Merry Sober Christmas

So I'm in Detroit Airport on Christmas day, after more than 18 hours of travel from Hong Kong via Tokyo, and waiting for a connecting flight. Given that I have about 5 hours to kill I thought I'd look for a friendly sports bar and enjoy an adult beverage. But much to my dismay the sale of alcohol is BANNED in the ENTIRE STATE OF MICHIGAN from Christmas Eve until 7am tomorrow!

I suppose Michiganders have known this and make arrangements. I mean what is Christmas without spiked egg nog and a bit of mulled wine? Yeah I know, it is the celebration of the birth of Christ the Saviour, who died to forgive our sins - but still - traditions are traditions! It's what my gandma used to call "Chistmas Cheer." 

I did manage a non-alcoholic beer nevertheless. 

Other than that, it's nice to be back in the USA for a bit, so here is a non-alcoholic Merry Christmas and Happy New Year to everyone!

No Winter Here!

I grew up in Wisconsin and I'll head there for the Christmas holidays, but in the meantime I'm enjoying balmy Hong Kong. It is 23C today and beautiful. The upside of the economic downturn is that factories in China have scaled back production, resulting in less pollution to foul the air here.

Last weekend I also had the good fortune to go out on a friend's boat for a bit of tour around Hong Kong, from Causeway Bay around to Aberdeen and then over to Lamma Island for some seafood. Here's some pics of the day:

The pictures were taken with a BlackBerry 9000 (so-called BlackBerry Bold). 

Japan in Hong Kong

Here are a few shots from my favorite Japanese restaurant in Hong Kong: Sushi Kuu. The place is always packed, and the chef Mukogawa-san delivers consistent, quality food. In fact this is one of my favorite Japanese restaurants anywhere - and that is saying something after living 17 years in Japan! 

And just to prove I'm in Hong Kong - here's a shot from the roof of the Prince's Building from the balcony of a bar/restaurant called Sevvaa. The Bank of China tower is on the left and the HSBC building on the right. And there is even a Christmas tree at the lower right. 

Blagomania

What's not to love about this scandal! It's hope and change Chicago style! The governor of Illinois arrested at his home by the FBI, caught red handed in all kinds of graft. 

Growing up in Wisconsin, I remember family trips in the station wagon (a Vista Cruiser just like in That 70's show) where whenever we saw a car with Illinois plates, we knew it would likely be a traffic scofflaw. It was just assumed that people from Illinois were not law-abiding citizens like us cheeseheads north of the state line. 

And so I was never a believer in the myth that Obama was some kind of new era politician. You don't survive in Illinois politics at the Chicago or statewide level  without some kind of skill swimming with the sharks. I suspect that Obama is better than most at the fine arts of political sleaze, as demonstrated by his ability to walk through the muck and come out looking clean. 

Blagojevich himself seams to be a pathological liar. But then that's not any different than Spitzer, "Dollar Bill" Jefferson, Rangel, or the master: Bill Clinton himself (aka slick Willy!) 

Watching democrats and their apologists try to spin their way around this one is just way too much fun! 

Natural Born Citizenship

As an American living overseas, all this conspiracy theory talk about whether president-elect Obama is possibly not qualified to be president under the "natural born" citizenship requirement of the Constitution got me wondering. (Note: the title links to Ed Morrissey's commentary on this subject).

First of all, most of the discussion has been silent on the simple fact that Obama's mother is clearly a natural born citizen herself. I thought children of US citizens were automatically natural born regardless of where they were born. Apparently there is some minority legal scholarship that says otherwise, but you'd think a child of an American mother would be pretty clearly a US citizen. US Embassies around the world will get a baby of such US citizens a passport.  So wherever Obama was born (pretty clearly Hawaii) and whatever other legal contortions can be made, presumably if this even gets to the full Supreme Court, Obama's position is safe. 

But assume for a minute it weren't? What if, after all, Obama were not constitutionally qualified to be president? What then? Would the rules of succession apply? I suspect if Obama were ruled ineligble before the Electoral College meets, then the Electors would decide on the next president. If the ruling comes afterwards, what then? Probably the rules of succession. Either way, what a mess! 

That's why it won't come to that. It would be even more Mickey Mouse than Thailand shutting down it's main Bangkok airports at the height of the travel season!

Terror in Mumbai

Best wishes to all my friends and colleagues in Mumbai who have had to live through the ordeal of the recent terrorist attacks. I am happy to hear that all are safe. 

I have been a frequent visitor to the Oberoi hotel over the last 10 years. I am particularly saddened to hear of the losses among hotel staff, but also moved by the many who worked so hard to protect their guests from attack. 

Here is a picture of my room at the Oberoi-Trident from just a few months ago. It is example of the quality of service and attention to detail delivered every day by the hotel staff there. And it pales in comparison to the sacrifice of those who lost their lives this week. 

 

The war on islamofundamentalist terror is not yet won. If anything we must redouble our efforts. They cannot be allowed to succeed. 

Macau

I visited Macau last weekend. For nearly 500 years it was a Portuguese colony. Now it is a Special Administrative Region in China (much like Hong Kong) and home to a number of casinos. Here is inside the MGM Grand. I am happy to report that I won enough to pay for my trip and then some! 

Here is Rossio, a restaurant in the MGM Grand. The interior designer is Super Potato from Japan, famous for use of wood and stone. The food and wine was pretty good too! 

I didn't stop at the Venetian, but it looks way over the top! 

And here's a view from the Westin Resort Macau where I did stay overnight. Nice to find a place so idyllic so close yet so far from the hustle and bustle of Hong Kong and the casinos in Macao. 

Citigroup

At this writing Citigroup's share price is about 3.70. When I left Citigroup at the end of 2006 it was 57. What happened? 

First and foremost is something I've said before: Citigroup has never unlocked the value of being one company. Despite a lot of hard work to integrate back-office functions, encourage cross-selling in the front-office, and the like, insiders tell me that it remains a collection of fiefdoms that often work at cross purposes. 

Fortunately, times like these are the times to get it right. Deadwood that gets in the way can now be eliminated. Will that happen? Citigroup is full of survivors - much like cockroaches who scatter when the light goes on. I remain hopeful, but only if the real dead wood goes. 

I know a number of expats who were posted to Asia basically as a way of moving them out of an important job in the US. Fortunately many of these people are now gone, and the real talent is rising to the top. 

I wish my many friends and colleagues at Citigroup well. 

And, as much as I hate to say it,  I am happy that I am no longer there! 

Congratulations (Suckers!)

I haven't posted for a while, and no it is not because I am deep depression about Obama's election to the US Presidency! I was actually in New York City during the election. There is something deeply moving about the US election process where every voter gets to choose who he or she feels will be the best president. Obama won and he will be President. McCain conceded graciously and Bush is doing his duty to ensure a smooth transition. That's part of what makes America great. 

First, how did Obama win? I think Charles Krauthammer nailed it:

1) The financial crisis put the previous administration and party in a no-win position. McCain had almost no chance at recovering from that regardless of the objective facts. 

2) The choice of Palin for VP, while it energized the base, completely undermined the argument that Obama had no experience. Although personally I would say that Palin had more executive experience than Obama, Biden, and McCain combined, the fact that McCain is in that list proves the point. 

3) Obama ran a brilliant campaign. Just ask Hillary! Obama used tried and true basic organizing techniques to put together a coalition that put him well over the edge in key battleground states. That's how a 6 point lead in the popular vote turns into a nearly 2 to 1 electoral college victory. 

But now what? First the party, not the hangover. The other part of Obama's victory is that he let voters project their hopes and dreams on him without agreeing or committing to the position. There will now be a lot of disappointment, especially on the far left. Already the foreign policy team is looking somewhat hawkish. After all, both Hillary and Biden voted for the Iraq war, and Hillary was always the tougher one on Iran. On the economic front, Greithner looks like a seasoned Treasury veteran who could even make Paulson look like an amateur (and by the way, he certainly looks amateurish now!) And can you imagine if Omaba actually keeps Gates on at Defense?

Rahm Emanuel will keep the left in Congress in check. It's almost if Obama knows instinctively that his biggest challenge will not be a weakend Republican party, but rather senior Democrats in Congress who still see him as the new guy. Talented for sure, but nowhere near as astute and experienced as all of them! 

Is this a good thing? Well I hope Obama does well. I for one will certainly try to avoid Obama derangement syndrome. But equally, I will treat him first as someone whose words cannot be trusted. I will judge him on his actions. As well we all should. 

January 2007 vs. Now - What Happened?

At the risk of gross oversimplification, here is some US Economic data:

Item January 2007 Now

Unemployment Rate 4.5% 6.1%

CPI (incl. food and energy) 2% 5.5%

Gasoline cost/gallon $2.25 $3.60

Dow Jones Industrial Ave 12,500 10,325

S&P 500 1,450 1,099

Nasdaq 2,500 1,947

What happened in January 2007? The Democrats took control of Congress. No wonder the Congressional approval rating is worse than Bush's. 

Crap Sandwich with Cream

Well the bailout package finally passed. Loaded up with lots of unrelated goodies. Will it end the credit crunch and improve market confidence? In the short run it had better, or otherwise the whole thing was a complete waste of time and money. I suspect it will have some short run benefit. But in the long run it doesn't fix the real problems, which are:

1) Legislative meddling in free market processes for setting credit prices and policy for sub-prime borrowers. The Community Reinvestment Act is but one of the culprits. That law needs to be abolished, and Fannie/Freddie need to be privatized.

2) Fast recapitalization is needed for banks and financial firms. Many economists (even Paul Krugman) agree with me on this one! It's starting to happen, but not because of the bailout and probably not fast enough. Even Europe has to do this, proving that it is not just a US problem. 

3) Corrupt Democrats: Here at least, Barney Frank gets held to account by his own words. No matter how hard he tries, he can't spin his way out

I think this article has it right. Ultimately it is a failure of leadership. There has not been an effective national debate on whether oil prices should be high or whether home ownership is a right (as opposed to an opportunity). It is going to take time to unwind all this, and a new kind of leadership (and not the Obama/Biden socialist facism kind!!!)

All You Need to Know about MSM and VP Debate

As if any further evidence is needed about main-stream media bias in this election, here's the simple fact. How can the media call it for Biden, or that Biden was even close when he made at least as dozen fundamental errors of fact on matters of constitutional law and foreign policy? In my high school debate team days, such errors would have resulted in automatic point deductions and very likely outright loss even if all of our other arguments were sound! Here are 14 lies about McCain and recent history.  Here is more on significant errors about Lebanon. Here is a serious misunderstanding of the constitution from a guy who sits on the Senate Judiciary committee!

But even better, Palin clearly held her own against a seasoned Washington pol, made her case that Obama/Biden is not "hope and change", and showed that she is every bit as equal to the challenge. It was a good day for the McCain-Palin ticket. 

Mac Schools Obama

The first presidential debate took place after all and the early results are that Obama got schooled. McCain didn't take advantage of several opportunities, nor did Obama loose his cool (at least not completely.) But especially in the 2nd half, McCain pointed out repeatedly that Obama is simply ignorant and naive when it comes to foreign policy questions that will be critical over the next 4 years. This includes Afghanistan, Iran, Russia, and of course Iraq. 

Here is much better commentary from Roger Simon and Ed Morrissey. Here's some reporting from Politico that attempts some more balanced reporting, but yet again highlights how much more effective McCain was in presenting himself as the seasoned, experienced leader with the right temperament. 

Look for Obama apologists to try and spin it the other way. . .but already Kissinger has confirmed that Obama didn't know what he was talking about when quoting Kissinger. 

Next up Palin and Biden in the only VP debate. 

Update (Sept. 28, 2008, 12:40 HK Time): Several commentators have pointed out a glaring omission from the first debate - there was no discussion of China. If any relationship will define the next decade, it will be how the US and China get along. Today's South China Morning Post leads with the first space walk by Chinese astronauts. It's big news in China and a source of national pride. China is big, smart, hungry and not apologetic for its actions or national aspirations. Can the same be said of the US? 

Obama Blows White House Meeting - Unfit to Lead

Here, via Rush Limbaugh is what really went down at the White House meeting to discuss the bailout plan. If you don't believe Rush, then read the background material from a variety of sources that present the unvarnished truth. 

Basically, the senior democrats let Obama do the talking. Instead of reviewing the differences between the senior leaders on the Paulson plan, Obama launched into an attack on Republican alternatives that had received. Apparently Obama did not actually know the Paulson plan. At that point the meeting broke down, with McCain trying to get people to work together and Obama making the situation worse. 

Barack Obama cannot comport himself in a critical meeting with senior legislators in the presence of the President. This alone makes him unfit to chair a committee in congress much less sit in the Oval Office. 

Obama must not be elected. Full stop. He should not even be in the Senate. He isn't even qualified to be a community organizer, at least not in any community I've ever lived in! 

McCain however, looks every day more like a public servant who puts the country ahead of his own personal ambitions. 

The country needs a clean bill that injects liquidity into the credit system that addresses the problem of distressed assets and allows financial counterparties to get back in the business of allocating capital efficiently. If this does not happen, we do indeed risk a serious recession that will have global repercussions. 

Executive compensation, bailouts for car manufacturers, earmarks for ACORN (shouldn't those agitators be in jail?) and all manner of other class-warfare or blame-hunting B.S. is irrelevant to what needs to be done. Done right, the taxpayers will come out a head. Done wrong and we are screwed much worse. 

How any thinking person could ever vote for a Democrat after this (especially, Dodd, Frank, Reid, or Pelosi) is beyond this Berkeley Ph.D.s ability to fathom.

Financial Markets - Don't Panic!

I work in the financial industry, so naturally I get asked my opinion on the current market turmoil. What's my first reaction? 

DON'T PANIC

That's right. These are uncertain times, but that's exactly when calm is required. Let's get right into it. 

Lehman Brothers: First, I feel for my many friends at Lehmans who have had their equity stakes wiped out and who are at risk of losing their jobs. But should Lehman's have been bailed out? No. Lehman Brothers is a private entity that made bad business decisions, and the stakeholders in that business must now wear the pain. Something was fishy for a while, as pointed out by the many analysts who first questioned Lehman's balance sheet. Insider scuttlebut has it that Lehman's risk management was poor. Remember the Asclepius loan fraud issue in Japan? Lehman has been making itself out to be the victim on that one. But equally, why did they entertain a loan to such an entity in the first place? It's another example of bad risk management. 

Also, I don't want to hear anything about "golden parachutes" for failed CEOs. Everyone at Lehman Brothers lost all of their deferred compensation that was in shares. Many will also lose other retirement savings and other unfunded liabilities as part of the bankruptcy. Believe me, managers at all levels are paying the price. 

Merrill Lynch: This case is different. After Stan O'Neill was ousted, new CEO Thain came in and promptly wrote down bad derivatives and sought capital to shore up the balance sheet. For his efforts, Thain got $50B more for his shareholders than Lehman's got! Bank of America got a good deal as well, filling in a part of its business mix where it was weak relative to competitors like JP Morgan and Citigroup. 

Fannie Mae and Freddie Mac: I've said before that the issue here isn't that these entities are too private. Rather, they are too much a special case. The entities get all of the profit when things go well, but have favored regulation and downside protection when things go badly. This hybrid is prone to political meddling and that's exactly what happened. When the Bush administration and also John McCain sought to improve the regulatory situation for Fannie and Freddie, they were roundly rebuffed by powerful democrats in Congress (Dodd, Frank, Shumer to name a few). Guess who was getting the most money from Fannie and Freddie? Well, those very same democrats and Obama too! I won't go so far as to say there was a quid pro quo here, but clearly judgement was clouded. 

AIG: well to be honest, this one I'm not sure I understand. Insurance companies are generally required to invest conservatively, but the warning signs at AIG have been there for a while. Should they have been extended loan guarantees? To protect liquidity in the broader financial system, then probably yes. . .but this one I don't really know. It does smack a bit of a bailout. 

And by the way, thank goodness for Gramm-Leach-Bliley legislation that broke down Glass-Steagall restrictions. Without it, Bank of America would not have been able to buy Merrill Lynch and the bailout plan that is being worked out now would not have been possible with the necessary speed. 

Also, thank goodness for Paulson, Bernanke, and other senior Bush Administration officials who are providing effective leadership. Can you imagine if it were Obama's economics team? Clinton's team might have been OK, but I for one am very comfortable with seasoned and experienced hands at the helm during these times. 

And by the way, it is not all bad. The US economy is proving highly resilient. The dollar is up slightly, markets are still up over the long term, interest rates are stable, core commodity prices are down.

The worst thing to do is panic and rush into the wrong action. The next most important things to do is to have a plan for managing the situation effectively. On that point, the Bush administration wins again. McCain is also effective. Obama and the Democrats are clueless as to what to do. Yet another reason why Obama and the Democrats generally cannot be trusted with real power. 

None of this is a fraud situation like Enron or Worldcom. At most there was an issue with incorrectly assessing the risk of mortgage-backed derivatives and marketing them as safer than they were - something for which many firms have already paid substantial fines and paid back many investors. No amount of regulation can correct for bad management. 

And don't even get me started on that corruptocrat Charlie Rangel. To paraphrase Leno - if the guy that writes the tax laws doesn't understand them, then how screwed are we! 

It all goes back to basic principles:

1) Markets work. When bad decisions are made, those accountable for the decisions must bear the loss. Postponing the decision only worsens the pain.

2) Regulation must be clear, effective, and applicable to all. When regulation is convoluted, different for different market players, or beholden to the whim of regulators, there is market distortion, uncertainty and the risk of influence peddling. 

3) If something is too good to be true, it probably is. If returns seem better than the risks that underly them, then something is probably miss-priced. 

4) Simple is better. The harder an asset is to price, the riskier it is. 

My brother-in-law has a good comment on all this: Don't buy something that you don't understand. Good advise in any market. 

Shanghai and the new China

I had a chance to visit Shanghai this week on business for the first time since my last trip their about 8 years ago. Wow! Things have changed a lot, like this bar in the Bund called Rouge. Prices were at least as high, if not worse than Hong Kong's trendiest establishments. 

But make no mistake. This is China. The government rules. From the office, I couldn't even view RealClearPolitics.com, which is just an aggregator of other basic news and blogs from the US. But at least they had Starbucks, so my coffee was OK. 

Here are a few more nighttime shots form my cell phone: 

Shanghai is the forefront of the new China. What is amazing about all this, is that it is Capitalism and Entrepreneurship that has unleashed this growth, almost in spite of one party government. This to me shows the power of free markets even over the most entrenched vested interests. 

There is a lot of hot money. The RMB is now 6.8, vs. 7.8 HKD to the US dollar. That's probably as much as sign of dollar weakness over China strenght, but at the end of the day a cup of joe at Starbucks is cheaper in Hong Kong than in Shanghai, and that's saying something. 

As for the Olympics? Well it is everywhere. Even at a business lunch on Thursday a replay of the US/China pairs women's beach volleyball was playing (why is it that sport is so easy to watch?!?) The US won! But amazing that at a business lunch, that's what we did - watch the Olympics. 

One more thing - at immigration, there was a little panel where you could rate the service quality of the immigration officer (very satisfied, somewhat satisfied, took to long, poor or something like that). I've never seen that anywhere, much less China. I suspect that those with the best scores become heros of the Socialist motherland, and the the low scores are simply executed and the family has to pay for the bullet. . .I hope I am wrong on the latter, but it was nice to know that my opinion is solicited. 

And by the way, the Westin hotel was awesome and all the female staff were total babes. On that score China is scoring high, just like golds in the Olympics! 

Great trip - and I'll be back. 

Commentary Catch-Up

Where to begin! Lots has been going on in the news recently and it is time to comment on the latest. Let's start with China. 

The Olympics got off to a great start, and China's coming out party started well. However, recent revelations have tainted the luster: lip-synching the national anthem, fake photography, possibly underage gymnasts. All of that is an affront to the Olympic spirit, which is as much about the journey to participate as winning. I've seen one apologist go so far as to state that truth is less important than the outcome in China. That may well be the case, but it doesn't make it right. Prediction: China will take the most gold medals, but probably will not take the most total medals. 

Georgia: What the f***! Russia's criminal invasion is best compared with Iraq's invasion of Kuwait. Or perhaps, what was it again, ah yes: the Soviet invasion of Afghanistan. Or perhaps even all of Eastern Europe after WWII. Responsible nations need to step up and punish Russia for this - and yes that means all of Europe. Expect to see more deals like US missiles in Poland. Expect to see the left blame US-Poland cooperation for further Russian aggression. 

Solzhenitsyn: RIP. Read his Nobel lecture. He speaks on the importance of Truth with a capital T. It is very relevant to the previous 2 topics. 

US Election campaign: McCain looking responsible. Obama looking like the wrong nominee. Polls neck and neck. Things won't really pick up until after the conventions, but don't expect things to break anytime soon. It will be a close race. . .and make no mistake, Obama is not moving politically to the middle. That's just a tactic to appear safe to voters outside of his leftist base! 

John Edwards: What a cad. But anyone who didn't see him for the snake-oil salesman that he has always been was dreaming. Why are so many such pretty-boy, smooth-talkers always Democrats? It's because Democrats care more about power than the people they serve. OK, in fairness that is a gross over-generalization. I meant to say "most Democrats." And where was the MSM on this? It must feel pretty bad to be scooped by the Enquirer, and to have the Enquirer come out more credible than, say, the LA Times ! As Instapundit says: what else is the MSM not telling us? 

US Economy - It may very well be in a recession. Certainly calculating real GDP by using the full inflation rate (with commodity prices included) would tend to indicate that the last quarter was a slight contraction. But the US economy is still more resilient than most people give it credit for. The biggest negative impact on job growth was the recent increase in the minimum wage. This has resulted in a huge increase in unemployment for college students and other typical summer workers. Funny how that's not being reported. Also, compared to Japan and Europe, the US is still the engine of global growth. And with commodity prices dropping (especially oil and gold) and the dollar rising, I'd have to say that the worst is over. It won't be reported that way though. The MSM is still trying to get Obama elected. 

Fannie Mae and Freddie Mac: The problem isn't that they aren't regulated enough. The problem is that they are not fully private and are subject to favorable regulation. 

Oil Drilling: It's simple. Allow drilling off US coasts and in ANWR. Reduce the red-tape that is the primary bottleneck to getting the oil flowing. The major oil companies can get oil out of the ground in less than two years. It's the applications and lawsuits that slow things down, not the technology to get at the oil. And how about Paris Hilton! Her policy to both conserve and drill sounds smarter than Obama's and at least as good as McCain's. Plus she's hot! And somehow I knew she'd be in favor of drilling. 

Iraq - guess what?! We won! By "we" I mean anyone who believes in democracy over dictatorship and that the Arab world can defeat extremism. Let's hope Pakistan doesn't become the next battleground. Oh, and did you know that India has had more terrorist deaths recently than Iraq? That's sad, because India has such potential. 

Venezuela - Chavez is up to his old tricks. Kudos to Colombia though. The FARC is all but finished. 

Global Warming: not in the news so much. That's because it's a myth - well at least the part that human activity is causing it. But be very afraid of the lack of oxygen in the oceans! 

Hong Kong: This place rocks! The Olympic Equestrian events, which are being held here, are going flawlessly. Congratulations HK! 

Anything else? I'm sure there is more. . .but many many bloggers have written more and better posts than me on these topics!

Arrived in Hong Kong!

I am now arrived in Hong Kong and an official resident! Here are a few street scenes from near my new place in Happy Valley, which is near the horse racing track originally set up by the British over 100 years ago. Even today, Hong Kong will be the site of the Olympic Equestrian events due to its long association with all things relating to horses. Notice the campaign posters for the Legco elections next month below the Peking Duck (or whatever it is that this shop sells!) 

Less than a 10 minute walk from my place is the horse track itself. Clearly visible from a park nearby. 

And these apartments look down on the green horse track, and can view the races every Wednesday from their rooms! 

And then nearby is a pub called the Stable. I understand that it just opened. But certainly very comfortable and just what a new resident to Hong Kong needs! 

Last full day in Japan!

Well this is it! After more than 16 years, today is my last full day as a resident of Japan. Tomorrow, I will turn in my Certificate of Alien Registration as I depart from Narita airport on my way to Hong Kong. 

I had a great send-off farewell party with many friends dropping by Heartland Bar in Roppongi Hills, one of my regular hangouts, from the time I lived near there. A special thanks to the bar manager, Yuki Okada and all the staff there for being part of a great night out. The party moved on to ZeroBar near Roppongi Crossing for a nightcap. 

But today, it's all about packing up stuff, throwing away a lot of items that I do not need and otherwise getting organized for my departure. My new adventure is about to begin! 

More Travels - Singapore and India

I visited Singapore last week. Here is a nice shot of the Asian Civilizations Museum from Boat Quay. 

Here is the Fullerton Hotel, which was built inside the renovated General Post Office building. 

That night, there were fireworks from behind the hotel. 

I flew from Tokyo to Mumbai on an ANA flight called "Business Jet." It was on an especially configured 737-700ER with only about 40 business class seats. It's a great way to travel! 

I also caught a glimpse of the new Airbus 380 in Tokyo-Narita airport. Haven't had a chance to travel on that yet though. Looks big! Quite a contrast from the aforementioned Business Jet.

I don't have very many pictures from my India trip itself, but it was certainly a great visit. India has come a long way since I was last there about 8 years ago. Pune was particularly impressive, with several large IT campuses supporting major companies in a variety of sectors. The general infrastructure is improving too. There is still a ways to go, but India continues to be a player in IT outsourcing and off-shoring for a lot of good reasons. 

Hong Kong!

I haven't been updating here for a while, but there is a good reason. I've taken a new job in Hong Kong and am not in the process of moving! After 16 years, in Japan I've decided to take on a new challenge as the global head of technology infrastructure for an Asia-Pacific focused investment bank with its headquarters in Hong Kong. 

I'll still be blogging on matters of interest, except for specific comment on companies or securities covered by my new company. But US politics, macro trends, and personal stuff is still fair game! 

Here are some pictures of HK to get things started:

Views of Kowloon from HK Island side, and a shot of the International Financial Center!

Hong Kong at night from a ferry boat in the harbor. 

And the same view during the late afternoon. 

And finally for this post a view out of my office window:
 

Let the new adventure begin! China is definitely happening. Japan will still be there, and continues to be the most important financial center in Asia, but the gateway to China is Hong Kong. 

Nagoya Castle

Nagoya Castle was built in 1610 by the Shogun Tokugawa Ieyasu. It was a beautiful day again in Nagoya so I decided to visit. The castle was severely damaged during the 2nd World War, but has since been restored. I got a few nice pictures, again taken with my SH903i cell phone camera. Here are several shots of the castle itself.

Here is an interior room in traditional style of the time.

And you wouldn't want to run afoul of anyone who knows how to use a sword like this!

Here a few views from the top (7th) floor.

This is a replica of the golden dolphin. Two of them sit at the top of the castle (themselves now replicas of the original).

Walking back to the station, I ran into this shrine, Hijie-agata Jinja. It was originally founded in 895 A.D. and recognizes the Ojin Emperor, the Jingu Empress, and 3 goddesses

Like I said, it was a nice day!

And back at the station. . .I wonder if these buildings will be around in 400 years time!

And since all this has me in a good mood, here is a nice AP article about plans to renovate the Fairhaven, Mass. home of John Manjiro (originally Manjiro Nakahama) when he lived in the US in the mid-19th century. It is an interesting story of a Japanese man who was shipwrecked and rescued by a US whaling vessel. He was taken in by the captain, William Whitfield, learned English, mathematics, and navigation. When he returned to Japan in 1851, he became one of the first interpreters between the US and Japan at the time of the Black Ships under Commodore Perry. John Manjiro is recognized today as a symbol of friendship between the US and Japan. It is nice to see a Japanese group, lead by Dr. Shigeaki Hinohara, chairman of St. Luke's International Hospital, taking the lead in this.