Toyota 86
I spotted this funny looking little car the other day and snapped a pic of it. I'd never seen one before. Turns out it's a Toyota 86. I don't think this model is available in America, but I could be wrong. It's cute. Too small for a tough guy like me, but still, cute.
Beijing Restaurants -- Dianke Dianlai
Coco (the intern) and I had lunch today at Dianke Dianlai, a Yunnan restaurant I like in Beijing. They do a 12 course set lunch for 128 yuan (US$20.50) which is a good deal. Pics below of selected dishes with my sophisticated gourmand comments:
No idea what this is but it was spicy and I got a bit of pepper stuck in my throat which sent me into a coughing fit ... tears flowing, though not from joy ... good way to impress the girls.
Shrimpies in a sort of spicy lemony tomato-y sauce with a sprig of dill? artfully stuck in there. I think that's dill.
This is the main dish ... fish that has been split down the middle, spiced and grilled. Mmm good. That's Coco in the background; she's lovely but shy. All my interns are hired based on their gaokao score (sort of like the SAT but a million times harder). Coco got a 650, which is high, and she goes to Nankai, which is a top ten university (in Tianjin). I delegate all the hard stuff to her and concentrate on blogging about my lunches.
Nice to end the meal with some noodles. Note the authentic chipped bowl™. They also serve yoghurt and honey to get a bit of sweetie at the end, but I didn't get a good picture of it (or the other seven courses not pictured). If you haven't been to Dianke Dianlai, I'd recommend you go.
Certain Unhealthy and Indecent Content
Late to this, but SINA Announces Receipt of Government Notices (May 2, 2014)
SINA ... received two notices from the State Administration of Press, Publication, Radio, Film and Television stating that the Company’s Internet Publication License and License for Online Transmission of Audio-Visual Programs would be revoked due to certain unhealthy and indecent content from third-parties or by users on its portal, i.e., on its online reading channel book.sina.com.cn and on its website www.sina.com.cn.
(Emphasis mine.) They were also fined over $800,000 by the deliciously named Beijing Municipal Cultural Market Administrative Law Enforcement Unit. Hands up, I'm from the BMCMALEU!
The analyst at JPMorgan whose note I read estimated that online video generates 10-20% of portal revenue (5-10% of total revenue). I can't tell from his mealymouthed language, but I guess he thinks it isn't a permanent revocation, only temporary. He also has a $92 price target on the stock, so his guess is as good as the next guy's.
UPRO Target and Stop
Trying to hammer in the idea that the risk you take depends on your expected reward.
Pinboard's Bookmark Archive
Big fan of pinboard here. I used to use Delicious back in the day, but after they were bought out by Yahoo the service was neglected and became filled with spam which quickly destroyed the site.
Anyway, pinboard's archiving service allows you to store a permanent copy of all the pages you bookmark, which is invaluable, especially if you bookmark webpages in China that are scrubbed once discovered by the authorities.
Millennials a Non-nomadic Generation
“... a combination of relatively low-paying opportunities, the burden of student loans and an aversion to taking risks explains the reluctance to relocate. ... ‘It is a lot more expensive to get started, to move, to find a job. In terms of social mobility, job mobility, overall geographic mobility, they are not doing as well as their parents and grandparents.’”
If Foxconn pays for the flight, would they be willing to come to China and start assembling iPhones for a dollar an hour?
916 Stewart Avenue
Ithaca Property Sales of Note #2
This is the second in my series, Ithaca Property Sales of Note. (Link to #1.) Here's the recent price history of 916 Stewart Avenue, courtesy of Zillow:
Price History
Date Event Price $/sqft
01/24/14 Sold $965,000 $369
10/18/13 Listing removed $995,000 $380
10/07/13 Pending sale $995,000 $380
01/19/13 Price change $995,000 $380
05/06/12 Listed for sale $1,150,000 $440
07/16/07 Sold $389,000 $148
09/04/97 Sold $270,000 $103
We can see that it sold at the peak of the bubble (July 2007) for $389,000, but I think it was in very rough shape then, a real "fixer-upper." (This is confirmed by the newspaper article linked to below.) It was bought by a professor of film named Stuart McDougal. Judging by the pictures at Zillow, he sunk some serious money into renovating it -- a lot of custom woodwork, built-in bookcases, stone patio ... it looks really nice. I can't judge how much money he put into it, but buying at 389 and selling at 965 had to be a profitable turn.
It was originally listed at $1,150,000 in May 2012 and finally sold for $965,000 in January 2014, which means it was on the market for around 628 days and sold 16% below the original asking price. The house sits on a tiny 0.62 acre lot and overlooks a gorge and the Ithaca Falls. In 2013 it was assessed at $450,000 and is newly assessed in 2014 at $900,000, which must mean the property tax bill has doubled.
Found this in an article on the house from September 2013 in the Cornell Daily Sun:
The [McDougals were] awarded the 2012 Award of Merit in Historic Preservation by Historic Ithaca for their effort in renovating this historic property.
Update: more detail in this Ithaca Times article which includes this horrible bit: "the home was sold [in 1997] and split into rental units, eventually falling into disrepair."
The owners worked with local architect Charles Hoover to design the transition back to a single family. Carpenter Joe Thompson designed and handcrafted period appropriate windows, doors and interior woodwork and mason Peter Smith restored the exterior brick and stonework.
ETF Trading Portfolio Update -- May 9, 2014
No changes this week.
My Tiny Tower
Hate to think how many hours I spent perfecting my Tiny Tower, maxed out at 193 stories. The tower is run with ruthless efficiency, but my 360 perfectly outfitted model workers/tenants are all reportedly happy.