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Hugh's Views
Articles about issues that I find interesting; there's no particulary rhyme or reason as to why a topic is covered here.  If something does fit neatly into another category, it will likely end up here.

How the Irish decided the distance for the Olympic Marathon PDF Print E-mail
News - Hugh's Views
Written by Hugh McManus   

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Tuesday, 12 August 2008 16:58

The Marathon is probably the most grueling of all the Olympic competitions.  The event itself is named after the Battle of Marathon, when a Greek solider, Pheidippides, ran 40 km from Marathon to Athens to announce the Greek victory over Persia.  He died after delivering the message.  While the story of Pheidippides may be more myth than reality, the influence of the Irish in determining the distance of today's modern Marathon is not.

The incident took place over one hundred years ago in 1908, when the Olympics in 1908 were staged in London.  The original venue, Rome, was abandoned after an eruption of Mount Vesuvius focused the attention of the Italians on rebuilding Naples.   The distance of the Marathon had been 25 miles, but it was changed to 26 miles at the London Olympics so that the race could start at Windsor Castle, one of the official residences of the king.

The US flag was carried by Ralph Rose, a record setting shot putter.  Many of his colleagues were either Irish--either emigrants or first generation--and refused to allow the American flag to be dipped to honor the British King.  The incident caused serious acrimony between the two nations.  In response, British officials moved the finish line of the Marathon once again to ensure that the event would end in front of the King.   In the words of one of those officials, they "felt compelled to restore the importance of the monarchy."  As a result of these politically motivated maneuvers, the official distance of the Olympic Marathon is now 42.195 km or 26 miles 385 yards.

The tradition continues.  Since the 1908 Olympics, the US flag has never been dipped as a mark of respect to the head of state of the host nation.  In the words of a 1908 track star Martin Sheridan "This flag dips to no earthly king."

 
Wall Street Journal--An F for Spelling PDF Print E-mail
News - Hugh's Views
Written by Hugh McManus   

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Tuesday, 12 August 2008 16:18

The English language certainly isn't the most user-friendly when it comes to spelling.  To counter this problem, many people--including journalists--study and restudy basic spelling to make sure they don't, well, embarrass themselves.  Procter & Gamble, a company listed in the Dow Jones Industrial Average, presents it's own challenge, because many people pronounce the company name as "Proctor and Gamble" even though the correct spelling includes only one letter "o."  Every first-year business student gets to spell the name of P&G wrong once; teachers love to correct it. 

So, imagine my surprise on Monday August 11 when I opened the Wall Street Journal and turned to a story about Win--a small detergent company acting as an official sponsor of the U.S. Olympic Committee--on page A9.  There I discovered that Stephanie Kang, the author of the piece, didn't know how to spell Procter & Gamble.  The name of the company was in bold, so it was hard to miss, but apparently the proof readers also managed to overlook this egregious error.

No doubt the spelling ovesight will be corrected later this week when the Journal publishes its next Corrections and Amplifications column.  Though recently in the corrections column, the Journal managed a grammatical error, coupling the pronoun "none" with the plural rather than the singular form of the verb!

Quis custodiet custodes?

 
California Legislators Pick on Dogs PDF Print E-mail
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News - Hugh's Views
Written by Hugh McManus   

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Wednesday, 06 August 2008 20:39

The legislature of the state of California is debating a measure to make the neutering of dogs mandatory.  AB 1634 requires that all dogs be spayed or neutered. There are no exemptions. Not for young puppies, sick dogs, breeding stock, police dogs, service dogs, dogs visiting from out of state, no exceptions at all. Under this bill every dog (and cat) in the state must be spayed or neutered or the owner can be cited for any complaint regardless of the truth of the complaint.

Recently the bill was amended, as expected. The only change was to gut section five, the section that withheld funds from shelters that did not report their statistics as already required by state law. This was the only section of the bill we supported. The Senate could vote on the bill as soon as tomorrow.

What can you do to help?  Contact your state senator immediately. If you do not then there is a good chance this insane bill will pass. You must visit, fax a letter, telephone, or email, but do it now. Your dogs are depending on you to do this for them.

Equally important, tell your friends, co-workers, fellow club members, breed ethusiasts, and family members to contact their Senators, too. Send them to www.saveourdogs.net. The only thing that will stop this bill is your voice and that of thousands more like you telling the Legislature, "Keep your laws off my dog."

Follow this link: www.saveourdogs.net

 
Musings about Pfizer, maybe there's a way to extend Lipitor PDF Print E-mail
News - Hugh's Views
Written by Hugh McManus   

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Friday, 01 August 2008 13:49

Pfizer [NYSE:PFE] is looking good right now--it looked even better a few weeks ago when the stock was cheaper; however, I don't believe that the company has time to bolster its pipeline through acquisition in time for the loss of Lipitor.  Lipitor (Atorvastatin) represents about $11 billion to Pfizer; it's an important drug.  Pfizer will face generic competition with other brands of Atorvastatin in 2012.

Read more...
 
Will GM file for bankruptcy? PDF Print E-mail
News - Hugh's Views
Written by Hugh McManus   

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Friday, 01 August 2008 07:06

Will GM file for bankruptcy?  Almost certainly yes.  GM is facing legions of problems, problems that are, for the short term, out of the company's control.  Problems that will continue to trigger losses in the auto giant; GM is slowly moving towards the inevitable: reorganization under bankruptcy laws.

GM has problems with revenues.  The automaker has, for many years, focused on high-end, large, gas-guzzling vehicles that have been extremely profitable for the company.  As the price of oil rises, consumers have focused on hybrid and smaller vehicles.  Sales in trucks, SUVs and larger vehicles has declined by over 30% year over year.  GM's most profitable vehicles aren't selling and, unlike many Japanese competitors, the company doesn't yet offer smaller, profitable vehicles to fill the void.  Even if the price of oil were to drop dramatically, it's unlikely that consumers would change their new buying habits and change back to the old habit of buying larger vehicles.  In any event, even if this behavior did change, GM has started closing down production plants that make these larger vehicles.

Revenue problems trigger cash flow issues.  GM is burning through its hoard of $30 billion cash.  With its problems in selling vehicles, GM is running at a loss and is burning through cash at over $1 billion each month.  GM has, or will soon have, liquidity problems.

The economy is slowing and prices are rising, so the margins at GM (and at its competitors for that matter) are being squeezed, further compounding the problems for the company.  In the tightening economy, the company will face challenges in passing along price increases along to consumers.  GM will continue to bleed cash for at least the next eighteen months to two years.

GM's problems are serious and increasing.  The company doesn't have a mix of vehicles that consumers want and its efforts to change to smaller cars will take time.  The company is burning cash while it has reported reserves of $30 billion, it's unlikely that GM can become profitable before its cash is exhausted.  In the next twelve to eighteen months, its unlikely that GM can avoid filing for bankruptcy protection.

 
OPEC drives up the price of beer PDF Print E-mail
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News - Hugh's Views
Written by Hugh McManus   

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Thursday, 31 July 2008 18:16

So, the price of beer, yes beer, is being influenced by OPEC.  Yep, that organization that's supposed to be the Organization for Petroleum Exporting Countries is not only making the morning commute for Joe pickup, but Joe six-pack is about to suffer too. 

The original mandate for the Organization for Petroleum Exporting Countries was a focus on black gold--oil.  However, the current high price of oil has driven countries like the United States--a petroleum importing country--to search for alternate fuel sources.  US farmers have responded by planting thousands of acres of corn, corn that can be converted into ethanol.  Sadly, in this rush to find a replacement for oil, hops have suffered.  In 2008. hop production in the US declined--corn is more profitable, so acres once dedicated to hops is now green with corn.  With a decrease in the quantity of hops supplied, prices must rise to bring supply into alignment with demand.  A higher price for hops means a higher price for beer.  Well done OPEC!

 
Is Washington Mutual worth buying? PDF Print E-mail
News - Hugh's Views
Written by Hugh McManus   

Warning: mktime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /hermes/bosnacweb08/bosnacweb08az/b29/ipw.wellbeyo/public_html/libraries/joomla/utilities/date.php on line 119

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Wednesday, 30 July 2008 17:46

Washington Mutual [NYSE:WM] is the largest savings and loan association in the United States.  Washington Mutual offers complete banking services to consumers and businesses.  The company offers retail and consumer lending and mortgage services.  The company has more than 2,500 branches or offices throughout the United States.

Washington Mutual has extensive exposure to the mortgage market; there is wide-spread concern that the company is overly exposed and may suffer the same fate as IndyMac Bank--a California company which was seized by the FDIC on July 11, 2008.  Management at Washington Mutual has continuously stated that the bank has no liquidity issues and that the bank does not expect any future problems.  On July 25, management reported that liquidity has been boosted to $50 billion.  The company no longer has exposure to the subprime market.

The stock price has suffered.  The price has dropped from close to $38.40 in July 2007 to $3.84 on July 25, 2008.  Over the past few weeks--particularly after the seizure of IndyMac Bank--the stock has seen dramatic price swings.  Trading volume is at an all time high.  If the company has liquidity problems, the equity markets will not be a source of new funding.

Washington Mutual has problems, real problems; it remains to be seen if those problems are fatal.  At this point I think that there is a better than a 50/50 chance that the bank will be seized by the FDIC.  Confidence in the bank is ebbing.  The company is not, at least in the short term, worthy of consideration by a serious investor.  The long term prospects for the bank are probably more sanguine.  However, if the company performs well in the fourth quarter--particularly, following inevitable write downs--the company is worth revisiting.

 
Thinking of emigrating back to Ireland? I'd wait. PDF Print E-mail
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News - Hugh's Views
Written by Hugh McManus   

Warning: mktime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /hermes/bosnacweb08/bosnacweb08az/b29/ipw.wellbeyo/public_html/libraries/joomla/utilities/date.php on line 119

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Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /hermes/bosnacweb08/bosnacweb08az/b29/ipw.wellbeyo/public_html/libraries/joomla/utilities/date.php on line 251

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Friday, 31 March 2006 18:24

So you're think of moving back to Ireland, the Celtic Tiger?  I have at least three friends that are in the process of either moving or accepting jobs on the Emerald Isle.  The country has seen record growth over the past ten or so years; it has been featured on the US investigative program 60 Minutes; for the past few years, people have been emigrating into Ireland from other EU countries, Asia and Africa.  All signs point to a great future; however, there are possible clouds on the horizon.

Read more...
 
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