The Burden of The Pound

While there are many things about England that I do like, the prices drive me up the wall. In economics there is a concept known as the purchasing power parody, which basically states that a good in one country will cost relatively as much as the same good to a person in another country. While this theory is not completely true, in loose terms it is true that people usually pay more where the currency is stronger and the cost of living is more expensive. With the pound sterling trading at roughly 1.7 times the dollar everything in London seems painfully expensive; everything seems to cost twice what it does in the U.S. For this reason, if I ever lived here I would have to be getting paid in pounds.

This however, would not resolve the whole problem. Apparently, it isn't simply the exchange rate that makes things seem expensive here, many Londoners also have been complaining, and even protesting, regarding the prices.

For some reason, this seems to be the case with strong currencies. Prices in many parts of the Euro Zone are too high to stimulate adequate growth, due to fiscal policy that is innapropriate to all but a few of the most devloped and economically sound of it's members. While the recent British austerity measures and their current monetary policy are necessary for the country's long term financial health, the fact remains that it causes unavoidable difficulty for people on the ground.

Pub Food Revisited

British food is often thought of as, in a word, bad. While I was here, for the most part I did not find this to be the case.

One of the first places I went after my arrival in London was the food halls of Harrod's department store. While the buildings of some Russian grocery stores I have been in are more impressive in detail, they cannot compete for sheer size. I was impressed not only by the amount, but also by the variety of foods they have. In many cases a french cheese stand is situated next to a dim sum counter.

During my time here I have eaten almost exclusively in pubs. In addition to having a good selection of beers and ales, the vast majority of the pubs I ate in viewed their food as more than merely something meant to settle your stomach between pints.

Despite what is apparently a recent trend toward improving the quality of cuisine in pubs, the food remains rather simple. It relies on high quality ingredients and preparation, instead of complex combinations of spices. The result of this is that traditional dishes such as steak and Guinness, and cottage pies, actually are a pleasure to eat. Some of the pubs have even ventured into creating their own culinary fusions. For example, when I ordered beef lasanga, what I got was a fusion between the traditional Italian dish, and a British meat pie.

As I have mentioned, these gastro-pubs do not focus on the kitchen at the expense of the bar. A pint of one of the many varieties of bitters on tap is the perfect complement to a simple but delicious meal.

Its Own Island

Most often, when I travel to Europe, I go to either the central or eastern part of the Continent. As a result of this, I am more familiar with cities such as Kraków and Ljubljana than I am with the western Europe. When I do go to western Europe, I find that while cities such as Berlin and Paris are nice places to visit, they also are not places in which I would like to live. So, on my trip to London, my expectations were actually not that high. That said, what I found pleasantly surprised me.
On the way from the airport into the city, our driver told us that the U.K. is "Europe but not Europe". This is a very apt way to describe London. While many physical and cultural aspects of the city are very informed by Europe, many aspects of it also remind me of some eastern American cities such as Chicago. The result is completely unique. Even more interesting, and sometimes a bit odd, is the fact that the Brits have preserved many of the stereotypical aspects of the city that Americans think of when they think of London. There really are double decker buses, and all of the taxis look like they came out of a time warp. The city fathers have even maintained the famous red telephone booths even though everyone has a cell phone. This is not something Londoners simply do for tourists and there seems to be a sense that these things are part of their history and must be preserved.
While in London, I took the time to play tourist. Over the past 4 days I have seen many of the major sights, such as the Tower Bridge and Westminster Abbey. However, my favorite part of the city is the strong presence of theater and opera. In my short time here I took full advantage of this by taking in the sequel to "Phantom of The Opera", "All's Well That Ends Well" at a re-creation of the Globe Theater, and my favorite, Verdi's "Macbeth" at the Royal Opera House.
I am currently in the process of applying to various master's programs, one of which is a joint degree between Uniwersytetem Wrocławskim in Poland and The London School of Economics. If I am accepted to this program I think I could be very happy studying, and possibly working in London. Maybe it is because of its unique flavor, but I find London to to be one of the few western European cities that I simply enjoy being in.

Bloomberg, Bonds, and High Finance

As a business student focusing on Eastern European trade I am oftentimes frustrated with the opportunities for study in this area available to me in California. So, when I was first offered the opportunity to intern at Blueberry Capital, a 200 million dollar capital management firm based in San Francisco, I was somewhat dubious about its benefit in terms of my long term goals. However soon after arriving there I found that I would be learning skills that would be beneficial to me regardless of what country I plan to work in.
Although my internship with the company only lasted a week, it was definitely a week well spent. Because Blueberry Capital is a small firm, which focuses on high-level municipal bond investments for private wealth management funds, it usually does not take on interns at all, so I was fortunate to benefit from knowledge and experience that is accessible to few of my peers.
On my first day, I arrived at the office, in the middle of San Francisco’s financial district, and stayed only long enough for introductions. The office makes extensive use of the Bloomberg terminal to make investment decisions, so I was immediately sent to Bloomberg’s west coast headquarters for terminal training. The office’s dedicated representative, Nina Bari, was there to greet me on arrival. Having been told of my background in Journalism, she was gracious enough to give me a quick tour of Bloomberg’s television studio and facilities, which were small, but new and utilitarian. Then came a surprise meeting with one of Bloomberg’s Executive Editors and Technology columnist Rich Jaroslovsky, a long time family friend. Then we got down to business. The training itself consisted of an hour-long whirlwind of keyboard commands and financial codes. While attempting to master the intricacies of the system I came to realize that the terminal is really the Avid of the financial world – complicated to use, but also an incredibly powerful tool. I believe this knowledge will be useful in the future.
Back at Blueberry Capital’s office in the afternoon, I was given a crash course in the parallels between the business and legal worlds. My duties included analyzing extensive Bond prospectuses and credit ratings. I was also asked on several occasions to use Bloomberg to research the financial situations of the various underwriters and LOC issuers. Owing to my background, this was not very new to me. As a business reporter if often reported on the pros and cons of various market sectors and investments. However, at Blueberry I also was asked to use the information to make judgment calls regarding the actual quality of an investment. While at first I found this challenging, I began to gain an understanding of how to distinguish between investment qualities during the internship. I also learned how concepts taught in the classroom, can be used in new and unexpected ways. For example, I learned how mandatory put and call provisions can be used as the mechanics by which variable rate municipal bond can be reset to par value each week. In short, this was a great experience. I will never forget the exhilarating feeling that results from hitting the “accept” button on a multi-million dollar bond purchase. The skills I will take away will serve me well as I continue to work toward my ambitions of an Eastern European business career.

Seriously, San Francisco?

I am a business student who grew up in suburban Los Angeles. The countries in which I spend a lot of time are usually a lot more concerned with economic growth than with environmental protection. When someone mentions the word “green” the first thoughts that pop into my head more often than not have something to do with the color of American money. And yes, I am one of those people who do not believe that global warming is caused by humans. Although I have been to some more environmentally-minded countries, such as Germany and Belgium, I was truly shocked into disbelief at the amount of environmental B.S. that is going on in San Francisco.
I have seen in a lot of different taxis around the world, but nowhere else have I seen even one Prius taxicab. In San Francisco the things are everywhere. This isn’t just because one or two independent operators are environmentally minded, in fact a sizable portion of cabs in the city are hybrids. When I asked about it, I was told that it is actually a law in San Francisco that in order for a cab company to get licensed a certain percentage of the fleet must be hybrids. Even though my initial reaction was, “Are you kidding me?” I refrained from pointing out that it probably will not be too good for the environment when it comes time to dispose of all the batteries.
The crazy ordinances don’t stop there. All credit card equipped parking meters must be solar powered, and it is illegal to sell a house in San Francisco if it does not have a low flow toilet. Electric buses which are perfectly normal in most major cities are touted as ‘zero emissions vehicles’ in San Francisco. When I pointed out that the electricity for the bus probably comes from a power plant belching black smoke into the air, my comment was succinctly ignored.
The other shocking thing is San Franciscans’ seeming obsession with compost. Previously I’d though that this was something that only a very few private individuals do. However, in the City by the Bay it’s everywhere. Even in coffee shops, garbage disposal facilities are divided not only into trash and recycling, but there is also a separate bin for compostable material. If it were not for my uncle I would still be standing there trying to figure out what goes in which bin.
One final note, the most outlandish thing I saw during my time in San Francisco was also disturbingly cool at the same time. At a frozen yogurt shop, my uncle pointed out that the disposable utensils were made from corn starch. Hearing this I started trying to bite into one of them assuming that edible spoons were a gimmick of the restaurant. It turned out that the spoons were not fit for human consumption, but were biodegradable, and are just as good as the genuine plastic articles.

Two Words: Good Food

The food in San Francisco is amazing. While I was there I was treated to a plethora of culinary options, from Thai to Armenian cuisine. Here are some of the highlights:
On the night I arrived we went to Little Tokyo, for a dinner of Japanese noodles. The restaurant makes its own noodles and broth fresh in-house. The Udon with seaweed, or Wakame, was a good way to start eating my way through the city.
The following morning I got breakfast from the aptly named “Le Boulangerie.” The bread was fresh from the oven. I especially enjoyed the breakfast bread, which was baked with cranberry, apricot and almonds.
Later that day, we stopped at North Beach pizzeria, which is apparently one of the oldest in the city. From our table I could see the dough being kneaded in the kitchen. While ordering a pizza that satisfied everyone’s topping preferences was a bit of a challenge, the result was quite satisfying. I have ordered mushroom, garlic and breaded eggplant pizza in many places around the world, and this was one of the better results.
The next day we ate Thai food for dinner. The small restaurant we went to featured a chef from one of Thailand’s more remote provinces, who is known to try unconventional combinations of ingredients. Indeed, this made the usually pedestrian dish of Pad Thai, new and interesting. The red duck curry was also quite good.
One of the best restaurants was called “La Mediterranean”. The owner of this restaurant is an Armenian who grew up in Lebanon. The menu combines these two cuisines with a decidedly French influence. The olive quiche, served with lentil soup, hummus and fresh pita bread eloquently demonstrated the synergy that can be created from the combination of culinary culture.

Art in The City by The Bay

While in San Francisco I stayed with my uncle and his girlfriend. They could not have been more welcoming, and they made it a point to show me around the city. My first full day in the city was a Sunday. After breakfast, I was taken to the Legion of Honor Museum. I enjoyed looking at the works of art from various European eras. Of particular interest was one of the original manuscripts of the Magna Carta which was on loan to the museum. My uncle has a connection in San Francisco’s real estate business, so afterwards I was taken to the island of Belvedere, where some of the city’s wealthiest homes are situated. I was shown an excellent model of 1950’s architecture, with amazing views of downtown San Francisco, the Bay, and the Golden Gate Bridge. Unfortunately, it was a bit out of my price range at a mere $4.5 million.
That evening we went to Coit Tower to look at the murals in its rotunda. This was especially interesting to me because of the style of the art work. Even through the murals were sponsored during the Great Depression by the US government, many of the painters thought that the capitalist system had let them down. For this reason, roughly half of the rotunda is painted in the socialist realist style. While I don’t agree with the philosophy, this style of artwork remains one of my favorite genres simply for its aesthetic value. Because, the murals look like something you’d expect to find in countries of the former Warsaw Pact, I have to admit it was a bit disconcerting to find it in America.