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<channel>
	<title>Investing in a Life of Value</title>
	<link>http://blog.aaronedelheit.com</link>
	<description>Explore the stock market, faith, Tikkun Olam and humor in no particular order</description>
	<pubDate>Mon, 01 Dec 2008 20:48:43 +0000</pubDate>
	<generator>http://wordpress.org/?v=2.1</generator>
	<language>en</language>
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		<title>Mauboussin on Strategy</title>
		<link>http://blog.aaronedelheit.com/2008/12/01/mauboussin-on-strategy/</link>
		<comments>http://blog.aaronedelheit.com/2008/12/01/mauboussin-on-strategy/#comments</comments>
		<pubDate>Mon, 01 Dec 2008 20:48:43 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>Stock market</dc:subject>
	<dc:subject>Psychology</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/12/01/mauboussin-on-strategy/</guid>
		<description><![CDATA[This is a great writeup by a Michael Mauboussin who is a strategist for Legg Mason. I agree with his conclusions and the similarity between the flack Buffett received in 1999 is very similar to the flack he is getting today.
Mauboussin on Strategy
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			<content:encoded><![CDATA[<p>This is a great writeup by a Michael Mauboussin who is a strategist for Legg Mason. I agree with his conclusions and the similarity between the flack Buffett received in 1999 is very similar to the flack he is getting today.</p>
<p><a href="http://www.leggmason.com/individualinvestors/documents/insights/D6932-Mauboussin_on_Strategy_Where_From_Here.pdf">Mauboussin on Strategy</p>
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		<title>Separation</title>
		<link>http://blog.aaronedelheit.com/2008/12/01/separation/</link>
		<comments>http://blog.aaronedelheit.com/2008/12/01/separation/#comments</comments>
		<pubDate>Mon, 01 Dec 2008 06:31:16 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>Faith</dc:subject>
	<dc:subject>Tikkun Olam</dc:subject>
	<dc:subject>Kaballah</dc:subject>
	<dc:subject>Psychology</dc:subject>
	<dc:subject>Self Improvement</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/12/01/separation/</guid>
		<description><![CDATA[I am reading a wonderful new biography about William Wilberforce, the great British anti-slave trade campaigner. As part of the book, the author, William Hague, describes the slave trade, how slaves were kidnapped and transported in the most brutal conditions with no regard to health or humanity. 
One of the more disgusting stories describes how [...]]]></description>
			<content:encoded><![CDATA[<p>I am reading a wonderful new biography about William Wilberforce, the great British anti-slave trade campaigner. As part of the book, the author, William Hague, describes the slave trade, how slaves were kidnapped and transported in the most brutal conditions with no regard to health or humanity. </p>
<p>One of the more disgusting stories describes how disease spread on one ship and many slaves died. The captain realizing that the trip was no longer profitable decided to throw the remaining slaves overboard to drown in order to collect insurance on them.</p>
<p>I thought to myself: how is that possible? How is it possible for one human being to do such a thing to another human being? This is not a new thought for me or other people for that matter. I’ve often wondered it when I read about slavery, the Holocaust, the Inquisition, genocide in Rwanda or events such as the Rape of Nanking. Unfortunately there are many, many examples of human atrocities.</p>
<p>But the thought that always gets me, is that beyond evil, how is it that a mass group of people who often believe in God and are decent people in their home setting to their families and friends can turn around and spear a baby with a bayonet or shoot a helpless old person. For any normal person to do this to another person is not natural. Then why has it happened so often throughout the history of mankind?</p>
<p>I believe that <em>separation is the key</em>. What do I mean by separation?</p>
<p>We feel separate from the <em>other.</em> We don’t look like them, we don’t act like them, and we don’t pray like them. They aren’t us. <em>They are different.</em> We are we and they are they. I believe this is where it starts. This is the very first step in dehumanizing or degrading someone into something. For example, I’m a Protestant and you are a Catholic, I must fight you, you aren’t me and not only are you different, you aren’t anything like me. Do Christians understand how weird and bizarre it is to Jews that Protestants and Catholics kill themselves over what seems like very small differences in beliefs?  Do you think Jesus, if you believe he is God or God’s son, thinks it’s bizarre? </p>
<p>Just because something is different doesn’t mean it has to be separate. Your hand is different than your foot, the sky is different from land, or a trumpet is different from drums, yet they go together. There is a connection.</p>
<p>And this is the point I would like to make: we aren’t really separate at all. We may be different, but we are all connected by one big thing. And this thing is bigger than all of our petty differences: God. If God breathes life into us, creates us and endows us with a divine spark, then we are all connected by God. The problem is that if we don’t see that divine spark or recognize it in ourselves, then all we are is an ego mind with no real connection to each other or to God.</p>
<p>Until we can see that connectedness we will remain separate and will remain hostage to an inauthentic life, filled with petty differences and made up separations. We need to see, act and live the connection we have with each other.</p>
<p>If you were truly connected, you wouldn’t steal from yourself or kill yourself, would you? Because that is what the other person is, that person isn’t the other or separate, he is a part of you, he or she is connected to you. And the people that do hurt themselves and commit suicide do so because they feel separated or estranged from God, society, and more importantly their souls or divine sparks.</p>
<p>Imagine we are tiny cells or atoms that make up God’s body. If we don’t communicate to each other and help each other then how can the body function? Further, if we attack other cells, doesn’t that lead to disease? And wouldn’t a group of cells attacking other cells be considered cancer? In this analogy, <em>is it possible that when we fight each other and kill based upon silly differences that we are killing or harming God?</em> This is not to say that self-defense is wrong or that bad cells shouldn’t be fought, quite the contrary a body only works if its immune system is strong and works.</p>
<p>My request to you is to try to <em>imagine every person you encounter as having the spark of God inside of them, even if it is hidden.</em> Make that your very first reaction and go from there. So what if they are different. Don’t immediately make them separate, because separate starts the process of dehumanizing and devaluing that spark of God, something powerful you are connected to. At a minimum, you should start to see people in a different light. This is what has happened for me.</p>
<p>And maybe then you will start to see that people aren’t good or bad, but instead shades of gray and that a lot of “bad” people are instead people that are actually experiencing dysfunction and hurt, and are struggling to find God or their soul in their own life. And when you see someone less fortunate than you, maybe you will realize that it is your responsibility to help that other, connected person. Or simply help that person so you can strengthen your own connection with God, for yourself and for God.</p>
<p>In the Bible, when the Israelites finish building the Mishkan (the Tabernacle), they place the ark inside, in a place call the holy of holies. The ark is built with wood and inlaid with gold and inside holds the Ten Commandments. On the top were built two cherubim, or human/angel creatures facing each other from opposite ends.</p>
<p>In Exodus 25:22, God tells Moses he will be in the space above the ark and the Ten Commandments and between the two cherubim. One of the best commentaries I’ve ever heard taught that what God tells us he will reside in the space between two people as they face each other.</p>
<p>Stop separating yourself from other people. You have a connection to them and you don’t even realize it. Instead, imagine you are searching for or connected to God through other people. If more and more people believed this, then maybe atrocities and crimes against each other would slowdown or stop. Maybe people would realize they are really only hurting themselves and God.</p>
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		<title>Food prices to rise next year</title>
		<link>http://blog.aaronedelheit.com/2008/11/25/food-prices-to-raise-next-year/</link>
		<comments>http://blog.aaronedelheit.com/2008/11/25/food-prices-to-raise-next-year/#comments</comments>
		<pubDate>Tue, 25 Nov 2008 19:13:51 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>Uncategorized</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/11/25/food-prices-to-raise-next-year/</guid>
		<description><![CDATA[Here is a bloomberg story quoting Jochen Hitzfeld, an analyst at UniCredit SpA in Munich.

“Agricultural commodities will outperform the broad commodity indices in 2009,” Hitzfeld wrote in a research note this week. “If key crop-producing countries then impose export bans again and speculators drive up prices via physical stockpiling and futures contracts, new food unrest [...]]]></description>
			<content:encoded><![CDATA[<p>Here is a bloomberg story quoting Jochen Hitzfeld, an analyst at UniCredit SpA in Munich.<br />
<em><br />
“Agricultural commodities will outperform the broad commodity indices in 2009,” Hitzfeld wrote in a research note this week. “If key crop-producing countries then impose export bans again and speculators drive up prices via physical stockpiling and futures contracts, new food unrest is even conceivable in the second half of 2009.” </em></p>
<p>Here is the link: <a href="http://www.bloomberg.com/apps/news?pid=20601087&#038;sid=aC.nz4FiZpkg&#038;refer=home">Bloomberg on rising food prices</p>
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		<title>Charities Need Your Help</title>
		<link>http://blog.aaronedelheit.com/2008/11/25/charities-need-your-help/</link>
		<comments>http://blog.aaronedelheit.com/2008/11/25/charities-need-your-help/#comments</comments>
		<pubDate>Tue, 25 Nov 2008 16:08:06 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>Tikkun Olam</dc:subject><dc:subject>charity</dc:subject><dc:subject>help</dc:subject><dc:subject>recession</dc:subject><dc:subject>struggles</dc:subject><dc:subject>volunteer</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/11/25/charities-need-your-help/</guid>
		<description><![CDATA[In the spirit of Thanksgiving, I think everyone should consider that as much as the economy and the stock market may be hurting you, its hurting other people and institutions even more, especially charities and non-profits. Judging just from my ability to give money this year, non-profits are in for a world of hurt. This [...]]]></description>
			<content:encoded><![CDATA[<p>In the spirit of Thanksgiving, I think everyone should consider that as much as the economy and the stock market may be hurting you, its hurting other people and institutions even more, especially charities and non-profits. Judging just from my ability to give money this year, non-profits are in for a world of hurt. This Time article highlights some of the emerging problems: <a href="http://www.time.com/time/business/article/0,8599,1848864,00.html">Time article on charities&#8217; problems</a></p>
<p><em>The crisis couldn&#8217;t come at a worse time: many charities, such as City Harvest, which delivers leftover food from restaurants to the needy in New York City, collect the bulk of their donations during the holiday season, and with unemployment on the rise and 401(k) plans tanking, it&#8217;s likely to be a blue Christmas. Over the past two years, City Harvest received $100,000 from Lehman alone — one of the charity&#8217;s Top 5 donors. &#8220;We are obviously very concerned,&#8221; says Jilly Stephens, City Harvest&#8217;s executive director. &#8220;We have the bulk of our fund-raising ahead of us — between November and January we raise nearly 40% of our annual budget — and we don&#8217;t know what&#8217;s going to happen.&#8221;</em></p>
<p>What makes it worse is that in general non-profits and charities have greater demands on their services in tough economic times.</p>
<p>So, enough about the problems, what can we do? Well, money ain&#8217;t going to cut it for most of us, we are a lot poorer and don&#8217;t have the ability as we did in the past to give. We can however, volunteer and help out in person. I believe non-profits and charities are going to have to lay thousands of people off. My solution is to pick your favorite charity or non-profit and see how you can volunteer and try to help them. They are going to need it.</p>
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		<title>Get Paid for Not Working!</title>
		<link>http://blog.aaronedelheit.com/2008/11/21/get-paid-for-not-working/</link>
		<comments>http://blog.aaronedelheit.com/2008/11/21/get-paid-for-not-working/#comments</comments>
		<pubDate>Fri, 21 Nov 2008 18:19:30 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>Uncategorized</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/11/21/get-paid-for-not-working/</guid>
		<description><![CDATA[Another great post on the Carpe Diem site highlighting that the Big 3 pay half a billion to people that don&#8217;t work:
Jobs Bank and Not Working
]]></description>
			<content:encoded><![CDATA[<p>Another great post on the Carpe Diem site highlighting that the Big 3 pay half a billion to people that don&#8217;t work:</p>
<p><a href="http://mjperry.blogspot.com/2008/11/jobs-bank-500-million-annual-cost-to.html">Jobs Bank and Not Working</p>
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		<title>Ford&#8217;s CEO pay package and the Bailout</title>
		<link>http://blog.aaronedelheit.com/2008/11/19/fords-ceo-pay-package-and-the-bailout/</link>
		<comments>http://blog.aaronedelheit.com/2008/11/19/fords-ceo-pay-package-and-the-bailout/#comments</comments>
		<pubDate>Wed, 19 Nov 2008 20:43:08 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>Uncategorized</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/11/19/fords-ceo-pay-package-and-the-bailout/</guid>
		<description><![CDATA[In April, Ford reported Mr. Mulally received $2 million in base salary, a $4 million bonus and more than $11 million of stock and options in 2007. His base salary was unchanged over 2006. Mr. Mulally has earned nearly $50 million in compensation since taking the helm of the auto maker.
Why exactly are we listening [...]]]></description>
			<content:encoded><![CDATA[<p><em>In April, Ford reported Mr. Mulally received $2 million in base salary, a $4 million bonus and more than $11 million of stock and options in 2007. His base salary was unchanged over 2006. Mr. Mulally has earned nearly $50 million in compensation since taking the helm of the auto maker.</em></p>
<p>Why exactly are we listening to a man who has been paid $50 million while his firm is going down the toilet?</p>
<p>Here is the Wall Street Journal article, where I got this data: <a href="http://online.wsj.com/article/SB122702915620437775.html?mod=googlenews_wsj">Ford&#8217;s CEO obscene pay package</a><br />
In the same article it mentions that the GM CEO got a 33% bump in salary to $2.2 million while GM lost $38.7 billion.</p>
<p>Are you kidding me? Why should I pay my hard earned tax dollars to these bloodsuckers?</p>
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		<title>Why the Big Three Shouldn&#8217;t Be Bailed Out</title>
		<link>http://blog.aaronedelheit.com/2008/11/19/why-the-big-three-shouldnt-bailed-out/</link>
		<comments>http://blog.aaronedelheit.com/2008/11/19/why-the-big-three-shouldnt-bailed-out/#comments</comments>
		<pubDate>Wed, 19 Nov 2008 16:56:16 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>World politics</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/11/19/why-the-big-three-shouldnt-bailed-out/</guid>
		<description><![CDATA[This is an excellent blog post from Mark Perry&#8217;s Carpe Diem blog on how Honda is actually expanding in this country:
Honda expands
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			<content:encoded><![CDATA[<p>This is an excellent blog post from Mark Perry&#8217;s Carpe Diem blog on how Honda is actually expanding in this country:</p>
<p><a href="http://mjperry.blogspot.com/2008/11/other-side-of-bailout-story-honda.html">Honda expands</p>
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		<title>New Yorker Article on Agriculture</title>
		<link>http://blog.aaronedelheit.com/2008/11/17/new-yorker-article-on-agriculture/</link>
		<comments>http://blog.aaronedelheit.com/2008/11/17/new-yorker-article-on-agriculture/#comments</comments>
		<pubDate>Mon, 17 Nov 2008 20:25:31 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>Uncategorized</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/11/17/new-yorker-article-on-agriculture/</guid>
		<description><![CDATA[This is a good article from the NewYorker highlighting the problems with agriculture that I&#8217;m worried about.
Agriculture Efficiency article
]]></description>
			<content:encoded><![CDATA[<p>This is a good article from the NewYorker highlighting the problems with agriculture that I&#8217;m worried about.</p>
<p><a href="http://www.newyorker.com/talk/financial/2008/11/24/081124ta_talk_surowiecki">Agriculture Efficiency article</p>
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		<title>Who owns these stocks?</title>
		<link>http://blog.aaronedelheit.com/2008/11/17/who-owns-these-stocks/</link>
		<comments>http://blog.aaronedelheit.com/2008/11/17/who-owns-these-stocks/#comments</comments>
		<pubDate>Mon, 17 Nov 2008 20:22:24 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>Stock market</dc:subject>
	<dc:subject>Psychology</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/11/17/who-owns-these-stocks/</guid>
		<description><![CDATA[After months of internal debate at Goldman, the seven top executives at the firm, including Chief Executive Officer Lloyd Blankfein, asked the board&#8217;s compensation committee to grant them no bonuses. The board approved the request on Sunday.
The executives will only be eligible for their base salaries, $600,000 for each. A firm spokesman said the executives [...]]]></description>
			<content:encoded><![CDATA[<p><em>After months of internal debate at Goldman, the seven top executives at the firm, including Chief Executive Officer Lloyd Blankfein, asked the board&#8217;s compensation committee to grant them no bonuses. The board approved the request on Sunday.</p>
<p>The executives will only be eligible for their base salaries, $600,000 for each. A firm spokesman said the executives felt it was &#8220;the right thing&#8221; to do.</em></p>
<p>So says an article from the Wall Street Journal: <a href="http://online.wsj.com/article/SB122687023712831667.html">Goldman Execs give up bonuses</a></p>
<p>I want to ask a different question than the article is answering. My question is why would you own a stock where earnings are made up at of thin air, executives get bonuses no matter what the results of the company is, and execs reluctantly give up bonuses despite the stock being down 70%.</p>
<p>The problem here is not the executives. The problem is the institutional shareholders and investors who let this compensation go on. Its one thing to make an investment where your stock goes down and you make a mistake. It is quite another thing when you are investing in a company that is screwing shareholders and you just ignored it. If anyone of the following firms were managing my money I would pull my money and terminate the relationship:</p>
<p>Barclays Global Investors UK Holdings Ltd<br />
MARSICO CAPITAL MANAGEMENT, LLC<br />
STATE STREET CORPORATION<br />
FMR LLC<br />
VANGUARD GROUP, INC. (THE)<br />
WELLINGTON MANAGEMENT COMPANY, LLP<br />
AXA<br />
JANUS CAPITAL MANAGEMENT, LLC<br />
PRICE (T.ROWE) ASSOCIATES INC<br />
Bank of New York Mellon Corporation</p>
<p>These firms are the top holders of Goldman Sachs. I would do this because if they aren&#8217;t worried about executives giving themselves egregious and undeserved bonuses and salaries, they are probably not good stewards of your money and are probably charging you an arm and a leg for their services. And if you own these firms yourself, I would recommend you read the following book:</p>
<p><a href="http://www.amazon.com/Where-Are-Customers-Yachts-Investment/dp/0471770892/ref=pd_bbs_sr_1?ie=UTF8&#038;s=books&#038;qid=1226953134&#038;sr=8-1">Where are the Customers&#8217; Yachts?</p>
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		<title>Adversity and Underprivilege</title>
		<link>http://blog.aaronedelheit.com/2008/11/17/adversity-and-underprivilege/</link>
		<comments>http://blog.aaronedelheit.com/2008/11/17/adversity-and-underprivilege/#comments</comments>
		<pubDate>Mon, 17 Nov 2008 07:08:46 +0000</pubDate>
		<dc:creator>admin</dc:creator>
		
	<dc:subject>Psychology</dc:subject>
	<dc:subject>Self Improvement</dc:subject>
		<guid isPermaLink="false">http://blog.aaronedelheit.com/2008/11/17/adversity-and-underprivilege/</guid>
		<description><![CDATA[There is a fascinating article in the New Yorker by Malcolm Gladwell on how outsiders and the underprivileged sometimes have an an advantage. He profiles Sidney Weinberg, the guy who transformed Goldman Sachs into a powerhouse, and how he came from a very poor upbringing. Its a really good read.
Malcolm Gladwell on adversity
]]></description>
			<content:encoded><![CDATA[<p>There is a fascinating article in the New Yorker by Malcolm Gladwell on how outsiders and the underprivileged sometimes have an an advantage. He profiles Sidney Weinberg, the guy who transformed Goldman Sachs into a powerhouse, and how he came from a very poor upbringing. Its a really good read.</p>
<p><a href="http://www.newyorker.com/reporting/2008/11/10/081110fa_fact_gladwell">Malcolm Gladwell on adversity</p>
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