patience please

My dear friends, classmates, and readers:

I know I have not blogged ofr almost a week. School has been hectic. But dont let your heart be troubled, i have been saving up topics that I will blog about soon.

"You just don't fit in"

There's something that's been on my mind for the past 24 hours. I don't have time to blog about it now but I will save a space for it and fill it over the weekend when, hopefully,  I have more time.

AOL in the news

Goes to show that as busy as I am, I am not so busy as to be unable to scoop McCoy on news about our mutual employer (in my case, former).

AOL Goes From Dog to Diamond (Businessweek)

"Instead, Parsons is counting on a revival at AOL, newly reborn as a portal, to get investors excited about Time Warner's stock again. Not only is AOL benefiting from a surge in online advertising but Time Warner has held talks -- now on hold -- with former arch-foe Microsoft about linking up with the msn Internet service, the No.2 portal. Combine the interest from Microsoft and AOL's ascendancy as an advertising play, and the Internet unit suddenly looks a whole lot more valuable."

Time Warner Head Says AOL Is the Company's Future (New York Times)

"Mr. Parsons said the company might increase investment in AOL and, at a minimum, would start reporting numbers for the AOL business that show the performance of its advertising-based business and its Internet access business. In the second quarter, ended June 30, AOL provided $2.1 billion of the company's $10.74 billion in revenue, and $550 million of $2.47 billion of earnings before interest, tax, depreciation and amortization."

The Apprentice tonight

Don't forget tonight is the premier of The Apprentice, Martha Stewart edition featuring UVA 2002 grad Sarah Brennan. Set your VCRs (or TiVos, DVRs, or DVD-Rs) for 8pm on NBC.

Hitting single digits

I posted a while ago that I am not a big fan of business school rankings. But when rankings do come out, it's always better to see your school go up in rankings.

The Wall Street Journal today released its 2005 "Recruiter's Scoreboard" and Kenan-Flagler went up from 11 to 9. In class this morning, a classmate asked one of our professors for his reaction and he said "everytime our rankings go down, the Dean will call a bunch of meetings." 

"I'd like to thank my accounting professor"

I imagine if I ever find myself winning the Emmy Award, I'd be on stage thanking my parents, my producer, my writers, and along that list, somewhere between parents and the woman who does my make up, I am going to end up thanking my Kenan-Flagler accounting professor for having been such a generous grader as to allow me to get a respectable grade on the accounting midterm.

Finally seeing the light

Among my former co-workers at AOL, we had an on going gag about me not understanding the definition of "dark humor." This originated during one of our very enlightening lunch conversations when one co-worker described a movie as "dark humor." Since it was a movie I have not seen, I proceeded to ask the group for the definition of the term.

RealMcCoy, looking a bit incredulous, proceeded to explain that "dark humor" describes a type of joke that makes one feel amused but, at the same time, guilty for finding it amusing. While I had no trouble understanding his definition, I asked for an application of the definition by asking RealMcCoy to name a movie that I qualifies as "dark humor." For the next ninety minutes (why do you all act so surprised we take two hour lunches at AOL?), he rattled off a list of movies that either I have not seen or I have seen but did not find funny. For the remainder of my tenure at AOL, a common office conversation would involve trying to name a "dark humor" movie that I have seen, and I would agree qualifies as "dark humor."

This past Sunday, I was at my young adults fellowship group in church when the speaker showed us a scene from a movie to help illustrate his point. It was a scene from the movie Saved!

The scene featured Mandy Moore's character trying to help a fellow Christian in need by gatheirng a group of her Christian friends and attempting an "intervention." This "intervention" involved physically detaining the friend on her way home from school, tossing her into the back of a minivan, and Mandy Moore's character then trying to perform an exorcism. After the friend breaks free and flees the van, an argument ensued. During the course of this argument, Mandy Moore's character informed her friend that her intentions were to save her from having to spend eternity in hell due to her own sin. We also find out that one of Mandy Moore's character's fellow exorcist spent spring break at a Promise Keeper rally where ... how should I put this politely ... she got a little bit of action. The scene ended with Mandy Moore's character angrily throwing her Bible onto the friend while proclaiming "I am full of Christ's love!" 

Now I can say I have seen a good example of "dark humor."

Job seekers, start your engines

For the Class of 2007, the official recruiting season for summer internships kicked off this past week. On Monday, the Office of Career Services held a workshop for first years on how to network. The presenter told us that judging from how eager and willing companies are willing to come to campus, this year is turning out to be the best recruiting year in four years.

Not only are companies willing and eager to come to recruit, they are doing it earlier in the school year. The company visits began this past week. At 5pm on Wednesday night, about one hundred of my classmates showed up at the Carolina Inn for a presentation by a firm that is considered a titan on Wall Street (I won't identify it by name but it's the "Microsoft" of the financial world). This firm's investment banking division has a history of hiring only one intern and one full time associate from Kenan-Flagler every year. "Microsoft" was immediately followed by another event the same night by another firm. This second firm brought with it an army of about fifteen investment bankers, all recent Kenan-Flagler graduates. The presentation was given by the head of the investment banking division. It's not surprising that this particular firm made such an investment in the event, I've heard that they hire the most number of MBAs every year from Kenan-Flagler. After the two presentations, both firms held competing happy hours at different bars at opposite ends of West Franklin Street.

Yesterday was a repeat of Wednesday when a small firm from Virginia came down for recruiting. I was pretty impressed with this particular firm but I think part of my bias may be that I would much rather work in Virginia than in New York City. Unfortunately, given the small size of this firm, I cannot imagine they would hire more than one intern from Kenan-Flagler this year.

Today was our annual Securities Industry Day, an event held for first year students interested in learning more about the financial industry and to begin networking with representatives from firms all over. We had representatives from nineteen firms participating and this year's event was the biggest in about ten years. Our keynote speaker was Tucker York, Goldman, Sachs' head of private wealth management for the Americas. The rest of the afternoon featured different sessions devoted to different aspects of financial industry such as investment banking,sales and trading,private wealth management, and hedge funds.

At the investment banking session, an associate from a firm in New York City was quite bullish on his company's hiring strategy for this year. His firm plans to hire 50-60 associates for 2006 compared to 28 in 2003. I am beginning to think this is shaping up to be one heck of a recruiting year.

MSAOL?

The New York Times reported today that Microsoft is in talks with Time Warner about acquiring or purchasing a substantial ownership percentage of America Online. I am sure my former co-workers at Dulles are pretty excited about this.

I have always thought an AOL partnership with Microsoft would make the most logical sense. There are things that AOL is very good at, such as coming up with snazzy graphics on web pages. But at the same time, AOL is not very good at other things such as getting the web pages (or the "walled garden" AOL software) to work properly. This is where a partnership with Microsoft would be the most beneficial to AOL.

Another resaon this would make sense is Microsoft is scheduled to release Vespa, the next version of Windows, in 2006. Many of the new functionalities in Vespa are the same Internet "safety and security" features that AOL has been throwing in for free on its AOL software. A joint MSAOL entity would give users one unified layer of Internet protection instead of having to go to one place for one set of services provided by AOL and another place, most likely Vespa's Control Panel, for services provided by Microsoft.

One irony of this possible partnership is that AOL currently owns Netscape, which at one time was the dominant web browser and after the introduction of Microsoft's Internet Explorer, became the main alternative browser for Internet users that wished to seek refuge from Microsoft technology. But I think the most significant result of this development is that it affirms the work that AOL has been doing in making its service more relevant to the "always on" Internet world. At the very least it shows that AOL is finally on the right track.

"The Oriental gentelman" at the DMV

Yesterday I blogged being mistakenly identifyed by a Chinese student as being Japanese. Today, I went to the Department of Motor Vehicles and had a similar experience.

I went to the DMV during the break in between classes to get my Carolina driver's license. I signed my name at the front desk and later when the clerk was talking to the woman at the desk about the list of people still waiting, he mentioned my name and she said "that's the Oriental gentleman." I should have responded, "ahh .. yes .. but the term that I really prefer is 'slant eye.'" 

UVA Professor discusses Supreme Court on C-SPAN

When I was at UVA, I took a class on Constitutional Law by David M. O'Brien, one of the more well known experts in America today on the workings of the Supreme Court. I liked the class, even though I did not do too well on it. This past Sunday night I was delighted to see the professor interviewed on C-SPAN in the latest edition of Q&A.

Watching the program, I was reminded of the talent that certain professors have. Professor O'Brien has the talent of talking about most mundane topics such as which Supreme Court member is designated to answer the door during closed door deliberations and making it sound interesting.

After seeing the interview, I added Storm Center to my reading list. Ironically, if I had read this when I took his class nine years ago, I would have done better on it.

Konnichiwa

While waiting online this morning at the Cafe McColl I started a conversation with a random student waiting with me. She told me she is a seocnd year in the MBA program. I could tell she is Chinese and asked what country she is from. She responded she is from Taiwan and then proceeded to guess that I am Japanese.

In the past, I have been mistaken for Korean but this is a first. It's a bit surprising because Japanese people tend to have features that make them distinctive compared to other non-Japanese Asians. And it's even more surprising to hear this coming from a fellow person Chinese origin.

The paradox of time

A classmate made the observation earlier this week that this past Wednesday was the halfway point in Mod I, that we are more than halfway through the first quarter of our first year in the MBA program. It's amazing to see how these past four weeks have flew by.

During the school application process, I attended an application seminar by Ross School of Business. There was an assistant director of admissions who talked about her own experience getting her MBA (she did not attend Ross). She described it as "the two years fly by but the nights are long."

This is exactly how the past four weeks have been. I would get an email about a club meeting or an event that takes place X number of days in the future. My first inclination is to hold off because of the Y number of deadlines that stand in the way between today and the next X number of days. Yet it is because of these Y number of deadlines that the next X number of days will fly by.

This is one of the very subtle things about time that you don't learn in time management courses. But you've just learned it here by being a faithful reader of "In my mind I'm goin' to Carolina."

My brush with greatness

If my low point today was the morning accounting exam, my high point was definitely this afternoon when I got to meet someone I admired in high school. The longest serving Senator from North Carolina recently released his memoirs and had a "meet and greet" at a bookstore in Raleigh.

He was unable to sign any books because of his declining health (I believe he has Parkinsons). But the store made available 400 pre-signed copies of "Here's Where I Stand."  While waiting in line, I had the chance to chat with a very nice elderly couple behind me. They are both UNC alums and the woman had the nicest Southern accent. I jokingly told them that in college, I thought UVA was Southern but it wasn't until recently that I realized that UVA is largely made up of folks from Northern Virginia and New Jersey who try to act Southern.

When I got up to the front of the line, I shook hands with the Senator, introduced myself, told him where I grew up and that he was a hero of mine. He then told me stories about the many visits he's made to the city where I grew up, and how polite everyone was to him (obviously he has not been there in a while). During the 60 seconds that I talked to him, he continued to grip my hand and looked me right in the eye. He agreed to have our picture taken and before I left, my last words to him were "you're a great American."

As I walked out of the bookstore, I held the door open for the woman behind me. She told her two kids (both under ten) of what a great man he was. My reply to her was "they dont make them like they used to."

They certainly don't.

From my cold dead hands

I took my accounting exam this morning. It was based on the 2005 financial statements for Deutch Telecom. I couldn't get the balance sheet to balance out, thus defeating the purpose of the balance sheet. I also couldn't get the statement of cash flow to provide enough net change in cash to get the 2004 cash balance to equate its 2005 equivalent.

The word on the street is that the professor is pretty generous with partial credit and I am going to need every half a point I can get.

A day in the life ....

Earlier today the finance club hosted a lunch presentation by a finance professor who worked on Wall Street called "A day in the life of an investment banker." I figured some of my readers would benefit from a similar glimpse as to what a typical "day in the life" is like for me.

Morning - my first class is either 8am or 11am, depending on the day of the week. The accounting professor at the 8am class is quite entertaining and I often refer to him as our seciton's "morning radio show." His jokes almost make it worthwhile for us to have woken up so early in the morning, almost. On the days that I don't have the 8am class, I usually get to school by 9:30 and spend the extra time catching up on material I didn't get to read the night before.

Midday - there is usually a block of free time before my 2pm class. Most of this time is spent doing class work, going to study group meeting, or going to club meetings. Every MBA student has 12:30 - 2pm free for lunch and clubs usually use this time for their meetings. In addition to MBA Christian fellowship, I am in three career clubs. They are the consulting club, finance club, and general management club. These career clubs are made up of first year students that want to get into a particular career field and second years students that have interned in the field. The meetings feature presentations about working in the field, finding an internship, and career progressions for full time graduates. At least once a week I find myself choosing between different meetings scheduled for the same time.

2pm - my last class of the day is either economics or finance, depending on day of the week. The 2pm class is the class I have the biggest struggle staying awake in and fortunately, economics and finance are the fields I feel strongest in.

Afternoon - at 3:30pm, I return to my apartment, run errands, exercise for about half an hour, shower and make dinner. I try to fight the temptation to take a nap because doing so usually throws off my sleep cycle.

Post afternoon - after I am done with dinner, I return to the school to do work. What time I get there usually depends on how disciplined I am about not doing too much "relaxing" when I am in the apartment. What time I leave depends on the day of the week. On Tuesdays and Thursdays I try to wrap things up by around 10:30 to go to Off Franklin (Tuesdays) or whereever it is other classmates are hanging out (Thursdays). On other nights, I have stayed at McColl as late as 1am.

Thoughts on the passing of Bob Denver

I had intended to blog yesterday about the death (in Winston-Salem, NC) of the actor who played Gilligan on Gilligan's Island. But school deadlines and other pressing matters kept me from doing so.

Today I saw an article by Paul Farhi in the Washington Post which sums up how I feel about the actor and the show.

"Thanks to its unending repeats, "Gilligan" has wormed into the popular culture like mildew inside wallpaper, ever-present and permanent. It has inspired evocative catchphrases that never seem to fade for two generations. A three-hour tour. Little Buddy. An uncharted desert isle."

More interestingly, Farhi pointed out something I have noticed a few years back about the show.

"Gilligan was ageless. He could have been 17 or 50 -- it was never clear. He was also basically sexless. Even on a desert island with two young and beautiful single women, he never got any action. Or even a hint of action."

Think about this. The plot of this TV show includes three single guys on a deserted island with two young women and the issue of sexuality never came up at all. Compare this to some of the other programs that are streamed into our living rooms today where very often the dialogue is laced with sexual innuendos, the scenes are filled with scantily dressed women, and the characters find themselves in endless combinations of awkward sexual situations.

The article made me realize that the passing of Bob Denver is about more than the passing of an actor and the television show he came to personify, but the slow and gradual evolution ("evolution" is a poor choice of words because it implies progress) of our culture from what it used to be to what we are heading toward today.

Married graduate students

From an article in Inside Higher Education:

Married men finish their doctorates, on average, 0.43 years (or about 5 months) sooner than do single men, according to a study released by the Cornell Higher Education Research Institute. The study also found that married men have attrition rates in graduate programs that are 4.7 percentage points lower than those for single men in each year of their graduate programs.

The study found no significant differences among single students and only marginal gains for married female graduate students. They tend to finish their Ph.D.’s 0.14 years more quickly than single women.

This should come as no surprise to most folks, that married male graduate students have an advantage over un-married ones. I'd also like to think that if I were married, I'd have an easier time understanding the material we're learning in Leading and Managing.

Katrina, as shown by Google Maps

If you go to Google Maps and type in New Orleans, you will see a special Katrina tab in addition to Map, Satellite, and Hybrid. This tab gives you detailed satellite shots that were taken this past week. You can then compare to what you see on the Satellite tab, which shows what the city used to look like.

What college graduates make

This is an "FYI" to all my former co-workers who were always (and probably still are) complaining about how AOL's not paying them enough.

The average starting salary offered by accounting firms increased to $43,370 as compared to $42,797 last year; followed by engineering services firms which increased to $47,161 from $45,807 and consulting services employers which increased to $46,856 from $45,278. The Salary Survey also reported that the demand for college graduates has been increasing and that among the 62 career fields with a percentage change in salary offers last year, 53 showed an increase.

Although most college graduates reported an increase in their average starting salary offers, computer science graduates experienced a moderate increase. Their average salary offer rose 2.3 percent to $50,820, while business disciplines saw a 5.3 percent increase and liberal arts graduates saw a 13 percent increase in their average offer.

This is courtesy of the Cavalier Daily. The entire article is here.

Hoax at Yale SOM

Looks like someone pulled a pretty elaborate prank on a bunch of first years at the Yale School of Management.

I love Lucy

I got tired of trying to understand statement of cash flow last night so I decided to go get a drink. There is a place called Lucy's that's right next door to Off Franklin. It plays 80s music every Thursday night and is a popular watering hole for Kenan-Flagler folks.

Last night was pretty fun. I left at around 1 and the place was still happening. Needless to say, attendance at the 8am accounting class today was sparse.

This is sickening

I am watching the NBC News coverage of a live event in Alabama featuring the President at a U.S. Coast Guard command center. He is being briefed by various Coast Guard commanders about what is being done in New Orleans for the survivors of the hurricane. As I watch, I couldn't help getting the impression that this is a very tasteless public relations stunt.

Think about this, the President receives tons of briefings everyday on topics ranging from the threat matrix update to the price of grain in Siberia. What is it that's so special about this particular briefing that it has to take place in front of a live TV camera? As he's standing there in the hanger with the Governor of Alabama, you can see in the background a group of Coast Guard personnel standing at attention. Behind them is a bright red shiny Coast Guard helicopter.

I certainly didn't get the impression from the briefing that the Coast Guard is doing what needs to be done. Rather, they're busy making it look like they are doing something. There is a certainly a big difference between the two.

Fun with economics

We had a "take home quiz" due at 5pm today for economics. Most students thought the questions were hard because they forced us to think about the concepts we've learned and to apply them in different ways. As one student said to our professor afterwards, "I am glad you gave it to us." 

I too thought the questions were hard, but do-able. While answering the last question on supply and demand curves for a particular toy during Christmas season, I had to redraw my curves multiple times. (Hint: Since the quantity supplied of the Barbie Volkswagen Beetle remains the same as we approach the Christmas season, the supply curve cannot possibly be upward sloping, rather it is a vertical line.) 

Now for fun, I am going to include something that Robert H. Frank wrote in his column in today's New York Times. I will have the answer to his questoin after the jump.

Virtually all economists consider opportunity cost a central concept. Yet a recent study by Paul J. Ferraro and Laura O. Taylor of Georgia State University suggests that most professional economists may not really understand it. At the 2005 annual meetings of the American Economic Association, the researchers asked almost 200 professional economists to answer this question:

"You won a free ticket to see an Eric Clapton concert (which has no resale value). Bob Dylan is performing on the same night and is your next-best alternative activity. Tickets to see Dylan cost $40. On any given day, you would be willing to pay up to $50 to see Dylan. Assume there are no other costs of seeing either performer. Based on this information, what is the opportunity cost of seeing Eric Clapton? (a) $0, (b) $10, (c) $40, or (d) $50."

"Have MBA, will work for food"

I just saw this tonight on Inside Edition. A 2005 MBA graduate of Metropolitan College in NYC has redefined the term "non traditional job search."