Wednesday, November 29, 2006
Monday, November 27, 2006
Charitable Explanantion. Letter to the Editior (may require subscription) in today's WSJ from Arthur Brooks regarding giving differences and preferences. The charity gap between Giving America and Non-Giving America, he asserts, is driven not by economics (i.e. those with more $$ give more), but by values. Hence, Giving America are generally folks who are religious, married, or who do not believe in income redistribution vis a vie government programs and spending. Folks with these values tend to be politically right-of-center. Brooks goes on to ask, "What does [the fact that conservatives outgive liberals] mean in the wake of the Democratic takeover of Congress?" That is, will private giving be protected and expanded?
My bigger question is this: If the Church had done a better job at caring and providing for the poor and down-trodden, would we even need the plethora of government programs to fill that gap? Or have we have conceded our personal responsiblity and have thus allowed a secular institution to do that which we ought?
My bigger question is this: If the Church had done a better job at caring and providing for the poor and down-trodden, would we even need the plethora of government programs to fill that gap? Or have we have conceded our personal responsiblity and have thus allowed a secular institution to do that which we ought?
Sunday, November 26, 2006
'Cane bashing at the WSJ. This column by Daniel Henninger appeared in the WSJ on Friday. Look at the metaphor he uses in the tenth paragraph. He gets this decade's Brent Musberger award for 'Cane hating. What a disappointment is Henninger, who otherwise writes a good column. Carol is afraid that Spurrier will come to Miami. I seriously, seriously doubt that one. I'm thinking Barry Alvarez, former coach and now AD at Wisconsin.
And speaking of getting knocked around, the Bowdens sure had a rough week this week. I think it's time, Bobby. But contrast the way FSU treats Bobby with the way the U has treated Larry Coker.
And speaking of getting knocked around, the Bowdens sure had a rough week this week. I think it's time, Bobby. But contrast the way FSU treats Bobby with the way the U has treated Larry Coker.
"Deja Vu". Carol and I saw this movie last night. The WSJ liked it, and Christianity Today gave it 3 out of 4 stars. I would say that CT has it about right. What I found most disturbing about the movie is how much weight Val Kilmer has put on. He wasn't bad in this movie, but he was terrific in this one now 13 (!) years ago.
We saw the movie at the Shoppes of South Miami. The center was crowded and festive. In fact, the area of "downtown" South Miami along Sunset in front of the Shoppes was lively. There were a lot of teens and subteens ("tweens"?), and I saw a very young "couple" belly to belly together in a pose that made me think, "Give me a break".
We also saw lots of security. Shoppes of South Miami is not the usual sort of closed in Mall, but is uniquely open to the streets and accessible. Maybe that accounts for the extra police. I suppose they just need one bad incident and the season is killed.
We saw the movie at the Shoppes of South Miami. The center was crowded and festive. In fact, the area of "downtown" South Miami along Sunset in front of the Shoppes was lively. There were a lot of teens and subteens ("tweens"?), and I saw a very young "couple" belly to belly together in a pose that made me think, "Give me a break".
We also saw lots of security. Shoppes of South Miami is not the usual sort of closed in Mall, but is uniquely open to the streets and accessible. Maybe that accounts for the extra police. I suppose they just need one bad incident and the season is killed.
Friday, November 24, 2006
Gee, I hope he has a merrier Christmas this year. Edward Liddy is the president of Allstate, the "good hands" people. The WSJ reports, in part, the following in a front page article today:
[Allstate] lost $1.55 billion in the third quarter of last year, largely due to the storms. Mr. Liddy's annual cash bonus, which is tied to Allstate's results, fell to $538,351 last year from nearly $3.7 million in 2004.
[Allstate] lost $1.55 billion in the third quarter of last year, largely due to the storms. Mr. Liddy's annual cash bonus, which is tied to Allstate's results, fell to $538,351 last year from nearly $3.7 million in 2004.
More on Freeport-McMoRan.
From the Morningstar Investment Report:
"Freeport-McMoRan's management describes its sole mine, Grasberg, as a blessing and a curse. We agree. The fantastic economics of the Indonesian mine help Freeport generate substantial cash flow throughout the entire commodity cycle. However, the geopolitical risks and insufficient operational diversification make this investment an all-or-nothing proposition. We'd recommend these shares only to risk-tolerant investors.
"Not only does Freeport's Grasberg mine boast the largest single gold reserve and the second-largest copper reserve in the world, but also the geology of the mine is noteworthy. First, copper grades at Grasberg are among the best in the world--above 1% compared with less than 0.8% in most other mines. Second, significant quantities of gold and silver are mixed with copper in the mine, and the byproduct revenue helps boost margins. This competitive advantage is hard to beat and is the primary reason we think Freeport has a narrow economic moat. The company's returns on invested capital further testify to the existence of a moat. These returns have averaged 20.9% over the past six years, clearing the company's cost of capital hurdle, which we reckon to be 10.6%.
"We are impressed by management's approach to acquisitions during the current commodities boom. The mining sector has seen its share of merger and acquisition activity recently; Freeport has remained one of the few watching from the sidelines. We applaud management's disciplined strategy of evaluating potential targets strictly on return metrics. This approach gives us confidence that management will not dilute Grasberg's profitability for the sake of top-line growth.
"Still, we have several concerns. First, Freeport essentially operates one mine--and a mature one at that. This limits the company's flexibility to respond to dynamic market conditions. Second, any operational hiccup, like the slippage in late 2003, could have a significant impact on revenue and profits. We're also concerned about the mine's significant geopolitical risk. Freeport's Contract of Work, the Indonesian doctrine that allows the company to exploit Grasberg's resources, has been under attack by activist groups and the media. Even if these allegations of environmental damage and political interference carry little clout, the company might not be able to fend off similar attacks in the future. We therefore think an investment in this firm should be made only by investors who can tolerate significant event risk."
From the Morningstar Investment Report:
"Freeport-McMoRan's management describes its sole mine, Grasberg, as a blessing and a curse. We agree. The fantastic economics of the Indonesian mine help Freeport generate substantial cash flow throughout the entire commodity cycle. However, the geopolitical risks and insufficient operational diversification make this investment an all-or-nothing proposition. We'd recommend these shares only to risk-tolerant investors.
"Not only does Freeport's Grasberg mine boast the largest single gold reserve and the second-largest copper reserve in the world, but also the geology of the mine is noteworthy. First, copper grades at Grasberg are among the best in the world--above 1% compared with less than 0.8% in most other mines. Second, significant quantities of gold and silver are mixed with copper in the mine, and the byproduct revenue helps boost margins. This competitive advantage is hard to beat and is the primary reason we think Freeport has a narrow economic moat. The company's returns on invested capital further testify to the existence of a moat. These returns have averaged 20.9% over the past six years, clearing the company's cost of capital hurdle, which we reckon to be 10.6%.
"We are impressed by management's approach to acquisitions during the current commodities boom. The mining sector has seen its share of merger and acquisition activity recently; Freeport has remained one of the few watching from the sidelines. We applaud management's disciplined strategy of evaluating potential targets strictly on return metrics. This approach gives us confidence that management will not dilute Grasberg's profitability for the sake of top-line growth.
"Still, we have several concerns. First, Freeport essentially operates one mine--and a mature one at that. This limits the company's flexibility to respond to dynamic market conditions. Second, any operational hiccup, like the slippage in late 2003, could have a significant impact on revenue and profits. We're also concerned about the mine's significant geopolitical risk. Freeport's Contract of Work, the Indonesian doctrine that allows the company to exploit Grasberg's resources, has been under attack by activist groups and the media. Even if these allegations of environmental damage and political interference carry little clout, the company might not be able to fend off similar attacks in the future. We therefore think an investment in this firm should be made only by investors who can tolerate significant event risk."
Thursday, November 23, 2006
Freeport McMoran in FL
from this report
"In Florida, the impact of phosphate mining by companies including IMC-Agrico (a joint venture between Freeport-McMoRan Resource Partners and IMC Global which has recently been spun off into a separate company) have been devastating....One of the worst mining disasters in the state ocurred in June 1994 when a 15-story sinkhole opened at the IMC-Agrico New Wales plant which was estimated to dump between four to six million cubic feet of toxic waste into the Florida aquifer which supplies 90 percent of the state's drinking water. This waste included 17 heavy metals and toxic substances including arsenic, cadmium, chromium, lead, and mercury....Studies by [PBS&J] for the FL institute for Phosphate Research indicate that radioactivity concentrations measured in foods grown on mined phosphate lands were found to be statistically higher than foods grown on other lands. Other studies in 27 FL counties have shown that cancer rates in phosphate mining areas are three times higher than those in unmined areas...."
Jef's been telling me about these guys for a couple of years. They have a storied history in Austin.
Here's a picture of that sinkhole:
from this report
"In Florida, the impact of phosphate mining by companies including IMC-Agrico (a joint venture between Freeport-McMoRan Resource Partners and IMC Global which has recently been spun off into a separate company) have been devastating....One of the worst mining disasters in the state ocurred in June 1994 when a 15-story sinkhole opened at the IMC-Agrico New Wales plant which was estimated to dump between four to six million cubic feet of toxic waste into the Florida aquifer which supplies 90 percent of the state's drinking water. This waste included 17 heavy metals and toxic substances including arsenic, cadmium, chromium, lead, and mercury....Studies by [PBS&J] for the FL institute for Phosphate Research indicate that radioactivity concentrations measured in foods grown on mined phosphate lands were found to be statistically higher than foods grown on other lands. Other studies in 27 FL counties have shown that cancer rates in phosphate mining areas are three times higher than those in unmined areas...."
Jef's been telling me about these guys for a couple of years. They have a storied history in Austin.
Here's a picture of that sinkhole:
Happy Thanksgiving, All! We have some cool weather this week in Miami - the mid forties in the mornings - so the holiday season seems a bit more real. This morning I have a 730 AM golf game with Rocky Thompson, a man from my church. Sometime in the early afternoon, we will pick my mom up and come back over to the Springs to have Thanksgiving dinner with the Lahmeyers. Carol has prepared her cranberry salad and a sweet potato dish for the occasion. We trust everyone among the Kith and Kin will have a wonderful day. How thankful I am to God for all of you.
Wednesday, November 22, 2006
A Bit of the Wild, Wild West? You've Got to Be Kidding.
Yesterday, the WSJ ran an article about the acquisition by a mining firm known as Freeport-McMoRan Copper & Gold Inc. of another such firm, Phelps Dodge. Freeport-McMoRan has extensive experience in carrying on a successful mining business in Indonesia, "churning out metals amid insurrections and political turmoil." Phelps Dodge has been struggling with its mining operations in the Congo. The question is whether Freeport-McMoRan will be able to transfer its management skills "halfway around the world to the Congo". The question "will help determine whether its $25.55 billion bid for Phelps Dodge Corp. is a long-term success."
But what I found arresting about the article is not the acquisition news, but what it said about the Congo:
Nearly five million people have died in the Congo, home to the largest current U.N. peacekeeping force, in the past six years from war and war-related famine and disease, says Philippe de Pontet, a country-risk analyst for the Eurasia Group. On top of security issues, fear of corruption has kept Western countries away from Congo, he says. "It's a bit of the wild, wild West," he says.
Nearly five million people have died? That's incredible. Western Civ is still dealing with the loss of "six million Jews" 65 years ago (as it should, along with the other, forgotten millions slaughtered by the Nazis). Did you know about this? And we attend to it by having the UN there?
Yesterday, the WSJ ran an article about the acquisition by a mining firm known as Freeport-McMoRan Copper & Gold Inc. of another such firm, Phelps Dodge. Freeport-McMoRan has extensive experience in carrying on a successful mining business in Indonesia, "churning out metals amid insurrections and political turmoil." Phelps Dodge has been struggling with its mining operations in the Congo. The question is whether Freeport-McMoRan will be able to transfer its management skills "halfway around the world to the Congo". The question "will help determine whether its $25.55 billion bid for Phelps Dodge Corp. is a long-term success."
But what I found arresting about the article is not the acquisition news, but what it said about the Congo:
Nearly five million people have died in the Congo, home to the largest current U.N. peacekeeping force, in the past six years from war and war-related famine and disease, says Philippe de Pontet, a country-risk analyst for the Eurasia Group. On top of security issues, fear of corruption has kept Western countries away from Congo, he says. "It's a bit of the wild, wild West," he says.
Nearly five million people have died? That's incredible. Western Civ is still dealing with the loss of "six million Jews" 65 years ago (as it should, along with the other, forgotten millions slaughtered by the Nazis). Did you know about this? And we attend to it by having the UN there?
Monday, November 20, 2006
New Kamara. Glen Reynolds has a post on Instapundit about digital cameras, and links with approval to someone's idea of the right one. It turns out that this is the camera we puchased after our research, including advice from K&K people, a Canon A630. I spent some time yesterday getting acquainted with it, and the Endless Renovation photos resulted. Those shots were all on the Auto mode, both outside and inside. There are things to do with the camera beyond the Auto mode, of course, and I hope to start learning them. But I feel comfortable about taking the camera on the trip with just what I have learned so far. What a clever consumer product!
PS: We bought the camera on Amazon, notwithstanding sellers on eBay and other places. We looked at those other places, even made a couple of bids on eBay, but came back to Amazon.
PS: We bought the camera on Amazon, notwithstanding sellers on eBay and other places. We looked at those other places, even made a couple of bids on eBay, but came back to Amazon.
Sunday, November 19, 2006
More Endless Renovation.
I am standing in our "den" taking a shot of the kitchen. The pantry that made part of the wall between the den and the kitchen is gone. (We will put a floor to ceiling cabinet there that will not be as wide.) In the kitchen, you see that the cabinet that hung down from the ceiling is gone, and you can see the new window.
The second photo is also into the kitchen area. It shows the old passthrough and the opening to the dining room, which is covered with thick plastic. What you see in the middle of the floor, in part, is the covering for the vent pipe, the one that runs outside the house and the I may paint bright yellow.
The third photo is a shot back into the den from the kitchen. It is bare, the old wood parquet tiles have been lifted. We hope this week that the tile subcontractor will lay the tiles for all the floor surfaces, the den, the kitchen, the new bedroom, and the porch.
I took the fourth photo from the NW corner of the kitchen, back toward the SE corner. You can see the new window and the passageway into the new bedroom. (There is a pocket door there.) The passageway is where our fridge used to be.
The fifth photo is from the new bedroom, looking back at the passage into the kitchen and the door to the porch.
The last photo shows the bedroom. I took the photo through the door from the porch. You can see the closet on the left and the bathroom on the right. It is a very small bedroom and we expect to entertain a lot of Hobbitts.
I am standing in our "den" taking a shot of the kitchen. The pantry that made part of the wall between the den and the kitchen is gone. (We will put a floor to ceiling cabinet there that will not be as wide.) In the kitchen, you see that the cabinet that hung down from the ceiling is gone, and you can see the new window.
The second photo is also into the kitchen area. It shows the old passthrough and the opening to the dining room, which is covered with thick plastic. What you see in the middle of the floor, in part, is the covering for the vent pipe, the one that runs outside the house and the I may paint bright yellow.
The third photo is a shot back into the den from the kitchen. It is bare, the old wood parquet tiles have been lifted. We hope this week that the tile subcontractor will lay the tiles for all the floor surfaces, the den, the kitchen, the new bedroom, and the porch.
I took the fourth photo from the NW corner of the kitchen, back toward the SE corner. You can see the new window and the passageway into the new bedroom. (There is a pocket door there.) The passageway is where our fridge used to be.
The fifth photo is from the new bedroom, looking back at the passage into the kitchen and the door to the porch.
The last photo shows the bedroom. I took the photo through the door from the porch. You can see the closet on the left and the bathroom on the right. It is a very small bedroom and we expect to entertain a lot of Hobbitts.
Endless Renovation.
The first photo shows what the house looks like at the rear. I am standing at about the SW corner of our lot, looking NNE. Those of you familiar with our house will notice that I have taken the chain link fence down that ran along the south side of our lot.
I snapped the second photo from near the SW corner of our lot, looking NW.
The third photo is a shot due west. It shows the porch, and the west wall of the new bedroom. The window and door are into the bedroom. The small window to the right of the door is into the kitchen. The new kitchen has two windows, this is one of them. (All the windows and doors are hurricane impact resistant.)
The fourth photo is on the west side of the house. It shows two new windows, the larger into the kitchen - which had no window before - and the smaller into the bathroom in the new bedroom. The exhaust at the bottom will connect with an "island" in the kitchen that will have the burners on it. I will need to plant some shrubbery in front of it as a screen. Or I may paint it bright yellow.
The last photo shows a squirrel that was fussing at me. I annoyed it walking around taking pictures. Notice the high-tech cable/electric/phone installation on the modern pole. At the top of the pole you can see a hole, one of several. Small birds have lived inside of the pole for years.
The first photo shows what the house looks like at the rear. I am standing at about the SW corner of our lot, looking NNE. Those of you familiar with our house will notice that I have taken the chain link fence down that ran along the south side of our lot.
I snapped the second photo from near the SW corner of our lot, looking NW.
The third photo is a shot due west. It shows the porch, and the west wall of the new bedroom. The window and door are into the bedroom. The small window to the right of the door is into the kitchen. The new kitchen has two windows, this is one of them. (All the windows and doors are hurricane impact resistant.)
The fourth photo is on the west side of the house. It shows two new windows, the larger into the kitchen - which had no window before - and the smaller into the bathroom in the new bedroom. The exhaust at the bottom will connect with an "island" in the kitchen that will have the burners on it. I will need to plant some shrubbery in front of it as a screen. Or I may paint it bright yellow.
The last photo shows a squirrel that was fussing at me. I annoyed it walking around taking pictures. Notice the high-tech cable/electric/phone installation on the modern pole. At the top of the pole you can see a hole, one of several. Small birds have lived inside of the pole for years.
Crossing Over. I need some help here. Carol and I are about to spend a very significant portion of the rest of our lives on an airpolane going to Nairobi and back. Walter suggests that I get an MP3 player and fill it with data to make the journey a little shorter. Carol said that Walter said not to buy any podcasts, because there were podcasts on the internet I can download for free.
Any suggestions about where I should go to harvest some podcasts to download?
Which iPod would you purchase for this journey?
Any suggestions about where I should go to harvest some podcasts to download?
Which iPod would you purchase for this journey?
Thursday, November 16, 2006
The Euless, TX, Trinity Trojan High School Football Team, the Tonga people, and the Haka. Today's WSJ on its front page has an article about the Trinity Trojans that will bring a lump to your throat and make you thankful (again) to be an American. If you go to the Trinity Football Website, you will find not only the WSJ article but also a video of the players performing the Haka. Otherwise, get yourself a copy of today's WSJ and read it.
UPDATE: I have to post this photo from the WSJ of the team leader:
But be sure to view the video from the high school's football site that I link above.
UPDATE: I have to post this photo from the WSJ of the team leader:
But be sure to view the video from the high school's football site that I link above.
Jim Webb, Populist. Omigosh! Look at this piece by the new Senator from Virginia in yesterday's WSJ. Shades of Huey Long!
"Last of the Whigs: Churchill as Historian". This essay appeared in a recent edition of The New Criterion, and Churchill fans will enjoy it. (You may have to register with The New Criterion to access the article, but I don't think it costs anything for the registration.)
"Five Best" books for understanding Islam. Karen Elliot House, former WSJ publisher who, according to the WSJ, won a Pulitzer Price for reporting on the Middle East, lists her "five best" books that are "essential to understanding Islam".
The "Readers' Responses" that are linked at the foot of the post to which I link are interesting reading too. You might want to peruse them all, but here is the first one:
This selection seems to be from the "religion of peace" collection. You might also want to look at the "religion of war" collection, including, among outers "The Truth about Mohammed" by Robert Spencer, "The Legacy of Jihad" by Andrew Bostom, "Islamic Imperialism" by Efraim Karsh, "Future Jihad" by Walid Phares; or, easier, just go to Amazon and search for jihad. These might be a bit more relevant for current times.
I can't get away from the thought that every time I gas up my car, I am putting money in the pocket of Islam. To darken the gloom, I would say that is arguable that our consuming society is financing its own downfall.
The "Readers' Responses" that are linked at the foot of the post to which I link are interesting reading too. You might want to peruse them all, but here is the first one:
This selection seems to be from the "religion of peace" collection. You might also want to look at the "religion of war" collection, including, among outers "The Truth about Mohammed" by Robert Spencer, "The Legacy of Jihad" by Andrew Bostom, "Islamic Imperialism" by Efraim Karsh, "Future Jihad" by Walid Phares; or, easier, just go to Amazon and search for jihad. These might be a bit more relevant for current times.
I can't get away from the thought that every time I gas up my car, I am putting money in the pocket of Islam. To darken the gloom, I would say that is arguable that our consuming society is financing its own downfall.
Wednesday, November 15, 2006
Monday, November 13, 2006
Pepenadores in our Back Yard. Here is a good article in this morning's Miami Herald about children in Honduras who live in the garbage dumps. The Herald interviewed a YFC missionary there; imagine that! In addition, the Herald also suggests How to Help, (scroll down the page) again mentioning YFC. Amazing. Praise God!
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