Summer and Family…

Since I left Goldman in 2002 I have had the blessing of spending the summers with my family in Kelowna, BC Canada. Kelowna is where I grew up and there is something very special about being able to bring one’s own children back to the place you, as a parent, have spent your childhood. For 2 months the 6 of us live together, our family of four and my parents, and it is truly a wonderful tradition…

Our property here is an orchard. We have over 10,000 fruit trees – apple, pear, peaches and cherries. All of us have our jobs – raking prunings, mowing grass, weeding, moving sprinkler pipes, feeding the crew, picking up garbage, picking fruit, selling it road-side. It is a working summer as well as a playing summer and is an amazing counter-balance to our Fairfield County structured life. Pictured left are my two children and their cousin selling Lapin Cherries at $2 a pound! I LOVE sitting road-side… talking to people, handing our samples and selling the ‘fruits’ of our collective labor, and so do my kids. ( though mostly my father’s)
This may be my last post for a little while as I am heading off to Park City then to Savary Island, a remote island off the coast of BC, with the family….. Blessings to all.

US Treasury to Auction $235 bn in Bills and Notes

I have written so little on the markets over the past month, sorry about that. Needless to say equities have been enjoying a nice move to 2009 highs, and the question on the table is whether it is sustainable. I am withholding my opinion until I get through the mountain of investment reading I have stacked up.

The big news this week, is about the success and/or failure of the HUGE government debt auctions. From JP Morgan – “The world is watching U.S. bond markets closely, as the Treasury will issue $235 bn in bills and notes in a little over a week. Yesterday’s 5-year auction was on the weaker side on a bid-to-cover basis, but not extraordinarily so. To date, rising Treasury issuance has had little adverse impact on yields (Fed purchases of $220 bn have helped), but are only 12%-15% of the FY 2009 deficit).” Did you read that part about the $235 billion in a week????? Yes my friends, this is at the heart of what concerns me about the markets in general. People have too much debt and so does our country….

Beautiful ( Afghanistan) – Guest Post.

On January 13, 2009 the New York Times reported on an incident occurring in Kandahar, Afghanistan, on November 12, 2008 in which men sprayed the faces of several young girls attending a school with acid, disfiguring at least one girl seriously. Some of the men were arrested, but no tie to any organization was established. The article speculated that the Taliban was behind it. All the girls have since returned to school.

Not one of the girls
Eyed by the boys
Sitting by the wall
Fingering my veil
Trying to follow
Where is Brazil? . . .
Why was I there
At that instant
A moment earlier
A moment later
Grabbing and twisting
Then flash of pain
Purple-etched in my face
Forever . . .
Not a leaflet dropped
In the dead of night
Nor a placard waved
By an angry crowd
Just a girl walking
Down a rutted road
On the way to school

Preston Tsao

Thank you Preston for these words that awaken us to the injustices of the world. I remember when we had coffee and you told me about this article and how it affected you. You honor that girl with this poem and we honor you for writing and sharing it…..