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Richard K. Hoskins, Vigilantes of Christendom.
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To start with the fact that he really likes Estonia. In fact he dedicated to this small Baltic country as much space as to Russia or Brazil (while zero to such important market as Poland and zilch to Ukraine). His idea was that investing to Estonia is like investing to Russia (because Estonian main trade partner is Russia) but without Russian risks.
I have nothing against Estonia per se and I even agree with his concept of "gateway" country. He brings an example of such successful "gateway" country - the Netherlands. But while the sizes of Netherlands and Estonia are similar, the population numbers are not. The Netherlands has 15 million people, while Estonia only 1.5 million. 1.5 million is also one-sixth of population of Russian capital city of Moscow.
Also many Estonians of Russian ethnic origin (a substantial minority) are unhappy since Estonian government made their lives difficult by enacting a discriminating legislation, leaving them to face a choice to either leave the country or go through the painful process of naturalization. It doesn't make Estonia automatically a "cleft country" but the potential is there. This potential danger should "boost" Estonian country risk as high as Russian country risk (but to my view without the advantage of Russian "economy of scale").
Another his passage, which to my opinion is simply strange, is where he talks about the Baltic enclave of Kaliningrad. He writes, "until World War II it was part of Prussia, and now the Russians refuse to give it up" (page 60). Mark Mobius (who is German citizen) should be more careful in saying things like that, because it's silly and not true. He should be aware that Germany has renounced her claim to the former province of East Prussia (60% of which now is in Poland and 40% is in Russia).
I think if one day the present European border system is challenged, that very day Mr. Mobius could say good-buy to all his Templeton investment holdings in Europe. For sure it would be naive to expect a fund manager to be familiar with European geopolitics, but an international investor as prominent as he shouldn't repeat these kinds of beer cellar-type fallacies.
Dr. Mobius is much more convincing when he writes about Hong Kong and Thailand. He used to be a resident of Hong Kong for many years. I was impressed by the author's grasp of Asian economies and cultural context. To my humble opinion Dr. Mobius should have limited himself to this region, which he obviously understands well. His coverage of Eastern Europe and Latin America I didn't find convincing and I didn't buy his notion of South Africa as an emerging market.
All in all it is not a heavyweight book, although it's not totally devoid of refreshing ideas. I've enjoyed his shots at Gorge Soros. I've learned about Dr. Mobius more than I learned about investing in emerging markets. For one thing there is no doubt about his political sympathies - he let it slip a number of times. On one page he criticizes "labor unions and leftist lawyers" with theirs "typical obstructionist tactics". A redeeming feature is the fact the author doesn't seem to take himself too seriously - in fact I think he has a good sense of humor. Buy it if you'd like to read about common sense investing rather than sophisticated investment strategies and have time for a light, but engaging summer read.
Let me mention a couple of things that this book is not. It is not a guide to every emerging market in existence describing the pros and cons of each. Mobius selects several countries as examples (Brazil, Thailand, Russia, Estonia, South Africa, Nigeria) and then drills down to specific companies for flavor. This book is also not an economic theory-type text, where the author might present empirical reasons why emerging markets can make good investments by marshalling statistics. Obviously, if Mobius did not believe that emerging markets can make good investments, he would not have spent his career in this area, but a lot of the theoretical aspects of emerging markets remain unspoken.
The format of the book feels something like an all-day seminar by Mobius on the promises and pitfalls of his kind of investing, sprinkled with quirky humor here and there, along the lines of "denial is not just a river in Egypt..." (har, har har). It is as if you have been given the role of a junior analyst to tag along with him to company meetings all over the world, with him giving you his "lessons learned" in the rides back to the airport.
In terms of specific investment ideas, Mobius appears to love low (normalized) PEs, especially in the 4x to 7x range, particularly when competitors sell at multiples from 11x to over 20x. He also likes companies selling at a discount to book value. Then there is all of the "softer" stuff, such as quality of management, which is of paramount importance. In particular, his comments in this area spur me to greater due diligence in straining to learn more about the backgrounds of company managements in faraway places. If I can't learn anything positive about them, it might be better to stay away.
Particularly due to his long tenure in Hong Kong, I was surprised that Mobius did not spill more ink in his book focusing on China. One takeaway I have from his review of the world is how under whelmed he is by the idea of investing in China. His outlook is completely global, and any potential investment in China must be weighted and sifted against anywhere else. China might have a great future, but at what multiple to earnings?
If you want some musings and anecdotes from a person with a real track record in international investing (as opposed to an ivory-tower viewpoint on how things ought to be) this book is for you.
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just know what your buying.
Hitting--------Practice
Setting--------Practice
Digging--------Practice
(nothing new here........very disappointing book) If you look to improve your game check out: "Beach Volleyball" By Karch Kiraly is a much better book that can help you move to a new level. It has many drills and can help you find your mistake areas.......unlike this book.
A SPORT'S CORPSE
AFFLICTION: (1:5) When the Federation International de Volleyball (FIVB) disemboweled volleyball of its side out scoring system, they eviscerated volleyball of some of its most prolific and unique competitive features. Now, what FIVB is presently promoting as volleyball, under the malefic influence of rally point scoring, is nothing more than the reanimated corpse of what W.G. Morgan created as a team net sport back in 1895.
SYMPTOM: (2:5) The fact is, if the FIVB had any sense of balance, insight, intuitive perceptions, or integral rational when they attempted to remold volleyball's scoring system, they would have benefited far better, if they would have taken advantage of what potential volleyball had to offer, and should have put more mental effort into working with the intrinsic values of volleyball's side out scoring system's competitive nature. But, they didn't and in their attempt to develope an equitable offensive and defensive scoring system, they failed miserably. The FIVB, either by ignorance, by fault of thought, or suffering from acute vacuity, neglected to recognize the importance of the serve and the significance of the service team's position in this kind of team net sport, as the game's catylists.
DIAGNOSIS: (3:5) Under the rally point scoring system, the team in service is handicapped with the serve, and the receiving team is in the dilemna of having the scoring advantage for the disadvantage of the serve. The team in service has one hit to send a ball over the net on the serve to score points. The receiving team has the advantage of three hits to set up a counterattack and numerous different types of opportunities to score points off the serve. So, under the rally point scoring system, it would seem that the serve has become more of a sacrfice than a challenge.
What is the source of origin for rally point scoring? The following is a description of the rules of play for ping pong with inserts in parenthesis to highlight its rally point connection: "hitting the ball back and forth over the net until one player (team player) missess the ball, or hits it onto the net or off the table (court); in each of these cases, the opponent scores a point. When a serve touches the net (hits the net and slides down on the opponent's court) but otherwise a good serve, it is called a "let". Ping pong is a game where each player has a paddle and one hit to bounce the ball off the table, on serve or in play, to send it over the net in an attempt to score.
Under the influence of ping pong via the rally point scoring system, in a scenario where team "A" and "B" start a game with team "A" in service: If team "A" makes a bad serve like a line fault, team "B" will earn a point. Then team "B" earns the right to be disadvantaged with the serve: If team "B" serves the ball into the net for a bad serve, team "A" will earn a point and then they will be burden with the serve again. When team "A" makes their second serve, if they hit the ball over the net and scuccessfully score a point against team "B", team "A" will have to make a third serve. If team "A" then hits the ball over the net and out of bounds, team "B" will earn another point.
In the four serves just described, the ball was only served over the net once. Team "A" served the ball three times and was the only team that hit or served the ball over the net. Team "B" served the ball once and they never hit the ball over the net. Four points were scored and as incredible as it is, truth being stranger than fiction, team "A" and team "B" are tied at two points each. If that isn't an inflated and gross misrepresentation of the net value of competitive action in an offensive and defensive scoring system for a team net sport, it will have to do unless something worse comes along, if that's possible.
And if all of that isn't bad enough, if team "A" and team "B" have scored a game to set point 23 to 24, and team "A" is at service with 23 points and makes a bad serve, team "B" wins the set. The ball doesn't have to be served over the net and a team doesn't have to be challenged to hit the ball off the serve to win a set.
The rally point scoring system's anemic, self inflicting, unearned error point's system and its anticlimatic methods of winning a game, are not examples of how anomalies may be created when working to develope an equitable offensive and defensive scoring system for a team net sport. These are two different stages of how and when rigormortis sets into a team net sport that has been unbalanced, become redundantly repetitive, is suffering from stress, competitive convulsion, and shock. And, they are the direct results of the Fallacious Indolent Vertiginous Blounderers (FIVB) efforts to make a team sport out of ping pong and displace it onto a volleyball court.
THERAPY: (4:5) Under the side out scoring system, a served ball is a challenge and a threat because it can't be penalized error points to the advantage of the service team's opponent. However, It is also the responsibility of the team in service to provoke a competitive situation of cause and effect. When a team in service fails to fullfill the character of its role, a penalty situation would be defined and enforced. And, a service penalty where a point would be lost instead of awarded to a team by error would be more the proper judgement of an offensive and defensive scoring system's competitive nature for a team net sport.
In a game like volleyball, the service team's exclusive advantage to maintain earned points off the serve should remain inviolate. If the service team fails in its responsibility to successfully challenge its opponents off the serve, it should be penalized a point. The service team would lose one point off its score. From this method, a service team's opponents would benefit by either increasing its lead, reducing the service teams lead, or gaining the lead if both teams are tied. But, most important of all, there would be no unearned points awarded, non competitive action would be devalued, and each team would have to gain set/game point off the net value of its own competitive scoring strategies and skills.
However, in order for the serve to be valuable enough to compete for in a offensive and defensive side out scoring system, the receiving team would be limited with two hits off any serve. When the receiving team is then able to successfully hit and send the ball back over the net in two hits, the service team would be the first team to have the three hit advantage of setting up an attack to score. The receiving team could earn the service off their two hit defense of the serve, but they would not be allowed to score unless they successfully defended against the service team's three hit attack. The third time the ball is hit over the net, is after the service team has had first opportunity to set up an attack off three hits. The third time the ball crosses over the net, is also when the receiving team would have its three hits to set up a counter attack and score points. Then both teams would be under equitable competive circumstances and whichever team scored first, would win the advantages of the serve.
And, only the first serve of the person occuppying or rotating into the service position would be subject to penalty. Otherwise, all that would have been created, would be an inversion of what has degenerated the game of volleyball under the rally point scoring system; where every non-competitive action off any serve, is an unearned error point for the service team's opponent. It is enough that a team loses a point and the scoring advantages of the serve, off the first serve. Making a bad serve on any subsequent serves, would cost the service team its scoring advantage, but any further non-competitive serve would remain neutral.
The serve, in a team net sport, should create an atmosphere of anxiety not conditions of anticipation for the service team's opponents. The competitive environment in a situation where there is offensive and defensive scoring system, requires adjustments in order for the service team to maintain its scoring advantage. The service team would have the advantage of two point aces and an optional scoring technique to offset its own penalty in service. The two point ace occurs when, off the serve, a receiving team player hits a serve
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The words and photo itself may be mentally and emotionally stimulating to others interested in purchasing the DIARY. So, if they prefer to spend their hard earned money on purchasing a diary to keep them motivated, then by all means... allow them to do so without ridicule.
Someone 400 lbs. may find the diary as a motivational tool for them to continue an exercise routine to stick with when others have probably talked about them instead of helping them. It just may be his/her only goal.
I couldn't imagine a "celebrity" sitting in front of the VCR and performing pilates. I'm quite sure Mari Winsor has trained them one on one. If any individual thinks that they should purchase the diary just because a "celebrity" reviewed it on the VCR...then they are crazy. Purchase the diary because YOU and only YOU want it and no one can tell you what to do with your life.
I had a diary in High school and now I have a Journal. It keeps me focused and allows me to look back at situation that I thought I would never conquer. They all make me laugh now. :)
Pilates is a form of exercise named after "Joseph Pilates" who invented this scientific system of body conditioning over eighty years ago.
Frankly, I've never seen such fast results with any exercise program. I'm amazed and my husband has noticed the difference in my body (which is in sore need of a fast exercise remedy after a winter of reading, reading and more reading) in the past few weeks. If you have yet to try the Winsor Pilates workout tapes, prepare to be amazed.
With that said, I thought it would be interesting to record my progress in a journal. Mari Winsor has created a journal just for Pilates.
Contents Include:
Introduction
Why should I use a workout journal?
How to use The Pilates Workout Journal?
The evolution of Pilates - a fascinating history!
The principles of understanding & the science of the art
The Powerhouse
The Journal starts at page 33
Beginner, intermediate and advanced Pilates workouts - a list
of the exercises, no instructions.
This is a book where you can write your thoughts about activities that rejuvenate your mind and body. You can keep a journal to make notations about which exercises you performed and how many different parts of your body felt the effects.
Each page has five sections:
Mind & Spirit - Ideas, insight.
Challenges - Areas that need improvement.
Coordination & Balance - Positive thoughts and notions of progress.
Endurance - Physically taxing or energizing?
Strength & Flexibility - How did your workout feel? Energy? Did any part of you body feel weaker?
If you have purchased the Winsor Pilates video workouts, this is an essential companion to the set. I can't believe they didn't include this book. It explains Pilates in such detail and gives all sorts of background information on Mari Winsor.
Fascinating. Worth buying just for the Pilates information!
I hope that with this journal I can keep on track with my workouts and New Year's resolutions. Throughout the book there are little inspirational passages to keep you motivated.
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The structure of the book is awkward, there is no introduction into the CS architecture with an explaination of the various objects. It is up to the reader to notice an object being used and to figure out it's interface from existing online documentation.
This book is little more than a rehash of the existing online documentation, just a little easier to sift through. If you are doing a CS2002 site, this is the book for you because it's the only book out there.
Probably, the only thing that I would have added to this book is a section on doing development within C2K2 with large teams. This section would talk about the relative difficulties of large team development with C2K2.
A second edition to this book would be a complete site using C2K2 with the type of extensions that most development teams will have to make.
The next edition could be something like "C2K2 by Example" or "The C2K2 Cookbook".