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    Apple Pay for Better Security

    Posted by Carl from Chicago on 11th October 2017 (All posts by )

    Over the last year I’ve had several opportunities to drive to remote parts of Oregon. Often we stop by a local grocery / convenience store to pick up groceries or a snack. These stores are small and often with a single check out lane and a very quaint atmosphere of old-time store goods.

    A bit of fun for me is to walk up to the credit card reader which usually has the icon for near field connectivity (NFC) and I surreptitiously use my Apple Watch with Apple Pay enabled to quickly pay for groceries without taking out my credit card. The cashier gets flummoxed and wonders what happened, and I show them my Apple Watch with my card image and they laugh.

    What is sad is that Apple Pay works “out of the box” at most of these remote grocery stores but it doesn’t work at many of the large retailers in the city. Instead of encouraging Apple Pay or similar google technologies, the retailers want to control the experience and the data and so they turn off this feature. You have the unfortunate alternative of putting your credit card in the chip reader and waiting for 5-10 seconds which slows the line for the whole process. Worse than the inconvenience is the fact that Apple Pay is much more secure than any card reader – Apple Pay doesn’t provide your “real” credit card to the store, instead it uses a “token” for the transaction.
    Read the rest of this entry »

    Posted in Business, Economics & Finance, Oregonia, Tech | 10 Comments »

    Apple Photos Integration

    Posted by Carl from Chicago on 8th October 2017 (All posts by )

    I’ve gone all in on Apple through a series of semi-random decisions.  I bought a MacBook Pro back in 2011 and, thanks to my friend Brian who upgraded the memory and hard drive to an SSD, that machine still works great in late 2017 and I was able to upgrade to the latest Mac OS High Sierra without a challenge.  I have had several iPhones over the years and am on an iPhone 7 now.  My current iPad is an iPad Air 2 which also seems to have several years of life left in it.  Finally, I bought an Apple Watch and recently upgraded it to Watch OS 4.

    I’ve also been moving everything to the cloud slowly.  I looked at my MacBook and it said I hadn’t done a backup in over 1000 days.  I don’t really care because I put the (relatively few) documents that I care about in iCloud (and can access them across any Apple device), my contacts are in the Apple Cloud, while my photos (the core of most of this post) are already in the Apple cloud and I gave up on physical music and moved almost solely over to Apple Music.  My email is in the cloud with various providers, as well.  So what’s on the device that I really care about, anyways?  Cloud storage is also pretty cheap… I think I spend about a dollar a month on it for Apple (plus $9.99 for Apple music).  The only high space items I have (in terms of MB or GB) are photos, since I’ve given up on music.

    It is a hard decision to put all your photos in the Apple cloud.  You need to make the move to put your photos up in the cloud and have that be the primary location, not the ones on your hard drive or your phone  While someone with more technical expertise might tell you that is not an irrevocable decision, from my perspective it seems like it would be exceedingly difficult to “go back”.

    I came to this decision because I love the features that Apple Photos provides.  Specifically:

    • Once you tag faces to names, any new photos that you take are automatically linked to those same individuals.  The accuracy of this service has been increasing over time, both in terms of 1) matching different angles to people and also in 2) picking faces out of the crowd in the first place so that you can link them to people
    • Apple photos now synchs across devices so that if you link photos to faces on your iPhone it carries those same links over to the photos on your MacBook and on your iPad.  Incredibly, until the latest OS upgrade (on the iPhone / iPad as well as Mac OS) you had to do these independently (3 times).  I am also starting to play with synching to my Apple Watch with Watch OS 4 but this is in progress (and would be partial in any case)
    • Apple photos now has built in photo features that were present on typical photo editing software years ago, like auto-feature touch up (magic wand) and more tweaks.  I’m sure to a photo expert these features are minimalistic but to the vast, vast majority of photo users they are likely enough.  These features just came through with the latest upgrades
    • Apple photos makes it easier to synch faces to contacts and also appears to act more reliably across devices.  For instance, if I take a photo on my iPhone it won’t appear on my iPad or Mac until I connect that phone up to wifi somewhere and put it in a charger.  But then they all appear right away (in a reduced quality image, when you tap on one it “fills in” the remaining elements to a high quality image.  This used to be spotty, at best, and unreliable (I would have to start and restart my devices sometimes for it to work)
    • Now that synchronizing works reliably across devices, I can use my Mac for more heavy duty tasks like editing and changing the date on old photos (for example I take iPhone pictures of old photos from my physical photo albums and then I edit them and change their date on the Mac so that they are in the proper sequence and don’t show up at the top of your photo queue by date)
    • If you load older photos into iCloud it takes a while (probably faster now) because it attempts to add in all the AI (faces, locations, etc…) so be a bit patient.  I was an early adopter of this and somehow I had lots of duplicates that I am in the process of deleting but it probably is easier now
    • I tried making a physical photo book from Apple (to give to parents and in laws) and it worked great.  Now it is much easier to bring photos into the physical book or however you want to print them, and you have a huge variety of photos (edited, even) to choose from

    Read the rest of this entry »

    Posted in Photos, Tech | 7 Comments »

    Rolling Stone Reviews Top 100 Metal Albums

    Posted by Carl from Chicago on 2nd July 2017 (All posts by )

    For whatever reason this is the music of my childhood and I couldn’t resist taking the opportunity to take apart this ranking by Rolling Stone magazine, which was reasonably good (other lists have been terrible in the past). If you are interested at all head over to our other site and check it out. I would put it here beneath the fold but there are tables and the like and it takes a while to re-format from Blogger to Word Press.
    If not hope you are having a good summer…

    Posted in Music | 7 Comments »

    Electric Six at Dante’s In Portland

    Posted by Carl from Chicago on 17th June 2017 (All posts by )

    Last night I went to see one of my favorite bands, Electric Six, at Dante’s in Portland on Burnside Avenue. They played a fun show and the band sounded great (my ears are still ringing). Here is their iconic singer “Dick Valentine” on stage. The band delivers hilarious onstage banter and are highly recommended. The crowd at Dante’s was also great and everyone seemed to be in good spirits.

    Read the rest of this entry »

    Posted in Music, Oregonia | 2 Comments »

    Book Review – “Blitzed”

    Posted by Carl from Chicago on 13th June 2017 (All posts by )

    Blitzed is a book by Norman Ohler about drugs and Germany during WW2. The book also appears to comprehensively demonstrate how these drugs impacted military tactics and operations for the German troops and also how they altered strategy at the highest levels.

    From a tactical and operational perspective, I can see how the narrative of the use of drugs to push troops to move faster and work at night aligns with my understanding of the early years of WW2. The Germans did cover ground rapidly during the early years of the Blitzkrieg and absolutely outfought the Allies (overall) at night. They also managed more sorties for their air force per plane and were more effective at leveraging their military assets (also through battlefield recovery at night of damaged equipment). Compared to WW1, especially, the distances that the German troops covered during the Blitzkrieg phases of 1939-41 were amazing and their combat power remained strong.

    From a strategic perspective, the book attempts to align the delusional attack known as “the Battle of the Bulge” in late 1944 to the use of drugs by the supreme commander, which would account for his thoughts that this shock attack could break the will of the Allies to fight. This is an interesting line of thought and if we had perfect information we would attempt to match the various drugs he was prescribed on top of the decisions that were made during different battles and campaigns during WW2.

    I have seen a number of reviews of this book and most of them seem to think that there is a strong basis of fact. However, there are often bitterly contested reviews, especially with regards to the more sweeping generalizations that were translated as “everyone was on drugs”. Those discussions, to me, are more of a “corner case” of the key findings related to 1) the impact of drugs on the combat power of early war German formations 2) the impact of drugs on decision making at the highest levels of command. I would love to hear from other authors interested in this topic to see how it aligns with their opinions.

    Cross posted at LITGM

    Posted in Book Notes, History, Military Affairs | 2 Comments »

    USS Jackson at Portland Fleet Week… and Disruption Hits the Navy

    Posted by Carl from Chicago on 10th June 2017 (All posts by )

    Portland, Oregon hosts “fleet week” where navy ships (including from Canada) dock alongside the river right next to downtown and offer tours and set up booths and the like. This year I was excited because USS Jackson, an Independence Class Littoral combat ship was arriving and I would get to see what an advanced combat craft looks like up close. I also found out a key link to “disruption” which has been a theme of my recent analysis and posts.

    The first thing you notice is the unique hull (compared to traditional warship designs). This design is supposed to let it operate in shallow waters near coastlines and also deliver very high speed – up to 50 knots – although the top speed is classified. The navy had a chain link fence up and armed guards with M16 weapons and a sign saying “use of deadly force authorized” so they were not kidding around.

    That same day I received my copy of “Modern War”, a magazine published by Strategy and Tactics Press (and I highly recommend that you subscribe to their publications, they are a solid and interesting publishing house) which just happened to profile the Independence Class ships on p68-70 of their July – August issue. Some highlights:

    They are controversial because of their limited basic armament and expensive construction costs. Senior naval leaders argue the mission flexibility and extensive automation provide a vast array of capabilities with fewer personnel and platforms than traditional designs. Construction and operating costs dominate budget discussions and headlines because they come ‘up front’. Today, however, personnel costs constitute 62% of the annual Department of Defense Budget.

    Read the rest of this entry »

    Posted in Economics & Finance, Military Affairs, Tech | 37 Comments »

    Yngwie F’ing Malmsteen

    Posted by Carl from Chicago on 27th May 2017 (All posts by )

    When I was in high school Yngwie Malmsteen hit the metal scene like a hurricane. That was back in the day when you would have long and furious arguments about who was the “best” guitarist (remember, we didn’t have the internet and had to fill our time with something other than social media). When Yngwie emerged the term “shredding” became the norm and Yngwie was the apex of that style of guitar playing – almost the photo that you would put adjacent to that term in the dictionary.

    His debut album “Rising Force” was a classic in that genre – mostly instrumental and filled with probably just about the recommended dose of Yngwie for most non die-hard fans. The hand raising his iconic guitar above the fire is the image of Yngwie that jumps into my mind first and foremost.
    Read the rest of this entry »

    Posted in Music, Oregonia | 3 Comments »

    Planning for Failure

    Posted by Carl from Chicago on 23rd May 2017 (All posts by )

    When I worked in the power industry everyone understood that the cost of a power outage was high, but it was impossible to put a precise value on it. There is the reputational damage, the specific costs of payouts to businesses and residences that are impacted (depending on your jurisdiction), the cost of restoring service (typically it is “all hands” in terms of available personnel and equipment), and finally the loss of trust by your all-important regulator when you come back later and ask for an inevitable price increase for your customers.

    The other, more subtle, cost of outages is the fact that businesses and residents must plan for unreliable power sources, and invest in backup generation which includes fuel, testing, etc… I would call this “planning for failure”. Over time, this also causes businesses to consider exiting the grid entirely in one form or another when they are large and capable enough, causing the remaining fixed costs to be borne by the remaining customers.

    Here in Portland right now we are dealing with a major outage, as a fire caused a power outage to over 2000 customers downtown near the Pearl district. This isn’t 2000 customers… most of these meters are large businesses and buildings and not individual houses. In practical terms, the downtown Target is probably closed, Powell’s bookstore (a major tourist attraction) is closed, and many, many other smaller businesses and restaurants. It would be similar to a power outage taking out most of River North in Chicago where I used to live.

    Luckily I live in a building with a backup generator, and they have fuel for 3 days, so we likely will be unaffected. That’s what you get when you pay more for a recently built class A apartment rather than an older vintage walkup. But many, many folks are going to be impacted by this (it was over 90 degrees yesterday) and many restaurants are going to have to throw out their food on top of losing a couple of days’ worth of customers.

    As we re-think electricity and the grid entirely it is important to consider reliability in the equation. I believe that many individuals and businesses just take power for granted until it isn’t there anymore. This challenge will likely be exacerbated by renewables and solar power… in this outage it is a distribution system failure, but intermittent generation of power is another variable in the reliability equation.

    Cross posted at LITGM

    Posted in Energy & Power Generation, Oregonia | 20 Comments »

    Book Review – Shattered

    Posted by Carl from Chicago on 29th April 2017 (All posts by )

    This really isn’t a traditional book review. “Shattered” is a book about the last presidential campaign from Hillary’s advisors’ perspective. I bought it on Amazon and read it and it was just an amazing view into the mechanics of that doomed campaign. Highly recommended.

    First of all, I want to commend her camp for getting the basics so right. They reviewed the 2008 campaign which failed for her and took all the tactics of the winning side. They consisted of:
    1. Focusing solely on the super delegates. Apparently this is much more technical than you’d expect and if you don’t carefully understand each state and district and how everything works you may win a lot of votes but receive few delegates
    2. Play the long game and ignore distractions. When Bernie blew her out of a lot of states they just waited to get back to states with large minority populations so she could cover over those losses. This generally ignores the fact that Bernie was competitive in states which were critical to the electoral college and “in play” which made a difference in the general election but not in the primary election
    3. No one was going to change their mind about her. Their campaign strategist, a guy named Robby Mooks, didn’t spend any money on “persuasion” because those that hated her weren’t changing their mind and the more she was in the news tied to the email scandal or her health or the DNC leaks the worse it got. At one point they said they were considering not putting more money into a state (Michigan) right up before the election because they believed that they were just inflaming the other sides’ base
    4. No matter what happened, she soldiered on. She was unflappable.

    Read the rest of this entry »

    Posted in Book Notes, Politics | 14 Comments »

    Disruption – Liquor

    Posted by Carl from Chicago on 14th April 2017 (All posts by )

    “Disruption” is a word usually reserved for hyped sectors of the economy like technology and “Uber” is the ubiquitous example that even a child would recognize. However, there are other components of the economy ripe for disruption, especially those that are heavily regulated, which generally causes significant distortions, monopolistic behavior, regulatory capture, high prices, and a lack of innovation.

    The liquor industry is a heavily regulated industry, with layers of distributors and obscure rules which enforce local monopolies, entrench incumbents (often with inferior products), and provide many opportunities for the government to extract tax income and solicit donations from favored groups. Typically liquor uses a “three tier” system, where there is a producer, a distributor, and a retail outlet (a store or a bar). This is a system ripe for disruption.

    Alongside this archaic regulated system (which works for the benefits of the government and the local monopolies), there was a multi-decade process of concentration within the liquor industry, as local beer manufacturers were bought up by massive multinationals, culminating in the InBev company which controls a huge chunk (28%) of world-wide beer sales. If it wasn’t for the craft beer counter-revolution (see below), the epic consolidation of the liquor industry would have gone on indefinitely, bringing out “innovations” like Bud Light Lime.

    Some of the components of the disruption of liquor in Oregon include:
    1) Craft breweries or brewpubs which brew their own beer (and cider) and can sell it onsite
    2) Distilleries able to make their own spirits and sell themselves out of their facility
    3) New technologies such as Growlers or Crowlers which enable customers to fill directly from a keg into a re-usable container and take the beer home to drink
    4) This is all in addition to the vast wineries (seemingly everywhere) that can sell directly and even ship to many states

    Craft Breweries:

    Portland and Oregon have been leaders in the craft beer movement, enabled by laws (passed against the political power of the beer distributors) which allowed for the brewpubs to sell their own alcohol.
    This article describes how the modern brewery was instituted in Oregon.The “beer culture” is everywhere, with 116 breweries within an hour of Portland, as evidenced by the cover of this recent magazine I picked up. Here is a link to the magazine online.

    Read the rest of this entry »

    Posted in Economics & Finance, Oregonia | 11 Comments »

    Obama’s “Nuclear Renaissance” Hit Again By Bankruptcy

    Posted by Carl from Chicago on 29th March 2017 (All posts by )

    Since it was first announced almost a decade ago I’ve followed the “nuclear renaissance” that Obama touted and noted that it would likely end in failure due to the poor economics of these projects given our current, failed regulatory climate. The Federal government provided loans to get some of these projects off the ground. Now, with the bankruptcy of Toshiba’s Westinghouse unit, the whole process is collapsing and leaving half-built reactors and rate payers (and investors) in many jurisdictions likely to hold the bag for huge investments that aren’t going to generate power any time soon.

    Toshiba Corp’s U.S. nuclear unit Westinghouse filed for Chapter 11 protection from creditors on Wednesday, just three months after huge cost overruns were flagged, as the Japanese parent seeks to limit losses that threaten its future. Bankruptcy will allow Pittsburgh-based Westinghouse, once central to Toshiba’s diversification push, to renegotiate or even break its construction contracts, though the utilities that own the projects could seek damages. It could even pave the way for a sale of all or part of the business. For Toshiba, the aim is to fence off soaring liabilities and keep the group afloat.

    These partially built reactors in Georgia and South Carolina were commissioned because local laws and regulations allowed for the costs of these investments to be passed on to the rate payer (local folks paying electric bills). In other states with different sorts of regulatory models, these sorts of investments would have been uneconomic, which is the primary reason why everyone else in the USA balked at the nuclear renaissance, even when it was partially underwritten by the Federal government with loans.

    There are now two problems for rate-payers in Georgia and South Carolina:

    1) the companies now have to build these reactors without price guarantee from Toshiba, meaning that the (likely) giant costs of the overruns will be borne by local ratepayers or the companies themselves. If the unit is in bankruptcy and walled off from the funds of the parent corporation (which is the purpose of the bankruptcy, I am assuming), it seems unlikely that anyone else would step up and backstop such a guarantee.

    2) this bankruptcy is likely to cause significant delays in construction, meaning that the long, miserable process of getting certified to start up the reactor is going to be pushed out further into the future. This means that it will be that much longer until the unit starts generating power and “earns back” the investment, and all the costs of the reactors will accrue interest and financing charges for that much longer while construction proceeds (rate payers)

    Note that there is precedent for taking gigantic write downs and abandoning abandoned reactors. Here is a link to the abandoned reactors in Washington and the famous Shoreham debacle in New York.

    None of this seems to be impacting the stock prices of Southern Company (SO) and Scana (SGC) this morning so maybe the market knows something that I don’t. Scana is holding a press conference to describe their next steps in the process today and I didn’t seen anything yet scheduled on Southern Company’s web site.

    Cross posted at LITGM

    Posted in Energy & Power Generation, Obama | 15 Comments »

    Mid-Life Crisis and Alternate Universes

    Posted by Carl from Chicago on 25th March 2017 (All posts by )

    One of my favorite Onion jokes of all time is “Alternate-Universe James Hetfield Named Taco Bell Employee of the Month“. This genius post encapsulates the randomness of the world we live in, since the likelihood of James Hetfield being a guy who does odd jobs, plays guitar in a basement, and loves metal is so much infinitely higher than the odds are that he becomes a rich superstar as the singer of Metallica.

    This philosophical view is somewhat similar to Taleb’s theories in “The Black Swan” and his other books where, if you did your life over and over, you would get vastly different results and individuals attribute too much of their luck and good fortune to their specific actions and experience. We are all dealing with the “Survivor’s paradox”, where those who did well get to tell their tale and those who didn’t fare so well are essentially erased from the common consciousness.

    I saw this car down in my garage in Portland and thought to myself “This is the alternate universe for Carl” which is to just keep my prior job and old way of life and buy a shiny new expensive car (this is a Bentley, I would have bought a new BWM 7 Series, but who’s counting) as a distraction. That would have been a fine life, a life I understood, and the car purchase would have been a modest but visible change and distraction from what was otherwise a quite predictable path.

    Instead, however, I changed everything, by moving jobs and careers and physically relocating away from my entire ecosystem of family and friends to the Pacific Northwest. This was a vast change, much larger than cosmetically purchasing a new conspicuous automobile. Starting a new job forced me to change everything, from the way I listened and studied, to the way I interacted with the environment around me. I went from walking to work to commuting by car (like 90% of the world) which is a primary negative, although at least I have been listening to podcasts which turn that driving time which was initially pure frustration into at least a positive learning experience.

    Read the rest of this entry »

    Posted in Business, Economics & Finance, Personal Narrative | 10 Comments »

    Windows 10

    Posted by Carl from Chicago on 24th March 2017 (All posts by )

    Recently I updated to Windows 10 on my work computer. I have worked with windows products for decades now, starting with the early DOS based versions and remembering the “Big Bang” of Windows 95 with “Start Me Up” by the Rolling Stones in the background. What I really thought was cool back in the days of Windows 95 was seeing the Weezer video for “Buddy Holly” through the windows media player since it was installed with the operating system. It was a first glance at actually useful video integrated with the device (or downloaded) rather than played through a CD or ultimately DVD.

    I was dreading this Windows 10 upgrade because many of my co-workers were having various problems with it on their devices. These weren’t problems with Windows 10 per se, they were tied with the way applications run as we move to more of an online mode. For example, if you are saving data on BOX in the cloud or using Office 365 (run from the cloud), your machine performance is more variable, tied with all the hand offs and routing up and down and depending on your network connection at the time. Many co-workers use tablets and a variety of machine types so there wasn’t a lot of common threads in some of the issues. Also, Microsoft now includes the “Edge” browser as default as they try to get rid of Internet Explorer (the worst browser) and many folks seemed confused because the links and bookmarks didn’t automatically port over to Edge.
    Read the rest of this entry »

    Posted in Tech | 12 Comments »

    Iron Maiden’s “The Number of the Beast” is 35 Years Old

    Posted by Carl from Chicago on 21st March 2017 (All posts by )

    I was listening to “Boneyard” the XM Radio station whose one-time motto was “the station of road-trippin’ and binge drinking” and they said that “The Number of the Beast” by Iron Maiden was turning 35 years old. In that moment, I felt old, too.

    “The Number of the Beast” is the first album by Iron Maiden featuring singer Bruce Dickinson with his soaring vocals. The prior singer, Paul Di’Anno, had a much lower, punk sort of voice range that was a bit less commercially successful. This was also the album that made them giant in the United States, with their videos such as “Run to the Hills” being played incessantly on MTV.

    I took a snapshot of the album cover from Apple Music on my iPhone – I’m sure that somewhere there is a cassette, album, and CD of this disc somewhere that I’ve purchased and lost over the years. This is one of their best covers, with the mascot “Eddie” pulling the strings on the devil (who has his own little Eddie on a string).
    Read the rest of this entry »

    Posted in Music | 8 Comments »

    US Infrastructure Will Be Broken Forever

    Posted by Carl from Chicago on 11th March 2017 (All posts by )

    Recently I visited Cathedral Park in Portland, which lies beneath the St. Johns Bridge.  The St. Johns Bridge is a magnificent structure, built in 1931, during the height of the depression.

    Portland is a city of bridges.  These bridges were mostly built long ago, when construction projects were feasible in terms of costs and delivery time frames were measured in years, not decades (when approvals, funding, environmental contingencies, etc… are factored in).

    Today the Portland metropolitan area, which includes large Washington communities north of the city, faces severe constraints on traffic and there is widespread local agreement that commute times are growing longer and in some instances intolerable.  I know individuals in Chicago, LA or NYC that would laugh at commute times that aren’t 2+ hours but that is little consolation to the locals who previously had been able to drive around the metro area with relative ease.

    Many of these bridges need to be replaced for multiple reasons – the Pacific Northwest is an earthquake zone and most of these bridges are not built to survive a quake, traffic on the bridges is soaring and causing delays throughout the system because they function as bottlenecks, and frankly bridges cannot last forever without collapsing.

    And yet… it will never happen.  I am confident that we won’t be able to raise the billions that it will take to build these bridges and lawsuits and environmentalists would create innumerable roadblocks (with accompanying cost increases and delays) so that even difficult projects will become impossible. There is an utter breakdown in funding, public will, solid execution, and all the fundamental components that make infrastructure possible.  While China has built giant, soaring cities, we can’t even replace bridges and roads built 100 years ago.
    Read the rest of this entry »

    Posted in Economics & Finance, Oregonia, Transportation | 54 Comments »

    Apple Photos

    Posted by Carl from Chicago on 3rd March 2017 (All posts by )

    I moved my life over to Apple products over the last few years. I used to use Picasa by Google and Shutterfly for photo books and canvas wraps but over time I’ve leveraged Apple photos to a greater degree and this post describes my experiences and some tips and tricks.

    Apple photos is complicated. For most people, Apple photos is your camera application on your iPhone. With recent iOS upgrades, however, there is a new photos application that is cross platform (I can see my photo stream on my Mac, my iPad, or my iPhone). However, there is a catch. You need to use iCloud and back up your photos to the cloud, rather than just leaving them on your phone.

    It took a while to synch up photos across all my Apple devices and I had to google technical support questions a few times and turn on and off iCloud. However, I eventually got them synched up and it has worked great ever since.

    There are some great features. One feature is facial recognition. You can select a person and then link them to your contacts and Apple automatically selects all the photos of that individual. For photos where Apple is not sure, they ask you “is this so-and-so” and you can say yes or no, and then it organizes all the photos by individual.
    Read the rest of this entry »

    Posted in Photos, Tech | 4 Comments »

    Ethan Russell and Iconic Rock Photos

    Posted by Carl from Chicago on 26th February 2017 (All posts by )

    Growing up I was a big fan of The Who. Since I didn’t always have a lot of money for records I tried to “stretch” my budget often times by buying “greatest hits” albums. Initially I thought that “Who’s Next” by The Who with the iconic photo of them pissing on some sort of concrete slab WAS a “best of” album simply because almost every track had been played to death on the radio with the exception of “My Wife” by Entwistle (which was a song I liked a lot) and “Love Ain’t for Keeping”.

    Recently I saw a presentation by the photographer Ethan Russell who took that classic cover photo along with an amazing amount of other images you’d recognize instantly, from the pictures of the Beatles on the “Let It Be” album to some great Rolling Stones’ photos from their classic late 1960’s – early 1970’s era. If he comes to your town I would highly recommend that you go out and hear him talk.

    I bought a signed print of that Who’s Next cover and sent it on to a friend of mine who also was a big fan of The Who growing up. I’m sure he’ll like it.

    Cross posted at LITGM

    Posted in Music, Photos | 5 Comments »

    The End of Accounting Book Review – Part One

    Posted by Carl from Chicago on 8th January 2017 (All posts by )

    Recently I read an excellent book called “The End of Accounting and the Path Forward for Investors and Managers” by Baruch Lev and Feng Gu. I highly recommend this book for investors, analysts, accountants, and those with a general interest in business. The book is very well written and researched in that it:

    1. Describes the current situation in depth
    2. Aligns the situation across an historical context and with relevant research
    3. Makes specific recommendations about how to improve the situation

    If you’d like to read more about this topic on your own (will help to frame out these posts), here is an excellent Wall Street Journal article titled “The End of Accounting” (if the link doesn’t work because you don’t have a subscription you can probably find it elsewhere on the internet). Here is a link from Accounting Today and an interview with the author from CFO magazine.

    The first post in this series is going to be my personal insights and journey in the area of accounting information, financial and investor relations analysts. This context is relevant because I, too, have seen the problems that the authors outline in the series and come up with my own “hacks” to attempt to gain better information and insights.

    I started out my career as an accountant, and I used to help create the footnotes that you see at the end of the financial reports. This wasn’t creative work per se – you would start with last year’s footnote as a template and insert new numbers, unless it was a new requirement, in which case it was a lot of work and we would turn to specialists. At that time (20+ years ago) there were only a few footnotes and the financial statements themselves weren’t that long; you would be able to read from the Chairman and CEO’s letter all the way through to the last footnote in a couple of hours.

    This was also before the internet; we would go into the company library and look at microfiche sometimes to do research or you’d pull up the hard (printed) copy from the files. At that point an annual report was also somewhat of a marketing document; companies put a lot of thought into the cover, for instance.

    At various points in the history of accounting there has been a focus on the balance sheet (assets and liabilities), the income statement (earnings per share and price / earnings ratio) and on cash flows (cash generated from the business). Each of these views are important and have their merits and their drawbacks. The statements were generally the “GAAP” view which focused on financial statement presentation and used taxes at official rates (many companies pay almost nothing in taxes in actuality by deferring them indefinitely) and held assets at historical costs. Both of these assumptions made the financial statements less useful for certain types of companies and industries.

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    Posted in Book Notes, Business, Capitalism, Economics & Finance | 3 Comments »

    A Great Concert – SRV at Champaign IL 1987

    Posted by Carl from Chicago on 7th January 2017 (All posts by )

    Dan is much smarter than me and he holds on to all the ticket stubs for concerts and sporting events that he’s attended over the years.  He recently sent me a rug and a coffee mug that he created based on the ticket stub for a special concert we attended almost 30 years ago when we were at the University of Illinois.  The show was Stevie Ray Vaughan at Foellinger Auditorium.

    At the time I was in college and had almost no money.  I saw that Stevie Ray Vaughan was coming to campus and thought I would get up early and stand in line to purchase tickets before class (I rarely got up early in those days when I could avoid it).  Alas, the line was already long and I pretty much gave up right away.  There was a guy who was scalping tickets, however, so I went up to him and bought two tickets for what I remember was about $50.

    The tickets were up front in the first couple of rows as it turned out but way, way on the left side of the stage.  Dan and I got rip roaring drunk before the show (which was the custom, back in the day) and we headed to Foellinger.  Note that Foellinger was a lecture hall and I had many classes in that room – the room had bolted-down desks with the fold out panels that you could write on, so it was kind of odd that they had concerts at that same room (I also saw the punk band Husker Du in that same lecture hall, which seemed even odder).

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    Posted in Music | 4 Comments »

    Autos and Disruption

    Posted by Carl from Chicago on 1st January 2017 (All posts by )

    Prior to moving to the West Coast, I had little need for a car because I walked and / or took public transport to work (or a cab if I was lazy, back in the days when you could hail a cab on the street).  Thus I typically invested the minimum amount I could in a reliable car that could fit 4 passengers with a full size trunk and also squeeze into a narrow parking garage.

    The cars that “fit the bill” for me were the older model Nissan Altima which I drove for a decade and then a Jetta which I picked up in 2011.  Each of these cars cost about $17,000 “out the door” and contained a reasonable level of equipment (the Altima was my first car with air bags, the Jetta was my first car with ABS and traction control) – they weren’t completely stripped down models with manual transmission, for instance.  These cars have both turned out to be highly reliable autos – and the old Nissan Altima is still driving today, almost 20 years later, as a starter car in my extended family.

    The average age of a car on the road today is 11.5 years (nowadays you don’t even have to “link” to sources – Google just brings in the data from Wikipedia as a search response when you ask a common question) and that seems long to me.  For every new car on the road, for instance, there is a late ’90s model still driving to offset it in order to get back to an average of 11.5 years.

    My theory today is that the total package of “functionality” or “value” that you could obtain from a new Jetta for $17,000 would be comparable to autos that cost far more for 99% of the scenarios in which you would plausibly use that auto.  These scenarios include 1) commuting to work 2) running errands around town 3) going on a trip and putting luggage in the trunk.

    That’s not to say that there aren’t scenarios where it doesn’t make sense to have a more powerful or capable auto.  In Oregon we went to visit a friend who lives up in the hills and I had 4 people in the car and gravel had been newly laid on an uphill slope (which, as it turns out, means that it is very slippery).  As a result our car couldn’t make it up the hill and we slid sideways into a ditch and had to have a friend hook up a rope and give us a pull from their big pickup truck to get us back on the road.  If I lived up there, for instance, then this car would be completely inappropriate.  But that isn’t a common “use case” for my auto.

    When you look at the “true cost” of owning an auto, there are a lot of factors to consider, and whole web sites to calculate it in various ways.  Instead, I am going to make the general statement that if you buy a new car at around the $17,000 price point and drive it for perhaps 7-8 years before selling it you are probably going to pay about $150 / month for that car (net of what you receive on resale).

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    Posted in Economics & Finance, Personal Finance, Transportation | 23 Comments »

    Updating Apple Products Part II

    Posted by Carl from Chicago on 30th December 2016 (All posts by )

    In a recent post I discussed the spate of updates that have occurred in my Apple products including a new iOS for my work and home phone, a new iOS for my iPad, a new iOS for my Apple Watch, and a new operating system for my Mac.

    Apple Watch

    Let’s start with the Apple Watch. The Apple Watch is an evolutionary product and the jury is out on whether or not it will be a giant part (“move the needle”) of the Apple portfolio. Personally, I find the Apple Watch to be very useful because I can get notifications when big events occur (for instance, I was the first to say “Prince is dead” in a big meeting) or just to be reminded when texts happen and I don’t have my phone on. It also is good for sports score notifications and tracking workouts. Finally, you can also always know if someone is calling you even if the ringer on your phone is off, and you can answer it “Dick Tracy Style” on your wrist (if you want to annoy everyone around you).  Here is my review of the Apple Watch from 2015 when I bought it.

    Apple Watch iOS 3.0 is OK. The watch seems a bit faster. They made it easier to utilize some popular apps like the workout app and incorporated some other improvements here and there. I can’t take advantage of all the iOS 3.0 features because my older Apple watch doesn’t have some of the features like the built in GPS that comes with the new watch.

    Mac OS Sierra

    There has been a lot of noise in the press about Apple not updating their core computers and even letting Microsoft steal their thunder with the new Surface tablet.  However, Apple deserves immense credit for making their OS upgrades work effectively even on older model machines – for instance the Macbook that I am writing this blog post on is from 2011 (my friend Brian installed an SSD and more memory which I documented here).

    The most important elements from my perspective are the continued integration of the Mac OS with the iPad and iPhone devices.  With this upgrade I now can easily share a single photo stream (which will get its own post since it is so complicated), use Apple music easily across devices, and use key apps like messenger, notes, ibooks, contacts and Facetime (mostly) seamlessly.  Siri also works on the Mac now which is fine for most people but I don’t use Siri much so it is irrelevant to me.

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    Posted in Tech | 9 Comments »

    Obama’s “Nuclear Renaissance” Receives Its Final Obituary with Toshiba’s Write Down

    Posted by Carl from Chicago on 28th December 2016 (All posts by )

    Back in 2009 at the start of Obama’s first administration he proclaimed that a “nuclear renaissance” was coming. Although I am a fan of nuclear power, I knew right away that this effort was doomed to failure by a lack of structural incentives in the USA and the ability of NIMBYs and lawyers to drag out and kill any project by a thousand cuts. I wrote that it was doomed here and summarized the players here.

    Yet 2 companies plowed along with their nuclear projects – Southern Company (big in Georgia and the south) and SCANA (a South Carolina utility), mainly because their state rate environment was favorable and allowed them to include the cost of assets in their “rate base” rather than being forced to price energy at something close to market prices. Eventually those that pay for electricity in these jurisdictions are going to be soaked with the enormous costs of these plants and / or the finances of Southern Company and SCANA will be seriously impacted. Southern Company has a market cap of around $50B and SCANA has a market cap of around $10B. For context, the Southern Company nuclear project is currently 3 years behind schedule and $3B over budget and likely to cost up to $20B (although costs are borne by many parties, not just Southern Company) and the SCANA project is likely to cost up to $12B (although not all borne by SCANA).

    These nuclear projects, already non-competitive due to price declines in natural gas (caused by fracking), became even MORE non-competitive as their completion dates were extended and costs ballooned due to inevitable and completely predictable delays. The history of nuclear power projects is littered with failed efforts and those that were completed often had huge cost overruns, especially those completed near the “tail” of the initial nuclear building effort which petered out in the ’80s.

    Now Toshiba is being hit with part of the overrun costs. Their stock recently went down 20% (the most that it can fall in a single day trading session) with discussion of potentially billions of dollars in write downs tied to their work on nuclear power projects.

    What is sad about all of this is that the debacles that will hit rate payers in the south (predominantly Georgia and South Carolina) and / or shareholders were completely predictable, although the situation could get even worse if delays stretch on indefinitely and the plants are never even completed (which is always possible in the litigious USA). As the current administration leaves their utterly failed nuclear policy should be something that they accept responsibility for, as well as their ameteur-ish ignorance of history and the predictable consequences of these sorts of mega-projects (in our current legal and regulatory environment). However, I highly doubt that will occur.

    Cross posted at LITGM

    Posted in Energy & Power Generation | 6 Comments »

    Evergreen Aviation Museum- Spruce Goose

    Posted by Carl from Chicago on 16th December 2016 (All posts by )

    Near Portland there is a great aviation and military museum called the “Evergreen Aviation and Space Museum“. I highly recommend that you visit this campus, which includes an IMAX theater, if you ever visit Oregon.

    The highlight is the “Spruce Goose“, the immense wooden plane designed and built by Howard Hughes which resides inside the facility. It is fantastic that the museum was built at a large enough scale to keep this plane indoors else it would likely soon be lost to the elements.

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    Posted in Aviation, Oregonia | 5 Comments »

    Portland Winter Weather

    Posted by Carl from Chicago on 15th December 2016 (All posts by )

    Recently I re-located to Portland, Oregon. While Portland has a reputation as a rainy, gloomy place, we had a great April through November, with lovely and mostly sunny weather. In December, however, things have taken a turn for the worse.

    I grew up in the Midwest where it snows all the time. The difference, however, is that we salt our roads and plow them with vigor. This wikipedia article shows the “salt belt” of states that use this method; Oregon is not one of them.

    While snowfalls are infrequent in Portland (some parts of Oregon see immense snowfalls… like this town and anywhere near Crater Lake) we have already had 2 “major” snowfalls that snarled traffic to an inordinate degree – the city ceases to function and everyone stays home when they heed the weather warnings (if they turn out to be accurate). On Wednesday, however, the snowfall and ice occurred during the evening rush hour and caused chaos with hundreds of abandoned cars litering the streets and highways. Commutes that would take 20 minutes could take 4 or more hours; many (including myself) went on foot.

    Streets were still icy and treacherous a day later, since the temperature remains below freezing. Cars that drive were generally either all-wheel drive, trucks, or used chains. I had to buy a pair of chains for my Jetta for $85 but I hope to never need to use them.
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    Posted in Oregonia | 15 Comments »

    25 Stories About Work – Experience

    Posted by Carl from Chicago on 1st December 2016 (All posts by )

    I was recently on a plane doodling and thought of some funny / interesting stories from 25+ years of working and traveling. So I decided to write them up as short, random chapters of a non-book with the title of this post. Hope you enjoy them and / or find them interesting. Certainly the value will be at least equal to the marginal cost of the book (zero)…

    Chicago, 1990s through today

    I just finished reading the book “Disrupted” by Dan Lyons about a journalist from Newsweek who takes a job at a start up which eventually goes public called Hubspot.  Mr. Lyons is out of place from day one as he describes how the company acts without much oversight, firing workers on a whim (they ‘graduate’) and rapidly turning over employees as the company attempts to get to the public markets before the money runs out.  To make this even stranger, the author also writes for the HBO sitcom “Silicon Valley” and Hubspot allegedly goes after him to stop this book from being published, and the board finds out about it and fires / sanctions some (but not all) of the managers that he portrayed in the book.

    All that aside, the purpose of this post is to talk about experience, and how it changes you over the decades, and its value and detriments.  Reading that book caused (not “inspired”) me to think about my own views and how they’ve evolved over the years.

    It is strange when you go from being the “new kid” to being the grey-ish haired “experienced” one.  Recently I was at 1871, the incubator in Chicago for new start-ups at the Merchandise Mart in River North where I used to live.  As I walked around I noted all the fresh faces, the beer on tap, and the grown men riding around on razor scooters to get from meeting to meeting.  Then I realized – hey I am just an old guy here.  I’m not one of them, although I could probably be a boss of some sort in one of these companies (depending on what they are looking for).


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    Posted in 25 Stories About Work, Book Notes | Comments Off on 25 Stories About Work – Experience