Friday, April 5, 2019

Friday Music

Mission: Impossible is an American television series, created and initially produced by Bruce Geller.  It chronicled the exploits of a team of secret government agents known as the Impossible Missions Force (IMF). In the first season the team is led by Dan Briggs, played by Steven Hill; Jim Phelps, played by Peter Graves, takes charge for the remaining seasons.

Each episode opens with a fast-paced montage that unfolds as the series' theme music composed by Lalo Schifrin plays, after which in a prologue Briggs or Phelps receives his instructions from a voice delivered on a recording which then self-destructs.   

The series was filmed and financed by Desilu Productions, and aired on the CBS network from September 1966 to March 1973. It was revived in 1988 for two seasons on ABC - retaining only Graves in the cast. It also inspired a series of theatrical motion pictures starring Tom Cruise, beginning in 1996.  Heretofore I had not known about the Dave Brubeck connection....

Wikipedia


Thursday, April 4, 2019

Snake Oil

Saudi Aramco, the Saudi national oil company, is planning a bond issue to fund the purchase of a $69.1 billion majority stake in Saudi Arabia’s national petrochemicals company.  The transaction is being pitched as a mechanism to boost cash in the country’s sovereign-wealth fund to support Crown Prince Mohammed bin Salman’s professed economic reforms.  Just in case you are considering an investment in this scheme consider this. 

The Company has been pretty straightforward that it has no need to tap the bond market to pay for its purchase.  Motassim Al-Ma’ashouq - group treasurer of Saudi Aramco - told potential investors on Monday that the company had no actual financial need for raising proceeds 'given our fortress-like corporate position.'  He described it as a continuation of Crown Prince Mohammed bin Salman’s 'strategic decision' to enter the public markets that began a couple of years ago – a reminder of the Prince's desire to take a part of Aramco public. 

Given the fact that everything in Saudi Arabia is owned or controlled by either the Royal Family or the government hiding in plain sight is evidence that the Royal Mobsters wish to borrow billions to purchase the chemical company from itself. 

This is actually quite clever - a plan to bamboozle non-Islamic investors to give them a pile of cash (that they admit to not needing) to sew one end of the carpet to the other.  You still have the same amount of carpet after the transaction closes.  And you hold the cash you didn't have before. 

Inasmuch as it is clear as mud if the company owner is the government or the king – does the money go to king's personal wealth or to the government?  And while President Trump would tell you that the Saudis are our friends - looks to me like someone is pitching snake oil instead of crude oil.

Let's be serious - the Saudis are not our friends.

A Troubling Statistic

Here’s an interesting factoid I studied yesterday.... 

One half of American households hold more debt than assets. That is correct - they have a negative net worth!  I don’t know about you but as a retired financial guy I’m having a tough time wrapping my head around this most basic of balance sheet statistics.  Holy moly - one freakn' half.  Stunning.  Who knew? 



The blue line (top 10% of the population) holds 73.2% of America’s wealth while the red line (bottom 50% of the population) holds -.5%.  If you look at the trend line the wealthy are wealthier than any time since before the Second World War. 




Sure, I know I've spent a career working in relatively rarified atmosphere as those with a negative net worth have little use for wealth management. I've always had a sense for these wealth inequalities lurking out there but hadn't paid attention to the scale.  My sanitized experience has left me a bit unprepared for what the implications of this might be.  Some economists have theorized that circumstances such as this constrain economic growth, restrict educational opportunity (which stunts potential wage growth) and may contribute to an increase in criminal behavior.  It certainly has policy implications from a governance and social perspective.

What I know for sure is that Henry Ford paid his workers a better than average wage – not out of kindness – but because he wanted the guys who worked in his factories to be able to purchase the automobiles manufactured by Ford Motor Company.  You would think Jeff Bezos would like that everyone had enough income and wealth to purchase all of the stuff sold thru Amazon, eh? 

Far be it from me to suggest that everything should be equal as income and wealth inequality has existed from the time income and wealth became measurable and important to commerce.  Naturally, some level of income inequality has to exist to incentivize innovation and entrepreneurism which leads to new products and services. 

Nevertheless, it would appear that this trend is not likely to reverse and may in-fact experience a widening gap.  Whether this will lead to social or political unrest is not known.  Time will tell.  If I had to hazard a guess - with the 2020 election looming on the horizon we’re likely to hear more about this subject in the months to come. 

With that in mind be an informed voter and learn more about this topic at the World Inequality Database.  This is an interactive database and you can build your own charts and graphs by means of checking the boxes to select specific key indicators.

Wednesday, April 3, 2019

Action Shot

Whitetail deer have been clocked as fast as forty MPH and can effortlessly clear an eight foot tall fence to cover a span of twenty-five to thirty feet.  Under panic conditions they've been known to jump higher and further.  

Here's a fun photo of a startled whitetail leaping across the field of view of one of the ever-vigilant trail cameras....

click on image for a closer look
 

Harbinger of Spring

click on images for a closer look
 
Say hello to Turdus migratorius – the American Robin.  And state bird of our fair state (and Michigan and Connecticut too).   This songbird is known as a harbinger of spring and they've arrived for the breeding season and are showing-up on the trail cameras.  

They're active during daylight hours hopping around the grass in search of grubs and earthworms.  Males chirp a song that sounds sort of like:  cheerily cheerup.   American robins are one of the first birds to lay eggs in the spring with a clutch of three to five bright blue eggs at a time.  This bird is capable of rearing three broods in a single nesting season however less than half of all nests successfully produce young.  Only twenty-five percent of fledglings survive to November and only half of any given population survives to the following year.

A migrating member of the thrush family - its name is a consequence of the European robin and its reddish breast even though the two species are not closely related. 

If the conditions are favorable some American Robins spend the entirety of winter in their breeding range – something not observed here.  In the fall this bird is known to gorge on fruit.  If they get into a batch of rotting honeysuckle berries they sometimes become tipsy.

Tuesday, April 2, 2019

Shed Head

We've been out a bunch of times and the girls have yet to find any shed antlers in the woods.

From January 25th was this dandy buck sporting his head-gear...

click on images to enlarge

 





And February 15th a resident fork-horn with half a rack...

We shall persist and continue the hunt.

Monday, April 1, 2019

April Fools

Today is my last day at the day job.

Cheers!