Archive for August 7th, 2008
The Jagged Orbit
I have no recollection of the contents of this book I claim to have read. while mindlessly browsing through some backups, I found this document I had written…well…I don’t know how many years back…am just putting it up below…
The Jagged Orbit
Reading this book was a bit of a task. It reads like a really old sci-fi book. Actually it is a really old one, it was written way back in 1969 by John Brunner. I had never heard of the book, let alone read any reader recommendations / reviews about it anywhere. I picked it up merely because I was curious. Having read a few pages of the first chapter, I realized that one of the main characters was a spoolpigeon. Now that’s a term I had never heard before, but the nature of the job as described in the book made it sound like a spoolpigeon was a TV journalist of some kind. It was also mentioned that this guy was the last of the spoolpigeons, so I was just curious to figure out how his miserable life comes to an end. 100 bucks didn’t sound a great deal for that kind of entertainment.
I was in for some real surprise though, the book turned out to be quite interesting. As I mentioned before, reading through the book gives the feeling of watching a really old startrek episode. Back then they all thought that computers would very easily understand voice-based commands. They all thought that vehicles would fly way above the surface of the earth.
Some of the topics dealt with in this book are astonishingly relevant to our times. While there is the standard bit about humans becoming excessively dependent on computers, the author is not entirely wrong in talking about the now prevalent human tendency of searching thorough a somewhat common repository of data before taking any decision.
The “comweb”envisioned in the novel can be looked upon as the Internet. But what was more surprising was the similarity that any modern day reader can draw between the term “commed” and “googled” as used in today’s context.
But the similarities between comweb and the Internet don’t stop at that, the comweb is an omnipresent network that is fed all kinds of data (text, images, voice, video) with the intention of later retrieval. Now, most of these data can be uploaded to the Internet, and, in fact, the new web 2.0 sites allow these things to be seamlessly interlinked.
So what is the point that we are arriving at here? I have no clue. Just that I felt like most of the things in the book were technically possible today, albeit in slightly different ways.
And this is causing all the discomfort. Because the scenario depicted in there is quite bleak.
Louis Fischer’s biography
I could not resist the urge to embark on a web mining spree for material on Louis Fischer after making this post reproducing his description of Russia.
Given below is a verbatim copy of his biography from this webpage of the Department of Rare Books and Special Collections at the Princeton University Library.
Louis Fischer was born on February 29, 1896 in Philadelphia, son of David, a fish and fruit peddler, and Shifrah (nee Kantzapolsky). He attended the Philadelphia School of Pedagogy (affiliated with the University of Pennsylvania) from 1914 to 1916, then taught public school. From 1917 to 1920 he served as a volunteer in the Jewish Legion, a military unit recruited by the British army and spent 15 months in Palestine (1919-1920). After this military service, he worked for a brief period for a news agency in New York where he met the Russian-born Bertha “Markoosha” Mark (1890?-1977). Markoosha had been in New York since late 1916, first as a pianist touring with a group of Russian musicians; then holding various secretarial and translator jobs, sometimes working for Soviet government officials.
In 1921 Markoosha went to Berlin, Germany, to work for a former Soviet employer. Louis joined her a few months later. Aiming to get journalistic experience, he started contributing to the New York Evening Post as a European correspondent. In early 1922 he moved to Moscow. Markoosha, who had been working as an interpreter to Soviet delegations at conferences in Genoa and the Hague, joined him in September. In November, they married. Shortly thereafter, Markoosha returned to Berlin, while Louis stayed in Moscow. Their son George was born in May 1923, followed by Victor one year later. Markoosha stayed in Berlin with the boys until 1927, when she started working for the new Jewish farm colonies in the Ukraine. It was not until 1928, after Markoosha and the boys moved to Moscow, that the Fischers lived under one roof, though Louis often traveled thereafter.
Louis had been working for The Nation as special European correspondent since 1923, and contributing articles to foreign papers, often selling the same article more than once. To supplement his earnings, Fischer traveled to the United States every year to give lectures on the Soviet Union. While living in Moscow, he sympathized strongly with the Soviet regime. In 1926 his first book, Oil Imperialism: The International Struggle for Petroleum, was published; it described the international struggle for Russian petroleum concessions. The two-volume study The Soviets in World Affairs (1930) followed and became a standard reference in its day. Between 1931 and 1935, he published three more books on the Soviet Union. In 1936, the year of Stalin’s first purge trial, Fischer went to Spain to report on the Spanish Civil War, where he was an active supporter of the Republican anti-fascist regime, and briefly joined the International Brigades.
In 1938 Fischer decided not to return to the Soviet Union. However, Markoosha and the boys, still living in Moscow as Soviet citizens, were denied permission to leave the country until Eleanor Roosevelt personally intervened. Reunited in the United States in spring 1939, the family first settled in New York—although Louis chose to live by himself in a hotel. Very soon it was obvious that their marriage was over, but until the late 1950s Louis and Markoosha stayed in close touch, visited and wrote each other, often met with the children together, and commented on each other’s manuscripts. They never divorced.
Louis encouraged Markoosha to write, and her autobiography, My Lives in Russia, appeared in 1944. In it, she tried to explain the life of the Russian people and the early appeal of Communism to her. She wrote articles and reviews, two novels (1948 and 1956), and in 1962 Reunion in Moscow, a Russian Revisits Her Country. In 1948-1949 she returned to Germany, working in displaced persons camps for the International Rescue and Relief Committee (IRRC). In 1949, because of ill health, she declined to work as a translator at the Nuremberg trials. However, she worked again for the IRRC in 1950-1951.
In 1941 Louis’s Men and Politics: An Autobiography appeared, an account of the developments in Europe between the two World Wars, and his personal encounters with politicians, correspondents, and political activists. During the Second World War, Fischer continued to report on European politics, but he also became interested in the cause of Indian independence. A guest of Mohandas Gandhi in 1942, he soon authored A Week with Gandhi (1942). He traveled to India several more times and his biography The Life of Mahatma Gandhi (1950) was the basis of the film Gandhi (1982).
Fischer’s other major field of interest remained the Soviet Union and its foreign policy. His first new book after his family moved to the United States appeared in 1940 and dealt with the Nazi-Bolshevik Pact of 1939. In Communist and some left wing circles he was criticized for disloyalty to the Soviet Union. In June 1945 he broke publicly with The Nation, with which he had been associated for 22 years, accusing them of a ‘misleading’ representation of current events, and employing double standards, especially concerning the Soviet Union. He began writing for small anti-Communist liberal magazines such as The Progressive, as a foreign correspondent and commentator on international politics, focusing on Europe and Asia, especially Communism in the Soviet Union and China; imperialism; and the problems of emerging nations. He was one of two American contributors to The God That Failed (1949), an autobiographical collection of essays written by ex-Communists and disillusioned fellow travelers. Fischer took offense when he was labeled an ex-Communist, because he had never joined a Communist Party, having only been sympathetic to the Soviet cause. In a note for a biographical entry, he referred to himself as a “left-of-center liberal who favors drastic social reform to improve living conditions” and an “active anti-imperialist.” He was also called a “liberal internationalist,” and his critical but utilitarian-humanitarian beliefs placed him among those liberals who have been called “believing skeptics.” His publications about the Soviet Union include studies of Soviet foreign relations and biographies of Stalin (1952) and Lenin (1964), the latter winning the National Book Award. (A complete list of his books can be found in the Appendix.)
Fischer’s life of free-lance writing, lecturing and extensive traveling settled down with his appointment as a research associate at the Institute for Advanced Study in Princeton in December 1958. In 1961 he became a lecturer at Princeton University’s Woodrow Wilson School, where he taught Soviet-American relations and Soviet foreign politics, until his death on January 15, 1970.
You can access this PDF version in case you want to save the document on your system.
Louis Fischer’s description of Russia
I just found this beautiful passage in one of my old backups. The text is from a book written by the legendary journalist Louis Fischer. I fell in love with this para describing Russia the very moment I read it…
Russians have ever loved their country and hated their governments. Even the Jews and others who fled from persecution in the nineteenth century remembered Mother Russia with tender longing. They felt a nostalgia for her steppes, rivers, and trees, for her language and literature. They recited her poetry and sang her songs. Russia has a savage strength, the frustated power of a giant chained. The nation possesses some uncertain, dark, brooding quality, like a volcano always threatening to vomit forth black lava. The giant can murder and weep, burn and build, worship and scoff, obey and obstruct. Bolshevism undertook to tame him, gouge out his eyes and cut out his tongue, and hitch a red cart to him so he would drag it under the knout. Russia is big and heavy and her roads are rutted and muddy. Men must have mighty wills and little squeamishness to budge her great lumbering body. Now they have discovered that the giant has kept part of his sight and can mumble and think. He will work when whipped and work when rewarded. The age of the jet and the age of the knout are in conflict. Power without people is an anachronism, an impossibility.
I don’t have the book anymore so I can’t confirm this, but I think it was on page 83 of RUSSIA, AMERICA AND THE WORLD (Fischer, Louis, Bombay 1962. 230 pages, Paperback)
Tribune’s Deal from Hell
The sad fate that awaits the Tribune Co. and its employees after real estate tycoon Sam Zell bought it can be guessed from this article. BusinessWeek should probably have used “Tribune’s Deal from Hell” instead of “Sam Zell’s Deal from Hell”
Not only does Zell have no clue about (and apparently no interest in) running a publishing house, he seems to be hiring people worse than him to get the company “fixed”. From the article…
Adding to the uncertainty, Zell has tapped some quirky characters with no newspaper experience to run key elements of the Tribune empire. Randy Michaels, the chief operating officer, is a former Clear Channel executive and onetime “shock jock” who worked for Zell at Jacor. Michaels has installed jukeboxes, pinball machines, and a sculpture of a six-legged man running in circles called “The Bureaucratic Shuffle” in the Tribune Tower in Chicago. Marc Chase, president of Tribune Interactive, is another Clear Channel alum and former DJ. Robert J. Gremillion, Tribune’s executive vice-president and interim publisher of the Chicago Tribune, hails from the broadcasting division. Gerald Spector, the chief administrative officer who’s overseeing the Los Angeles Times, is a Zell acolyte from the real estate business with a penchant for sweaters emblazoned with cartoon characters.
And check out how capable their new Cheif Innovation Officer is…
Tribune’s new chief innovation officer, Lee Abrams, a former XM Satellite Radio Holdings (XMSR) programmer, has raised eyebrows, too. In March he began firing off 5,000-word e-mails suggesting employees peruse his 108 blog posts on what’s wrong with the media. “While my background is steeped in rock ‘n’ roll,” he wrote in his first e-mail, “I strongly believe that News and Information is the NEW rock ‘n’ roll…The NEW rock ‘n’ roll isn’t about Elvis or James Dean, but it IS about re-inventing media with the exact same moxie that the fathers of rock ‘n’ roll had. The Tribune has the choice of doing to News/Information/Entertainment what rock ‘n’ roll did to music.”
Hmm…Zell seems to be trying real hard to fix the place.
If you didn’t find this depressing enough (or alternatively, found it too exciting) you can read some more highlights in this timeline.
Shouting at people can be great fun!!!
My life is getting too boring…and so are my posts…watch this video to see how I intend to spruce it up a bit
Top 10 U.S Hedge Funds (old data from BusinessWeek)
I came across this BusinessWeek roundup of the top 10 U.S. Hedge Funds. It’s a slide show that was posted last year, so there will be significant change in the numbers (and the officials listed?) now. But I still felt it worthy enough to spend time converting some of the info on those slides into this table.
| Fund | Location | Assets under mgmt | Star | Change in assets under mgmt |
| JPMorgan Asset Management | New York | $34 billion | Paul Terence Bateman, CEO | +74.3% |
| Goldman Sachs Asset Management | New York | $32.5 billion | Allen Reed, CEO | +48% |
| Bridgewater Associates | Westport, Conn. | $30 billion | Raymond Thomas Dalio, president and chief investment officer | +47% |
| D. E. Shaw Group | New York | $26 billion | David Elliot Shaw, CEO | +40% |
| Farallon Capital Management | San Francisco | $26 billion | Thomas Steyer, senior managing member | +59% |
| Renaissance Technologies | East Setauket, N.Y. | $24 billion | James Harris Simons, CEO | +176% |
| Och-Ziff Capital Management | New York | $21 billion | JDaniel Saul Och, president | +40% |
| Cerberus Capital Management | New York | $19 billion | Stephen Feinberg, CEO | +70% |
| Barclays Global Investors | San Francisco | $19 billion | Blake Grossman, CEO | +29% |
| ESL Investments | Greenwich, Conn. | $18 billion | Edward Lampert, CEO | +20% |
Would like to remind again… data is old…most probably from first quarter of 2007.
China’s brave publicity stunt for Tibet
Looks like the Chinese authorities are really trying hard to justify the things they have done in Tibet under the cloak of “development”. Here is an excellent website they have put up to…shall we call… “purify” their image.
It’s a “Special Report” on chinaview.cn titled “Tibet: Its Past and Present”. Very thoughtful on their part to ignore “Future” in the title cause it doesn’t look like Tibet would have one if things continue as they are in the “Present”.
They even have something like a “Let’s bitch about Dalai Lama” section with stuff like
- Dalai clique’s lies exposed
- Double face of Dalai Lama reprimanded
- Dalai destroying base for dialogue
- Commentary: Dalai Lama, a scientist or a swindler?
- Dalai’s brag about “peace”, “non-violence” is nothing but lie
Brilliant effort…but I wonder why I am still not convinced
I still think that country would have been so much better if the Chinese wouldn’t have directly interfered. They shouldn’t have messed with that beautiful place
The Hedge Fund Elite
Found this 2007 New York Magazine special feature ranking some of the best hedge-fund managers in six categories, based on a poll of ten industry insiders.
The six categories are listed below:
- Top Dogs – The very best in the business
- Brainiacs – The smartest
- Bad Boys – The meanest
- Singles Hitters – Consistent performers
- Home Run Hitters – Fearless risk-takers
- Whippersnappers – Legends in the making
All the profiled managers have been attributed one of four “Styles” – Trader, Stock Picker, Distressed Investor, or Quantitative Investor.
I have put up these tables for each of the categories…
| Manager | Fund | Size | Style | Location |
| Steve Cohen | SAC Capital Advisors | $12 billion | Trader | Stamford, Conn |
| Stephen Feinberg | Cerberus Capital | $19.15 billion | Distressed investor | Manhattan |
| David Tepper | Appaloosa Management | $5.3 billion | Distressed investor | Chatham, N.J. |
| Eddie Lampert | ESL Investments | $18 billion | Stock picker | Greenwich, Conn. |
| Kenneth Griffin | Citadel Investment Group | $13.5 billion | Trader | Chicago |
| Michael Novogratz | Fortress Investment Group | $4.6 billion | Trader | Manhattan |
| Manager | Fund | Size | Style | Location |
| James Simons | Renaissance Technologies | $24 billion | Quantitative investor | East Setauket, N.Y |
| David Shaw | D.E. Shaw & Co. | $26.3 billion | Quantitative investor | Manhattan |
| Clifford Asness | AQR Capital Management | $9.5 billion | Quantitative investor | Greenwich, Conn. |
| Ray Dalio | Bridgewater Associates | $30.2 billion | Quantitative investor | Westport, Conn. |
| Mark Carhart | Goldman Sachs Asset Management | $32.5 billion | Quantitative investor | Chicago |
| Manager | Fund | Size | Style | Location |
| Daniel Loeb | Third Point | $4.2 billion | Stock picker | Manhattan |
| Thomas Hudson | Pirate Capital | $1.1 billion | Stock picker | Norwalk, Conn. |
| Israel Englander | Millennium Management | $8.6 billion | Trader | New York |
| Warren Lichtenstein | Steel Partners | $3.9 billion | Stock picker | Manhattan |
| Barry Rosenstein | JANA Partners | $5.8 billion | Stock picker | San Francisco |
| Manager | Fund | Size | Style | Location |
| Richard Chilton | Chilton Investment Company | $4.3 billion | Stock picker | Stamford, Conn. |
| Larry Robbins | Glenview Capital Management | $6.1 billion | Stock picker | Manhattan |
| Richard Perry | Perry Capital | $12.34 billion | Trader | Manhattan |
| Lief Rosenblatt | Satellite Asset Management | $5.4 billion | Trader | Manhattan |
| Manager | Fund | Size | Style | Location |
| T. Boone Pickens | BP Capital Management | $2.5 billion | Trader | Dallas |
| Timothy Barakett | Atticus Capital | $14 billion | Stock picker | Manhattan |
| Stephen Mandel | Lone Pine Capital | $7.94 billion | Stock picker | Greenwich, Conn. |
| James Chanos | Kynikos Associates | $3 billion | Stock picker | Manhattan |
| Manager | Fund | Size | Style | Location |
| Chase Coleman | Tiger Global Management | $3 billion | Stock picker | Manhattan |
| William von Mueffling | Cantillon Capital Management | $8.1 billion | Stock picker | Manhattan |
| John Arnold | Centaurus Energy | $3 billion | Trader | Houston |
| Eric Mindich | Eton Park Capital | $6.2 billion | Trader | Manhattan |
| Peter Thiel | Clarium Capital Management | $1.9 billion | Trader | San Francisco |
| David Ganek | Level Global Investors | N/A | Stock picker | Greenwich, Conn. |
Hedge Funds are feeling the heat
That’s what this latest articleEven Hedge Funds Are Hurting from BusinessWeek says. It cites the lose of steam in the bull-ride, drying up of easy access to capital among the most important reasons for this.
Apparently, the S&P 500 outperformed the hedge funds in July…hmm
Storm passes over Hong Kong
Apparently the tropical storm Kammuri has passed over Hong Kong without causing any major casualties.
Early Wednesday morning, the Hong Kong Observatory had issued a warning that the storm was moving closer to the city. It passed over the city in the afternoon, and essential services had started resuming later in the evening.
Here’s a short video on BBC about the storm.