I saw a video on AOL earlier today showing a young woman not older than I am walking around the streets of New Orleans looking for her husband, the father her four children. It totally breaks my heart.
It's so easy for us to get overly focused on our day to day problems and imminent deadlines. But always keep in mind there are always others much worse off than we are.
My accounting professor showed us this ad in class today. We laughed so hard he played it a second time. Enjoy!
Something happened this past weekend that gave me closure on something that's been on my mind for quite a while. As many of my readers (and some of my classmates who read this blog) are aware, I spent a good deal of the summer struggling with the fact that I was wait listed by Darden before eventually accepting the reality that I was going to be spending my next two years at Kenan-Flagler.
On Saturday, as I recovered from the first week of classes, I was able to finally put my finger on something. For the first time I was able to verbalize what it was about attending Kenan-Flagler that made me uncomfortable. I felt it did not "make sense" for me to attend Kenan-Flagler. Let me expound on what I mean by this. I have classmates that intend to concentrate on areas such as sustainability and entrepreneurship, areas that Kenan-Flagler has excellent resources for. It totally "makes sense" for them to be here. Similarly, there are other students that have family or connections in the Chapel Hill area and it completely "makes sense" for them to choose Kenan-Flagler. For me, I was unable to come up with a clear reason to be here other than that Kenan-Flagler is a better business school than Yale SOM and that I am much better off earning my MBA for the next two years as opposed to staying at AOL and taking the risk of getting laid off. I use the words "make sense" in quotes because, for whatever reason, these two words clearly stuck out in my mind that afternoon as I contemplated the results of my school application process.
The next day I was in church listening to the pastor talk about following Christ. As he does every Sunday, he places certain key points on a projection screen. The first bullet point was:
Following Jesus involves doing things that do not make sense.
While I do believe in coincidences, I don't believe it's a coincidence that the words "make sense" were on my mind on Saturday and that on Sunday the pastor used those exact same words on the Power Point slide. I guess now that God has given me the confirmation he intends for me to be here, I need to stop thinking about Darden, about what could have been, and make the most of my 21 months at Kenan-Flagler.
I saw an item on the local news last night about AOL agreeing to refund former New York customers for continuing to charge the monthly service fee even after the customer had canceled. This reminded me of something I have almost forgotten about.
When I left the company in June, I was told my personal AOL account would be stripped of its employee status and I would join the ranks (what are we at now, 22 million?) of paying AOL members. In the more than two months since this was supposed to have taken place, I have yet to be charged one cent on my credit card.
AOL is a terrific service indeed.
Today's New York Times has an article on how capitalism and technology are helping to bring changes to the lives of people in Africa.
"But when African nations began to privatize their telephone monopolies in the mid-1990's, and fiercely competitive operators began to sell air time in smaller, cheaper units, cellphone use exploded."
In other words, when telephone companies are operated by businessmen and not governments, the motivation to make money creates an incentive for businesses to expand the network and lower prices.
"Although only about 60 percent of Africans are within reach of a signal, the lowest level of penetration in the world, the technology is for many a social and economic godsend.
One pilot program allows about 100 farmers in South Africa's northeast to learn the prevailing prices for produce in major markets, crucial information in negotiations with middlemen.
Health-care workers in the rural southeast summon ambulances to distant clinics via cellphone.
One woman living on the Congo River, unable even to write her last name, tells customers to call her cellphone if they want to buy the fresh fish she sells."
These are just a few examples of how new technology, made possible by the free market, are serving as a "life improvement multiplier" to improve the lives of poor people. The food distribution infrastructure improves as fishermen and farmers have better channels to sell their products. More reliable communication helps healthcare professionals save lives and improve longevity.
"Hamadoun Touré, development director for the International Telecommunication Union, said the economic blessings of cellphones were magnified in the developing world."
I found out today that NBC anchorman Brian Williams and I share one thing in common, we have the same therapist. There was an article in the New York Times today about Williams' entrance into the blogosphere with the "The Daily Nightly," a blog written by Williams and his staff that inform readers about some of the "off camera" happenings and decisions behind NBC Nightly News.
""I said to my wife," he added, " 'I don't have a therapist. I have my blog.' "" Williams managed to to very succinctly identify what I consider the most compelling reason ordinary folks like myself decide to start blogging. We do it for theraputic reasons and use our blogs as an outlet to air some our thoughts (at least the publishable ones) that even some of our friends don't know about.
One week from today classes will begin for undergrads as well as graduate students in the non-professional schools. Already there are signs everywhere of the impending influx of students. Last Tuesday, I stopped by my favorite hang out and the place was crawling with 1L's (first year law students) in town for orientation. Classes at the School of Public Health begin this coming Monday and those at the Medical School have already begun on the 15th.
I am curious as to how the bar scene on Franklin Street will change after the school year officially gets rolling. Last week one of my professors jokingly predicted it'd be impossible to take a step on Franklin Street without tripping over a drunk undergrad with a fake ID.
A couple of years ago, I got a kick out of watching Ivana Ma, who was a year behind me at UVA, appear on the Apprentice. Tonight I found out that a second UVA grad will appear on the new Apprentice with Martha Stewart.
One of the objectives of earning an MBA, especially for career switchers like myself, is to research different careers in various industries and learn about their career paths. I had such an experience one night a weeks ago right when I went to dinner at Outback.
I was sitting at a bar chewing on an Outback Special and chatting with a random couple sitting to my left. The conversation died down as the couple prepared to pay their bill. I then heard a phone ring and the man sitting to my right stopped chewing to answer his cell phone. He listened for five seconds and barked "I am 15 minutes out, don't do anything, if he moves follow him." He then asked to close his tab and three minutes later the phone rang again. He listened and this time he said, "you can't do anything until I get there because you don't have the summons with you."
It was then that I realized he is a process server charged with officially notifying a defendant with a legal summons. This is a profession that I have always known existed but until then, my knowldge of the industry was limited to what I have seen in the movies. I wanted to chat with him a bit but unfortunately he took off shortly after that second phone call.
Forbes Magazine released its fourth biennial rankings of the best business schools in the United States. UNC Kenan-Flagler ranks number 14. Looking at the rankings, I was shocked to see business schools I have never heard of get ranked higher than Kenan-Flagler.
I am beginning to believe that Dean Steve Jones is correct when he said on the first day of orientation that magazines issue rankings to sell magazines. This explains why some publications (ie the Wall Street Journal, Forbes) that are not known for ranking business schools will release a set of rankings that contain a few surprises. Anyone who would rank the Tippie College of Business over Kenan-Flagler (Forbes) or Darden over Harvard (WSJ) should have his head examined.
I had a lunch conversation in April with a co-worker who is younger than I am and he asked "why are you not rich?" I assume by that, he meant "you're pretty good with saving money, are pretty knowledgeable about investing, and you've been working for quite a while, why are you not rich?"
I didn't have an answer for him. But in the years that I have been around (by "around" I mean earning a salary, having to manage personal finance, and having the chance to observe others doing the same thing), I have noticed that folks who are good with managing money have certain intuitions that others lack. One of them is to avoid the temptation to chase after yesterday's returns.
Back in 1998-2000, the media was filled with stories about Americans selling their Range Rovers, raiding trust funds, and borrowing from margin accounts, to raise money to invest into technology stocks. Many of these investors lost their shirts when the law of average reasserted itself. Sadly, many Americans are today doing the exact same thing with real estate.
Today's New York Times has an article pointing out that these real estate investors are on the wrong side of history:
"As the value of real estate has skyrocketed, owners have become enamored of the wealth their homes are creating, with many concluding that real estate is now a safer and better investment than stocks. It turns out, though, that the last five years - when homes in some hot markets like Manhattan and Las Vegas have outperformed stocks - has been a highly unusual period.
In fact, by a wide margin over time, stock prices have risen more quickly than home values, even on the East and West Coasts, where home values have appreciated most."
It's a smart move to be in the real estate market today in search for a residence for your family to live in. You will be saving rent, getting yourself a nice tax break, and diversifying your assets into the real estate market. But it is extremely foolish for someone to be in the market today in search for an investment. In the past five years, rental rates in many areas (such as Chapel Hill) have remained the same while property prices have skyrocketed. If you are in such a market, the only way to justify such an investment is to assume a higher future property value.
A professor at UVA once said in class that the biggest gains in any equity market is to buy when everyone else is selling and to sell when everyone else is buying. If I had heeded his advice back in 1999, I'd have a lot more money today.
I did some Googling and turns out the next James Bond movie has already been decided and planned, the only uncertainty is the identity of the actor playing the fabled MI6 agent. Shooting for Casino Royale starts January 17 and is scheduled to release on October 19, 2006 (I think that may be during Kenan-Flagler fall break).
Like many of its predecessors, Casino Royale will be based on an actual Ian Fleming novel. This will be the 21st "official" James Bond movie. I say "official" because the ownership rights of the James Bond trademark has never been clearly settled. MGM first began the James Bond genre with Dr. No (1962) and has produced almost all the Bond flicks ever made. In 1982, Columbia Pictures challenged MGM by filming its first (and to this date, only) James Bond movie. The script was based on Ian Fleming's novel Thunderball (which MGM had already made into a movie in 1965) and Columbia Pictures hired Sean Connery to once again play 007. When Connery ended his tour of duty as MGM's James Bond in 1971 with Diamonds Are Forever, he vowed to "never" reprise the role again. Appropriately enough, the 1982 flick starring Connery as Columbia's James Bond was titled Never Say Never Again.
There was another unofficial James Bond movie in 1967, also titled Casino Royale. This other Casino Royale was a spoof of the MGM James Bond line.
Just yesterday I had blogged about the return of one particular type of bond (the U.S. Treasury 30-year bond) and today I read about the departure of another "Bond."
From the Associated Press:
"A single, surprising phone call and it was over. That's how Pierce Brosnan says he learned that his services as James Bond would no longer be required."
What the article neglects to mention is that the search is on for the next James Bond.
First in a series
Hmmmm .... I know you're excited about starting grad school and becoming a full time student once again. But you really should watch before you leap. For example, you showed up to your first class this morning a couple of minutes early and you opened the door and walked in without realizing that the previous class has yet to end. It's very embarassing when you've interrupted an entire class discussion, everyone turns their heads to look at you wondering if you're the moron who showed up to class an hour late or the idiot who showed up early for the next class, and you end up walking backwards out of the room with your tail between your legs.
There is a reason why every classroom door has a glass window. Please use it next time. Thank you.
Bond? James Bond? No, it's the 30-year U.S. Treasury bond.
From this past Sunday's New York Times:
"Clearly, many fixed-income specialists have been strangely moved by the recent announcement from the Treasury that, after a four-year gap, it will begin to reissue the 30-year bond early next year. Before that pause, the bond had long served as the world's benchmark fixed-income instrument."
I am sure at some point this semester our finance professor will talk about this in class. Speaking of class, I got to catch my ride.
Classes for Mod I (a module is one half a semester) began today and last until mid-October when we have an entire week off for fall break. I tried to make the most of my last weekend before classes. I was at Harris Teeter on Saturday and spotted a classmate in the pharmacy section. He was trying out one of those self-served blood pressure machines. I jokingly suggested that he should return in five weeks and compare his stats today against those in five weeks.
The classes I had today went very well. I have accounting, statistics, and economics on Mondays, Wednesdays, and Fridays. The three professors explained their expectations from us and handed out a course schedule/syllabus. Each class has an optionaly weekly review session where the professor or a teaching assistant is available to answer questions. I have a feeling I will be attending quite a few of these sessions.
I am still having trouble getting over the fact that I spent $30 at Kinko's on Wednesday night to receive a 15 page fax from my realtor and to fax back my response. Kinko's charges a dollar per page to receive and a dollar fifty per page to send. The pricing structure makes business sense because it lures you into the store with a low price to receive the fax, and once you're there you're more likely to use their fax machine to send.
The good news is I found out later that the business center at Alta Springs (my rental community) has a fax machine that I can use for free. The only cost associated is charging my call to a calling card when I have to fax long distance. Three cents per minute on my AT&T PrePaid Phone Card certainly beats a dollar fifty per page anytime.
I went to Off Franklin last night, the usual crowd was there. I have been regularly going to this place for a little more than two weeks now and I am on a first name basis with the regular crowd there. On my first visit a couple of Tuesdays ago, I met an assistant professor who just recently separated from his wife. I have not seen him back since. Last night, I was talking to the bartender and she told me that he was here a couple of nights ago. He was wearing his wedding band and was sharing a drink with his wife.
Late this afternoon the status of my Darden application was changed from "middle tier of wait list" to "not offered from wait list." If our beloved professor who taught the finance workshop were here, he would point out that under the efficient market theory, this development represents no new information since I have known since late June that it is highly unlikely that I would be spending the next two years in Charlottesville. But it still takes a while for the reality and feeling of closure to finally sink in.
When I was at Kinko's last night talking to my realtor Jim about the contract we received for the condo, I heard a beep on my cell phone and the caller ID listed a number that I did not recognized. Not wanting to be distracted, I continued the discussion.
One minute later, the same number called and I picked up, putting Jim on hold. I heard a voice that I did not recognize say "hello" multiple times. Realizing that it was either a prank call or a wrong number, I went back to Jim. As we continued the discussion, I had an errie suspicion that perhaps I had engaged the three way calling feature and the caller was listening to our business discussion. I then decided to disconnect and to call Jim back.
I later looked at the number on my caller ID and saw that it's a nine-digit phone number, 569-723-560. When I ran the area code through the Fone Finder, I saw that there is no such area code .
"Actress Barbara Bel Geddes, best known for playing matriarch Miss Ellie in the TV series "Dallas," has died of lung cancer at age 82, her agent said yesterday." - News Wire Services
As the "Dallas" characters would say over at the Southfork Ranch, "goodnight, Miss Ellie."
Realtor Jim informed me this afternoon that the buyer accepted my counter-offer and has ratified the contract of purchasing my condo at $1,000 below the asking price. The buyer is a woman relocating from California as part of a job transfer. She is financing 100% of the purchase with two mortgages, an adjustable 30 year mortgage with an initial rate of 6% and a second adjustable 30 year mortgage with an initial rate of 7%. She has a FICO score of over 700.
A week ago Monday I had a three hour meeting with Realtor Jim and signed papers to put my condo on the market. He said the local real estate market is softer than what it used to be but prices are still holding up. Gone are the days when you put a unit on the market and can expect to receive multiple contract offers the next day.
Realtor Jim entered the listing into the computer on Friday and held an open house on Sunday. In fashion that is typical of what I would expect from Realtor Jim, he conveyed to me in colorful and vivid details the different groups of people that showed up at the open house. There was the family that really liked the place but would rather pay more for a townhouse with a backyard. There was what he called the oddest couple he's ever seen in more than twenty years of selling real estate; a man who showed up with his pregnant girlfriend and mom. The man had money and was obligated to buy his girlfriend (and their baby) a house as some type of child support. Realtor Jim said the girlfriend and her mom liked the place but it was obvious the man was trying to steer them to something cheaper by pointing out its shortcomings.
We finally received a contract yesterday afternoon. The offer was for $4,000 below the asking price and we had until 3pm today to accept or make a counteroffer. I left last night's Kenan-Flagler reception at the Carolina Club early to receive the 15 page fax at Kinko's, discuss the offer with Jim, and fax back my counteroffer of a $1,000 discount below the asking price. This was around midnight and we immediately got a message from the buyer's agent asking if I would agree to a $2,000 discount. We decided to keep the counteroffer as is, to inform the buyer's agent that I would be participating in a team building exercise today and would be unreachable by phone, and to wait for either the contract to expire at the 3pm deadline or for a counter to my counteroffer.
To a certain loyal and faithful reader of my blog who works for the audience development group of the greatest Internet company in the world .....
Happy Birthday!!
I am a bit surprised to hear this since it seems like everyone that I know is considering an MBA.
According to Inside Higher Ed:
Applications to M.B.A. programs fell for the third year in a row, Business Week reported. Data from the Graduate Management Admission Council suggests that more M.B.A. applicants may be on the way, but perhaps not from the United States. During the first half of 2005, there was a 0.4 percent increase in volume on the GMAT, the entry test for graduate business programs, compared to the first half of 2004. But the increase was due to test-takers outside the United States, which increased by 4.8 percent. Volume in the United States fell by 1.6 percent.
Since this blog is beginning to attract a good number of readers who are my classmates at Kenan-Flagler, I might as well start posting news articles that are of interest of them.
From an article in today's New York Times:
"Mr. Maldonado and Mr. Simonsen, of Riverside, Calif., are part of a virtual invasion of India by American students. Graduate students from top schools in the United States, most from master of business administration programs, are vying for internships at India's biggest private companies. For many, outsourcing companies are the destinations of choice."
A week ago tonight we had a happy hour at a bar name Carpool. I chose Carpool because seven years ago when I moved here (I really don't know why I used the word "here" since I moved last Thursday and am now at Chapel Hill) from college, Carpool was where I hung out that very first night.
The happy hour was awesome, I was there for four hours. I was about to leave at around 10 when a last minute straggler came in and I stayed for an extra half an hour just to talk to him. I didn't keep count of how many people showed up, but I was touched at how many did.
One person that showed up was a girl I have known for about six years, she graduated from UVA but we didn't know one another there. She is an attractive girl but for all the years that I have known, she's had trouble meeting guys - actually, to phrase it more accurately, she's had trouble meeting the right guy. I was glad she showed up because I have not seen her in quite a while. She was one of the first to arrive and we talked about my upcoming semester, she asked me about my exam schedule. She then asked "do you notice anything on my finger?" That was when she told me she's been dating someone she met recently and they're engaged to be married in November!
I cannot tell you how glad I was to hear that. She's an amazing Christian girl and I have prayed (just as I am sure she has) for what seems like forever that God would find someone for her. And from what she has told me about this man, a graduate of the United States Naval Academy who now owns his own business, it sounds like He matched her up with someone who's almost perfect for her.
As I was walking her out into the parking lot, I asked her "so tell me, was it worth the wait?" Her reponse was "it certainly was."
I have been so busy of late that I have stopped checking my stock quotes. It wasn't until 20 minutes ago when I saw this on the news that I realized that Time Warner has recently crept past $18 a share. Apparently there is a rumor that financier Carl Icahn may be secretly buying shares in the parent company of my former employer. He has already purchased 5 million shares in March and the recent speculation has increased the price of $19 mid-September call options (that means the right to buy shares of Time Warner for $19 before mid-September).
This may be a good time for me to dump any unexercised stock options that I have.
Today was the first day of orientation. It began with a presentation by a retired Kenan-Flagler professor who gave us a very lively talk on the history of UNC with an emphasis on the history of the Kenan-Flagler Business School. He talked about the men whose fortunes allowed them donate substantially to the University and for whom our business school is named after.
During the afternoon we divided into our sections (each section will have all its classes together) and met our study group partners (each study group comprises of about five people from the same section). Each section then participated in a scavanger hunt. One of our assignments was to have a group picture taken at the Student Recreation Center with each group member holding weights. Once we got there, we were told that many in our group were not allowed to enter because we were wearing sandals. We then did something that you get very good at in business school, we improvised. We took the picture with group members lifting other group members, making sure that each member was lifting some type of weight whether it was another group member or a soda can.
The day ended with a barbeque at the plaza.
I was saddened this morning when I heard that Peter Jennings has died. I used to watch him when I was young. I remember watching him anchor ABC World News Tonight in 1989 from the site of the President's Education Summit where he stood in front of a statue of Thomas Jefferson. It wasn't until five years later at the University of Virginia that I realized that he was reporting 200 feet in front of the Rotunda from my future alma mater.
There was an article during the first Gulf War about Jennings' qualifications in covering the Middle East due to the connections he made in the time he spent there. Ironically these connections were also what drew fire from critics who complaint about his lack of objectivity in covering the Israeli-Palestinian conflict. He was often refered to as "Palestinian Pete" by some on talk radio.
Even though he did not become an American until 2003, he has better understanding of America than many Americans. In 2002, he and his colleague Todd Brewster produced a reference book called In Search of America. I have a copy and look at it from time to time to remind me of what a truly unique country we have.
Very much like the late actor John Ritter, Peter Jennings has always been someone you can rely on to be on TV in one form or another. Although I have stopped watching him years ago, I will certain miss knowing that I can watch him whenever I want.
Even as I speak, the cable guy is here hooking up my 24 inch Wega to the Time Warner Cable system. My apartment comes with a counter-bottom GE Spacemaker TV set in the kitchen, so I will have two TV's.
It's going to require a bit of adjusting since I am used to having digital cable at my old place and at my new place I am only subscribing to the "basic package" which gives me only the broadcast channels for $15 a month. I overheard a second year student tell a first year student that "TV's the first to go once the work begins during the school year."
Some of you have been curious as to why I have not blogged for a good part of the week. The short answer is that I have been extremely busy. I met with my realtor on Monday to put my apartment on sale, had my happy hour on Tuesday, did some last minute packing on Wednesday, and the folks at Signature Movers came on Thursday to move my stuff to Chapel Hill.
It's been a pretty stressful week. I was overwhelmed with the amount of packing that had to be done. I spent most of the week getting very little sleep, and eating very little because of the "butterflies feeling" I had in my stomach.
But fortunately, everything worked out as well as can be expected. The paperwork was filed for the apartment sale, the movers came and moved everything to my new apartment. Now all that remains to be done is to remove everything from the boxes and find a place to store the empty boxes.
Once every year, the state of North Carolina gets generous and allows shoppers to buy certain things without having to pay the 7% sales tax. More information on this weekend's sales tax holiday is below.
Sales Tax Holiday
G.S. 105-164.13C provides an exemption for certain items of tangible personal property sold between 12:01 A.M. on the first Friday in August and 11:59 P.M. the following Sunday. For 2005, the dates are Friday, August 5th through Sunday, August 7th. Clothing, footwear, and school supplies of $100 or less per item; sports and recreation equipment of $50 or less per item; and computers of $3,500 or less per item will be exempt.
Clothing accessories, jewelry, cosmetics, protective equipment, wallets, furniture, items used in a trade or business, and rentals are not covered by the exemption and will be subject to the applicable tax
I consider myself fortunate that I do not belong a racial or religious group that has to worry about racial profiling at department stores or airports. Yet I had a very unpleasant experience at lunch today that made me sympathize with these groups.
Earlier today I did what I have done every Friday since the pre-MBA workshops began, I went to Panera on Franklin Street to get some Boston clam chowder. The cashier took my order, asked me for my name, then looked at me inquisitively and said "you don't like a (my first name)."
Can you imagine if this guy were to get a job as a security screener for the Transportation Security Administration and say to someone "you don't look like a Rodriquez?" Or if he were to say "you don't look like someone who is coming to America in need of a heart transplant?" Maybe I should sue Panera for "facial profiling."
Greetings from Alta Springs. I want to thank Tom Beamon for taking the time out to address the concerns he has over my blog. I began this blog to tell my story about my transition into business school. Part of this story involves anxiety about returning to school after seven years of working, worrying about whether I would fit it, not sure about moving to an area where I don't know anyone, and struggles with my religious faith. Unfortunately part of the story involves me going to a school that is not my first choice and my first choice has refused to close the door completely by continuing to have me on its wait list.
At every school you have a mix of students who are there because they were lucky enough to get into their dream school and others who enroll because they did not get in elsewhere. Kenan-Flagler is no different. I am not bashing Kenan-Flagler by telling my readers it is not my first choice, just as I am not bashing UVA by telling people there were three other schools I rather would have gone to for my undergraduate experience. During my Kenan-Flagler admissions interview, I was asked to name my three unique qualities. I listed one of them as my unwaivering commitment to contributing to my community. I told the story of my experience at UVA, even though it was not my first choice, I did all I could during my four years to contribute academically and extracurricularly to the school. Today, I continue to contribute to the UVA community by participaing in alumni events. There is no doubt I will do the same for Kenan-Flagler.
Earlier this week, I had the chance to re-read everything I have written on this blog. I read something that bothers me. I had complaint about Carolinian residents paying one-half the amount I pay for the same education. While I still believe it is a legitimate gripe, I regret coming across as more angry than I meant to. I want to make clear that there is no animosity in my heart toward students who are paying less than I am either because they have a fellowship or are Carolinian residents.
I look foward to continuing to share with my readers my positive experiences at Kenan-Flagler and any other unexpected encounters, unique observations I have along the way.
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