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01-20-17  carib

easy jet and similar can be Ok compared to economy, but even then.. normally a lot of time wasted before boarding, not much room to work or take a nap, etc.
If one can afford a private plane.. that is way better.

01-20-17  Alex

keeps flying on easy jet

I have excellent experiences from Ryanair & Wizzair, Lufthansa is ok, but FRA & MUC are hellish.

01-20-17  pillz

have a good WE , gona now

01-20-17  pillz

in 2017, I am up 8% in pdvsa debt

01-20-17  pillz

if the debt go to 45, I will starting to sell slowly..., if it go below 40 I will start buying slowly

01-20-17  pillz

no Carib I am not selling ... and not buying

01-20-17  carib

Pill: that makes you now a seller, rather than a buyer of Veny.

01-20-17  pillz

it is pdvsa , not Veny

01-20-17  carib

Alex: I agree on that.. of course as long as Veny does not scalp creditors.

;-)


But the discussion was not on yield, but on cost of living well, if my memory is correct.

I wrote that to "live well" in EU-US, one needs today, for a family, a gross income above 500K.
Wally affirms that much lower income is required in south-east asia.

If one has a lower income, living without certain luxuries is a consequence, rather than a choice, no question about that.

But one has a yearly income of millions, and then keeps flying on easy jet (as the owner of Ikea apparently does).. I do not question his choice, or the possibility such savings give him great pleasure. I only comment that the inherent logic is hard to understand.

01-20-17  pillz

I never buy debt of Veny below 25% ytm , and never above 40/par

01-20-17  Alex

to re-investcoupons in more bonds, and over 50 years move from 1 million to 1 billion, without making any significant use of the money..
this is a pleasure I fail to understand.



okok, got it

no, the point is YIELD, for me it is worth buying Venezuela with 22% instead of Berlin houses with 2% GROSS at todays ridiculous prices.
Even with mortgage rates at 1,2%!

01-20-17  pillz

UPDATE 1-Venezuela 2016 inflation hits 800 pct, GDP contracts nearly 19 pct

22:04 (20/01) - Bron: RTRS

(Adds comment from economy vice president)
By Corina Pons
CARACAS, Jan 20 (Reuters) - Venezuelan consumer prices rose
800 percent in 2016 while the economy shrank 18.6 percent,
according to preliminary central bank figures seen by Reuters,
the sharpest economic contraction in 13 years and the worst
inflation reading on record.
An extended slump in oil prices has turned the OPEC nation's
once-prosperous economy into a mirror of the latter day Soviet
Union, with rampant product shortages forcing some to skip meals
and wait hours in food lines.
President Nicolas Maduro's government blames the situation
on an "economic war" led by political adversaries with the help
of the United States. As the problems mounted, the central bank
stopped releasing quarterly and monthly economic indicators.
The oil sector, which provides nearly all of Venezuela's
hard currency, in 2016 shrank 12.7 percent, according to an
excerpt of a document containing the figures that was shown to
Reuters. The non-oil sector shrank by 19.5 percent, according to
the document.
The figures could be changed in the process of approval by
the central bank's board of directors, according to a source
with direct knowledge of the situation.
Economy Vice President Ramon Lobo played down the inflation
figure reported by Reuters while speaking with journalists on
Friday, but declined to offer a figure himself.
"Let's wait until the central bank announces it, but that
figure is totally crazy," said Lobo, though he acknowledged that
"the economy is facing a difficult situation."
In 2015, the economy contracted 5.7 percent while inflation
reached 180.9 percent, the central bank said last year.
Maduro accuses opposition-linked businesses of artificially
creating economic problems. He says inflation is the result of
speculative price-gouging by unscrupulous capitalists, and
insists workers are better off as a result of minimum wage
increases in 2016 that totaled 454 percent.
"In a year we have raised minimum wage five times, and I say
today that (those increases) are well above 2016 inflation," he
said during a news conference earlier this week, without
offering an inflation figure.
The country's currency controls have left businesses unable
to obtain dollars, meaning merchants struggle to stock shelves
and factories sit idle for lack of raw materials or machine
parts. Venezuelans last year began crossing into neighboring
Brazil and Colombia in droves to buy groceries.
Investor concern that Venezuela may not be able to continue
servicing its foreign debt has made its bonds among the
highest-yielding emerging market securities, paying investors on
average 21 percentage points more than similar U.S. Treasury
notes.
Maduro has dismissed rumors that the country or state oil
company PDVSA could default, noting that the ruling
Socialist Party has never missed a bond payment.

01-20-17  carib

Alex: what I mean, is very simple.
If one keeps saving 90% of a significant income,
and invest wisely such savings.. over generations this produces a fortune in billions.

If the investments do not prove wise, or one generation squanders the estate..
all the sacrifices of previous generations are squandered.

In case the family owns a major corp, and keeps re-investing in it.. I can understand the idea: it' a symbiosis between family and corp.

But.. just buying PDVsa bonds (as an example) to re-investcoupons in more bonds, and over 50 years move from 1 million to 1 billion, without making any significant use of the money..
this is a pleasure I fail to understand.


01-20-17  Alex

My question to Alex was academic more than practical.
If his kids and grandkids follow his steps, either they build a large multinational..
or just pospone the problem.

If alex was the owner of Samsung or Ikea, I would understand better.



I cannot understand this at all

01-20-17  spal

Navios Maritime Holdings Inc. (NM)
NYSE - NYSE Real Time Price. Currency in USD


Quote Lookup

1.99+0.29 (+17.06%)
As of 3:45PM EST. Market open.

01-20-17  carib

mmm... front row seats 50 times a year at good opera performances, for 2 people...
would cost some 15k$ or more. Highly possible, provided one has no car, lives in a garage, and eats fast food.

;-)

01-20-17  amigo-latino

_BlackRock names former UK Chancellor George Osborne as part-time adviser_

01-20-17  wally

mniam
as he points out himself, sitting in the front row of a first rate live opera performance once a week is not part of that life style, ...it can easily be part of an european life style for 80K.
*****
that might be the case and i even respect people who are willing
to live like paupers (Europe @ 80k) but enjoy what they consider
as necessities or priorities.

01-20-17  carib

They want to have the cake and also eat it..

like a number of expats I know who change residence to get 0 taxes.. and then want free medical services..

wanting the cake with no cost.. is human.
getting it.. is unreasonable.

01-20-17  Hernie

That comes from the former finance minister of a country that already taxes high income.. at 70% total rate. (her own income, however, is taxed just @20%

.............

Precisely my point. They want to have the cake and also eat it

01-20-17  carib

PS: the UK has been a real tax haven, so far, for non-doms.

01-20-17  carib

Savo: I saw madame Lagarde in Davos saying the medicine for populism is.. accepting to pay higher taxes. That comes from the former finance minister of a country that already taxes high income.. at 70% total rate. (her own income, however, is taxed just @20%).

On my own book, total direct taxation should be capped at 33,3%.
That means if corporate tax is, say, 20%, tax on dividends should be 12,5%.
Add indirect taxes of about 15% of GDP.. and you still get a rather "fat" public sector.

01-20-17  spal

UUUU - is a US domestic resource play on Ur ... currently US imports abou 90% of its Ur despite having a lock on refining ... this will change thanks to our boot wearing, slow talking (& slow thinking) friend Rick Perry.

01-20-17  spal

Chinaman choking on carbon ... must start to build Ur schtock piles for reactors coming on stream ... all are same design ... expect major buying and contract activity ... by order of Schpal (as authorized by Emperor Trump) ...

01-20-17  spal

Chinaman choking on carbon ... must start to build Ur schtock piles for reactors coming on stream ... all are same design ... expect major buying and contract activity ... by order of Schpal (as authorized by Emperor Trump) ...

01-20-17  spal

NM ... resumes ... on the march up ... (BSI is holding and edging up) ... we be in full rally mode today in Schpalandia ...


01-20-17  spal

AXAS - launched a major seconday at $2.40 ... this pulled the schtock momentarily down toward this ... but issue was upsized and I expect schtock to rally if oil continues mildly or pauses. This is a good little fracker ... and in the Permian (mother of all frack fields).

01-20-17  Hernie

Savo...And yesterday I was changing channels and came across some muppets in Davos speaking about taxation without borders (while enjoying nice hot dogs at 50 swiss francs each). Now, don't get met wrong, I don't have an issue with people spending whatever they want to spend (I may find some things excessive, ridiculous or of poor taste but ultimately anyone should be free to buy whatever they want). But what they can't do is have their cake and eat it...

01-20-17  spal

TWNK ... Hostess (the Twinkie schtock) hit 52 week high intraday yesterday ... I am holding the warrants TWNKW ... which should triple ... Gott mit mir ...

01-20-17  savo

mniam..

the main problem i see is that we cant choose between low tax environments with less culture and high tax environment with more culture...

The option is between no culture and no taxes... paradises without a thing to do in them versus more urban developed and culturally rich countries with paranoid levels of taxation.

The political elites have managed to convince the people that tax extraction below 50% of national income is a tax heaven... un unleveled playing field that has to be changed.

The UK may want to reduce corporate taxes from 19 to 12 % and there is germany complaining that the UK is trying to become a tax heaven. Come on!...the UK a tax heaven!!!

In the end .. the older we get and the more operas we have watched... the less marginal value they have to some of us... My main concern at the moment is to have a viable and credible set up in which i feel comfortable, where my money is safe...that keeps me in the first world, well connected to the places where I want to go and with practically no taxes on financial income.

01-20-17  carib

Minim: in the end of the day, everyone can find pleasure in different ways, listening to Opera, smelling a rose, watching the sunset, eating caviar, or counting beans.
I do accept some people have pleasure in accumulating money, rather than using it.
I just find it odd, when you have a lot of it, depriving yourself of a commodious life.. just for the sake of.. accumulating even more.
I prefer "the middle way": accumulate some, spend some.

My question to Alex was academic more than practical.
If his kids and grandkids follow his steps, either they build a large multinational..
or just pospone the problem.

If alex was the owner of Samsung or Ikea, I would understand better.

01-20-17  spal

Coffee plices look like continuing up ...

01-20-17  spal

Uranium --- URA --- sharp rise was caught in the backward looking announcements of CCJ (Cameco and 22% of the URA index) who reduced currect expectations, but has not backed away from forcasts. Things mostly reset yesterday with expecations intact. I mostly agree with the spec. thesis and that is that industry wide production cuts are now fairly locked in and demand is insurgent (Chinaman has 15-20 reactors coming on line and Japanman is ready to switch many back on).

I did cut my initial position, but core now has low basis (and pays hefty dividend) ... and rotated some into the most spekulative position UUUU ...


01-20-17  spal

Petroleos Blonds seem happy today ... nice plice action in Europa ...

01-20-17  mniam

sorry, i didnt mean to sound preachy. i was rather having fun adopting the in your face attitude of a cultured hedonist not giving a rat's ass about practical considerations. :)

01-20-17  mniam

carib

> In Thai, you get Wally style.

this is where our conversations always hit the wall. wally style makes wally happy and all the power to him. it's not for everybody, obviously, since, as he points out himself, sitting in the front row of a first rate live opera performance once a week is not part of that life style, not for 120K (he would either have to fly to Europe once a week or pay for his own opera troupe, both of which would come out to somewhat more than your 500K). it can easily be part of an european life style for 80K.

> hobbies.-. are the pleasure of pointlessness, in a way.

i never quite understood that view. it seems to me that pleasure is the very point of being alive. what would be the point of living without pleasure? what would be the point of doing ANYTHING unless it gave you pleasure? and if so, what can possibly be wrong with pointless pleasure? besides, what point is there to anything anyway? as the poet says, what is the meaning of a rose?


01-20-17  Alex

Will you donate your fortune too charities, eventually, like Warren Buffett?
absolutely not, for my kids & grandkids only.

will you donate yours?

01-20-17  wally



01-20-17  wally

mniam
i suspect on 120K a year one can be quite comfortable almost everywhere.
*****
i [not so] humbly beg to differ. Carib already pointed out that
120k are actually much less after tax or requires a gross of
~170k (varies depending on country). if i use my home country
Germany for a comparison a 100% identical lifestyle would be
completely out of question. not even considered an estimated
additional capital expenditure of 1.5 to 2.0mm for home and land
in the suburbs of a city with 500k inhabitants.

but i agree that living at the edge of civilisation is sometimes
unbearable. i *** miss the live performance of La Traviata in a
tcherman opera house when i sit miserably in a chair, wearing
earphones, smoking a cuban cigar and sipping a glass of port...

***do NOT!

"IMG SRC="http://lh4.ggpht.com/_UiJssKEhtg4/S5QCXerq3GI/AAAAAAAAAKM/uQclg120iE8/rabugento1.gif">



01-20-17  wally

carib
having a jet and yacht.. would cost much more.
*****
argh! i nearly forgot that my Learjet needs a rear axle oil change.

01-19-17  bond

Panas, yes, I think Ode is doing everything to recover. It takes time. Patience is required.

01-19-17  carib

Alex: hobbies.-. are the pleasure of pointlessness, in a way.
Will you donate your fortune too charities, eventually, like Warren Buffett?

01-19-17  Alex

wrong, C) is my hobby

01-19-17  carib

but, once again..

what is the purpose of saving?

A) being able to spend later.
B) leaving money to heirs.. to spend later
C) accumulating for ever, never spending.


In case of C).. my point is that accumulating for its own sake.. is pointless.

01-19-17  carib

as little as possible
-----
no disagreement.

depending obviously on circumstances.


01-19-17  Alex

3) how many staff, worldwide, do you employ?


as little as possible

01-19-17  Alex

we are talking "living well", not "leaving cheap".

am not complaining

01-19-17  carib

3) how many staff, worldwide, do you employ?

01-19-17  carib

Alex:

1) 500K gross does not always mean 500K net.
2) I do not normally travel economy, except easy jet seat 1 c on short flights with better timetable... and when you fly long distance, business or first are a must. we are talking "living well", not "leaving cheap".

01-19-17  Alex

my jets are called WIZZAIR and RYANAIR

01-19-17  Alex

even with several residences and costs we never get to the sum of 500k annually

01-19-17  carib

Alex: kids cost.
just tuition and school costs well over 100K a year.
frequent international travel costs.
maintaining several good size houses (with staff) costs.

having a jet and yacht.. would cost much more.

;-)

01-19-17  Alex

to live really well, with family, you need at least 500K a year net, IMHO, nowadays.

do you spend €500.000 for cost of living annually?
we need to spend a fraction, Netherlands, France & Bulgaria.

01-19-17  carib

Mniam:
with 30K a year, gross.. meaning 20 K net.. in EU or USA .. you are a pauper.
with 30K a year in Thai with NET=GROSS , i guess you get by, not fine, but OK.

with 120K a year gross, meaning 80K net, in EU you get by, not really fine, but Ok without family. In Thai, you get Wally style.

to live really well, with family, you need at least 500K a year net, IMHO, nowadays.

01-19-17  mniam

wally, of course, one has to do that everywhere, fedex in his favorite chow, etc. expats with 20 or 40K dont get access to the quality of life which requires such things. i suspect on 120K a year one can be quite comfortable almost everywhere.

01-19-17  panasonic

bond, are you still positive of Odebr?

01-19-17  bond

Odebrecht launches major reorganization in wake of Car Wash probe

In the last days of 2016, the Odebrecht group defined a new management structure for its operations, leaner and with new governance, involving units in Brazil and abroad. With the reorganization, the industrial conglomerate led by the Odebrecht family now has ten business units. In December of 2015, when Marcelo Odebrecht left the holding company, the portfolio had 15 businesses.

The changes include everything from the unification of businesses, such as engineering and construction — from six to only two — to the shutdown of units, creation of a new company in charge of managing what is left in the defense and shipbuilding areas to the appointment of new executives.

In the future, depending on the current asset-sales program, debt negotiations of companies such as Óleo e Gás (about $5 billion) and the viability of others, such as the real estate unit, the OR, the portfolio may shrink again. The company confirmed the management changes in the management but declined to grant an interview.

New executives were recruited at the organization’s intermediate levels, holding positions of many who were involved in the agreement with the Federal Public Ministry. In all, 77 people, including Emílio Odebrecht and his son Marcelo, have signed plea-bargain agreements.

As soon as the leniency agreement was signed with Brazilian authorities (MPF), the US (Department of Justice) and Switzerland, as a result of Car Wash’s investigations, Odebrecht implemented the new structure — which brings six new names of leaders in the last 12 months through 2016. What the conglomerate wants now is to normalize its operations — in Brazil and abroad.

The leniency agreement still depends on the approval of the Federal Supreme Court. It’s in charge of justice Teori Zavascki, and its content should be approved, totally or partially, next month. Odebrecht considers the agreement its new "ground zero" after the Car Wash tsunami. The investigations have identified bribery payments linked to Petrobras contracts in the country.

The group still has to face negotiations on agreements with authorities in more than a dozen countries, such as Peru, Colombia, Panama and Ecuador, where irregular payments have been identified in contracts for several infrastructure projects operated by units of Odebrecht Engenharia e Construção.

Valor has learned that most changes were revealed during the year-end meeting of the holding company’s top management with about 200 executives. The meeting was held, as always, at the Odebrecht headquarters in Salvador, Bahia.

In the new business structure, the five engineering and construction areas were grouped into two: infrastructure and industrial, both with international operations and each with its own leader.

The remaining ones are: Braskem, OR (real estate business) Odebrecht Transport, Latinvest (infrastructure concessions abroad), Agroindustrial, Óleo e Gás and ECN, of shipbuilding and defense, created more recently and which gathers the operations of shipyard Enseada and Brazil’s submarine project.

Foz is the tenth business units and inherits the environmental sanitation business abroad after the sale of Odebrecht Ambiental to Brookfield. The assets are located in Mexico, Peru and Angola.

ODT (defense and technology), which did not move ahead, and Odebrecht Properties (management of real estate assets) were shut down. Both were created within the group’s expansion plan started in 2007.

Another change was the arrival of Luciano Nitrini Guidolin to Odebrecht S.A.’s command structure. The executive was recruited in the same building of the company's headquarters in São Paulo: Mr. Guidolin was vice president of Braskem's top petrochemical business, of plastic resins.

In the group since 1994, native of São Paulo and engineer graduated from USP, he was appointed vice president for investments and risk analysis of the holding company. Valor has learned that his role is strategic for the company’s future. His job will be to evaluate the day-to-day of each business unit. As a result, Mr. Guidolin, after taking office in early January, has already been appointed chairman of six companies in the group — except for Braskem, Engenharia e Construção and Óleo e Gás.

Mr. Guidolin, according to a source, is seen as a potential rising leader in the new phase of the group, which had several other executives on the same condition mowed down under Car Wash investigations. The executive is considered an internal candidate to head the holding company in the future, when chairman Emílio Odebrecht completes the restructuring process. Emílio negotiated with the MPF to have one year to carry out the reorganization.

Nilton Sérgio de Souza, Emílio’s right-hand man, has been the group's president since Marcelo's arrest in June 2015. He stayed in the post until December of that year. Mr. Souza took over for good when Marcelo came to the conclusion that he was no longer able to return to the Odebrecht’s command.

With the changes, Odebrecht aims to adopt a new governance model in the day-to-day business between the holding company and top executives. The relation between the president of Odebrecht S.A. is now with the board, and no longer directly with the leader of the business, as it was under the command of Marcelo Odebrecht.

The company’s focus at this time is to improve governance, adopt compliance procedures in each business, and on organizational restructuring. In addition to the holding company, each subsidiary now has a compliance committee linked to the board. Odebrecht already hired the directors and support personnel, numbering 40, to handle the area.

Marcelo Odebrecht’s very ambitious goal was to make the conglomerate a Brazilian giant with R$ 200 billion in revenues at the turn of the decade. In 2015, the group had revenues of R$132 billion and gross debt of R$110 billion

01-19-17  wally

mniam
well, yes, to some extent, if you are prepared to eat 3rd rate german sausage
*****
again either shitty personal experience (only poor people live in Chiang Mai :~) or wrong assumption. i have a choice between three
tcherman and two swiss butchers in my area. specialities which
are not available, such as red deer salami, smoked wild boar ham,
and a dozen other delicacies are provided by my brother and
transported to Thailand by two friends who are visiting me three
times a year loaded each with 15-20kg. i have two russian sources
for caviar at a fraction of european prices and there is a number
of catering companies who deliver the fanciest food stuff one can
think of to your door step.

yes one has to pay but whatever dollar i spent comes out of the
pockets of Herr Wolfgang Schäuble. and should the latter refuse
to pay my heirs will take care of it whether they like it or not.

life is good!

01-19-17  mniam

panas

yes, of course, and then there is the changing tastes... (we dont call that aging, do we?)

01-19-17  Merlino

Pana, my impression is people is in general disappointed with Macri and his government. Supporters are not seeing the changes they hoped to see (not even in better transparency, perhaps)and opponents will never accept his origin/social class. Besides, both supporters and opponents are suffering bcz of the economic adjustment, which really is almost negligible in regards to the critical fiscal situation.

Then, perhaps a Maduro like candidate has a good chance to win.

However I am not talking as a local. Better opinions are welcome.


01-19-17  panasonic

Macri must be trembling :-))

....

http://www.el-nacional.com/noticias/gda/nicolas-maduro-argentina-lanzo-presidente-gano-por_76296

01-19-17  panasonic

mniam, thing is colores life is not static thing...

some like skiing, others bikinis, or opera, sports, gourmet food, eat their own catch, stay near family...

or...all of the above :-))


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