From page 294 of Nerds on Wall Street: the complicated and the simplified diagrams to help you understand synthetic CDOs.
Hat tip to Casual Businessman for this one.
From page 294 of Nerds on Wall Street: the complicated and the simplified diagrams to help you understand synthetic CDOs.
Hat tip to Casual Businessman for this one.
To set up iChat with your Facebook buddy list, you need to do this:
* Create a new Jabber account. Go to iChat menu, then Preferences, then the plus sign. The “Account Setup” window will appear.
* Select “Jabber” as the account type.
* Fill these things in:
Your screen name is: your_facebook_ID@chat.facebook.com
Password is: your_facebook_password
Server: chat.facebook.com
Port: 5222
Make sure that there are no checkmarks next to “Use SSL” and “Automatically find server and port.”
(If you don’t know your facebook screen name, login to Facebook and go to the top right corner: “account,” then “account settings.” The second section contains your account name.)
iChat will show your Facebook buddies in a separate list from your other buddies from other chat accounts. If you want to consolidate multiple buddy lists — for example, see as a single list all of your AIM, Gmail chat, and Facebook chat buddies, then download chax, a free iChat plugin.
The FAA has issued me a private pilot certificate; at that moment, I became an official pilot. The process of learning to fly was not a trivial one. It took me almost a year from start to finish, and a good sum of money. It’s my hope that by documenting the process and what I learned along the way, I can help others along.
First, some stats:
Total calendar time: 10 months (I flew mostly on weekends. If you are a weekend pilot, I don’t see how you could do it much faster than in 9 months.)
Total airplane hours: 64. The Federal Aviation Regulations (FAR) say you need 40 hours. I was probably ready for the checkride at about 55 hours. The 9 other hours I spent were just for fun or for excessive practice at the end. Younger people learn new things easier than older people, and a good rule of thumb is that the number of yours you need is twice your age. I’m 30, and it took me about 60 hours. I know another pilot who did it in 42, but he was in his early twenties when he did.
Total hours of ground instruction: 13 with an instructor (logged), plus at least 20-30 more of self study with King Schools and other sources.
Total solo hours: 13 (you need 10)
Total cost: about $9,000. Where I learned, planes rented for $65 an hour including fuel, and the instruction was $40 an hour. Of this, about $5,000 was plane rental, $3,000 was instructor time, and $1,000 was instructional courses and equipment. If you own your own plane, you could shave off $2500 (you’d still need to buy gas).
First step: Choosing a school and instructor
There are two kinds of flight schools, technically labeled “Part 61″ and “Part 141.” These are basically designed for separate sorts of students, hobbyists and aspiring professionals, although I believe that either kind of pilot could learn to fly at either type of school. I chose the Part 61 approach, the one designed for non-professional pilots. Under this format, you choose an instructor, and then the instructor guides you from start to finish according to your schedule. Under the Part 141 format, learning to fly is a full-time education, much like being in college. Of course that approach gets you your wings faster, but quitting my job to learn a hobby wasn’t an option.
I chose Aero Maintenance, at Pearson Field in Vancouver, Washington, as my school, based both on proximity to home and the recommendation of a friend who had learned there. The first step was to schedule an “intro” flight, which is a marketing gimmick for the school to get you hooked, but also an opportunity for the prospective student to get a cheap flight experience. As a prospective student, use the intro flight as an opportunity to interview a prospective flight instructor (CFI). Is this a person you can get along with? Do you understand they way they explain things? Do they let you make mistakes or want to take the flight controls from you at the first hint of error?
I would recommend scheduling your intro flight at roughly the same time of week or day that you would want to continue your training. I scheduled mine on a Saturday morning, so the CFI that took me for the flight was one who worked Saturdays. It turned out that he was a full-time student during the week, and I worked full-time during the week, so finding someone that worked weekends was important for me.
It would not hurt to fly with a few CFIs in your first few hours of flying, and then proceed with your favorite. Keep in mind that this is a person you’ll literally spend 40 hours with in a very cramped trainer plane, plus additional time on the ground for instruction. If you don’t get along with this person or just don’t “click” with them, you’d be wise to switch to someone who works better for you. I flew with two instructors for my first two flights, and picked the one I preferred.
Step Two: Buy some things
You’ll want to get your own headset before you start. It will pay for itself and make for a much more pleasant flying experience than using a crappy rental headset every time. I went with the David Clark H10-13.4, which I understand is the “standard” entry-level headset. Used ones go for about $150 and they last a lifetime. Try to get one with the “gel” earseals rather than the foam ones. You can also buy the gel earseals separately.
You’ll also want to make a plan for how to learn your ground instruction and buy the necessary books. I went with King Schools for ground instruction.
Finally, get a logbook. Eventually you might need a small bag to carry everything, but at first a backpack will suffice.
Step Three: Start Learning
Your educational objectives in private pilot training are twofold: first, to learn how to fly an airplane, and second, to learn all the knowledge required to fly it competently. Any idiot can fly a plane, but to be a good “pilot” requires quite a bit of knowledge. You will be working toward several milestones in the training process:
Preparing for the Written Test
My school offered a ground school curriculum, but I wasn’t able to take advantage of it due to a work travel schedule that never leaves me in my hometown for the same evening every week. I chose instead to purchase the King Schools DVDs to prepare for the written test. Additionally, my instructor and I sat down for occasional “ground” sessions of two hours, each, mostly when the weather was too poor to fly. The King Schools curriculum prepared me relatively well for the written exam.
The best resource for the written exam for me, however, was exams4pilots.org. This is a great resource of actual questions from past tests, and it is free. Tell the site that you are a private pilot and to give you a test consisting of random questions from every subject. Do these tests over and over. At the end of each one, the site will tell you all the questions you missed and what the correct answer was. I took about 8 of these tests, printed to PDF the results, and then compiled a “master test” consisting of all the questions I had missed. Then I studied all those questions until I knew them all. For the few that completely stumped me, I asked my CFI for help. On the actual test, I scored a 95/100.
Preparing for the Practical Side
If you have a good instructor, as I did, your curriculum of learning the practical side of flying will take its own course. You’ll spend more time on the things you are less comfortable with, and less time on those you intuitively master.
I can’t emphasize enough, however, how important it is to take control of your lesson plan. I found it very helpful, after each lesson with the instructor, to write down a few notes and reactions, of things that I had done well and (more often) things I had not done well. Reviewing these notes before the next lesson let me focus myself on, and remind my instructor of, those parts of my flying that needed work.
I would equally emphasize the importance of keeping mentally engaged in the “practice” of flying, even when you’re not at the flight school. For me, this meant listening to aviation podcasts and reading aviation-related books and magazines during the week. Some of my favorites:
Finally, study up between your lessons. Make a habit of finding out after each lesson what the next lesson will be, and spend the time in between lessons reading about those things. As I did this, I kept a list of questions that came to mind, and showed up to each lesson with several questions about the day’s topic before the lesson started. Not only is this a more effective method of learning than showing up as a passive student, it’s also much cheaper than having an instructor tell it to you while the $40-an-hour clock is running.
Preparing for the Checkride
At the point your instructor signs you off for your checkride, you are all-but-officially a private pilot. Otherwise, your CFI wouldn’t vouch for you. So don’t be nervous, but do be prepared. Your checkride itself will consist of an oral knowledge examination, and then a “practical skills” flight test. I did these things to prepare for them:
For the knowledge test:
For the practical test:
For the knowledge portion:
The Checkride
I found the checkride to be a refreshingly painless experience, after spending all the time I did preparing on my own and being quizzed by instructors. I’m sure that every examiner is different, but mine was pretty low-key and easygoing. She wasn’t trying to stump me, and the knowledge portion of the checkride was really more of a conversation about flying than it was an interrogation. As for the flight test portion, it pretty much followed the PTS exactly.
Of course, you will be nervous. But don’t get too nervous. If you are well prepared, you will really think the checkride is easy.
* * *
That’s it! I may update this from time to time as I think of more tips. Leave a comment if you found this helpful.
I have had a cold for a few days, and when this morning I woke up with two painful ears, my worry that I might have an ear infection caused me to abandon my long-standing practice of waiting colds out with over-the-counter medications and seek out a doctor.
I called my “regular” doctor, waited on hold for 20 minutes, explained my predicament, and was told that I could be seen tomorrow afternoon.
I was explaining this frustrating delay to my girlfriend when she suggested I call Zoomcare, a relatively new urgent-care style doctor shop in Portland. I went on their website and made myself an appointment this afternoon (although I should note that I could have scheduled myself for a visit as soon as 30 minutes later).
I provided my name, insurance information, email address, and a brief description of my symptoms. Zoomcare followed up five minutes later with an e-mailed confirmation of my appointment, complete with driving directions to their location.
My appointment was at 3:00, but I arrived at 2:45, expecting to be handed the customary clipboard with loads of redundant forms to fill out by hand. Instead, the receptionist smiled, asked me for my ID, and asked me to take a seat while I waited for the doctor.
About two minutes later, the Doc came out and ushered me into an exam room. She interviewed me and checked me out. There were no handwritten records anywhere — she typed everything about the visit onto a laptop, which was hooked up to an external monitor so I could review her notes on the fly. I ended up with a diagnosis of a slight ear infection.
No more than ten minutes later, I was checking out with the receptionist, antibiotic prescription in hand, and walking out the door. With the prescription came some automatically printed helpful directions for its use for me to take with me. Those directions also included a link to an online video about my ear infection if I wanted to learn more.
Total visit time: about 10 minutes. I was literally back in my car driving home before 3:00, when my appointment was scheduled to begin.
I can’t help but marvel at how well Zoomcare has improved the process of the doctor visit, relative to every other doctor’s office I have been to. No clipboards, no forms, no waiting, no shuffling between nurses and doctors, no time even to read two-month-old magazines in the exam room! I was thoroughly impressed.
Is Zoomcare the future of health care? If you’ll permit me to editorialize for a moment, I certainly hope so. It was, after all, private capitalists who thought this up and delivered it. One can only hope there remains room for them in our country’s future health care system.
“I like See’s candy. Put me in a See’s store, I’m eating candy. The whole world is Tiger’s See’s store, and the candy is vagina.”
– From the “Shit my Dad Says” Twitter account
We have all known for a long time that Tiger Woods shares many signature characteristics with hedge fund managers. He is good looking, and he has an exceptionally good looking wife. He’s really rich. He excels at a snobby sport. He has a big yacht.
But one similarity to a typical hedge fund manager that we might not have appreciated until recently is the nature of each’s portfolio risk.
For years, Tiger Woods carried along, nurturing his squeaky-clean public image while cavorting with a portfolio what are reported to be dozens of floozies in secret. From the outside, this arrangement was a very low-risk one — so low-risk, in fact, that his corporate sponsors were willing to pay him a reported $90 million a year in sponsorship deals because his track record as an investment had such low volatility. We might say that Tiger Woods’s investment strategy was to pursue monetary return and personal return with this dual lifestyle.
It probably occurred to Tiger that each of these dozens of dalliances introduced an isolated risk to his career and marriage. If one of them were discovered, it would be a problem, but it probably wouldn’t spell disaster for him. After all, they were uncorrelated risks, right? Presumably, none of the floozies knew of one another’s existence, and each had just as much to lose as him if those relationships became public.
All it took was a single, seemingly innocuous event for all of these seemingly uncorrelated risks to suddenly become highly correlated (in the investment world, an adage holds that “the only thing that rises in a market crisis is correlations”). A single text message, apparently, set of a cascade of revelations that threaten to ruin Tiger’s career, not to mention his marriage.
Hedge fund investors should heed this lesson. Simple evaluation of a historical return series can’t hope to capture the embedded risks in a portfolio management strategy. Many risks lurk in a seemingly stable portfolio. And all it takes is a seemingly remote event to blow up an entire strategy.
Might we surmise that Tiger Woods, in late 2009, is the last victim of the 2008 credit crisis? If not literally so, the broad principle applies.
But all is not lost for Tiger. He may still have a future as a hedge fund manager. Heck, it worked for John Meriwether.
Sing to the tune of 50 Cent’s classic, “P.I.M.P.”
I don’t know what you heard about me
and real estate investing ain’t cheap
but I won’t charge you two and twenty
I’m a plain-vanilla REIT
I don’t know what you heard about me
but if you care at all about liquidity
don’t lock up your money at Wall Street
just get a plain-vanilla REIT
This going out to every CIO that hates
better pay attention to those cap rates
because when that bubble deflates
you just might be that goat that skapes.
If you use an iPhone at work, within an environment that includes Microsoft Windows and Exchange, you may have run into an issue when changing your Windows or Exchange password. If your network administrator forces you to change your login password every so often, and has the network set up to lock you out after several failed password attempts, then you need to perform a slightly non-intuitive routine in order to change your password.
The issue is that if you have an iphone, and it is using “push” to retrieve mail, calendar, or contacts from the Exchange server, it is constantly pinging the server with the password it has stored. So, if you change your password on your computer, the iPhone will then issue a bunch of requests to the server with a password that is no longer valid. As a result, unless you follow the following procedures, your iphone trying to connect with the old password will lock you out of your system.
So, if you are having this problem, follow the following steps each time you need to change your Windows/Exchange password:
That should do it.
1. Sans-serif fonts that will seem horribly dated in retrospect


2. Unpopular war

3. Runaway inflation

4. Bell-bottom pants (today, they are called “boot cut”)

5. General mistrust of politicians, especially the President
![]()
6. Dance competitions

7. Fondue

8. “Modern” Decorative Style

9. Climate Change Concerns

10. The color brown


In my opinion, these investment practitioners write the best periodic (monthly or quarterly) commentary on the markets. I try not to miss their commentaries.
I took a flight on U.S. Airways yesterday, from Phoenix to Portland. When we departed, it was 112 degrees Farenheit in Phoenix, so of course, sitting in one of the most decrepit of the fleet, we were in one of the many U.S. Airways planes without the little air conditioning vents. At the mercy of our crew, we sweltered as we awaited takeoff.
But the temperature of the plane is not why I write today. I write today about the snack boxes for which U.S. Airways has the audacity to charge $5.
Whoever designed these snackboxes has evidently never been hungry enough to contemplate buying one.
Because of a work commitment and a tight squeeze between meeting time and flight time, I had to skip lunch. It was with eager anticipation that I traded the rude flight attendant my $5 for one of the snackboxes she carried down the aisle. Like a kid on Christmas, I opened it to find the following contents:
I ate the cookies and the fruit roll up. Then my dilemma began. Where to spend my crackers? Do I make a little peanut butter and jelly sandwich? Do I use them to scoop the chicken salad? I settled to eat one and a half of them with the cheese, judiciously reserving the remaining half cracker for a couple bites of peanut butter.
Now, I was left with some grape jelly and some chicken salad. What am I supposed to do with those?
This is about when it hit me that I really was expecting too much of U.S. Airways. Who in their right mind would include in a snackbox no fewer than FOUR items that need crackers to make them edible (jelly, peanut butter, chicken salad, and cheese), and only TWO crackers for all of them? And who would choose to make those four items, for the most part, mutually exclusive? I wasn’t about to have chicken salad and jelly on a cracker.
I solved my dilemma by leaving the jelly and most of the peanut butter in the box, untouched. I decided to bring the can of chicken salad home for my cat.
When I got home, my cat was eager to see me, since I had been gone for the night. And I was eager to give him his special treat of chicken salad. He followed me around ardently as I got a plate and emptied the chicken salad onto it. Then, he walked up to it, sniffed it, and walked away.
Did you hear that, U.S. Airways? Even my CAT won’t eat your food!