…actually in Hernani, just out of the town. I woke up and couldn’t get back to sleep because I am a week late updating the blog…not that I haven’t been working, but I had planned to describe the trip so readers can share in TB’s great adventure.
We arrived very tired on Wednesday, March 3rd having lost a day traveling. Several things stood out: first, coming from freezing weather in Minneapolis, it has been in the mid to high 60’s here and the last rain was the earlier on the day we arrived. We had expected to be able to navigate easily in San Sebastian and Bilbao but they are good sized cities that are built with narrow streets. It seems there are more cars than people and they are all parked, leaving no spaces for anyone else. You have to park in an underground garage and that can cost 20 Euros a day (originally we found a nice place in the old town but it had no parking and so that 20E’s added up quickly so we found a wonderful (and cheaper) place in Hernani, just 3 miles out of town. It is the perfect base for us as it is on the way to Pamplona, La Rioja, Bilbao, and the French Basque Country (the Spanish Basques consider themselves superior because they have refused to adopt the Spanish language and still fight for independence), and the owners are wonderful as is our ‘uber-modern’ apartment with a deck.
After resting a bit we ventured into Hernani and found a tapas bar for our dinner. They are excellent and you choose from them sitting on the bar and they are very reasonable (drinks and six tapas cost just 10€).
We spent most of Thursday in San Sebastian and then drove down the awe-inspiring coast to Bilbao where we ate in another tapas bar (the etiquette is that you throw your napkins on the floor while you are eating thus keeping the bar clean and clear). We will return to Bilbao for the Guggenheim and other sights.
On Friday, we returned to San Sebastian and took a great double deck bus tour for orientation and had a wonderful lunch in a beachside restaurant.
Saturday, we were told about a wine festival in Durango, on the way to Bilbao. It featured 44 wineries from all over Spain and local food. That meant a total of over 120 different wines some for casual drinking priced from 4 to 15€ a bottle, but there were also fifty priced above that with fifteen priced from 25 to as high has 76€ (a wonderful brandy from one of the very best sherry producers, Ximénez-Spínola, but my favorites were their two aged sherries…and I spoke at length with the winemaker; since they are produced in Jerez in the south, we wouldn’t have had that experience). There were Riojas, Albariño’s, wonderful Cava’s, Ribero del Duero’s, and even some Basque wines, like Txakoli (Chocoli), a white. It was a fascinating experience.
On Sunday, we drove into the French Basque country and up to Bayonne, France, where I ended up speaking to an American who tried to help us talk to the owner of a shop. It turned out that he is an ex-Pat, who not only lived in San Francisco and New York before moving to France but was also in the investment business – he had worked for Bank of America when I was buying bonds from them and although we had never met we knew each other and reminisced about mutual friends – it truly is a small, small world! We then drove down the coast to Biarritz and St. Jean de Luz before returning home. It was refreshing spending a day where English was understood.
Today, Monday, we returned to the French Basque Country and drove to St-Jean-de-Pied-a-Port, where the Campostela begins (a nearly 500 mile pilgrimage to Santiago de Compostela, made famous by the Martin Sheen movie, The Way). Hopefully, TB won’t go to hell for getting a passport for the pilgrimage with no intention of making the endurance test. I got the first stamp and will hopefully pick up some more during our travels. I rationalized it that since we only have two more weeks in Spain I couldn’t have completed the journey anyway.
More to follow tomorrow…
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How did Trader Bill originate?
It was conceived by me as a way of providing information summaries of global financial markets so that friends and associates could bring themselves up to speed on events and changing market conditions upon their arrival at work. In addition, it provides information on speakers and economic releases that day with consensus estimates and level of last release so that the reader is prepared to react, or knows how the market might react upon the release of information.
Who is Trader Bill?
Initially any reference to me was as ‘i’. This is to remove the aura of ego and to suggest that i am but a humble reporter, albeit with 35 years of investment experience. Investments are demanding of ego, however, or one would not feel that he was qualified to manage someone else’s money in the first instance. Therefore i needed an ‘alter-ego’. Like Winchell and Mahoney, Edgar Bergen and Charlie McCarthy and especially Trader Vic and Mai Tai’s! Why Trader Vic? Because he was a likeable man who delivered pleasure to his customers and knew exactly what their desires were. The reason for the alter ego became obvious once I introduced Trader Bill into my commentaries: people started asking what Trader Bill thought. They had never asked me what I thought before, but suddenly they wanted to know what TB thought! Now mind you they KNEW that I was Trader Bill but for some reason he became bigger than life. Maybe it was the small ‘I’?
What does Trader Bill try to do?His goal is to educate from his years of experience. Consider that most of the traders and people managing investments weren’t even around in 1987 for the crash! Consider that Graham and Dodd, and even Warren Buffet are not relevant to them, too old hat. Their historical perceptions of markets and fundamentals (earnings, price/earnings ratios, bonds, debt service coverage) are irrelevant in this fast moving world. This is the NEW ECONOMY, or is it?
How did your style originate?Years ago i found that i had a knack and talent for writing. In addition, i developed an ability to analyze market news about 15 years ago. It took the Crash of ‘87. Prior to that i was just listening to what others said about the economy. But bond yields had been soaring in ‘87 yet the stock market just kept hitting new highs. That was when i began to learn about markets. i have both a dry and witty sense of humor (some call it inane!). Therefore i
attempt to make even the worst news somewhat amusing: whether it is the absurdity of an economic release, or the comments of a CEO. This is trading desk humor (or gallows humor). It isn’t politically correct but it does ease tension. Ironically, it is seeing the light at the end of the tunnel (in the Navy they say: it’s always darkest before it’s pitch black!), that allows you to be more objective in your analysis, as bad as a situation is there will still be a tomorrow! You will see that i practice three-dot journalism, a style made famous by San Francisco reporter Herb Caen, whom i idolized. At least to me it is effective.
What is so special about your analysis?Frankly, i don’t know that it is special, but at least it beats “the market closed down today on profit taking.” What i do know is that most of what you read is spat out without considering whether or not it is rational, like the above statement. Is it right? Sometimes yes and sometimes no, and that is the key to what is different about my analysis: it is meant to make you think. Is Dan Rather right or is Trader Bill right? If it causes you to stop and think about it, regardless of whether you agree, i win! Because THAT is my goal…not to have you think i am a guru, got that? Bet you never heard that ANYWHERE before in my business! Instead they want you to think just how smart they are but remember in this business if you are right 60% of the time you ARE a genius! Another thing that is different is when i am wrong on an analysis i will tell you, not hope you forget what i said. So now you have the tools to do what the speculators and hedge funds do: challenge authority, and if you make money it is because YOU did it not me. i was just a tool, your flunky to do the grunt work and let you decide…course you could be wrong too but at least you looked at the big picture. But the goal is also to have fun! This shouldn’t be a business of hushed tones and grim faces. It is a living, breathing thing and nowhere else in the world do you have the odds as much in your favor as here. Just beware of the guy who wants to put his arm around you and tell you he is your friend.
So there you have it. I hope you select me as one of your sources for market information. If you do I promise to work my best for your financial success.
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