The Big Short

***By the way I've "officially" moved my blog to jennt.tumblr.com. I don't think you can post comments yet but I like the format better. I'll be keeping this blog up until I build a better "history" on my tumblr account.

At the beginning of the year I set a goal to read at least one “non-required” book a month. While this may not seem like a big feat to some people, its a lofty goal in the middle of a full time job and 12 hours of Masters level courses. I’ve done pretty good so far. This month I completed “God of the Possible” and “The Big Short.”

One of my geekiest interests is economics and finance. The concept of mortgage backed securities and the failure of the derivatives market has always fascinated me but I wanted a better understanding. This book is exactly what I was looking for. Michael’s Lewis’ novel tells the story of our current financial crisis from the point of view of people who actually made money when the economy collapsed by shorting (betting against) mortgage backed securities. I know what your thinking, it doesn’t sound entertaining at all. However, the characters are so well developed that by the end of the novel I found myself cheering for the economy to collapse so these guys could get the recognition and money they deserved. My favorite character has aspergers, a lazy eye and no formal training in economics. His obsession with investments leads him to create a consistently profitable private equity fund. When he starts placing multi million dollar bets on the fact that people will default on sub-prime, floating rate mortgages, his investors think he’s gone crazy. I just couldn’t wait for the “I told you so.”

In the prologue, the author admits that he began this story as a “let the market run” Republican. However, by the end of his investigation he found himself convinced that tighter controls and government regulations of, at very least,the bond market aren’t just a good idea but absolutely necessary. Someone needs to protect the world’s economy from the unchecked greed of individual investors and traders. The negligence of ratings agencies is shocking and scary. It seems that economics is more of an art than a hard science. The impact that we will see from the introduction of newly invented bonds and securities (that amount to nothing more than trading not assets but risk itself) into an already unstable economy can only be speculated upon. This scares me. I guess it should scare all of us.

At the risk of starting an entirely different debate, this is exactly why during the last presidential election I would become so frustrated when people suggested that this new “socialism” would ruin our economy. I am not a socialist but I also don’t believe capitalism (at least in its current form) is a perfect economic system. The unchecked capitalism that our whole financial system is built upon is flawed in many ways. If individuals were perfect, sinless and without greed, laissez-faire capitalism would work. However, this is not the case. There must be some control to protect the interest and future of those who don’t have a hand in this financial game.

I’d definitely recommend this book but with the caveat that there is a bit of financial theory and economic vocabulary that I had to struggle through.

Home

I remember when I interviewed for my job at PCL. Dr.Garmon showed me a video about Cambodia. At the time I had no idea where Cambodia was and (ashamedly) I knew nothing of their violent history or of the Khmer empire and the Angkor Watt temples. I had never really been interested in Asia but never one to say no to an opportunity to travel, after accepting the job, I anxiously awaited my first trip.

Almost 4 years later, I cannot believe how this tiny country literally on the other side of the world has become a second home to me. Now I live in this weird dichotomy, always missing wherever I'm not, always leaving a piece of me somewhere. This short trip has been especially challenging, saying hello and goodbye almost in the same breath.

I love being greeted by Rosita and Mony who work in our coffee shop with a "where you go" every time I walk in the door. I enjoy haggling with tuk tuk drivers over a $1 difference in fair, surprising women in the market with one of my 4 well-practiced Khmer phrases, promising Sine at the orphanage I'll learn more Khmer soon. I even find comfort in not always understanding what's going on around me, I've learned to enjoy the moments where I don't need to make conversation because no one would understand me anyway. I feel at home on the road where everything is new, unexpected and never as simple as it should be.

I know I'm where I'm supposed to be but sometimes I wish it were here.

Something New

I'm thinking about moving my blog here...

www.jennt.tumblr.com



Thoughts?

The boy who Harnessed the Wind

I love this book. It’s the story of William, a boy from Malawi Africa, who had a dream that was bigger than his circumstances. Armed with a borrowed book and without any formal education, William built a windmill out of trash that provided electricity for his small village. What struck me most about his story is his determination and hope in the face of seemingly insurmountable obstacles. William could have easily played the victim and simply took what life had handed him. However, he used what was available to him to make an amazing impact on not only his own life but on his entire village. I definitely teared up a couple of times. It also does a great job of explaining African culture inclduing their belief in magic and the fear they live in as a result. Its an incredible story.

Superbowl Sunday

If I was going to spend 2.5 million dollars on a thirty second Superbowl ad, I would use the time to remind all University of Tennessee football fans that a colts win does not in any way make the Volunteers a better college team.

But seriously, All politics aside, I agree with this guy:



www.cnn.com/2010/OPINION/02/06/martin.tebow.superbowl.ad/index.html

30 and Single

I’m single and now officially “in my 30s.”

This is a fact I don’t regularly acknowledge outside of my circle of friends. Not because I’m ashamed, but because it inevitably seems to inspire pity from every hearer who does happen to be married. Would I like to be married? Absolutely, but I’m also pretty content with my current situation. I have a pretty full life with great friends and a wonderful job full of opportunities.

I know, I know. Thou doth protest too much. But seriously.

While I’m content with where I am right now, being single and 30 definitely has its share of challenges. I’ve shared this revelation a 100 times and every time I’ve been told that I need to write it so here it is:

Being single and 30 is like shopping in a GAP factory outlet.

“What!” you exclaim, Why ever would you say that?”

Ok baby bird; get ready because mama’s going to feed you.
*(Statements like that are probably why I remain single)

When I was about 22 years old, I went on a summer tour with a group called Master’s Commission. During this trip we visited various churches and camps and did skits and music and teachings blah blah blah. On the way home from one of the camps we stopped at the GAP factory store. I think it was in Virginia. Our leaders had been talking about this place for months. It seemed every time I complimented one of the older girls on her jeans or her sweater they would respond, “thank you. I bought it at the GAP outlet for $2.” Really. Every time. So on this fated summer day, our whole group of poor college students was buzzing with anticipation as we headed towards the legendary factory store.

We pulled into the gigantic parking lot were told we only had 1 hour before we had to get back on the road. Only one hour to spend what we expected to be the greatest store on earth?! We piled out of the 15 passenger van (I’ve spent more time than I care to discuss in 15 passenger vans) and sprinted to the store like we were on the game show Supermarket Sweep. Initially everything we had been told was true. They were racks of jeans for $8 and bins of items for $2 and then 50% off that! It was a dream come true….initially. The first pair of jeans I tried on had a huge hole in one of the belt loops. A sweater I pulled out of the $2 bin had a big tear in the underarm. There was a mismatched sock in the bin. I still have no idea why someone would buy a single sock. I guess a guy with just one leg might…but that’s a whole different story.

So, what began as the greatest shopping day of my life ended up being a bit of a disappointment as I discovered that every one of the items I had excitedly grabbed was there for a reason. Sure, a couple of my friends found some great items; however, I found nothing.

And this is why I compare single and 30 to a visit to the afore mentioned factory store. I cannot tell you the amount of times I have met a guy who seemed absolutely perfect for me and thought, “why in the world is this guy still single? He is amazing!” Only to discover a few weeks later that he has a weird obsession with Nickleback, or he refuses to do his own laundry or he’s an incredible narcissist. Like the $2 sweater in the bin, there is a reason he is there and upon discovering the truth, with a bit of disappointment, I am forced to put him back into the bin.

I understand that I am also still in the bin myself but I’m working on it :)

As an afterthought, I'd also like to point out that my lack of luck at the outlet didn't mean that there weren't good things available. I just didn't find them. I'm hopeful that there are still some great items out there, I'll just have to look a little longer. Or plan to visit the store on Tuesdays, when they put out the fresh stock.

The King sits with us

Julie, our Northern Cambodian director, sent me an email yesterday about a small village she visited for the first time. She said she spoke about Emmanuel, which in Cambodian translates to "the king sits with us" and what an amazing experience it was to have the king sit with them for a while in an obscure Cambodian village. This translation really resonated with me. For some reason, it seems so much more personal and so much more special that The King himself would take the time to sit with me and have a cup of coffee with no real agenda during the hectic holiday season.