impressive. I read that the average Army soldier today weighs 37 pounds more than the average Army soldier in World War II. It's easy to believe that when you look at some of these guys and gals.

The Army people tend to look down on the Air Force people as being spoiled, weak, addicted to modern conveniences and air conditioning, unable to handle weapons, and unwilling to face imminent danger. There's some truth to it, and we don't have much argument when we see these guys coming in from 'outside the wire' in their armored convoys. We take that ribbing and remain grateful that we don't have to do what they do."

Baby T went in for another routine check-up. He is now 71 cm long and 9.6 kg heavy. We went to the Hong Kong International Medical Clinic, which is a pretty slick place. I wasn't that happy with the doctor the last time we went there, but this time we saw Dr. Meng Xiao Ping, and she was very good -- she listened, which is something most doctors have a terrible time doing. It cost 400 kuai ($49.32) and is completely covered by our private health insurance.

Posted on August 16, 2005 at 7:30, GMT

Chat Tonight Focusing on the Land Down Under

Reading Roundup (XX) - Yale's Endowment, Women Entrepreneurs in Beijing, Iraqi Heat, and Baby T Stats

Another Great Boom and Bust: Sugar, 1973-1978


	Tuesday, August 16 Chat Tonight Focusing on the Land Down Under In tonight's chat at 8PM, eastern time, I'm going to feature the strongest big-cap Aussie stocks, just for a change of pace. I also hope to review various day trades that chatters have made recently. Everyone's welcome! Posted on August 16, 2005 at 8:00, GMT Reading Roundup (XX) - Yale's Endowment, Women Entrepreneurs in Beijing, Iraqi Heat, and Baby T Stats Articles I've recently read with my comments in italics, and other miscellany: Pro Tells Why the Little Guy Just Can't Win, by Joe Nocera. ["...over the last two decades, Yale has generated average annual returns of 16.1 percent ... the endowment has barely 5 percent in bond holdings. 'The other 95 percent are in places that we think will provide 'equity like' returns' ... At the end of the 2004 fiscal year, Yale had a mere 15 percent of its assets in domestic equities, and another 15 percent in foreign stocks. It had 15 percent in private equity, and 18 percent in 'real assets,' which includes investments in timber and energy. But its biggest percentage, 26 percent, was in something called 'absolute return.' That is a category invented by Mr. Swensen in 1990. It means hedge funds ... He uses 'invidious,' 'investor-damaging' and 'dirty scheme' to describe the general behavior of the [mutual fund] industry ... He thinks we'd all be better off sticking with index funds, instead of trying to beat the market. He thinks we should get our index funds from Vanguard, with its rock-bottom fees. We should have a diversified portfolio of index funds, for the same reason Yale does. We should be disciplined in our approach, especially in rebalancing our portfolio to stick to our diversification targets." I agree on all points.] Four women who shape Beijing, by Amelia Newcomb. ["For Hung, the challenge has been to understand a culture that she left at an early age and returned to fully only in 1991. In the early 1970s, she was selected by Mao as one of 28 young teens to study in the US - the goal apparently being to create a future generation of savvy diplomats. 'Oops,' says Hung, smiling wryly." Fascinating profiles of four female entrepreneurs in Beijing.] My cousin is a flight surgeon currently based in Balad, Iraq. Here's an excerpt from a recent letter in which she described the incredible heat there: "The real heroes in the story of the heat are the Army guys and Marines who are constantly out in these conditions in heavy gear.... I don't know how they do it. You should see them eat when they come on base with their convoys. It's impressive. I read that the average Army soldier today weighs 37 pounds more than the average Army soldier in World War II. It's easy to believe that when you look at some of these guys and gals. The Army people tend to look down on the Air Force people as being spoiled, weak, addicted to modern conveniences and air conditioning, unable to handle weapons, and unwilling to face imminent danger. There's some truth to it, and we don't have much argument when we see these guys coming in from 'outside the wire' in their armored convoys. We take that ribbing and remain grateful that we don't have to do what they do." Baby T went in for another routine check-up. He is now 71 cm long and 9.6 kg heavy. We went to the Hong Kong International Medical Clinic, which is a pretty slick place. I wasn't that happy with the doctor the last time we went there, but this time we saw Dr. Meng Xiao Ping, and she was very good -- she listened, which is something most doctors have a terrible time doing. It cost 400 kuai ($49.32) and is completely covered by our private health insurance. Posted on August 16, 2005 at 7:30, GMT Another Great Boom and Bust: Sugar, 1973-1978 Another from my collection of fun charts. If you look up "parabolic move" in the dictionary, you'll find this chart. That run in sugar is something that old-time commodity traders still like to talk about. (The data used to draw this chart is adjusted... in 1974, I think SB peaked around 65 cents, but you get the idea....) Sugar, Weekly Chart, 1973-1978 Posted on August 16, 2005 at 7:00, GMT Previous Entry >>> Santos Limited		Home Archive © 2000 - 2005 Chairman MaoXian