I am posting this blog while I am sitting in a university cafe in Zaragoza. Why am I here? I needed to take TOEFL test for a *stupid* reason, and the only place I could take it today was in Zaragoza. Sigh, the things we do.
The trip started out with a nice train ride from Barcelona Sants Estacio. Somehow, when booking the ticket, I ended up with a first-class (preferente, as they call it) seat in the Renfe trains. I wasn't really expecting anything except maybe bigger seats than the usual train seats, but boy I was wrong! Attendants served a full breakfast, gave out hot towels, etc. The works!
Zaragoza is pretty now. The sun is shining, and maybe I should see at least one tourist sight before I go back to Barcelona at around 7pm. The TOEFL went well, and the only problem I had was that I was starving when I came out of the test center. Even though I had planned a healthy meal before and after the test, when I came out, I couldn't find a restaurant with an open kitchen, so all they had were deep fried stuff. I just had eggs and cheese rolled in ham, then battered and deep-fried. Too bad about my "healthy" intentions.
Saturday, March 21, 2009
Saturday, March 14, 2009
Spring, Finally
The weather has been sunny and warm (in the late teens Celsius) since yesterday, so Marijn and I have been out and about enjoying the sunshine. I'm not as outdoorsy as Marijn, but we both like to go to parks and we try to hike a bit when we can.
Yesterday, before coming home from school, we stopped by the Palau Reial de Pedralbes, which was a resthouse designed by Antoni Gaudi for Eduardo Guell, his patron. Unfortunately, they only have guided tours of the house at very limited times, so we only got to see the gate and peek inside to see that the property is now owned by the Universitat de Barcelona. The gate was interesting though - it is a metal gate shaped like a dragon.
Palau Reial Gate
Marijn peeking inside and trying to be silly
The good thing was that the old ranch part of the house was converted into a public park named Jardin de Palau Reial along Avinguda Diagonal. The park is medium-sized, and littered with UB students sitting on the grass. Spring was definitely starting, with flowers sprouting and birds getting their sunshine.
Me with the flowers
Wild flowers
Today, we decided to have an easy hike in Mt. Tibidabo, which was really great. The hiking trails are only 15 minutes away from Barcelona with the moto. I haven't really tried riding Marijn's moto in the highways before today, and it was a really great experience with the weather cooperating. The vista of Barcelona from the mountains was fantastic, and we got a nice workout from the hike.
Tonight, we'll have a hotpot dinner in a friend's house, so I better do my errands before it gets late. Hope you are enjoying the weekend as much as I am!
Yesterday, before coming home from school, we stopped by the Palau Reial de Pedralbes, which was a resthouse designed by Antoni Gaudi for Eduardo Guell, his patron. Unfortunately, they only have guided tours of the house at very limited times, so we only got to see the gate and peek inside to see that the property is now owned by the Universitat de Barcelona. The gate was interesting though - it is a metal gate shaped like a dragon.
Palau Reial Gate
Marijn peeking inside and trying to be silly
The good thing was that the old ranch part of the house was converted into a public park named Jardin de Palau Reial along Avinguda Diagonal. The park is medium-sized, and littered with UB students sitting on the grass. Spring was definitely starting, with flowers sprouting and birds getting their sunshine.
Me with the flowers
Wild flowers
Today, we decided to have an easy hike in Mt. Tibidabo, which was really great. The hiking trails are only 15 minutes away from Barcelona with the moto. I haven't really tried riding Marijn's moto in the highways before today, and it was a really great experience with the weather cooperating. The vista of Barcelona from the mountains was fantastic, and we got a nice workout from the hike.
Tonight, we'll have a hotpot dinner in a friend's house, so I better do my errands before it gets late. Hope you are enjoying the weekend as much as I am!
Wednesday, March 11, 2009
To the Bests
Guess what? My MBA is about to end. In about 3 weeks, I will read my last case, and in 1.5 months, my classmates and I will have our graduation ceremony. As my Mexican friend Pablo likes to exclaim, "Increible!"
I have a 3-week trip to China and the Philippines during April between the last class and graduation day, and nowadays, I spend more time planning the trip than actually studying. *grin* 3 out of 6 of my classes ended already. And I have only 3 projects/papers to write before it's all over. Yesterday was the last day of one of my courses called Financing Entrepreneurial Investments (or Opportunities? Can't remember). Anyway, so for the last class one of the girls made a "Best Professor" diploma for Rob Johnson, our professor. Although at first the idea of the poster sounded a bit silly and high-school-y, Rob was choked up with the gesture.
I have had my share of classes in IESE, and, really, some professors just really have the magic of making classes so much more interesting and enjoyable. Here are the best professors I've had in the MBA:
All in all, I'm a satisfied (and more informed) customer because of these guys. :)
I have a 3-week trip to China and the Philippines during April between the last class and graduation day, and nowadays, I spend more time planning the trip than actually studying. *grin* 3 out of 6 of my classes ended already. And I have only 3 projects/papers to write before it's all over. Yesterday was the last day of one of my courses called Financing Entrepreneurial Investments (or Opportunities? Can't remember). Anyway, so for the last class one of the girls made a "Best Professor" diploma for Rob Johnson, our professor. Although at first the idea of the poster sounded a bit silly and high-school-y, Rob was choked up with the gesture.
I have had my share of classes in IESE, and, really, some professors just really have the magic of making classes so much more interesting and enjoyable. Here are the best professors I've had in the MBA:
- Paddy Miller (Organizational Behaviour) - My favourite. His class was at 8:15am every morning, and he made it worth it to wake up during cold winter mornings to go to school. I have to say, I've never appreciated an OB class until I've had his, because he translates wishy-washy organizational stuff into real-life practical solutions.
- Pedro Videla (Economics) - Although I do have to boast a little that Pedro gave me two A's during the MBA (let me have my moment!), Pedro just makes economics understandable and useful. A great story-teller and has the practical experience to back up all those economic theories.
- Rob Johnson (Entrepreneurial Finance) - As mentioned above, Rob is well-loved by a lot of students, because he knows how to handle the class, and is adorable when he gets choked up! (I guess the latter only applies to girls...) He has so much personal and professional experience in the subjects, and is really passionate about helping people understand the crazy world of VC's, PE's, banks, entrepreneurs, and everything in between.
- Jan Simon (Finance) - I must admit, I didn't like Jan at first, but he's the kind of professor that either you're scared of, you hate, or you love. I think I'm somewhere in between love and scared. He looks like one of those toughie Goldman guys, but actually is extremely nice and helpful, and is all about finance.
- Mas Torres (Ethics) - He is one loud American, but I can forgive that because he really knows how to teach an ethics class. Before having his class, I was thinking, "Uh, is this going to be like Sunday school?" But Max is really good at making you think about the gray areas of life, and how you can someday handle those situations.
- Manel Baucells (Decision Analysis) - I like math and logic, so, for me, Manel's courses are great. He also has a dry sense of humor that helps him explain complex theorems of game theory and Monte-Cristo analyses more interesting. This subject is so hard to teach, and he does it so well.
All in all, I'm a satisfied (and more informed) customer because of these guys. :)
Sunday, October 19, 2008
Andrew Lahde's Goodbye Letter
One of habits that I have developed since starting business school is reading the FT and cnbc.com. Somehow, every time I hear Maria Bartiromo and company with their fancy blue CNBC financial charts on TV, I get giddy. Even through the financial meltdown.
I thought I'd post something interesting I was reading this morning. It's a goodbye letter in cnbc.com from Andrew Lahde, the hedge fund manager of Lahde Capital - the fund that made 866% in one year by betting against subprime securities. He sounds like a cowboy!
I thought I'd post something interesting I was reading this morning. It's a goodbye letter in cnbc.com from Andrew Lahde, the hedge fund manager of Lahde Capital - the fund that made 866% in one year by betting against subprime securities. He sounds like a cowboy!
Text Size
From the Scorched Earth Files:
Andrew Lahde, manager of a small California hedge fund, Lahde Capital, burst into the spotlight last year after his one-year-old fund returned 866 percent betting against the subprime collapse.
Last month, he did the unthinkable -- he shut things down, claiming dealing with his bank
counterparties had become too risky. Today, Lahde passed along his "goodbye" letter, a rollicking missive on everything from greed to economic philosophy. Enjoy:
Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say goodbye.
Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, "What I have learned about the hedge fund business is that I hate it." I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy, only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.
There are far too many people for me to sincerely thank for my success. However, I do not want to sound like a Hollywood actor accepting an award. The money was reward enough. Furthermore, the endless list those deserving thanks know who they are.
I will no longer manage money for other people or institutions. I have enough of my own wealth to manage. Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such a small war chest. That is fine; I am content with my rewards. Moreover, I will let others try to amass nine, ten or eleven figure net worths. Meanwhile, their lives suck. Appointments back to back, booked solid for the next three months, they look forward to their two week vacation in January during which they will likely be glued to their Blackberries or other such devices. What is the point? They will all be forgotten in fifty years anyway. Steve Balmer, Steven Cohen, and Larry Ellison will all be forgotten. I do not understand the legacy thing. Nearly everyone will be forgotten. Give up on leaving your mark. Throw the Blackberry away and enjoy life.
So this is it. With all due respect, I am dropping out. Please do not expect any type of reply to emails or voicemails within normal time frames or at all. Andy Springer and his company will be handling the dissolution of the fund. And don't worry about my employees, they were always employed by Mr. Springer's company and only one (who has been well-rewarded) will lose his job.
I have no interest in any deals in which anyone would like me to participate. I truly do not have a strong opinion about any market right now, other than to say that things will continue to get worse for some time, probably years. I am content sitting on the sidelines and waiting. After all, sitting and waiting is how we made money from the subprime debacle. I now have time to repair my health, which was destroyed by the stress I layered onto myself over the past two years, as well as my entire life -- where I had to compete for spaces in universities and graduate schools, jobs and assets under management -- with those who had all the advantages (rich parents) that I did not. May meritocracy be part of a new form of government, which needs to be established.
On the issue of the U.S. Government, I would like to make a modest proposal. First, I point out the obvious flaws, whereby legislation was repeatedly brought forth to Congress over the past eight years, which would have reigned in the predatory lending practices of now mostly defunct institutions. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. Since Thomas Jefferson and Adam Smith passed, I would argue that there has been a dearth of worthy philosophers in this country, at least ones focused on improving government.
Capitalism worked for two hundred years, but times change, and systems become corrupt. George Soros, a man of staggering wealth, has stated that he would like to be remembered as a philosopher. My suggestion is that this great man start and sponsor a forum for great minds to come together to create a new system of government that truly represents the common man's interest, while at the same time creating rewards great enough to attract the best and brightest minds to serve in government roles without having to rely on corruption to further their interests or lifestyles. This forum could be similar to the one used to create the operating system, Linux, which competes with Microsoft's near monopoly. I believe there is an answer, but for now the system is clearly broken.
Lastly, while I still have an audience, I would like to bring attention to an alternative food and energy source. You won't see it included in BP's, "Feel good. We are working on sustainable solutions," television commercials, nor is it mentioned in ADM's similar commercials. But hemp has been used for at least 5,000 years for cloth and food, as well as just about everything that is produced from petroleum products. Hemp is not marijuana and vice versa. Hemp is the male plant and it grows like a weed, hence the slang term. The original American flag was made of hemp fiber and our Constitution was printed on paper made of hemp. It was used as recently as World War II by the U.S. Government, and then promptly made illegal after the war was won. At a time when rhetoric is flying about becoming more self-sufficient in terms of energy, why is it illegal to grow this plant in this country?
Ah, the female. The evil female plant -- marijuana. It gets you high, it makes you laugh, it does not produce a hangover. Unlike alcohol, it does not result in bar fights or wife beating. So, why is this innocuous plant illegal? Is it a gateway drug? No, that would be alcohol, which is so heavily advertised in this country. My only conclusion as to why it is illegal, is that Corporate America, which owns Congress, would rather sell you Paxil, Zoloft, Xanax and other additive drugs, than allow you to grow a plant in your home without some of the profits going into their coffers. This policy is ludicrous. It has surely contributed to our dependency on foreign energy sources. Our policies have other countries literally laughing at our stupidity, most notably Canada, as well as several European nations (both Eastern and Western). You would not know this by paying attention to U.S. media sources though, as they tend not to elaborate on who is laughing at the United States this week. Please people, let's stop the rhetoric and start thinking about how we can truly become self-sufficient.
With that I say good-bye and good luck.
All the best,
Andrew Lahde
Saturday, October 11, 2008
Signed, Sealed, and Delivered
It's done - I have a job after the MBA! Today, I woke up more pensive than usual, wrote down a to-do list, and put down something I have been procrastinating to do for a few days now - whether or not to accept the job offer that I got from a bank where I did my summer internship. And, thanks to my magic yellow to-do list pad (I swear, almost everything I put there happens!), I sent an email to my HR contact and said, "Hey, sure, I love market turbulence! Count me in!"
It wasn't really a hard decision. In fact, it was too easy. I liked the job, I loved London, I have a student loan, and more importantly, the bank is still operating (gulp).
Now that I have mentally and emotionally committed myself to being a stoic boring banker for what seems like the rest of my life, I am going to check out a good recipe in Cookie Madness, and make some cookies.
It wasn't really a hard decision. In fact, it was too easy. I liked the job, I loved London, I have a student loan, and more importantly, the bank is still operating (gulp).
Now that I have mentally and emotionally committed myself to being a stoic boring banker for what seems like the rest of my life, I am going to check out a good recipe in Cookie Madness, and make some cookies.
Monday, April 7, 2008
Life is Good
I know what you're thinking. What happened to me from October to March? (OK, OK, maybe you don't care, but I'm going to tell you anyway.) The 1st and 2nd terms of the MBA happened.
To be honest, a lot of it was a blur. In between the flurry of cases, job-hunting, getting sick, cases, job-hunting, cases, job-hunting, getiing sick, cases, job-hunting, and socializing (for job-hunting), I vaguely remember that there were also some free time to do some laundry and attend parties. I remember feeling exhausted almost every day and feeling like I was never good enough or prepared enough for school. The case method took some getting used to. Plus, I came from a non-business background, and all the subjects were new to me.
Thankfully, those were just growing pains, and I think IESE intentionally made the 1st and 2nd terms harder to create some kind of artificial pressure that mimicked that of the real world (or so we think). As the 3rd terms rolls by, my classmates and I are way more relaxed than before, we know each other better, and we're finally learning how enjoyable MBA student life can actually be.
To be honest, a lot of it was a blur. In between the flurry of cases, job-hunting, getting sick, cases, job-hunting, cases, job-hunting, getiing sick, cases, job-hunting, and socializing (for job-hunting), I vaguely remember that there were also some free time to do some laundry and attend parties. I remember feeling exhausted almost every day and feeling like I was never good enough or prepared enough for school. The case method took some getting used to. Plus, I came from a non-business background, and all the subjects were new to me.
Thankfully, those were just growing pains, and I think IESE intentionally made the 1st and 2nd terms harder to create some kind of artificial pressure that mimicked that of the real world (or so we think). As the 3rd terms rolls by, my classmates and I are way more relaxed than before, we know each other better, and we're finally learning how enjoyable MBA student life can actually be.
The Demise of My Privacy
It came to my attention a few months ago that when you search for IESE blogs, you can actually get a link in Google to my blog. I only started to awaken to this fact when people I know started telling me that they read so-and-so from my blog. I, on the other hand, thought this was my super-secret journal only for my friends. Not that I would post something super personal, but, still, I found it a bit disconcerting.
I initially thought of just stopping blogging altogether. (Although the crazy workload the past 2 terms kind of helped me accomplish that.) However, the other day, I was browsing through the IESE Admissions Forum and was looking at some posts by applicants and accepted applicants, and I remembered that time not too long ago when I was an applicant myself and was just so interested in learning more about IESE, I read every IESE blog I could find. I guess, in some way, my cathartic writing here might benefit some person out there who wants to get an idea of how life is as an IESE MBA.
And so, I shall do my best to continue.
I initially thought of just stopping blogging altogether. (Although the crazy workload the past 2 terms kind of helped me accomplish that.) However, the other day, I was browsing through the IESE Admissions Forum and was looking at some posts by applicants and accepted applicants, and I remembered that time not too long ago when I was an applicant myself and was just so interested in learning more about IESE, I read every IESE blog I could find. I guess, in some way, my cathartic writing here might benefit some person out there who wants to get an idea of how life is as an IESE MBA.
And so, I shall do my best to continue.
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