|
Family Money: Investment styles
By Leslie
Wright
Investment philosophy is not a subject that gains everyday attention.
Financial advisers and their clients often show more interest in seemingly tangible matters, such as past performance figures, and the likely direction of
the markets.
However, many investment professionals regard a fund management group’s investment philosophy as more important than past performance.
While this may come as a surprise to many amateur investors, this stance appears to be supported by the UK’s main regulatory body, the Financial Services
Authority, which has excluded past performance results from its proposed investment product league tables.
Like an individual’s philosophy, a fund or portfolio manager’s investment philosophy can give an insight into how he will handle future events.
With the world economy potentially at turning point, knowledge of such a philosophy could be more helpful than performance figures relating to the past few
years of relatively benign market conditions.
Investment philosophies are approaches that should remain consistent over time. They should point to empirical evidence of their success over the medium
and long term, be easily applicable to all markets, and filter through to everyday investment practices.
When a manager follows a philosophy, how can we be sure of its legitimacy and how it permeates throughout that organisation? The answer is to ask a range
of questions. In future articles we will look at benchmarking, the approach to quantitative research and risk management. Today, we are focussing on a major component of
investment philosophy: investment management style.
The debate about the suitability of a particular style has gone on for years and will no doubt continue. Investment style can basically be divided into two
camps: value and growth.
Value investment
The value investor aims to buy shares the virtues of which they believe the market has not fully appreciated, in the belief that at some point the market
will recognise the error of its ways. A likely consequence of this approach is that the value manager buys into low-rated, higher yielding sectors.
In the UK, this used to be a source of comfort, as the income yield at least provided an underpin to the overall return - as long as the dividend was not
cut. Tax and other changes largely mean the UK has joined the rest of the world in living with low (or nil) dividend yields: one-third of the UK’s top 350 shares now yield
less than 1%.
There are, however, a number of household names whose equity offers significantly higher yields. More often than not, the value investor will now be
talking about relatively low price-to-earnings (P/E) ratios and/or price-to-book values.
Growth investment
At the opposite end of the style spectrum, growth investors are more interested in the path of future profits than the bottom line that a company is
delivering.
The growth investor’s theory is that the way to make money is through share price rises that come from companies achieving market-beating and above
consensus earnings’ growth. For the growth investor, dividend income is generally irrelevant: growth companies will usually need to retain their profits to fuel future
growth.
Whereas value investors often hold old economy stocks, operating in mature businesses, growth investors tend to concentrate on new economy companies,
looking for the next technological or secular growth theme.
As these new economy businesses have grown, equity indices have evolved so the growth component is significantly higher.
The same scenario was seen in the US during the late 1950s when IBM soared to a P/E of more than 80 (four times its current level).
Managers at each end of the spectrum need to assess at which point assets that meet the criteria of their preferred style become unattractive.
Many value stocks are cheap for a good reason: they exist in a mature business and have little scope to increase revenue through volume growth while
intense competition prevents price rises. Productivity increases and mergers and acquisitions activity appear to be their only saviours and hence, without this major
corporate surgery, they will become value traps - that is, cheap but staying cheap.
Growth investors need to beware paying excess prices (known as Equity Risk Premium or ‘ERP’ for short) for future earnings growth that ultimately
disappoints. Growth stocks that ride a wave of euphoria can become torpedoes (valued at levels that overestimate their future earnings prospects) and crash once the market
recognises this.
Until recently, value investors have been losing out to their growth counterparts. The peak time for value investing was in the first half of the 1990s, as
falling interest rates raised the value of future dividend income.
The balance moved firmly in favour of growth investors from 1998 until early 2000 when the technology, media and telecoms (‘TMT’) boom ran its course.
Although any graph reflecting this growth is inevitably weighted towards the US, which accounts for about half the total global market capitalisation, the pattern was
repeated throughout the world.
Growth investors were happy to buy into companies with high valuation multiples paying little or no dividends. For them, the promise lay in the earnings
that would be achieved once the cash burn period of marketing and setting up was over.
Investment managers that adopted the value approach could only shake their heads at the dizzy valuations given to companies with no track record and
miniscule revenues - the dot.com firms being the prime suspects - and you’ll forgive my mentioning that I wrote about these shortly before the bubble burst in March 2000.
The disbelievers lost over-enthusiastic clients, and by the time the TMT bubble burst there were few who would willingly nail their colours to the value
mast. The euphoria of greed had taken over - just as the panic of fear in recent months has rapidly reversed the situation.
Some would say the current situation is an over-reaction; others that it was a sensible readjustment to market realities. Personally I feel it is somewhere
between the two. But that’s just my opinion, and who am I to argue with the ‘experts’ on CNN & CNBC who have had so much to do with creating the euphoria early last
year and the panic this year?
Since March 2000, growth style has suffered a setback. The earnings growth hoped for from TMT has evaporated with a slowing world economy, higher
short-term interest rates and hugely expensive 3G telecom licences. The previously highly-favoured ‘themes’ of TMT have performed especially poorly in the past six
months.
Momentum style
The two-year flurry of growth between 1998-2000 led to another style of investment being adopted by some investment managers and day traders.
As its name suggests, the momentum style of investment management means going with the flow: if a share is rising rapidly, then it is bought - and in the
TMT sectors there were plenty of rising stocks and initial public offerings for momentum investors to jump aboard.
But the danger of this style is it becomes a self-fulfilling prophecy if too many investors jump on the bandwagon. That is what happened in spring 2000.
Catching that turn is the key to making momentum investment work - no matter whether the market has risen too high or fallen too low.
The rapid see-saw between growth and value as the best approach underlines the fact that no single polarised investment style is right all the time.
This does not mean that sticking to one investment style will put an investment manager out of business. A number of pure value managers have managed to
retain more clients than their disappointing performance suggested because the clients like their calm & consistent approach.
Perhaps the question to ask is how managers with a pure value style outperformed in the late 1990s and similarly for the growth manager during the past
year.
A single style approach does have the appeal of consistency; but the same argument could be applied to a stopped clock, which will always be right at some
point in the day.
The recent extreme polarisation of market movements suggests that a pragmatic mixture of growth and value may offer an alternative. This trick seeks to
optimise the upside and minimise the downside, with a balance between value and growth.
It’s not an easy trick to work, but theoretically, while this approach would miss the peaks of each style, it should also avoid the worst of the troughs
and ultimately lead to greater stability of returns. Focusing on unrecognised growth is often referred to as “growth at the right price” (GARP) and allows the manager to
take advantage of trend shifts as they occur.
When looking for an investment manager to provide a service, remember that past performance is only one aspect to consider. Future returns are more likely
to be influenced by the manager’s approach to markets and his ability to respond to changing market conditions.
But it is always worth remembering that no matter what style your investment manager adopts, he doesn’t have a crystal ball or a magic wand. Performing
miracles is the province of the Vatican, not investment managers.
Leslie Wright is managing director of Westminster Portfolio Services (Thailand) Ltd., a firm of independent financial advisors providing advice to
expatriate residents of the eastern seaboard on personal financial planning and international investments. If you have any comments or queries on this article, or about other
topics concerning investment matters, contact Leslie directly by fax on (038) 232522 or e-mail [email protected] Further
details and back articles can be accessed on his firm’s website on www.westminsterthailand.com
Editor’s note: Leslie sometimes receives e-mails to which he is unable to respond due to the sender’s automatic return address being incorrect. If you
have sent him an e-mail to which you have not received a reply, this may be why. To ensure his prompt response to your enquiry, please include your complete return e-mail
address, or a contact phone/fax number.
Snap Shots: More travel photo hints
by Harry Flashman
Last week Harry dealt with the general principles in taking some impact laden snaps when you are next travelling on your holidays. This week, let’s look
at a few specific examples of “how to” when you are looking to record those “once in a lifetime” images.
Every city, town or village anywhere has its parades. Look at Pattaya’s Festival for example. Have you ever tried to record the parade? It is actually
very difficult. The naked eye sees a long procession of musicians, marchers and the like as they pass by, but the camera sees only one slice of the action, about 1/60th of a
second long!
 There is only one secret word for parades, and that’s Height. You have to get a high viewpoint to successfully record the action, and preferably use a
long lens. By shooting down the oncoming procession you will get several squads of musicians, marchers etc., all on the one frame of film. By using the telephoto lens you
“compress” the action and get relatively even more in the one photographic frame. Honestly, if you can’t get up high don’t take parades. You will be disappointed with
all ground level shots.
All tourist towns have their nightlife, and even Pattaya has the odd nocturnal events and places. Lots of lights, neon signs and floodlit fountains are the
norm for this type of photograph. The secret here is a wide angle lens with an aperture down around f 1.8 and some “fast” film. This is the time to get some 800 ASA film,
or 400 ASA at least. The other secret is not to use your flash. Harry fully realizes that this is photography in the dark, but the whole concept is to let the attractions
provide the illumination, rather than blasting it with flash light. If you try and take neon light using flash you will totally wash out the neon and again get very
disappointing results.
One of the more challenging travel situations is the winter snow holiday. It is very difficult to photograph snow fields and not end up with a homogenous
grey blanket in the final photographs. The secret here is a Polarizing filter and the time of day you shoot. People wear very bright clothes when skiing and this is where the
Polarizer works so well, especially with the glare from the snow. The Polaraizer will also give you a blue sky to contrast the white snow. The time of day is also just as
important. Shoot early morning or late afternoon when the sun’s rays are skimming across the snow and the tracks and ridges in the snow will show up as shadows.
Capturing falling snow is another difficult winter holiday challenge. If the shutter speed is too fast you will not really get the full concept of the snow
storm. The secret here is to use a slow shutter speed and let the snow produce white streaks across the photograph. Round about 1/30th of a second works well and you can even
use the on camera flash as well to add some bright highlights.
Some of you will be exponents of the wilderness type holiday, trekking and camping and taking in the vast grandeur of breathtaking natural wonders. The
secret here is a wide angle lens, look for low viewpoints and use slow film, plus a tripod if you can. The idea here is to use the lens at around f 16 or f 22 to maximize the
depth of field. This in turn, and the slow film, will require longer exposures - hence the tripod. Shooting in this way will give you maximum detail in the shot, maximum
content and theatre. Finally, shoot early morning or late afternoon as well to get the dramatic shadow effects and really give the impact to the Grand Canyon!
So you can see, whilst you can get holiday “snaps” with the trusty point and shooter, to really get the really great holiday photographs you will need
a choice of lenses, a choice of film and a tripod.
Modern Medicine: Caring for the “Oldies”
by Dr Iain Corness Consultant
If one is lucky, one’s parents are around to see their grandchildren growing up and be part of the nuclear family. Whilst this is the ‘norm’ for Thai
families, it is not so much the case for the Western model, so just how do our senior family members cope?
For the elderly, the late life period is not one of beer and skittles, but rather one of transition and adjustment to loss. This includes retirement,
relocation, and bereavement. At a time where one would imagine everything would nicely settled, it can be quite the reverse.
The first of these changes to be met is generally that of retirement. For the independent working person this represents a huge change in their
circumstances. One minute you are an important member of a work team and the next day you are unwanted, sitting on the job scrap heap, even if you now have a gold watch to
tell the time.
Around one third of all retirees show difficulty in adapting to this change. That change includes not only no regular daily work, but reduced income and
differences in the way the retiree is perceived in society. No one doffs their hat to a retired managing director!
Relocation is another of the stresses of later years. The family home is sold as the children have left and now have their own children to house and rear.
Smaller quarters are settled into until it becomes obvious to those around the elderly person that household chores are too much and so the next relocation occurs to the
Retirement Village, that veritable geriatric Disneyland of fun and frivolity. This is, however, the forerunner for the final move - to the Nursing Home.
All moves are traumatic (remember moving to Pattaya for example?) and for the elderly, it is no exception. However, this can be reduced by making the
elderly persons feel they have some say, some control, over the move. Retirement Villages should be chosen in consultation with the elderly themselves. While we “know what
is best”, we should not take away all of the decision making processes. The removal from the familiar surroundings may sometimes trigger an acute dependence or even
disruptive behaviour.
Finally, bereavement. Unfortunately, bereavement becomes part of many an elderly person’s life. The death of a spouse produces a loss of companionship
which in turn produces a decline in social interaction and a change in social status. These may precipitate acute illness and in fact men have a high mortality rate in the
two years after losing their spouses. (See, men do depend more on women!) Not only do the survivors’ spouses fall by the wayside, but also their old friends, club mates and
neighbours. Old age can become a never ending trip to the cemeteries.
No, whilst we think we care and look after our elderly relatives, there are many times when we neglect to put ourselves in their shoes, and expect an
immediate agreement on the future placement, instead of discussing options with them. Now when my dear Mum, 84 years young, reads this, she’ll probably think I’m lining
her up for the Geriatric Fun Palace, but I’m not, Mum. Honest!
 Dear Hillary,
I have noticed that every time you walk near an up-market restaurant some young person tries to drag you inside. Surely this cannot be good for business as
I find it turns me off the place, rather than make me want to eat there. This behaviour seems to happen with many restaurants along Second Road and Beach Road, and even is
now happening in Jomtien. Why do they do this, as surely they would be better off serving at the tables inside the restaurant? Can you tell me why, as nobody else seems to
know the answer?
Toothsome Tina
Dear Toothsome Tina,
These young people are called “Greeters” in the trade, and their job is just as you said: to entice people inside. Like all people in jobs anywhere,
some are better at it than others. The good ones make you feel honoured that you have been “chosen” to come into their restaurant, while the not so good make you want to
run away. Just take it all in your stride Tina and go and eat at the places you want to go to. With 300 restaurants in Pattaya, there’s enough to go round. Check Miss Terry
Diner’s Dining Out column each week for different places to go.
Dear Hillary,
Thank you for your reply (PM 13 April) to my humble request (where he wanted a set of “rules” for local wives to follow to be translated into Thai -
Hillary). Even though you were unable to help me, I know that you must have tried your feminine best. I do, however, have to take you to task over your inference that I am an
MCP. I am male, it is true. My somewhat portly stature, when viewed from certain angles, may even bear a slight resemblance to one of our curly-tailed friends. I also admit
that some of my views on certain matters may lead a few people to think that I may have a tendency towards being a touch on the chauvinistic side of centre. But an MCP? Ah,
Hillary, you do me an injustice. I happen to adore women. Some of my friends are women. I even married four of them (at different times, naturally). In any case, Hillary, if
I were an MCP, as you incorrectly concluded, in this town at least, we both know that I would not be Robinson Crusoe!
Neil (a PCM - Perfectly Charming Man)
Dear Neil (PCM),
Hillary is absolutely thrilled for you that you adore women and even carried several off into the hallowed halls of matrimonial mush. However, it was you,
my precious little poppet, who wanted Hillary to aid and abet you into putting up some “rules” which you wanted to stick on the wall of the said bedroom of bliss, so that
your (and I quote) “Thai wife can read it every time she forgets the reason she was put on this planet.” That remark is not “Perfectly Charming” dear man, but
chauvinism at its sanctimonious best. I have to believe Neil, that if you are male as you say, you look like a pig (your inference) and (I quote again) you stand “on the
Chauvinistic side of centre” then you are by definition an MCP, no matter how you twist the acronym. (Hurts too, doesn’t it, when you get your acronyms twisted!) If it
looks like a dog, smells like a dog and acts like a dog, it generally is a dog, surely! I stand by my original reply, love and kisses, Hillary (an MCP - Munching Chocolates
Person).
Dear Hillary,
Why is it when I sit down at a bar a girl will come up and ask me what is my name, where do I come from, whether I am here on holiday, where I am staying,
whether I am married and how many children I have? This list of questions seems to be the same, no matter which bar I drink in. Do these girls go to some “Bar Girl
School” or what? Surely there must be other ways of striking up conversations?
Puzzled Pete
Dear Puzzled Pete,
What would you prefer, Pete my petal, the girl say “Khun choo arai?” You have to remember your bar room companion is having to speak to you in a
foreign language. How many “set phrases” do you also speak in foreign languages, like “Khun mee Carlsberg, Khrap?” It is the same for the girls. They pick up some set
phrases and go from there, and honestly, finding out your name, marital status, job situation, location and dependents isn’t such a bad way to look at whether the
relationship has a future or otherwise, is it? Let’s not waste time - let’s find out in the first five minutes. They are only doing their job as best they can. Perhaps
you are right and there should be a Bar Girl School of English and Deportment. Or perhaps you have been watching too many re-runs of My Fair Lady. Remember there are plenty
of other places you can drink without company PP, if it really annoys you. Pattaya has more than a few bars, you know. Well there was last time I looked.
GRAPEVINE
| Another Pattaya first
In a delayed development, the newly completed Pattaya prison is not to be opened until mid 2002. The reason is not that someone forgot where the keys
are, but the fact that the prison is to be privatized, the first in Department of Corrections history. Private tenders, including foreign firms, will be able to bid to run
the prison on a potential profits basis. The state allocation for each prisoner is 10,000 baht a year which includes an allowance for staff salaries, food (at 29 baht a
day), water, electricity and medical services. Pattaya prison, which is out of town on the Rayong Road, will be capable of handling 500 inmates. At the moment, Pattaya area
prisoners are held in Chonburi Central Prison. However, since the establishment of Pattaya court last year, short term offenders are housed in the local police station
cells. The Department of Corrections will extend privatization to other jails if the Pattaya experiment proves to be successful. Farang prisoners are generally more
expensive to keep then Thais because they are not allowed physically to work under health and safety regulations (i.e. not insured for accidents).
Jomtien attraction
Brits should get around to visiting the Hop Pickers Inn when feeling hungry or thirsty out on the Jomtien Beach Road. Look for the large painted sign and
Union Jack flag on the side of the wall. It’s an English style bar with an extensive menu available from 9 a.m. to 10 p.m. Particularly recommended is the all day English
fried breakfast at 95 baht, with Cumberland sausage, and the fish and chips at 165 baht, a hefty portion indeed with a delightful, crispy batter. Fully air conditioned, but
you can eat breezily outside if you prefer. Favored by GEOC (Grapevine Eating Out Collective).
Golden event
RB sent us this one. While enjoying an early morning breakfast in a northern Arizona diner, four elderly ranchers were discussing everything from cattle,
horses and weather to how things used to be in the good old days. Eventually, the conversation moved on to their spouses. One man turned to the 76 year old guy on his right
and asked, “Roy, aren’t you and your bride celebrating your 50th wedding anniversary soon?” The reply was in the affirmative. “Well, are you gonna do anything
special to celebrate?” the first man asked. The old guy thought for a moment, then replied, “For our 25th anniversary, I took the missus to Tucson. For our 50th, I’m
thinking about going down there to pick her up again.”
|
Marital bliss
A well heeled Pattaya farang set out to take his young local wife to dinner on the occasion of their fifth wedding anniversary. He says, “So what
would you like sweetie? A new car, a diamond necklace?” She says, “Give me one thing and I need never ask for anything again.” He asks her what might be. “A
divorce settlement,” she purrs.
Legal eagle
A reader asks how anyone would ever know if you gave a false name to the police when you were arrested for some offence, having taken the precaution of
destroying your passport first. You would probably be charged in court with the assumed name you chose to give the arresting officers. However, you’ll never get out of
the country until you can prove your identity and obtain a new passport or exit pass from your embassy. People who give false names, and stick to them, have a habit of
hanging around the Bangkok immigration jail indefinitely as they can’t prove their ID. Even if you confess at some stage, you will likely then be charged with giving
false information to the police. Another imprisonable offence. Telling the truth from the start does have its merits.
Backpackers’ dream
Where is the cheapest temporary accommodation for farang visitors in Pattaya? Probably it’s sleeping on the beach or in a shed, but you could be
arrested for vagrancy. The lowest price we know is 150 baht a single night for a small room at, for example, J A Hotel in Soi Chaiyapool. Don’t expect air con. And the
cheapest breakfast which you can actually enjoy? Perhaps it’s the 35 baht eggs, bacon, toast and tea at Seaside Two in the same street. Pattaya, incidentally, does not
favor dormitory or bed-spacer accommodation at really knock down rates, common in cities in the Philippines for example. You’ll have to wait for the Salvation Army for
that in Pattaya. Indefinitely.
Seen in a bar on Soi Yodsak
“Notice. After using the towel, please remember to wash your hands.”
|
Animal Crackers: Never smile at a crocodile
by Mirin
MacCarthy
Many people think there is a big difference between crocodiles and alligators, but this is not correct as they both belong to the same family. In fact, there
are 23 species of alligators, crocodiles, and their kin, the caiman and gharials, and they are collectively all known as crocodilians.
These beasts have been around for quite a while with the earliest crocodilians having evolved over 200 million years ago. Crocodilians are usually considered
to be the only living members of the Archosauria, the group that included the dinosaurs.
 Having said all that, there are some obvious differences between crocodiles and alligators. Alligators have a rounded snout, while crocodiles have a
triangular snout. Alligators can also tolerate colder weather than crocodiles can. However, the most obvious difference is seen when a crocodile closes its jaws. The fourth
lower tooth can be seen in the crocodile when the mouth is closed, but in alligators, this tooth fits into a socket in the upper jaw so cannot be seen.
There are some differences between the various species as regards the fully grown size. The largest is the Indo-Pacific Crocodile, Crocodylus porosus,
which may exceed 7 metres, while the smallest is the Dwarf Caiman, Paleosuchus palpebrosus, which reaches around 1.5 metres. The record length for American Alligators is
around 6 metres.
The crocodilians are land reptiles that have developed the ability to remain under water allowing them to hide and hunt. Interestingly, the length of time
they can remain under water depends on the temperature. Being reptiles, they cannot adjust their own body temperature easily, and in the hot weather their metabolism and oxygen
requirements go up, which means they can only stay submerged for around 15 minutes. In winter they can remain under water for one to two hours, as their metabolism has slowed.
Crocodilians are not fussy eaters (unlike the domestic cat) and will eat anything they can catch. Young crocodilians feed primarily on small mammals, fish,
insects, and amphibians such as frogs, while adults will consume all those as well as larger mammals, birds, and reptiles. They will even eat carrion if it comes their way.
Are the crocodilians really “man eaters”? The simple answer is a resounding yes. The salt water crocodiles in Australia being renowned man eaters that
will actually pursue a man and capsize boats to get a hold of a medium-rare human being. A mother crocodilian protecting her nest or young is very dangerous. In the United
States between 1948 and 1995, there were 236 attacks on humans by alligators, 8 of which were fatal. Yes, they like us!
Being reptiles, the crocodilians lay eggs, but they are not abandoned by mother croc. Approximately 20 to 60 eggs, depending on the species, are laid in a
nest. Some species, like the alligators, build a nest of soil, leaves, and other vegetation, while other species, like the Mugger Crocodile, dig a tunnel type of nest.
After laying the eggs, mother crocodilians will guard their nests for the 70 to 100 days it takes for the eggs to hatch, and even assist in their hatching.
Babies may stay with their mothers for up to 2 years and she protects them from predators as best she can, but they are actually completely able to fend for themselves after
hatching.
The hatchlings are around 200-250 mm and can grow up to 300 mm per year, again dependent upon the species. The females take 8 to 14 years to mature, and
males 10 to 17 years, while the life span is around 30 years.
Finally, they do not make good pets!
Social Commentary by Khai Khem
Why the Wai?
Except for the Thai smile, nothing is more typical of Thailand than the wai. It is one of the first things visitors and tourists notice upon their
arrival in the Kingdom. This sign of greeting or mutual acknowledgement is accomplished by the raising of both hands, palms joined to a position lightly touching the body,
somewhere between chest and the forehead. Of course all Thais know how and when to wai, since this is something they are taught from the time they are toddlers. But as in all
cultures, local customs can have a variety of subtitles which may escape the casual observer.
Generally, a wai is a greeting, and may be executed while sitting, standing, or walking. However, the higher the hands are raised, the greater the respect
and courtesy will be conveyed. Strict etiquette requires the raising and lowering of the hands should be a smooth and graceful movement. Younger people will raise their hands
higher when greeting their elders. Also people of junior rank and status will lower their heads and raise their hands to wai those of senior status. In return, the elder or
high ranking person will return the wai with hands raised in at slightly lower attitude, usually no higher than the chest. Rarely will an older Thai initiate a wai to a younger
person. This is considered very bad luck and is thought to take seven years off his or her life, much in the same way that old superstition of a broken mirror brings seven
years of bad luck in Western lore. When waiing the opposite sex, gender does not determine the difference. Age and rank always dictates the gesture. However, modern life
changes most every ancient custom, so don’t be surprised to see young people and students in a hurry, modifying the wai to a quickly bowed head and one raised hand.
When equals meet, the difference in age will determine who’s wai is higher, and who’s is slightly lower. Monks in Thailand never return a wai. Their
folded hands and genuflection’s are reserved for Lord Buddha. If this sounds a little confusing to the casual tourist or business traveller who’s trip to the Kingdom is
brief or hectic, and isn’t sure who is who, it won’t hurt to offer a wai anyway. Most Thais will understand the good intention and forgive any tiny faux paux in
form. Like most things in life, with a little practice, it gets easier to get it right.
I recently had a visitor from Denmark stay with me for a couple of weeks. It was not his first time in Thailand, so I never thought to counsel him in the
finer points of the wai. This time he was travelling with a group of his family members, Mom, Dad, and siblings. They all enjoyed their visit so much, I didn’t have the heart
to tell them they really did not have to wai everyone they met. They were all too happy to wai the waiters in restaurants, shopkeepers, the servants and their children, even
the throngs in the streets during Songkran. I truly had to bite my tongue when Mom performed a perfect wai to our family dog, positioning her hands just below her hips. This
whole interpretation of the greeting had gone beyond my interference. If they wanted to wai the birds in the trees, who was I to spoil their fun? When the day came to depart
for freezing Copenhagen, the group expressed their thanks for an enjoyable holiday. Mom added that she thought the wai was a much better greeting than the Western handshake;
more hygienic. I mentally calculated how we could all meet in Tibet next year. Tibetans greet each other by sticking out their tongues.
Women’s World: Time for me!
by Lesley Warner
In today’s competitive and stress-torn world it sometimes feels an impossible task to find the time to look good. Especially if life includes a man, a
family and a job, it’s easy to neglect yourself - looks, feelings, and desires.
Here are some tips on looking good and feeling better without having to spare too much time - but remember, you deserve a little time for yourself. You will
find that if you look and feel better, you can achieve so much more.
What are we without our face? It’s the first impression. So, the first thing to do is pay attention to it. Go in for a regular skin-care routine -
cleaning, toning, moisturising, and don’t forget your neck. (Remember; fight off ‘chicken neck’ for as long as possible.)
Again and again I say use a sunscreen when going out to avoid a tan (as my mother used to say “don’t do as I do, do as I say”). Invest in a
professional facial once a month (especially if you are over 30). Keep your eyebrows well shaped and your lips soft. Remember; a healthy, glowing skin is the best asset for a
woman.
Do you realise what an asset water is? Water flushes out toxins from the body, which in turn gives you a clear skin and a fresh look. Try to drink 6-8
glasses of water every day to keep your skin soft and supple. Hands are dirty and things to be kept away from your face.
Hair is so important it can boost you up or drag you down. Don’t get stuck in a rut; it’s so easy with hair, sometimes it’s time for that long hair of
your youth to hit the dust, or should I say the hairdresser’s floor. Treat your hair to a hot oil massage once a week. Use a good shampoo, which suits your hair type. Since
hair is weakest when it is wet, treat it gently. Don’t tangle it up by shampooing wildly. Instead, rub gently, following the line of hair growth.
You will look and feel good if you keep your body fit. After a certain age, women tend to put on weight and their muscles slacken. The best thing is to have
a regular exercise regime to tone up your body and to feel light.
Contrary to popular belief, exercise isn’t just for those who are overweight. Each of us needs exercise. If we do not exercise, our muscles shrink and we
put on fat. You can choose from walking, jogging, free-hand exercises, yoga or aerobics. The easiest is to put on your walking shoes and take a brisk morning or evening walk.
You will not only burn up the extra calories, but will feel healthier, lighter and more active. However, if you have any major health problem, consult your doctor first.
Our eyes need special attention all our life, as they undergo a lot of strain. Go in for periodic eye checkups, whether or not you use specs or contact
lenses. Always use a good pair of sunglasses to protect your eyes from the harsh glare when you go out in the sun.
Relieve the eyestrain of close work by stopping every 20 minutes or so, looking into the distance for a minute. You can also “palm” your eyes - close
your eyes and cover them with your cupped palms for a minute. This relieves eyestrain to a great extent.
To give relief to tired eyes, lie down, close your eyes and put a slice of raw potato, used teabags or cucumber on them and relax. Don’t read in poor light
and always watch TV from a distance.
Our feet bear the entire burden of our body day in and day out and still remain neglected. A person takes 3000 - 10,000 steps a day and walks or runs 77,000
miles during a lifetime. Treat your feet to a pedicure at home once a week - and feel the difference! You can also go in for a professional pedicure now and then.
In any case, keep your feet clean, nails polished and heels crack-free. Massage a cream into your feet every night and they will look and feel good.
Shaman’s Rattle: Isis - the Sea Goddess
by Marion
The magic of Egypt is older than the human mind can comprehend. The Egyptian Goddess Isis was known and worshipped in pre-dynastic times four thousand years
B.C and such is her rich history and popularity that she is still followed today in her many aspects. There are indeed Western secret societies and mystical orders today
devoted to the worship of Isis.
 Isis endures; she is know variously as the Goddess of Healing and Magic, the Sea Goddess, the Mother of Nature, the Queen of Heaven, the Goddess of Love, the
Giver of Riches and Justice and Mistress of the Words of Power.
As legend has it, Isis was bestowed the words of power by learning the sacred name of the Sun God Ra when she cured him of snakebite. Marion Weinstien
attributes these words to Isis in her book Positive Magic, “Come to me for my speech has in it the power to protect, and possesseth life, for I am Isis the goddess,
and I am the lady of the words of power, and I know how to work with words of power, and most mighty are my words.”
Isis is revered because of these powerful incantations that she used to restore life to her slain brother/husband Osiris so that they conceived a child Horus.
She is crowned with the image of a throne because Osiris was resurrected and became Lord of the Underworld and their son Horus survived to avenge his father and regain his
father’s throne as Lord of the Divine Order, by the will and power of Isis.
Two wonderful books unveil the esoteric secrets of Isis worship long held sacred by Western secret societies and mystical orders. Although The Sea
Priestess by the renowned pagan psychologist Dion Fortune was written in the thirties, it gives a marvellous insight into these ancient magical practices and worship of
Isis as the Sea Goddess. The Sea Priestess tells the parable story of a man caught in a cycle of servitude and illness who meets an ageless and mysterious woman
(actually a priestess of Isis who has reincarnated many times), who helps him on his quest for spiritual enlightenment. They both conduct magic rituals where she initiates him
into the inner planes of Isis worship in an ancient moon cult. She teaches him the esoteric significance of the magnetic ebb and flow of the moon tides. By reclaiming this
ancient spiritual knowledge and gaining the insight that all women are Isis, he is finally set free to create his own life apart from the opinions of family and community. The
mystic power of Isis and the sea pervade the story. The sea stands for the unconscious mind and deeper levels of being, the book unveils the hidden nature of men and women. The
writing is vivid and poignant and philosophical. The sea priestess incants:
“Behold we arise with the dawn of time from the grey and misty sea,
And with the dusk we sink into the western ocean,
And the lives of men are strung like pearls on the thread of his spirit;
And never in his journeys goes he alone.”
Along the way the book reminds us that since the beginning of creation of humankind there has existed a universal mother goddess, largely overlooked in
modern times. It also illustrates that the Christian perspective, not the pagan, is the newcomer.
The Mysteries of Isis depicts Isis as a universal goddess in all her aspects present throughout history in all places and times. Exploring variations of
Isis worship and associations with the Gods and Goddesses of Egyptian, Roman, Greek, Asian, Celtic, Scandinavian and even Christian eras, is an unusual treatment, unlike the
majority of other works which depict Isis as a uniquely Egyptian goddess.
Isis was long worshipped both at shore and on the sea and thought to manifest in the sea mist and moonlight. Her secret heartbeat was said to be the pulse of
the surf and tides, the creation and destruction of each wave that brought life and death.
According to author De Traci, Isis worship is thought to have originated in busy commercial ports where she was patron of the many ships carrying Egyptian
grain to Rome. Sailors left offerings to her before embarking on perilous journeys.
Her association with the sea was commemorated relatively early in the Greco-Roman festival of Ploiaphesia. This ceremony was held after the forbidding winter
when a boat dedicated to Isis was launched to open the season of navigation. De Traci says, “As Egyptian trade with the Mediterranean increased, many boats were named
‘Isis’, a practice which persists in a small way even today. Eyes of Horus were also painted on ships prows to defend against storms, and are still occasionally seen on
many modern ships in the Mediterranean and Aegean Seas.”
She goes on to tell that travellers were quick to adopt Isis as their patron, because she was the goddess who wandered far and wide in search of her murdered
husband Osiris. Travellers made numerous offerings at her temples at the beginning and completion of their perilous trips, also to help the deceased in their journeys though
the Underworld where she sails nightly in the Boat of Ra.
De Traci concludes with this meditation which I call poetry,
“Isis is the flow of the tides; the life giving chaos... She is the great Wave moving in the seas of Time and Space; The flowing without beginning and
without end. She is the water that brings the sands of the shore and She is the water that takes away each grain again.”
The Sea Goddess is still with us and always will be.
The Computer Doctor
by Richard Bunch
The first new XP offering from Microsoft is now available for your computer. Not Windows XP, which is scheduled for release in fourth quarter 2001, but
Office XP.
I’ve been running the Office XP for a while now. I installed it as an upgrade from Office 2000 and it will also upgrade previous versions seamlessly. The
suite consists of Word, Excel, Access, FrontPage, Outlook, PowerPoint and Publisher 2002. I spend most of my time using Outlook, Word, Excel and Access so that’s where most
of my experience has been up to now. All the applications have changed visibly and can look a little overpowering at first but although this may be somewhat unnerving at first,
some features have moved, others removed and there is a plethora of new features; also changed are default settings, and of course the new user interface.
Microsoft has made some really quite attractive and useful changes to Outlook. For Exchange users and as well as standalone users, the Send/Receive groups, a
feature designed for organizing mail downloads and uploads, evolved from the offline synchronization groups first introduced in Outlook 2000. The new Outlook version makes this
feature available for online and offline use and applies it to any account, not just to Exchange mailboxes. One problem I have found so far is that it incorrectly imports the
SMTP server on e-mail accounts, so these have to be manually corrected after the import process. One really nice feature which if you rely as I do on the Reminder feature is
that instead of your Desktop being smothered with umpteen Reminders, XP puts up a single box with all the Reminders in.
With Word, this looks really quite different at the outset but is not so daunting when you get inside it. One thing that has changed and is available
throughout is the ability to dictate. For this feature to work, though, you need to have US language settings. I have done little training of it for my speech and it makes a
very passable interpretation of my speech into text, although sometimes the results bring tears to my eyes. I think it must be my English accent. There are many time saving
features; one which I find really handy is that if you import text a little formatting box appears offering choices, one of which is to format to the current document, cool!
There is still a lot more to explore and I’m constantly amazed by what I find.
Within Excel, once again the interface has changed and looks, I think, slicker. There are several productivity enhancing features which I find useful,
especially when inserting rows, when a dialog box pops up to ask what if any formatting, formulas, etc., you want to copy.
Access seems at the outset to be little changed and thankfully all my old code has come across perfectly and requires neither modification nor conversion
which was required when moving up to Access 2000. This means that the code is backwardly compatible.
As to the graphic offerings I never really used these and from a quick rummage, they appear to be little changed.
All the applications seem to work noticeably quicker and take less time to load; this is really very appealing. Certainly I think there is more on the
positive side than negative regarding the changes but the decision to upgrade needs to be on a personal level. Take the time to carefully evaluate how Office XP will affect you
and in a corporate environment your users. Initially it is probable there will be a marginal drop in productivity.
Send your questions or comments to the Pattaya Mail at 370/7-8 Pattaya Second Road, Pattaya City, 20260 or Fax to 038 427 596 or E-mail to [email protected]
The views and comments expressed within this column are not necessarily those of the writer or Pattaya Mail Publishing.
Richard Bunch is managing director of Action Computer Technologies Co., Ltd. providing professional services which include custom database and application
development, website design, promotion and hosting, computer and peripheral sales service and repairs, pro audio solutions, networks (LAN & WAN) and IT consulting. For
further information, please e-mail [email protected] or telephone/fax 038 716 816 or see our website www.act.co.th
Guide to buying a large dog: Giant Schnauzer
by C. Schloemer
Good points: easy to train, excellent with children, fearless, fine guard, good-natured, playful
Take heed: slow to mature, wary of strangers
 The Giant Schnauzer is the largest of the three Schnauzer varieties (the others being the Miniature Schnauzer and the Standard Schnauzer). It shares the same
qualities of good humour, intelligence and devotion with the smaller sizes of this breed. It has been used for security and as a messenger in the armed services. It also works
well in obedience competitions and will give a very good account of itself during these trials. The Giant Schnauzer’s original job was ratting. The Giant Schnauzer is little
seen in the USA or Britain. The smaller varieties have gained more popularity as house pets.
Although the Giant Schnauzer has a happy nature, this dog is devoted and loyal and may be wary of strangers. That is not to say that he is fierce or
unreliable. He is playful, and those owners with children will be delighted with the choice of this breed as a family pet. He is easy to train and will be a good guard.
Size: Height: dog 65-70 cm. Bitch 60-65 cm.
Exercise: Needs plenty of vigorous exercise. This breed is active and playful. If you do not have time or space for this large dog, but truly want a
Schnauzer, it really would be better to buy either a Standard Schnauzer or a Miniature.
Grooming: The Giant Schnauzer is dog that requires a certain amount of care if to do it justice. Daily grooming with a wire hair brush is necessary.
Those quizzical whiskers must be combed. This breed’s coat needs to be stripped with a serrated comb, or the dead hair plucked out by hand. Ask the breeder for a grooming
chart, or at least ask for a demonstration before tackling this job yourself. If your heart is on the show ring, the Giant Schnauzer’s coat needs to be in perfect condition.
Origin and history: Descended from German sheep dogs and cattle dogs, this large variety of Schnauzer was evolved through interbreeding with the smaller
Schnauzers. The breed was first shown in Munich in 1909 under the name “Russian Bear” Schnauzer. The breed was classified as a working dog in Germany in 1925.
The Message In The Moon: Sun in Aries/Moon in Libra - Rebel Without A Cause
by Anchalee Kaewmanee
This combination has a restless spirit! Independent and naturally rebellious, the person born into this sign will find it difficult to sit still for long. It
is a rare Aries/Libra who is not involved in at least a dozen major projects or activities. These people are extreme individualists and want to find out about life and
themselves on their own terms and in their own peculiar way. Charming and exuberant, others are drawn to this combination because it exudes such vitality and confidence. The
individuals in this category consider themselves adventurers of sorts, and in many respects they are. Never content to sit back and dream about excitement and romance, they go
out and find it. Naturally inquisitive, they feel the constant impulse to explore every nook and cranny.
To others who are not quite so bold, this sign can come off as being insensitive. Actually, they are not insensitive; it’s just that they want everyone to
do things and see things their way. That makes it a little difficult to cooperate with people around them. Impulse and intuition often rule their actions, and reason and sound
advice are of secondary importance. Often they will abandon something they have been working on to follow a romantic or exotic whim. While blessed with intelligence,
concentration is a hard thing for these people to learn. Rarely will you find this group of people engaged in scholarly professions. They hate sitting behind a desk. Often
times their kind of determination is likely to get them into trouble, rather than lead them to genuine accomplishments. This inherent spirit of adventure produces a nagging
feeling of dissatisfaction or anxiety as time goes by. Inner restlessness accounts for a lot of it. The rest may be attributed to the difficulty they have in focusing their
ardour upon one goal, and seeing it through to completion.
The challenge for the Aries-Libra is to find some field which fulfils this need for variety and adventure. That independent spirit can be channelled and made
to work towards learning responsibility. These individuals do best working on their own or inside a partnership with another who is cautious and discriminating. That way some
of the Aries-Libra’s bold and sometimes rash impulses can be checked. All people born into this sign have wonderful aesthetic sense, and a career involving imagery, art, or
design are excellent fields of choice.
Sensual and responsive to the needs of a partner, the Aries-Libra is deeply romantic. A successful relationship is indispensable to the emotional well-being
of this individual. Therefore, it is wise to seek a lover with whom it is possible to share and communicate. A tendency to idealise the opposite sex may put people of this
category in jeopardy if involved with a partner who is either too passive or too dominating. The emotional make-up of the Libra Moon demands balance and harmony and is easily
tipped off balance by emotional turmoil.
Updated every Friday
Copyright 2001 Pattaya Mail Publishing Co.Ltd.
370/7-8 Pattaya Second Road, Pattaya City, Chonburi 20260, Thailand
Tel.66-38 411 240-1, 413 240-1, Fax:66-38 427 596; e-mail: [email protected]
Updated by
Chinnaporn Sungwanlek, assisted by Boonsiri Suansuk.
E-Mail: [email protected]
|
|
