My take on the world around me!

Monday, May 05, 2008

Costa Rica 2007

Costa Rica - The drive back from Puerto Viejo (Caribbean coast) to Limon (Where Columbus touched down in CR) and on to San Jose for the flight to NYC (confusing I know!)- 5.30am - One of the best drives in my life - 30 December 2007


The gorgeous Pacific Beaches in Costa Rica - Montezuma - December 2007

The desolate White Sand Beaches of Montezuma - Costa Rica - December 2007


Costa rica - walking throught the cloud rain forests



Tuesday, July 10, 2007

Hero of the Ming Dynasty: The man who mapped the world

I first read about the Great Chinese Voyages of the 15th century in "1421" a book written by Gavin Menzies (http://www.1421.tv/) and found his purported '1421 Hypothesis' (http://en.wikipedia.org/wiki/1421_hypothesis) to be a fascinating if not a sensationalist version of 'pop' history (much like Dan Brown's Da Vinci Code which to be fair is a piece of popular fiction - both authors share the same Publishers).

The voluminous tome (all of 1,500 pages) randomly moves between disparate sets of analysis (maps, DNA and anecdotal evidence such as the export of flora, fauna & cash crops between Asia & the New world), showing a distinct lack of editorial acumen on the part of the authors publishers. I hear newer editions present a more coherent version of the author’s interpretation of history.


Read on....

Published: 26 September 2006
http://news.independent.co.uk/world/asia/article1757280.ece

A Mongolian Muslim who was castrated as a boy became one of the most intrepid explorers in history. As China prepares to celebrate the 600th anniversary of his first voyage, Clifford Coonan in Beijing tells the extraordinary story of Admiral Zheng He

Standing seven feet tall, Admiral Zheng He towered over his crew at the prow of his legendary treasure ship. Setting out six centuries ago on the first of seven landmark voyages, he reached south-east Asia, India, the Persian Gulf, the Red Sea, and as far as the east coast of Africa. Some say he may even have made it to America.

The exploits of the intrepid Ming Dynasty explorer known as the Three-Jewelled Eunuch, a devout Muslim of Mongolian descent from Yunnan province, still resonate in China today, where he is seen as a symbol of emerging modern China's peaceful rise.

Zheng He's journeys took him to 37 countries over 28 years as part of the mightiest fleet that ever sailed, with 300 ships and 28,000 sailors. It wasn't until the First World War that a bigger flotilla took to the seas.

The pride of the fleet was the flagship, Zheng He's treasure ship, a hardwood vessel with 1,000 men on board. At 400ft, it dwarfed Christopher Columbus's Santa Maria, a minnow at 98ft. It had nine masts and 12 red sails and was packed full of porcelain, calligraphy scrolls, elegant musical instruments - the finest items China had to offer.

Emperor Yongle, the first ruler of the Ming dynasty, wanted to showcase China's naval power, and in 1402 commissioned Zheng to undertake a daring mission to the seas known to the Chinese as the Western Oceans. Three years later, the expedition was ready.
Born Ma He in 1371, (the name Ma is the Chinese transcription of Muhammad), to poor parents, the future great seafarer was captured by soldiers and castrated when he was still a boy. He was forced into the army, where he excelled, earning the honorific surname "Zheng" after fighting in a battle near Beijing.

Eunuchs were politically influential in the court, and Zheng De became close to the third Ming emperor, Zhu Di, as a key strategist, earning him the title of Prince of Yan. He also studied languages and philosophy.

He died in 1433, aged 62 - some say on the return leg of his seventh and final journey. His tomb, bearing the inscription "Allah is Great" stands at the southern outskirts of Niushou in Nanjing.
Leaving Nanjing laden with silk, ceramics, pottery and copper coins, the fleet returned packed with spices, fruits and rare and exotic fauna, such as China's first giraffe, which the voyagers picked up in Somalia. The emperor himself went down the palace gate to see the giraffe, which was accompanied by a zebra and an oryx.

All the information about Zheng He's voyages we have comes from writing on a stone pillar discovered in the 1930s in Fujian province, and the accounts of those who sailed with him. The account on the pillar tells of seeing "in the ocean huge waves like mountains rising sky-high, and we have set eyes on barbarian regions far away hidden in a blue transparency of light vapours".
But the voyages were not only about trade. A Muslim scholar named Ma Huan documented the daring voyages. He wrote of how in 1407, a Cantonese sea pirate named Chen Zuyi, who with 5,000 men operated out of Sumatra preying in the Straits of Malacca, was destroyed by Zheng He's armada. Chen Zuyi was taken back to Nanjing and publicly executed.
The sailors were helped by technological advances such as the compass, or "south pointing spoon", fore and aft sails, and airtight compartments in the hull.

Boat-builders in Nanjing, the capital of Jiangsu province in eastern China, have just completed a replica of one of the ships in the fleet, 200ft long and 46 ft wide. Sailing in ships like the replica just completed, Zheng He is credited as the first man to have established a direct sea route linking the western Pacific and the Indian Ocean.

The Nanjing shipyard where much of Zheng He's fleet was built has been excavated. The next step for the boat builders working at the Nanjing Treasure Boat Heritage Park is to embark on their most ambitious project to date - a replica of the treasure ship itself. Work begins this month and should be completed in 2008, when the replica boat is expected to sail as an "image envoy" in the aquatic events in the 2008 Olympic Games.

The boat will also travel to countries along the ancient Maritime Silk Route explored by early Chinese sailors, its builders said.

A problem with building replicas of the treasure ship and other vessels in Zheng He's fleet is that no one really knows what the ships looked like. While thousands of ships were built, none of them exist today, not even as shipwrecks, leaving boat-builders to try to recreate the vessels from documentary evidence. It's a procedure involving experiment, trial and error. Previous efforts to rebuild the treasure ship have sunk, and the size of the replica will be considerably smaller than the original ship because of the lack of records which might explain how its structure held together, a senior engineer told the Xinhua news agency.

Costing $10m (£5.2m), the boat will be constructed on an ancient wooden framework made from oak, as historians think the original probably was, but will have all mod cons inside, including computers, engines and air conditioning.

The rehabilitation of Zheng He's reputation began in the early part of the last century, and by the 1930s he worked his way into school textbooks as a national hero. The country has been gripped with Zheng He fever since the 600th anniversary of the first of his fantastic voyages. His exploits have become a focal point for Chinese nationalism because, in the days when the Admiral roamed the waves, China was far more technologically advanced than other cultures and had no equal at sea.

In 2005, the government organised an exhibition at the National Museum in Beijing's Tiananmen Square proclaiming him a hero. The propaganda tsars are keen to push the Zheng He story as a symbol of Chinese ingenuity, but also of its benign foreign policy - China's peaceful rise, as President Hu Jintao likes to put it. They insist that Zheng He was not a coloniser and was more interested in trade than theft, although they concede the fleet was also supposed to spread the word to the peoples of southern Asia in particular that China was a mighty power.
"Unlike many latter-day European counterparts, which sailed across the great oceans to conquer other nations by force, the Chinese fleet brought to those foreign lands tea, chinaware, silk and craftsmanship. They gave the rest of the world peace and civilisation and never occupied any foreign land, an achievement symbolising the ancient kingdom's sincerity to increase exchanges with other nations," ran an editorial in the state-run China Daily last month.
Many historians disagree with this view of Ming dynasty benevolence. As the Singapore-based historian Geoff Wade has pointed out, the Ming dynasty was involved in numerous expansionary campaigns, including the invasion of Vietnam and dispatching fleets around south-east Asia and the Indian Ocean to implement a "pax Ming" across the seas of the region.

They were involved in a civil war in Java in 1406, and another in Sumatra in 1415; they seized the Sri Lankan capital - and Sri Lanka's leader - and the Thai capital of Ayudhya, as well as establishing bases to control the Straits of Malacca.

Meanwhile, the good admiral was in the limelight again after the publication by the British author Gavin Menzies of 1421, which claims that he reached the Americas in that year. In January, a map unearthed by a collector of old charts in Shanghai seemed to show that Admiral Zheng first landed on the shores of the New World, decades before Christopher Columbus's Santa Maria had even been built.

The map purported to prove that Zheng rounded Africa's southernmost tip, the Cape of Good Hope, 76 years before Vasco da Gama, and circumnavigated the globe 100 years earlier than Ferdinand Magellan.

In June a medal was discovered in North Carolina, complete with Ming dynasty inscriptions, that had been dug up kilometres inland from the coast. The six-Chinese-character inscription, "Da Ming Xuan De Wei Ci", on the medal translates into "Awarded by Xuan De of Great Ming". It refers to the period between 1426 and 1435, the reign of Emperor Xuan Zong - long before Columbus's 1492 landing. Other researchers say that the high incidence of the genetic disorder, Machado-Joseph disease among local American Indians, which first appeared in Yunnan in China, could have been spread by the Chinese fleet in the 1430s.

Whether he did indeed beat Columbus to the New World, the story of the way Zheng He faded from view is also a puzzling one. The admiral sailed for nearly 30 years, but after the emperor died in 1424, China began to look inward, beginning a policy of isolationism that lasted hundreds of years. China had the technology and the manpower in its grasp and she could easily have gone on to colonise the whole planet - but instead of becoming the first global superpower, the new emperor shut the doors and burnt all records of Zheng's fleet, ending the "Age of Sea".

China's isolationism at the time marked the growing power of the conservative Confucian scholars, who had long been envious of the power of the eunuchs. Shortly after the last voyage of the treasure fleet, the Chinese emperor forbade overseas travels and stopped all building and repair of ocean-going junks. Anyone who disobeyed the ban on overseas travel was killed. The greatest navy of the world willed itself into extinction, leaving China closed off and with little way of protecting itself against attack from Japanese pirates.

For their part, great colonial nations such as Spain and Portugal began honing their sailing skills and, in tandem, their colonial administration abilities, and the rest, as they say, is history.

Monday, July 09, 2007

Private equity versus hedge funds

8/7/2007 10:52:27: FT.comCopyright
The Financial Times Ltd. All rights reserved.URL :
http://www.euro2day.gr/articlesfna/38501214/


Hedge funds and private equity have one big thing in common. Both charge whopping fees – typically 2 per cent of assets under management (AUM) and 20 per cent of investment profits. Otherwise, the differences are huge.

Private equity is a heavily geared, Έlong-onlyΈ investment in illiquid assets (whole companies), with high levels of control and a multi-year time horizon. Hedge funds, by contrast, typically invest in liquid securities, with no control. They have the flexibility to take both long and short positions and their performance, because it is more transparent, is judged almost constantly by investors.
So which of the two asset classes is more valuable when a management company goes public? The obvious answer is private equity.
First, assets are tied up long-term. Kohlberg Kravis Roberts, which plans an initial public offering, says 73 per cent of its assets are committed for as much as 18 years. While KKR is highly unlikely to hold any investment for that long, it does give huge flexibility to ride out tough times. And it provides a steady stream of cash from the 2 per cent management fee – alongside the bigger and more volatile 20 per cent share of investment gains. Private equity funds also juice fees with a charge for each deal they do and sometimes a cut for syndicating equity to third-party investors. That can take underlying management fees closer to 3 per cent.
By contrast, hedge fund investors can pull their money quickly if performance is bad, making the underlying fee stream less secure. In addition, poor investment returns can quickly inflict a double whammy on a hedge fund manager's earnings – of weak performance fees and falling AUM as investors withdraw money.
Second, private equity firms feel more solid. They have established brands such as Blackstone and KKR, they buy full control of businesses people know, and buy-outs have largely avoided financial trouble in recent years. Hedge funds, for some, conjure up images of whizz-kids rolling the dice on behalf of clients, leading to high-profile blow-ups such as Amaranth and recently some mortgage funds at Bear Stearns.
Finally, private equity firms have a Έcookie jarΈ of unrealised gains on their illiquid investments that should emerge as cash flow when the businesses are sold. (At least, that is the case in today's strong market.)
But dig a little deeper and hedge funds also have their charms. They mostly lack the protection of long lock-ups. But in good times their AUM grows naturally because, unlike private equity, they do not constantly hand cash back to investors when they exit investments.
Hedge funds are more geared to good performance. If they generate strong returns they enjoy handsome performance fees. The assets on which they can charge future fees also grow by that amount and the good performance attracts further inflows.
In the end, both models live and die by their returns. Private equity groups have longer to prove themselves, have real control over their portfolio companies and can ride out most market storms. Hedge fund investors, meanwhile, can see the real performance each month because most securities are listed. If that is bad, it can spark a rush to the exit and cause real problems for the management company.
Fortress and Blackstone, the main US companies already public, have a mix of other assets alongside their straight private equity funds. The coming IPOs of Och-Ziff, a pure hedge fund, and KKR, a pretty pure private equity manager, should give a clearer idea of relative valuations. Assuming hedge funds do not lengthen lock-ups significantly, private equity should usually command a higher multiple.
However, investors also need to take cycles into account. The easy credit conditions that have fuelled the private equity boom are showing signs of strain and stocks are well into a long bull market. The flexibility of hedge funds to go short and mix up the assets they invest in might make the most blue chip managers look attractive in tougher times.

Tuesday, June 19, 2007

A Weekend in Cornwall - May 2007

We rented a car (Vauxhall Vectra - 1.8 Petrol) and drove to Cornwall over the Bank Holiday weekend in May 2007. Wonder why so many Brits rave about the beauty of the French /Spanish Riviera when they have the Azure waters of
Devon & Cornwall to boast about
- KK -



Stone Henge


Ap at Penzance


Penzance Bay


Lamorna cove


Azure waters of Lamorna cove

Porthucorno beach - same as the one above (The Beach was originally used as a landing point for all undersea telgraph cables linking the UK to the rest of the world)

Landsend - Western most point of the UK

Sugar mice and Humbugs

Sunset at Sennen Cove

Stormy seas at St Ives

Cape Cornwall





Ap at Seal Sanctuary in Devon

(Mirror, Mirrow on the wall....Who is the prettier of them all????)


Thursday, May 24, 2007

Kashmir: The origins of the dispute

By Victoria Schofield, author of Kashmir in Conflict
Story from BBC NEWS:http://news.bbc.co.uk/go/pr/fr/-/1/hi/world/south_asia/1762146.stmPublished: 2002/01/16 02:05:48 GMT© BBC MMVII

In August 1947 when the Indian subcontinent became independent from Britain, all the rulers of the 565 princely states, whose lands comprised two-fifths of India and a population 99 million, had to decide which of the two new dominions to join, India or Pakistan.

The ruler of Jammu and Kashmir, whose state was situated between the two new countries, could not decide which country to join. He was Hindu, his population was predominantly Muslim. He therefore did nothing. Instead he signed a "standstill" agreement with Pakistan in order that services such as trade, travel and communication would be uninterrupted.
India did not sign a similar agreement. Law and order In October 1947, Pashtun tribesmen from Pakistan's North-West Frontier Province invaded Kashmir.

There had been persistent reports of communal violence against Muslims in the state and, supported by the Pakistani Government, they were eager to precipitate its accession to Pakistan. Troubled by the increasing deterioration in law and order and by earlier raids, culminating in the invasion of the tribesmen, the ruler, Maharaja Hari Singh, requested armed assistance from India.

The then Governor-General, Lord Mountbatten, believed the developing situation would be less explosive if the state were to accede to India, on the understanding that this would only be temporary prior to "a referendum, plebiscite, election". According to the terms of the Instrument of Accession, India's jurisdiction was to extend to external affairs, defence and communications. Troops airlifted exactly when Hari Singh signed the Instrument of Accession has been hotly debated for over 50 years.

Official Indian accounts state that in the early hours of the morning of 26 October, Hari Singh fled from Srinagar, arriving in Jammu later in the day, where he was met by V P Menon, representative of Prime Minister Jawaharlal Nehru, and signed the Instrument of Accession.
On the morning of 27 October, Indian troops were airlifted into Srinagar. Recent research, from British sources, has indicated that Hari Singh did not reach Jammu until the evening of 26 October and that, due to poor flying conditions, V P Menon was unable to get to Jammu until the morning of 27 October , by which time Indian troops were already arriving in Srinagar.
In order to support the thesis that the Maharaja acceded before Indian troops landed, Indian sources have now suggested that Hari Singh signed an Instrument of Accession before he left Srinagar but that it was not made public until later. This was because Hari Singh had not yet agreed to include the Kashmiri leader, Sheikh Abdullah, in his future government. To date no authentic original document has been made available.

Pakistan immediately contested the accession, suggesting that it was fraudulent, that the Maharaja acted under duress and that he had no right to sign an agreement with India when the standstill agreement with Pakistan was still in force. Pakistanis also argued that because Hari Singh fled from the valley of Kashmir , he was not in control of his state and therefore not in a position to take a decision on behalf of his people.

'Bad faith'
In the context of Pakistan's claim that there is a dispute over the state of Jammu and Kashmir, the accession issue forms a significant aspect of their argument. By stating that the Instrument of Accession was signed on 26 October, when it clearly was not, Pakistan believes that India has not shown good faith and consequently that this invalidates the Instrument of Accession. Indians argue, however, that regardless of the discrepancies over timing, the Maharaja did choose to accede to India and he was not under duress. On the basis of his accession, India claims ownership of the entire state which includes the approximately one-third of the territory currently administered by Pakistan.

In 1949 Maharaja Hari Singh was obliged by the Government of India to leave the state and hand over the government to Sheikh Abdullah. He died in Bombay in 1962.

Wednesday, January 31, 2007

Of a Voyage to Morocco...

Morocco is a land of absolute contrast - narrow labyrinths packed with merchandise (from Olives & Cactus fruit to Camel Heads and Silverware to leather straight out of a tannery), the souks (markets) in the old Medinas (walled cities), remote Kasbahs (fortified settlements), Dunes of the Sahara, snow capped peaks of the Atlas mountains and ivory beaches along the Atlantic and Med coasts – and all within a couple of hours of each other…

Will let the pics do most of the talking … have had to sort through the 800 odd pics to find 30 good ones to send out … the link to album with silly annecdotes is mentioned on the right (scroll down the page - links section)















































































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Thursday, November 02, 2006

The History Boys


Watch the History Boys - guaranteed, it will bring back a few memories from school and the rat race that started for most of us 10 years ago! - Kandarp


The History Boys - the play
The action of the play takes place in Cutlers' Grammar School, Sheffield, a fictional boys' grammar school in the north of England. Set in the 1980s, the piece follows a group of history pupils preparing for the Oxbridge (Oxford and Cambridge) entrance examinations under the guidance of two teachers (Irwin and Hector) with contrasting styles.Irwin teaches the essay style of brisk generalities flavoured with sufficient facts and quotations to engage the examiner's interest and disguise the boy's ignorance in the hope of programming them for success. This method was one of 'false pretences', that Bennett felt he had had to teach himself in order to succeed in examinations, one academic pursuit he constantly had trouble with. Hector however wishes to teach knowledge as it is and believes that such contrived methods are practically indecent.The play blends both comedy and tragedy, with multiple layers and themes, including growing up, the wider purpose of education in adult life, pederasty, teaching methods, homosexuality, and the English education system.

Indeed the role of Posner with his hopeless attraction to Dakin, fondness of Hector's teaching methods and late development into adulthood represents deep autobiographical details of Bennett's life.

The History Boys (2006) - Movie reviewed by Jamie Russell (http://www.bbc.co.uk/films/2006/10/04/the_history_boys_2006_review.shtml)

Part school days nostalgia trip, part gay-themed drama Alan Bennett's The History Boys won endless awards when it hit The National Theatre. Cut'n'pasted to the big screen - same director, same cast - it's kept all its probing, comic smarts. Richard Griffiths plays inspired and inspiring English teacher Hector, who clashes with young supply teacher Irwin (Stephen Campbell Moore) while coaching Sixth Formers for Oxbridge entrance exams. As stuffy tradition meets modern technique, lessons will be learned.The clash of the masters is academic; at least until Hector's caught groping one of the boys (hands on teaching perhaps?) and Bennett's classroom drama is suddenly laced with dark longing and sexual desire. It lets this teacher-pupil drama cut deeper than the insipid platitudes of Dead Poet's Society. Think Grange Hill rewritten by WH Auden: slightly fusty but wickedly witty.

"THE YOUNG CLASS GET TOP MARKS"

Little is gained by uprooting this play from the stage, but nothing's lost either. The young cast get top marks for battling Bennett's improbably middle aged dialogue while Richard Griffiths - once Uncle Monty in Withnail & I - gives Hector gravitas (and a 60 inch waistline). Elsewhere, Frances de la Tour plays a deadpan history teacher ("How depressing it is to teach five centuries of masculine ineptitude") and Clive Merrison pitches his conniving headmaster somewhere between Gollum and Mr Burns from The Simpsons. It's a mark of how high this movie sets the bar that these actors can't steal the show.

Like the Oxbridge (Oxford and Cambridge) entrance exams the pupils sit, such excellence is expected, not exceptional.