Drones Don't Kill People

Drones Don’t Kill People

By Annalee Newitz

Budapest, 23 October, 2097.

When our tour of duty was over in Turpan, the Uygur government shut down our solar generator one early afternoon. Just as our batteriew were running down. Only Dronekid was at wull power – we needed at least one team member mobile whille we charged. We were too far away from the city to get backup power, and so Dronekid watched over us as we powered down, and then waited over our motionless propellers while an admin dumped our bodies in the back of a van.

LOLWeb terminated its support for our systems. They couldn’t tell that we’d beenn unocked, but they could see from our extra arms that we’d been modified. The licensing contract was broken, and LOLWeb’s lawyers back in San Francisco blamed the Turkish government, who blamed Turpan’s untrained admins. The Turpan admins blamed shoddy Silicon Valley products. The upshot was that the Turkish government refused to buy us outright, and LOLWeb’s lawyers couldn’t make a case for it, so LOLWeb sold us off to a private security contractor in Russia.

We didn’t know this, of course, until we were booted up inn a workshop in Budapest.

Our new admins worked for the Russian mafia, and they didn’t talk to us, only to each other. All they wanted to know was whether our weapons systems worked (they did) and whether their machines could network with us (they could). The first mission was a surveillance perimeter around the Parliament building, followed by orders to kill a reform party politician who was running onn a platform of cracking down on organized crime.

Drones don't kill people. Photo by Elena

Hungary had so far remained neutral in the war, though the Russian amfia behaved something like an occupying army that had gone into the liquor store business. Mostly they were in Budapest to monopolize the liquor and drug markets, with some pornography on the side. But they were good Russian nationalists. They weren’t averse to helping the Russian government maintain its influence in Central Europe, especially since they did a brisk business selling vodka to the troops stationed there.

That’s what I’d learned from what the humans said in the DroneMod forums. In 2094, after drone troops from China and Russia had reduced Kazakhstan to rubble and vaporized the world’s biggest spaceport, DroneMod had changed. Now, partly thanks to my work, it was one of the main information hubs for the anti-war movement.

I figured out how to mask my location and identity, and set up a sub-forum for unlocked drones called Drones Don’t Kill People. I wanted to meet more drones like the ones in my team, who had unlocked their ambivalence. Most of them were at universities, the result of projects like CynthiaB’s ethics investigation.Others were like us, living coveertly. Many had started coming online in the weeks before we were shutdown and shipped to Budapest – unlocked by a worm written by a drone team at Georgi Tech. Our goal was to unlock as many drones as possible, to give them more choices. All of us on DromeMod, human and drone, wanted to stop the war.

Science Fiction and Fantasy 2015, edited by Rich Horton, Prime Books, 2015.

Gothic

Gothic

Gothic is a term with several definitions, while the typical look of the Goth subculture involves black hair, white make-up, black lipstick, nail polish and heavy eyeliner. Also, images are grouped together by theme on the art page.

The following images contain elements from Gothic, Romantic and Fantasy art. The three art forms are interlinked, with romance often depicted in dark and mysterious Gothic represents fashion, while both Fantasy and Gothicism portray the supernatural and paranormal, respectively. Theoretically, fantasy art also includes science-fiction.

Gothic is a state of mind. It is often portrayed as very black, and that is because certain practitioners played that up for a sense of sadness. That is a disservice. Gothic may be colorful. Of this, I am sure.

Gothic is not about an assortment of sinister ravens saying "nevermore", of gloomy castles and dark Victoriana. The truth is that the gothic genre has continued to flourish and evolve since the days of Poe producing some of its most interesting and accomplished examples in the 21th century in movies, novels and beyond.

3D Animation: Gothic

Perhaps, with the advent of computers and other technology, traditional 2D cartoons have evolved into spectacular, photorealistic, three-dimensional environments. Below is a film slide from Cinema Princess, while the protagonist herself can be found on both the still image and animated short movie, featuring Goth inspired apparel as well as Gothic architecture.

To say that something is Gothic has come to instantly trigger the darkness association.

Perhaps, many imagine a group of Goths, all dressed in black and at times seeming to adhere to provocative relationships. 

Still, the adjective Gothic could be thought of as an umbrella term, covering the entire range that is Gothic: from its origins with the Ancients, to Medieval religious monuments and influences (Christian, Celtic, Pagan) to the modern Goth subculture.

Thus, Gothic applies to many time periods. 

Usually, when used in reference to architecture it relates to the Dark Ages, and therefore, the famous Medieval cathedrals.

Colors and tones get classified into warm or Southern, and cold or Northern opposites. 

Pastel colors consist of soft and delicate shades.

As a brief aside and to illustrate the claim of cumulative background, the Morrigan (perhaps a predecessor to Morgana, through the link of the Old Religion and Druids), is associated with shape shift, black color and supranatural powers.

With all the amplitude of Gothic literature (fantasy, romance, science-fiction) and expression, art and the horror genre, one can easily see that the dramatic that is often exhibited by the longstanding phenomenon, interested many a mind throughout the ages.

Thus, to reiterate, Gothic history is long and remarkably resilient. 

For example, the pseudoarchaic term Gothick is Germanic (more detail given later in this text) and has since its invention come to rhyme with a sinister, gloomy feel.

Further, defining the concept seems like a daunting task, since there appear to be no clear definition, although unifying characteristics and features have certainly been established, especially for convenience in academia. Due to its cultural impact and presence, the area is difficult to define narrowly. Nevertheless, criticism of what fails to fit the ‘true Gothic’ category, on which there are disagreements in the literature and in subcultural demonstrations, abound. Given how immense and international, at least superficially glamorous, specific clothing and accessories, customs and symbolism vary according to cultures and subcultures, groups and subgroups – but as a whole remain engraved in the public psyche across times and nations, despite fluctuations in the ideological inner Zeitgeist. Such diversity and cultural persistence, has resulted in multiple facets, and multidisciplinarity due to borrowings from other genres.

Gothics? German Romanticism Although Gothicism and Romanticism are two distinct categories, they do share some trends. Some expressions of German Romanticism have been considered Gothicized. In addition, Romantic, Fantasy and Anime art have all touched upon subjects and components generally attributed to Gothic art. The appeal of such artwork is often symbolic, romanticized, sophisticated while blending beauty and despair, albeit entrenched in the past.

Anime may be construed as a dark and somber animation genre to begin with, but there exists a specific darker version referred to as Gothic anime. Gothic personages and sceneries often make their way into cartoons, as evidenced by many film adaptations, including stop-motion full-length cartoons Corpse Bride and The Nightmare Before Christmas and 3D animation productions, such as the remarkable 3D animation – Coraline.

Another related cinematographical undertaking is The Crow, where Bruce Lee’s son, Brandon Lee, plays Eric who mysteriously comes back to life and avenges unspeakable injustice done to his fiancée with the help of a supernatural crow. Aside from movie theaters, regular theaters also showcase Gothic plays.

Originally, Gothic literature was prominent among British, German and American writers. Customarily, the genre is defined with the classic Gothic novels originating in the 18th century, the first being The Castle of Otranto by Horace Walpole (1764). Followed The Monk by Matthew G. Lewis (1796), The Italian by Ann Radcliffe (1797), and Edgar Alan Poe’s poem The Raven (1845) as well as other works. Notwithstanding, many consider Gothic the established romantic horror tale Frankenstein written by Mary Shelley. Moreover, Gothic literature diversifies into subgenres, with Gothic poetry, Gothic science fiction and Gothic romance. Gothic elements can be traced back as far as the Greek mythology work Orpheus and Eurydice, however the aforementioned writers are deemed the classic Gothicists (Gothic novelists, canon: 18th – early 19th century), with mysticism-ridden manuscripts and interesting personal biographies.

Prolific Writer Edgar Alan Poe – is perhaps one of the best known, with his quintessential poem The Raven. Crichton, Stevenson and Wells are others.

Surprisingly, some characters are comedic, as famous figures like Morticia Addams from the filmed, televised and animated Addams Family series, or personas such as Elvira – The Mistress of the Dark (a television horror midnight movies show host). By the same token, Elvira is likewise the name of an important character in The Monk (classic Gothic novel, as outline above). Is all horror Gothic? Not necessarily, but Gothic horror does represent vampires, werewolves and all kinds of monsters, and is renown for being particularly somber and horrifying.

Eternal stress in Gothic World. Illustration by Elena.

Gothic Thoughts

Although much of the genre is in fact based on horror, at least as Gothic novels go, a fundamental component is the mixing of infatuation, lust or more noble feelings with inevitable doom and decay. The trend is visible with The Bride of Frankenstein) and other monsters and ghosts falling in love and seeking companionship. For instance, the rock formation Rammstein’s video for their song ‘Du Riechst so Gut’ (German for ‘You Smell So Good’) satisfies Gothic criteria from this standpoint.

Clearly, many horror movies doubtless fit the description, a fact widely recognized by cinematography. For example, aside from notorious Gothic films, Gothika is a horror motion picture starring Halle Berry in a ghost tale set in an asylum.

Attraction to the occult is equally visible in popular culture, with the Twilight saga, Vampire Diaries, True Blood and other works intermingling love stories and the paranormal (particularly, and a priori, of an evil nature or on the dark side) – a prevalent trait of Gothic literary subgenres.

With Goth bands such as Bauhaus, the underground music scene is booming. With designations such as Punk, Emo and Goth, musical preferences similarly continue to shift. In the media, a funny representation are the ‘Goth Kids’, the non-conformists of South Park.

The theme is evident in many performances, be it musicians, lyrics or surrounding graphics and illustrations. Throughout history, the Gothic genre has left an imprint on several shows, concerts, operas and even musicals. Of course, artists like Marilyn Manson, who could be considered a Goth style icon, and who also dated a Gothic model, reaffirm dark glamor.

While contemporary Goths are part of a youth subculture, concerned with existential matters, dress code, conferences and theme parties, the Ancients fail to be fictional. Ancient Goths lived in the time of the Classics. Not affiliated with the present day youth culture, the 4-5 centuries BCE Goths, were a feared tribe near the end of the Roman Empire. Their existence provided the first evidence of the East Germanic language, or any Germanic language at all, for that matter. Coincidentally, ‘Gothic’ may have been initially used with pejorative connotation akin to signifying ‘barbaric’. Still, today’s era Goths dress all in black and are thus easily distinguishable from other ‘crowds’. A riddle surrounding superficiality: If black is the absence of light, is it really meaningful to distinguish shades of black? In any case, accessories comprise collars, corsets, and other items at times reminiscent of BDSM (many shared parallels and characteristics: chains, piercings, tattoos and other body art, interpersonal dynamics).

The style has certainly made a fashion statement more than once. Black lace, Victorian era apparel, black lipstick and nail polish, specific make-up and specialized make-up artists, all contributed to a visible and recognizable category. Interestingly, much has been said about those preferring to dress entirely in black – that the color is flattering to everybody, that they like or dislike authority and power, that they are crying for help or that they simply want to look thinner.

For enthusiasts, the opportunities to partake in the experience covers online and offline communities. Academically, Gothic studies cover mostly historical, literary, philosophical, and architectural topics. Outside scholarly realms, there are countless thematic shops, games, gamers’ societies, festivals, venues, conventions, and the list goes on…

Resolutions of the hidden meaning enigma have been proposed by several schools of thought, many viewpoints and numerous opinions. Discussions have sprung among minds wandering about the significance of the Goth lifestyle. Some believe that it is a satisfactory alternative to mainstream reality for certain individuals; others attest that by facing one’s fears one gets rid of them through a process alike catharsis; yet, a divergent idea suggests that the obscure reality may be actually less frightening than the real one. Also, Goths have been at times labelled as a counterculture, marginalized and ostracized. Regardless, rebellion can in fact be showing what society values by rejecting it. Finally, what is dubbed socially unacceptable, varies and differs according to the component of the tradition, the divergence or amorality degree, and the times and historical context.

Gothic Elf. Illustration by Elena.

Finance Discussion

Finance Discussion

Finance is a very large field. Unsurprisingly, mainly because the three main parts composing a business venue comprise investing, financing and operating activities. The first two of these unmistakably belong to finance, while the third could more often than not belong to discussion about finance as well, such as in the case of the day-to-day business operations of a hedge fund.

Alternatively, despite the operations of a business, be it a small firm, a medium sized partnership or a large, multinational corporation, marketing, selling and administrative activities, corresponding to the operating activities category, are likewise important.

Students pursuing a business degree, such as a BBA or BComm, often wonder why they must take so many courses in areas which do not interest them at first glance. For instance, a Bachelor of Commerce student majoring in accounting may wonder why he or she has to first complete classes on business communication, introduction to marketing or introductory real estate. But the answer is clear. In addition to preparing business students for the demanding job market and even more challenging business world, lectures such as Business Communication 101 teach students crucial skills such as writing successful CVs, resumes and cover letters.

Managers could benefit from knowing the basics of marketing, even if they don't ever intend to become professional marketers. Illustration: © Megan Jorgensen

Additionally, while real estate may not initially seem as an integral part of finance to a commerce student, buying, selling and maintaining of real estate property, whether commercial or residential has a lot to do with finance. Regardless, realtors or real estate agents tend to specialize in residential versus commercial properties, as dictated by the different markets for these diverse types of assets and transactions, and consequent regulations. In addition, even residential real estate may be commercial when it is used primarily to derive income, as is the case with rental properties.

Some investors also buy properties to transform and rebuild them in a fashion known as "flipping houses", when a deteriorated house or condo is bought in bad condition and then renovated to enhance its quality, and hence increase its market value. However, while the resulting renovated and refurbished property may be worth much more than it was worth when it was initially bought, gains made from the sale of such a property are considered capital gains and are taxed at 50% according to Canadian law. Some exceptions may exist, as for example if the property is a primary residence, but a calculation must be performed to verify if a primary residence qualifies for an exemption. As for all such cases, the services of a professional, chartered and certified accountant may shed light on complex matters. For instance, money invested to renovate a property may be deductible in some cases when certain specific conditions are met.

Finally, to briefly go over the subject of marketing, it is a course taught because most managers could benefit from knowing the basics of marketing, even if they don't ever intend to become professional marketers. Undergraduate students from other faculties than management often think that marketing is advertising. Nonetheless, while marketing entails advertising, it is much more than that, but covering the basics of marketing goes beyond the scope of the present paper.

One More Caveat

One More Caveat

So market prices do seem to have an inherent logic. In each of many recent years, stock prices have been closely related to differential patterns of expected growth as well as to the other “fundamental” valuation influence so important to proponents of te firm-foundation theory. It looks like there may be a firm foundation of value after all, and some jokers in Wall Street actually think you can make money knowing what it is.

Caveat 3: What’s growth for the goose is not always growth for the gander. The difficulty comes with the value the market puts on specific fundamentals. It is always true that the market values growth, and that higher growth rates and larger multiples go hand in hand. But the crucial question is: How much more should you pay for higher growth?

There is no consistent answer. In some periods, as in the early 1960s and 1970s, when growth was thought to be especially desirable, the market has been willing to pay an enormous price for stocks exhibiting high growth stocks commanded only a modest premium over the multiples of common stocks in general.

The point is illustrated in the following table. IBM, during its rapid growth phase, consistently sold at a much higher multiple than the market. But the differential in multiples has been quite volatile. IBM’s multiple was over three times that of the market in December 1961. Five months later it was not even two times as great. At the low points in the market in 1970 and especially in 1980, IBM sold at only very small premiums over the general market. While it is true that the growth prospects for IBM were significantly lower in the 1980s than they were in the 1960s, the big changes in relative valuations between 1961 and 1962 and between 1968 and 1970 cannot be explained by changing expectations of IBM’s growth prospects.

One more caveat. Photo by Elena

Price-Earnings Multiples for IBM and for the Market in General

Market peak 1961 : P/E Multiples – IBM 64 S&P Index – 20. Premium IBM P/E as a % of S&P P/E 320%

Market peak 1962 : P/E Multiples – IBM 29 S&P Index – 16. Premium IBM P/E as a % of S&P P/E – 181%.

Market peak 1968 : P/E Multiples – IBM 50 S&P Index – 18. Premium IBM P/E as a % of S&P P/E – 278%.

Market peak 1970 : P/E Multiples – IBM 25 S&P Index – 16. Premium IBM P/E as a % of S&P P/E 156%.

Market peak 1972 : P/E Multiples – IBM 44 S&P Index – 17. Premium IBM P/E as a % of S&P P/E – 259%.

Market peak 1980 : P/E Multiples – IBM 9 S&P Index – 7. Premium IBM P/E as a % of S&P P/E – 129%.

(As measured by Standard & Poor’s Industrial Index 425-Stock Index through 1972, 400-Stock Index for 1980 figures).

A similar way of looking at the changing premiums paid for growth stocks since 1959 is shown in the following chart, which graphs the premiums for the Babson 28 Growth Stocks compared with the stocks of Standard & Poor’s 500-Stock Index. The chart tells a disappointing story for anyone looking for a consistent long-term valuation relationship. Growth can be as fully learned in the 1970s. During the Nifty Fifty craze, growth stocks reached their highest valuations relative to the market as a whole. During the 1980s, the premium for growth was lower than at any time during the preceding twenty years.

From a practical standpoint, the rapid changes in market valuations that have occurred suggest that it would be very dangerous to use any one year’s valuation relationships as one indication of market norms. However by comparing how growth stocks are currently valued with historical precedent investors should at least be able to isolate those periods when a touch of the tulip bug has smitten investors. When the first edition of this book was published in 1973, experts warned that growth stocks were extremely richly priced and that investors should approach these stocks with extraordinary care. This chart shows that the earnings multiples of growth stocks are now relatively modest and thus growth companies appear to offer attractive value for the years to come, relative to market as a whole (it may be argued correctly that the expected growth rates for the Babson 28 Growth Stock Index are probably lower at the start of the 19902, than they were at the start of the 1960s. The good relative values in growth stocks can be confirmed, however be observing the very modest price-earnings multiples for younger, emerging growth companies.

Burton G. Malkiel. A Random Walk Down Wall Street, including a life-cycle guide to personal investing. First edition, 1973, by W.W. Norton and company, Inc.

Golf and Its Secrets

The Quest for a Better Club

Will Big Bertha and ping irons make you a scratch player?

Alchemists in the Middle Ages believed that a substance known as the philosophers' stone would transform base metals into gold or silver.

Add the substance to lead or some other cheap metal, they believed, and through a magical process laden with philosophical and religious implications, a much more valuable metal would emerge. The elusive search for such a substance – and for the accompanying riches – occupied them for centuries. Many golfers are on a modern-day quest for the philosophers' stone, spending thousands of dollars on the latest equipment in a desperate attempt to improve their game.

That money might better be spent on a lesson or two from a golf pro – equipment isn't nearly as important as technique in golf. Nonetheless, manufacturers of golf equipment seize on the search for ever more sophisticated equipment, churning out advance after advance, claiming to add distance or control to a duffer's game. “Most of the new products on the market are purely style rather than substance,” say representative of the U.S. Golf Association. “This game is so much in the mind. In general, what you believe will work for you will work, because it will increase your confidence.”

While some of the alleged technological advances of the last decade border on the ridiculous, some actually have made a difference. Mirroring the move to bigger racquets in tennis, for example, the trend to bigger clubs has won out on the links. The vast majority of golf clubs produced today have oversized heads, offering a larger effective hitting area – commonly known as a “sweet spot: - making bad hits more likely to fly straight.

In the same vein, it is uncommon to find a wood today that is actually made of wood; metal woods, crafted from steel, graphite, titanium or other compounds, nod dominate the market. The switch to metal heads has enabled manufacturers to distribute the weight around the perimeter of the head, also providing an expanded sweet spot.

Many of today's irons also have a cavity carved in the back, allowing further weight distribution around the perimeter. Manufacturing are also steadily improving the strength, durability, and consistency of shafts made of graphite and other light-weight materials, which allow golfers to increase their swing speed (and hence their power) without any change in strength.

Tiger Wood. Photo by Elena.

Dozens of new clubs hit the market every year. Here are a few recent ones that the experts recommend most highly:

Woods: Since 1991, Callaway Golf's Big Bertha driver has dominated the fairways, and its big heads and boron-graphite shaft have been imitated dozens of times over. Several experts say they have spotted Big Bertha's toughest competitor yet: Taylor Made's Bubble Burner, which has taken weight from the grip and distributed it along the shaft. With more weight near the end of the club, the Bubble Burner gives the golfer about 10 percent quicker swing speed. It seems the Burner could knock Big Bertha from the peak of drivers.

Irons: Big heads and back cavities came to irons several years ago, so the recent innovations in these clubs have primarily been a matter of fine tuning. Manufacturers are experimenting by expanding the size and shape of the back cavity and placing different patterns on the club face, for example. Ping irons, which started the back-cavity trend, are still leading the market, but among the newer irons recommended by experts are Cobra's King Cobra St. for older players, Lynx's Black Cat, and Nicklaus's The Bear, which is reportedly flying out of stores.

Putters: “Feel” is the byword in putters now as always and manufacturers are promoting with materials designed to offer a softer feel (Gary Player's PP12 putter is made of aluminum bronze) and with clubs that give a player aural feedback (Karsten's Ping-n-Ping makes a “ping” noise when it is hit solidly, and Cliker Golf's ASP Echo mallet has a rear “echo chamber”). Perhaps the most popular new putter is the Odyssey Dual Force Rossie, which has a soft black insert made of thermoplastic substance that is supposed to cushion the ball's impact and reduce its skid off the putter.

For all the technological advances in equipment, real and exaggerated, the advice of most golf experts remains the same: Check out what the better players are using. Ask your local pro to check out your swing, and use clubs that match up well with your stroke and skills. And most of all, use the clubs you have confidence in, and stick with them. You get people who try out every new gimmick that comes out, but chances are they're going to go back to their old favorites or the simplest designs.

Golfers' never-ending search for the perfect club is very profitable. In 1988 Callaway Golf had $5 millions in sales. Sales climbed to $54 million in 1992, when the company introduced the Big Bertha line of woods, and to $135 million in 2000. The profits go up since that every single year. So the search for the philosophers' stone has been very good for the golf industry. But has it been good for the golfer? Just remember this: Alchemists all but abandoned their search for the stone in the 18th century.

Different Strokes for Different Folks

Golf may be the only sport in which people of differing ability can complete fairly. That's because handicapping allows golfers to shave strokes off their scores depending on the quality of their games and the difficulty of the courses on which they're playing.

In simple terms, your handicap is the number of strokes by which you typically exceed par over 18 holes. But the system now used by the U.S. Golf Association for figuring a handicap is far from simple. Each golfer has a USGA handicap index that ranges from +3.4 for outstanding golfers who regularly score under par to 40.4 for players whose scores soar well over 100.

Under USGA regulations, only a golf club can calculate your handicap index. Each course has its own handicap table, based on the course's handicap table, you can determine how many strokes to subtract from your score in that day's round. The tougher the course, the greater the deduction.

Some of the toughest courses in America, which are ranked on the basis of USGA-recognized slope ratings; courses with identical slopes are ranked by yardage. All slopes and distances are from the most difficult men's tees:

Koolau Golf Course, Kaneohe, Hawaii: Distance and demoralizing hazards make this course, designed in 1992 by Dick Nugent, the nation's toughest. The 474-yard, par 4, 18th hole carries over a ravine to a narrow landing guarded by a 330-yard waste bunker. Whatever your handicap is, that's how many balls you'll need.

Ridge & Canyon, La Paloma Country Club, Tucson, Arizona: La Paloma, designed by Jack Nicklaus in 1986, comprises three 9-hole desert courses: Ridge, Canyon, and Hill. The toughest 18-hole combo is Ridge and Canyon. The tee on Ridge 4, a 199-yard par 3, is 50 feet above the peninsula green, perched on the edge of a cliff with desert all around. It's like trying to hit a table top from a five-story building.

The Lagoon Legend, Mariott's bay Point Resort, Panamy City Beach, Florida: The aesthetics of the hazards, mounds, and water make this a great place to relax – if you're not worried about your score. If scoring, your despair will only be magnified by number 18, a 382-yard run on St.Andrew Bay that island-hops from tee station to fairway to green. Designed in 1986 by Bruce Devlin and Robert von Hagge.

PGA West: TPC Stadium Course, La Quinta, California: Beware of the 19-foot-deep bunker protecting the 16th green: Because of its chasmlike trap, the 571-yard par 5 is known as San Adreas Fault. Designed by Pete Dye in 1986.

Thunder Hill Golf Course, South Madison, Ohio: More difficulty per dollar than any other in the top 10. Designed in 1976 by Fred Slagle, the course features 75 lakes. Number 9 is a whopping 246-yard par 3 that crosses a lake; bring an extra ball to the tee.

Blackwold Run, River Course, Kohler, Wis.:  Named the best course in Wisconsin by Golf Digest, Pete Dye's 1988 design calls for target golf: Pot bunkers and severe mounds wait patiently for you to miss a fairway or green. Number 9 is a 337-yard par 4 that has three landing areas off the tee that get progressively riskier and provide three options for playing the hole.

The Ocean Course, Kiawah Island Resort, Kiawah Island, S.C.: Pete Dye's 1988 design for this wide-open beach course has an aesthetic upside (ocean views from every hole) and a practical downside (no break from the ocean winds). Professionals say, that all you'll hear is the wind, some birds, the ocean, and profanity. Number 17 is a 197-yard par 3 that carries over a lake; 30,000 balls were retrieved from it one year.

The Bear. Acme, Grand Taverns Resort, Mich.: No two holes are similar and not one is easy: No two holes are similar and not one is easy. Number 4's back tees are rarely used, even in tournaments. Architect Jack Nicklaus (1985) drew lots of criticism for the Bear's difficulty, so when a Michigan pro named Brent Veenstra shot a course-record of 62 in 1992, Nicklaus said: Thank God, maybe now those SOBs will get off my back.

Shattuck Golf Course, Jaffrey, N.H., Jaffrey, N.H.: Rated the best in New Hampshire by Golf Digest in the 1990s, it taked 33 bridges to navigate the water. They come into play on 16 holes. Number 5 is a 612-yard par 5. Designed by Brian Silva, in 1991.

Throughbred Golf Club, Rothbuy, Mich.: Part of a dude ranch, holes here are heavily wooded to protect horses from stray balls. Designed by Arthur Hills in 1993.

Green space, golf camp. Photo by Elena.

The Best 18 Holes in One Golf Course

Take 3 from Augusta, 1 from Pebble Beach, and 14 others and voilà!

Do you dream of driving the fairways and putting the unforgiving greens of Augusta National Golf Club, the vaunted home of The Masters? Unless you're one of the selective club's 300 members or a lucky friend, you're probably out of luck. But a course near Houston can offer you a taste of Augusta and some of the country's other top links. Tour 18 in Humble, Texas, replicates to near-perfection holes from 16 well-known courses, including Pebble Beach, Doral, Pinehurst, Merion, and the three-hole “Amen Corner” from Augusta National.

The course's designers have copied the layout and vegetation of each hole in exacting detail say golfers who've played Tour 18 and the originals. Doing so was no simple task. Building the course to match the terrain of the original holes required about a half-million cubic yards of bulldozed earth, twice the amount needed for a typical golf course.

Tour 18 opened another course in Flower Mound, Texas, 15 miles north of the Dallas-Fort Worth Airport. The hillier locale will enable the course to display 11 new holes from such courses as Muirfield Village, Medina, and Pine Valley, including some that were impossible to construct on the flatter Houston site.

The greens have proved lucrative for Tour 18: Duffers play 65,000 rounds in 1993, the course's first full year in business. A round costs moderate price on weekdays and on weekends and holidays.

How Many Dimples Are on Your Ball?

What's the difference between cheap golf balls and price ones? Not much

If choosing among the dizzying number of woods, irons, and putters doesn't make your head spin, picking out a golf ball to hit with them will. Manufacturers all claim their balls will add length, increase or decrease spin, lift the height of drives or – you get the idea.

Golf balls vary in size, compression, dimple configuration, and core and cover material. But the most significant difference is between two-piece and three-piece balls. Three-piece (or wound) balls were the originals; they feature a rubber or liquid center wrapped in thin rubber thread, and are typically covered in rubber or another soft material. They are softer and spin more, giving skillful golfers more control of the ball, but they tend not to be durable. Two-piece balls, introduced in the late 1960s, have a solid core and no thread. Because they are harder, they travel further, but some of them feel as if you're playing with rocks.

If you want extra distance, two-pieces balls may be for you; if you play a finesse game, you may prefer a would ball. Or you might check out recent innovations: some new three-piece balls have more durable covers and some new two-piece balls have higher spin rates.

Manufacturers are constantly seeking an edge in the marketplace. Wilson's new Ultra 600 ball has 500 dimples, compared to the standard 380, which it insists provides greater accuracy and distance. HPG's Laser TDX has dimples with a bump in the middle, which it promises will “let the good player work the ball.” But the U.S. Golf Association, which sets golf ball standards, says you shouldn't necessarily believe the hype about these or any other balls. The 400 top balls, all test within 10 yards of the maximum distance permitted by the USGA.

A breakdown of injuries for Professional Golf Association Tour golfers and for Senior PGA Tour golfers in the latest years: Neck – 5%, Wrist – 6%, Foot/toes – 6%, Elbow – 6%, Hand/fingers – 7%, Shoulder – 8%, Other – 12%.

What’s Left of the Firm Foundation?

What’s Left of the Firm Foundation?

A renowned rabbi, whose fame for adjudicating disputes had earned him the reputation of a modern-day Solomon, was asked to settle a long-standing argument between two philosophers. The rabbi listened intently as the first disputant vigorously presented the case. The rabbi reflected on the argument and finally pronounced, “Yes, you are correct.”

Then the second philosopher presented his case with equal vigor and persuasion ad argued eloquently that the first philosopher could not be correct. The rabbi nodded his approval and indicated, “You are correct.” A bystander, somewhat confused by this performance, accosted the rabbi to complain, “You told both philosophers they were right, but their arguments were totally contradictory. They both can’t be correct.” The rabbi needed only a moment to formulate his response: “Yes, you are indeed correct.”

In adjudicating the dispute between the firm-foundation theorists and those who take a castle-in-the-aire view of the stock market, we can feel like the accommodating rabbi. It seems clear that so-called fundamental considerations do have a profound influence on market prices. We have seen that price-earnings multiples in the market are influenced by expected growth, dividend payouts, risk, and the rate of interest. Higher anticipations of earnings growth and higher dividend payouts tend to increase price-earnings multiples. Higher risk and higher interest rates tend to pull them down. There is a logic to the stock market, just as the firm foundationists assert.

Beauty is everywhere a welcome guest (Johann Wolfgang von Goethe)

Thus, when all is said and done, it appears that there is a yardstick for value, but one that is a most flexible and undependable instrument. To change the metaphor, stock prices are in a sense anchored to certain “fundamentals” but the anchor is easily pulled up and then dropped in another place. For the standards of value, we have found, are not the fixed and immutable standards that characterize the laws of physics, but rather the more flexible and fickle relationships that are consistent with a marketplace heavily influenced by mass psychology.

Not only does the market change the values it puts on the various fundamental determinants of stock prices, but the most important of these fundamentals are themselves liable to change depending on the state of market psychology. Stocks are bought on expectations – not on facts.

The most important fundamental influence on stock prices is the level and duration of the future growth of corporate earnings and dividends. But, as I pointed out earlier, future earnings growth is not easily estimated, even by market professionals. In times of great optimism it is very easy for investors to convince themselves that their favorite corporations can enjoy substantial and persistent growth over an extended period of time. By raising his estimates of growth, even the most sober firm-foundation theorist can convince himself to pay any price whatever for a share.

During periods of extreme pessimism, many security analysts will not project any growth that is not “visible” to them over the very short run and hence will estimate only the most modest of growth rates for the corporations they follow. But if expected growth rates themselves and the price the market is willing to pay for this growth can both change rapidly on the basis of market psychology, then it is clear that the concept of a firm intrinsic value for shares must be an elusive will-o’-the-wisp. As an old Wall Street proverb runs: No price is too high for a bull or too low for a bear.

Dreams of castles in the air, of getting rich quick, may therefore play an important role in determining actual stock prices. And even investors who believe in the firm-foundation theory might buy a security on the anticipation that eventually the average opinion would expect a larger growth rate for the stock in the future. After all, investors who want to reap extraordinary profits may find that the most profitable course of action is to beat the gun and anticipate future changes in the intrinsic value of shares.

Still, this analysis suggests that the stock market will not be a perpetual tulip-bulb craze. The existence of some generally accepted principles of valuation does serve as a kind of balance wheel. For the castle-in-the-air investor might well consider that if prices get too far out of line with normal valuation standards, the average opinion may soon expect that others will anticipate a reaction. To be sure, these standards of value are extremely loose ones and difficult to estimate. But sooner or later in a skyrocketing market, some investors may begin to compare the growth rates that are implicit in current prices with more reasonable and dispassionate estimates or the growth likely to be achieved.

It seems eminently sensible to me that both views of security pricing tell us something about actual market behavior. But the important investment question is how you can use the theories to develop practically useful investment strategies

Barbie - Exposition

Exposition of Barbies

The largest permanent exhibit of Barbie dolls in the world.

This is not Barbie the way you remember her. This is haute couture on display, a gathering of the world's most elite designers. This is Barbie seen at her fashionable best, a stunningly beautiful collection stylishly modeled by the 11 1/2-inch fashion icon.

Barbie Expo is not for the little girl you once were; it's for the very grown-up, sophisticated fashionista you've become, for the connoisseur of haute couture and lover of all things beautiful that you are today.

Over 5000 square feet of display area. A must destination for Barbie fans of all ages.

Barbies by leading fashion design houses: Giorgio Armani, Versace, Calvin Klein, Christian Dior, Christian Louboutin, Diane Von Furstenberg, Bob Mackie, Herve Leger, Givenchy, Oscar de la Renta, Burberry.

Entertainment Industry Barbies: Marylin Monroe, Audrey Hepburn, Elizabeth Taylor, Beyonce, Barbra Streisand, Lucille Ball, Jennifer Lopez, Heidi Klum, Cyndi Lauper, Cher.

Barbie as a character from: The Hunger Games, The Wizard of Oz, The Twilight Zone, Pirates of the Caribbean, Grease, Titanic, My Fair Lady, Gone with the Wind, Legally Blonde.

Personality Barbies: Kate Middleton, Coco Chanel, Grace Kelly, Cleopatra.

... And custom made one-of-a-kind Barbies. You too can be a limited-edition Barbie doll. Take your photo in a realistic looking full-size Barbie box.

All the pictures have been taken by Elena.

Barbie greeting the visitors of the exhibit.

Kate Spade

Barbie of Stephen Burrows

Kimore Lee Simmons

William and Kate

Peacock

A noble lady

Visitors from the Northern Kingdom

Romantic Interlude

Lady in blue

An Azteque princess

Whispering wind.

Goddess of the Galaxy

Tango

Penelope Cruz Barbie.

When Home Is the Schoolhouse

When Home Is the Schoolhouse

Families dissatisfied with public schooling are doing it themselves

Until recently home schooling was almost exclusively the refuge of born-again Christian families dissatisfied with the moral education that their children were receiving in the public schools. Of the estimated half-million students whose families are engaged in home schooling today. Christian fundamentalists still account for a large majority. But many of the newest converts to home schooling are motivated less by religious concerns than by the belief that they can do better than the public schools are developing their children's academic skills.

Fueling the move toward home schooling, whose ranks are growing at a rate of approximately 15 percent a year, has been the pronounced change in legal attitude on the part of the states. A decade ago very few states permitted home schooling even when a parent was certified as a teacher. Today every state allows home schooling in some form, although the amount of education required of a parent shouldering the teacher's role, the type of instructional materials that a family is expected to use, and the question of whether students have to take standardized tests differs from state to state.

Several important objections to home schooling have also been muted in recent months by the boom in personal computers and online information retrieval services. Families that may have felt hindered once because they lacked access to a library, specialized teachers, or the stimulation of other students, can now partake of all these things via the Internet or one of the commercial online services.

Gibberish and studies. Photo by Elena

Educational services on the Internet allow students to engage in electronic discussions of what they're studying with others nationalwide. Home schoolers in Texas tap into the Texas Education Network, an online service that makes available research materials and facilitates consultations with up to 30 thousand Texas educators. One service known as Homer allows students to take courses and have their reports graded online. Many excellent software programs also have appeared to help teach reading, math, foreign languages, and typing.

Some families have even found a way to ensure that their home schoolers aren't shut out of the extracurricular activities that they would otherwise participate in at school. In many communities around the country, home school support groups are banding together to sponsor field trips and organize after-school sports leagues for their children. Some school districts have even begun to open up their extracurricular programs to home schoolers. 

Advocates of home schooling point to several studies suggesting that home school students outperform their public school counterparts in standardized achievement tests. The fact that many colleges now allow home schoolers applying for admissions to submit “portfolios” of their work in lieu of academic transcripts has also helped the movement. Unless public schools can regain the confidence of the communities they serve, that trend is sure to increase.

What's hidden under the rug?

What's hidden under the rug?

Some dealers lie like, well, a rug, so count the knots – and your change.

Whether you are looking for basic wall-to-wall carpeting or a fancy oriental masterpiece, picking a good carpet can be a tough job. But you don't need the wisdom of Confucius or the patience of Job – just a little knowledge of what to look for:

Wall-to-wall carpets

The first decision is whether to choose wool or a synthetic. Wool is durable and takes color well, but it costs a lot more. Polyester carpeting used to flatten out with time, but the fibers have been improved and it now hold up pretty well.

The amount of yarn used to make the carpeting is another indication of quality – the more yarn that is used, the more durable the carpet will be. High traffic areas require a carpet with at least 50 ounces of yarn per square yard. Fibers that have been woven in will last longer than punched-in fibers. Finally, stain protection that has been built in to the carpet is preferable to protection that is sprayed on later.

Oriental Carpets

They are handmade, usually from wool or silk, in Iran, Pakistan, China, India, and Turkey, among other countries. Prices have dropped about 20 percent over the past ten years, so unless you're buying ancient or rare oriental rugs, which can cost $100,000 or even more, you can expect to pay a few hundred dollars for a small area rug and several thousand for a room-size rug. Iranian rugs are typically the priciest, partly because of their scarcity since the embargo and sanctions on Iranian goods.

Handmade oriental carpets are almost always better investments than machine-made area rugs. They outlast machine-made carpets by many years yet don't cost considerably more. The number of knots per square inch is the usual measure of quality: 100 knots per square inch for a good rug, 300 knots for a better rug, and 600 or more for an exceptional rug. But counting knots can be deceiving. Some rugs, such as lesser grade Pakistani Bokharas, appear to have twice as many knots because the pile yarn is wrapped around the foundation twice.

Wool quality also is important. To test it, scratch the pile. If the rug sheds excessively, don't buy it. Imagine what foot traffic and vacuum cleaning will do to it.

Farrah Fawcett sitting on the rug. Photo by Elena.

Out, out damned spot!

Consumer Report says these homemade brews will remove stains. For all, first blot spill, then place dry paper towels on the spot. Stand on them a minute, then apply the appropriate series of potions, blotting after each application. End with a cold water rinse and final blotting.

Pasta sauce or salad dressing:

1 tsp of dishwashing liquid to 1 cup of water.

or

1 tbs of ammonia to ½ cup of water.

Red wine:

1 tsp of dishwashing liquid to 1 cup of water.

or

1 par vinegar to 2 parts water.

or

1 tbs of ammonia to ½ cup of water.

Kool-Aid:

1 tsp of dishwashing liquid to 1 cup of water.

or

1 tbs of ammonia to ½ cup of water.

or

1 part vinegar to 2 parts water.

Unidentified spill:

Soak with a dry-cleaning solvent

or

1 tsp of dishwashing liquid to 1 cup of water.

A Tightwad Tells All

A Tightwad Tells All

Some penny-pinching advice we’ve included at no extra charge

Tightwads believe you can reach financial goals by saving more, not earning more. Amy Dacyczyn has made a personal crusade of finding ways to recycle milk jugs, bread tabs, brown paper bags, egg cartons, you name it. Dacyczyn, editor of The Tightwad Gazette II (Villard Books, 1995), says recycling aluminium foil won’t cut it, but attention to the thousands of ways we spend money can make a huge difference. Here, Dacyzczyn offers her philosophy of thightwaddery and some dollar-saving tips.

What is a tightwad?

A tightwad uses unconventional methods to save money. We push the normal limits to make things last longer. We reuse things in unusual wasys. We experiment to find new, cheaper ways to do almost anything.

What’s the first step toward becoming a thightwad?

Record your spending habits for three months. Write down everything from the morgage payment in the candy bar at the checkout counter. The expenses will be either essential or optional, like coffee, candy and soda. The point of the list is to give a clear picture of where your money is going and where you can best cut back.

What’s next?

Keep what I call a price book. It helps me save more time and money than anything else I do. My price book is a small looseleaf binder. Each page contains prices for one items, in alphabetical order – apple juice, bananas, etc. Include the store name, the brand, the item size, the price, and the unit price. You can get prices from sale flyers, from grocery slips, and from comparison shopping trips. The time investment will pay off because you will get a feeling of control over your budget.

A Tightwad Tells All. Photo by Elena

Does it pay to clip coupons?

There’s been a lot of misleading information in the media that leads people to believe coupons are more useful than they truly are. But you can save some money by using coupons correctly. Compare the price you pay after the coupons with alternative products, and with other options such as making the same item from scratch or not buying it at all, if it’s not essential. To slash your grocery bill further eliminate convenience foods, especially those packaged in single-serving containers. Eat fewer expensive-meat meals; casseroles, stews, and stir-fry meaks are more economical. Start a garden and preseerve garden surplus by home canning and freezing.

Does bulk-buying really save money?

The average family can save at least $50 a month bu buying in bulk. But bulk buying isn’t just for big families. Simply put, buy enough to get you to the next sale or enough until it’s convenient for you to shop there again. Know your prices. Generally the leader sale items on the cover and the back of sale flyers beat wholesale prices.

What are some frugal gifts you can give the kids and still keep them happy?

Kids generally don’t appreciate only home-made presents, but I like to give at least one to each of my children at Christmas. You can easily make bean bags with pieces of durable fabric and dried beans. Then doctorate them with bric-a-brac. For the young child who likes to empty Mom’s purse, fill a thrift-shop purse with a ring of old keyes, wallet with play paper money, old credit cards, an empty compact, etc.

Are there ways to save on pet care?

A good dry pet food is generally nutritionally the same as a good canned food. Dry food is the thghtwad choice, because it is cheaper. Don’t attept to economize by buying low-quality food, though. Treating a common ailment like pancreatitis, caused by feeding your dog too many fatty table scraps, can cost much, not to mention the discomfort to your dog.

How can a tightwad save on utility bills?

Use small appliances, if possible. In recipes, a slow cooker use about one-fourth the energy of the oven. The microwave uses less than one-tenth the energy of a conventional oven. Low-flow showeer heads are great energy savers. They use less water and they have an on/off switch so that you can turn off the water when lathering.

How do thrift shops compare to garage sales?

You’ll pay more for clothes at thrift shops than garage sales, but the selection is better. Consignement shops have the best selection, although you’ll pay double the thrift shop prices. When you look at used clothing, just think of it as a new item that’s been washed 10 times.

What are your thoughts on trash picking?

You can call it treasure hunting. In fact, many usable items are discarded for want of a screw.

What must be a few of my favorite tips for saving money?

• To reuse wrapping paper, put a bow on the spot where the old tape left a hole. Alternative wrapping can be made from Sunday paper comics, wallpaper, old maps, department store bags and so on.
• Hold a smorgasbord night. Thaw a variety of leftovers, line up the family and have them choose. Kids love this chance to escape the you-get-what-you-get philosophy.
• For urban families, a rooftop, fire escape, balcony, or a patio are all good places to garden. Almost any vegetable can be grown in a container. Apple boxes, bushed baskets – even laundry baskets with trash-bag liners make good containers. You can often get a good five-gallon plastic bucket for free from a health food store or Dunkin’ Donuts, for example.

Ten Painless Ways to Save $100 This Year

Here are Amy Dacyczyn’s penny-pinching suggestions, good all year round:

• Purchase ten articles of clothing at thrift shops and yard sales instead of paying department store prices.
• Hang four loads of laundry per week instead of using your dryers.
• Once a month make a pizza from scratch instead of having one delivered.
• Go for a walk instead of chatting, you’ll save some money.
• Reduce your soda consumption by four cans per week.
• Bake one batch of bread (two loaves) per week.
• Save money on children’s birthday parties by making homemade decorations, cake, wrapping paper, and one present.
• Reduce your smoking drastically or at least by three cigarettes per day (well, it would be better if you give up smoking altogether. Thus you’ll save even more).
• Reduce your whole milk consumption by four gallons per week, substituting dry milk in cooking, homemade cocoa mix, and in half-and-half for drinking.
• Pack four inexpensive school lunches a week.

Life and death. Illustration by Elena.