I’ve been meaning to update this blog for a while but I have been finding every excuse to procrastinate…
I recently came across a very good article that has motivated me to find the time to begin blogging again. If you have any interest in blogging I suggest you check out the link. It offers some insight and useful tips about blogging.
I’ve never been the type to wait on line in anticipation of a store opening or product release. The first (and most likely last) time I did this was in June for the release of the Samsung Galaxy Tab 10.1. This product was being released exclusively at the Union Square Best Buy a couple of days earlier than other retailers. All in all the Galaxy Tab was worth the wait, but looking back it was a huge hassle and I would have survived an addition 4-5 day wait.
In recent years I’ve done the majority of my shopping online, mainly due to time constraints and the increasing number of retailers offering free shipping. Nowadays it simply doesn’t make sense for me to bother with going to a store when there are services offered such as Amazon Prime. Reports show that this mentality has been steadily increasing among consumers.
Even when I go to a physical store I always check the prices online. Sites like Retail Me Not and Slick Deals have saved me a lot of money, mainly on apparel. Black Friday and Cyber Monday both have broken last year’s sales figures.
A lot of people are skeptical and believe that the shopping events are simply normal sales that have been over marketed. Personally, I believe that if you know exactly what you’re interested in buying, it’s easy to find a good deal. I purchased a couple of things online on Black Friday (cologne & apparel). The best deal I purchased was a $600 Jones New York Suit for about $200.
After following the same routine for nearly a year, I have become accustomed to noticing the most minuscule changes. When I walk through Penn Station I notice when poster advertisements change. I know where every police check-point is where they conduct random bag searches. I recognize the homeless and what their signs say. I recognize other commuters on the subway, and in some cases which stops they get off at. I know where to walk to most easily navigate the torrent of 300,000 people.
The most obvious changes in New York though, are the seasonal changes, more specifically the holiday decorations. This could potentially just be my proximity to Rockefeller Center, but from the picture below you can see they’ve already begun preparing for Christmas.
Nothing worse than seeing one of these on the floor in the bathroom of your office:
I must admit I was never an Apple fan, but they definitely changed technology as we know it today.
Today, Steven Jobs passed away. He was said to be one of the greatest CEOs of all time. He played a major part in every successful Apple product.
The tech industry has lost one of it’s pioneers.
3 Hour Train Delays
In typical fashion, the train was delayed yesterday. In not so typical fashion, the outages spanned both NJ transit and Amtrak (usually Amtrak is fine). Upon arriving to Penn Station it was easy to see something was wrong, it was relatively quiet and no one was running or pushing.
Due to a signalling problem, every train after 5PM on was subject to 3 hour delays. This is easily the longest delay I’ve experienced (aside from cancellations).
Naturally, the most popular options in this situation are:
1) Make the trek to Port Authority and take the hope the following:
a. Lines aren’t too long
b. There is no traffic on the way home
c. Busses are cross-honoring transit passes
d. The bus actually goes near the location you board the train, and more importantly, where your car is parked
2) Find a bar and wait it out
Due to the fact I did not meet all the criteria of option 1, and that I knew other stranded patrons, I opted for solution 2.
Note: I left work at 5pm, got home at 10pm.
Penn Station Bar Review: Kabooz’s
There are about 6-7 vendors in Penn that sell alcohol ranging from a wine seller to bodega style retailers. To my knowledge there are only 2 bars (they have restaurants). This is one of them.
UBS CEO resigns
Easily the most shocking news of the weekend was the departure of the UBS CEO, Oswald J. Grübel. His choice was clearly a response to the recent turmoil involving the rogue trader. This scandal, paired with the mounting pressure of Europe to decide Greece’s fate, will leave UBS leaderless in a very critical time.
Grübel left his staff with a very straightforward departure letter, very reminiscent of Carol Bartz’s letter (former Yahoo CEO). He stated that he believed UBS would be best fit to approach the future with a new leader, as well highlighting the issues this (rogue trading) would cause.
UBS has had a troubled history, but the departure of their CEO may hint at deeper trouble’s within the bank and assuredly the economy. Im curious if their next CEO will be an internal or external candidate. Nothing new has unfolded regarding Kweku Adoboli’s case.
Google’s take on the patent wars
Recently, companies in tech industry have been filing a number of a lawsuits citing patent infringement. The most popular are Apple and Samsung. Apple fired the first shot by accusing Samsung of copying the design for the ipad/iphone. There’s even evidence that Apple altered photos in order to create a more valid case. Since this first incident, Samsung has also fought back.
Lawsuits like these essentially limit our choices as a consumer, consumers should be able to purchase any product in any region. As a previous owner of the Samsung Galaxy 10.1 tablet, I can say it was nothing like the Ipad/Ipad2. The biggest difference between the Android OS/Mac OS, is that Android is much more customizable.
Google CEO & Chairman, Larry Page and Eric E. Schmidt, have an interesting perspective on the patent wars. They have smartly chosen to remain nuetral and have taken defensive measures, such as acquiring Motorola. The below excerpt is taken from an article in the New York Times. Mr. Page was asked about his feelings regarding the lawsuits:
“There’s an element in technology and software of innovating and moving quickly and trying to do new stuff rather than using the legal system to prevent people from doing things,” Mr. Page said.
Ultimately, regardless of which company wins the lawsuit, the consumer is hurt and innovation is curbed.
In light of the current economic state and the growing financial trouble in Europe, the announcement of a rogue trader at UBS couldn’t have come at a worse time. A trader by the name of Kweku Adoboli has cost UBS an estimated $2.3 billion.
UBS is one of largest financial institutions in the world, it suffered large loses during subprime market crisis of 2008. In February 2011 UBS reported a profit of $7.5 billion, its first profit since the financial crisis began.
When I first began working at Barclays Capital, one of the first things I was given to read was a case study regarding the rogue trader at Société Générale. Jérôme Kerviel’s unauthorized trading actions cost SG a tremendous $7 billion. The projects that I have been assigned to directly focus on preventing unauthorized trading. They have now become some of the most visible and prioritized projects in the bank.
Some of you may be wondering how exactly this happens. I will try to relate my knowledge of the trade life cycle to possible ways he was able to get away with this.
First, as pointed out by authorities this was not done in a single trade, this is the accumulated loss over a period of years. Many will assume that this trader was given access to billions of dollars, but this is highly unlikely. The net total loss of his actions amounted to billions, there is a huge difference.
To assume he was allowed to make billion dollar deals would be similar to assuming that because your car has 75,000 miles on it, you’ve covered that distaince in 4 trips. The wealthiest hedge fund managers probably aren’t trading positions this big, not in these markets.
Second, he not the only person involved, he is the “rogue” because he is the fall guy. There are very strict controls involved in the trade life cycle. When traders trade at a financial institution, there are other authoritative people monitoring what they do. Trades that are made are reviewed and signed off on, other departments such as compliance and operations will also see a lot of these trades. Simply put, no 1 trader can act alone, not for 3 years, not while losing 2.3 billion dollars. If they were good enough to go unoticed for 3 years, they would have never gotten caught.
Definitely got a taste of the coming winter today. In the past 48 hours the temperature has dropped about 20 degrees. I turned the heat on in my car for the first time in what seems like forever. At Around 830AM the temperature in midtown was in the mid 50′s. It was pretty refreshing compared to the humidity of the summer. I took the picture of coupe of blocks from the office.
Company Name: Corning Incorporated
Stock Symbol: GLW
Product spotlight: Corning Gorilla Glass
If you have a smart phone, chances are, you’ve probably spent additional money on a protective case. The average consumer will spend money in order to preserve and prolong their electronic devices. As devices with touch screens become more common, there is a growing need to provide some type of physical protection. When keeping a device like this in your pocket/bag/hand its screen will be prone to scratches and cracks.
The company Corning has lead innovation in order to fill this niche. Corning manufactures a product called Gorilla Glass, which is a chemically strengthened glass. Unlike regular glass, Gorilla Glass can withstand the abuses that come from every day use. Click on the video to see their other innovations.
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It was originally purposed for automotive windshields, but it was deemed too strong to be used in cars. It has only recently begun to appear in a number of handheld devices. Gorilla Glass is the best material for touchscreens, no other companies produce a similar product. Another key point of Corning is that their technique for producing Gorilla Glass has recently been patented. This means they are in position to be the most dominant supplier for touchscreen material.