[Posted 7:00 AM ET]
“The tempest seems overblown.”
–Editorial in the Washington Post
The Post is referring to the current storm of controversy over
9/11 and information that the White House received prior to the
attacks. There is no scandal, folks, other than that some
Democratic leaders, particularly Richard Gephardt and Tom
Daschle, are acting in a most despicable manner.
Should there be a congressional investigation looking into the
handling of intelligence prior to 9/11? Yes, a Senate Intelligence
Committee hearing, behind closed doors. Will we find that some
higher-ups at the FBI and CIA simply failed to do their job?
Absolutely. Was former FBI Director Louis Freeh a disaster?
Absolutely. Is current CIA Director George Tenet much better?
The jury is out on this one, though the early evidence shows that
Tenet did his best given the tools he had to work with.
Clearly, some individual agents performed in an admirable
fashion, but in moving the information up the chain, there were
critical lapses in judgment. But to then draw a line straight to the
White House and say, “Ah ha!” is beyond absurd.
I’ll tell you what’s more important right now, my friends, and
that is the fact that for almost 3 ½ years, there have been zero
inspectors in Iraq, and now it would appear that Saddam is going
to play out the issue of allowing them back in for months to
come. I would respectfully submit it’s already too late.
Let me remind you of some basic history I reacquainted myself
with this week in pondering this issue. The Manhattan Project
commenced in June 1942. Just three years later, July 16, 1945,
to be exact, the first successful test of the atomic bomb was held,
“Trinity.” 3 weeks later President Truman authorized the
dropping of the weapon on Hiroshima.
Just 3 years…starting from scratch. Forget all the work that
Saddam was able to hide from inspectors while they were inside
the country, for the past 3 ½ years his scientists have been
operating unfettered, this in an era where all the hard work has
already been done, it’s just a matter of getting the materials,
which particularly in the years following Gorbachev in Russia
should not have been a difficult task. Of course we aren’t even
discussing the advances on the chemical and biological fronts
that Saddam has obviously made as well, the fruits of which are
easily transferred to the Wahhabis and other extremists.
I recognize this isn’t earth-shattering news to you all, but I hope
by bringing up the example of the 1940s experience I have once
again redirected thought to what’s paramount today. Folks, the
sands of the hourglass are dwindling to a precious few and you
can’t just tip it over and buy more time.
What should worry every American is the fact that the discussion
on what the President knew and when is not only damaging in
deflecting attention from the more vital issues, it is going to
invariably hurt the White House’s efforts to drum up support
from abroad, help we desperately need (particularly from an
intelligence standpoint) to successfully complete our march on
Baghdad. History will judge the likes of Gephardt and Daschle
with contempt.
Russia
Just a few years ago, the events of this past week concerning
relations between the U.S. and Russia, as well as Russia and
NATO, would have made for bold headlines. Today, the
historic agreements reached by all three barely made the front
page, which, I guess, is actually a good thing and a reflection of
just how far and how fast we have come in putting to bed the
Cold War, once and for all.
I have been highly critical of President Bush on a number of
fronts the past few weeks, but this isn’t one of them. He has
correctly seized the opportunity presented to him and embraced
President Putin, while at the same time preserving security
initiatives like the national missile defense program.
Incredibly, the nuclear arms reduction treaty that is to be signed
in Moscow next week is but 3 pages long. Some are criticizing it
because of this brevity, but the fact is the provisions for
verification have been in place for decades, now both sides have
to hold each other’s feet to the fire. Additionally, the U.S. has
preserved the right to store, rather than destroy, some of its
warheads (I was actually against this), an issue which Putin gave
in on.
Meanwhile, development of NMD will proceed apace, as next
month the U.S. will formally break the 1972 ABM Treaty and
start work on the first site in Alaska. Reports say that President
Bush will invite Putin to participate in the program, another good
move.
For its part, Russia had to cut this deal and drastically reduce the
costs of maintaining its own nuclear force as the nation needs to
focus its resources on rebuilding its conventional forces, and we
want that, sports fans, so Russia can be more of a force in
combating the growing Islamic Fundamentalist threat in Central
Asia.
The other historic development is Moscow’s inclusion into parts
of NATO, as Russia becomes an equal partner on a range of
issues. Again, this is good.
Oh, there are certainly other issues which the U.S. must remain
firm on as Russia continues to transition over to the Western
Bloc, the chief ones being arms proliferation, the security of its
nuclear material and the spread of technology to nations like
Iran. This will make for testy discussions between the two sides.
Otherwise, for all the good feeling that we will see in Moscow,
including, as I’ve long argued, new cooperation on the energy
front, there is still one immediate issue where a little creative
diplomacy is in order…that being Iraq.
I continue to maintain that this is basically a no-brainer. Iraq
owes Russia $8 billion it desperately needs to shore up its
military. Russia is afraid that if the U.S. takes Baghdad, America
and its allies will move in and gobble up the bulk of the new
business contracts that would otherwise have gone to Moscow.
So, I say again, guarantee that Russia will receive its fair share,
particularly in the oil fields, in return for military and diplomatic
cooperation…and then threaten Iran with the same arrangement.
It just makes too much sense.
Wall Street
The equity markets staged a strong rally this week as investors
focused on some solid economic news, particularly strong retail
sales. Industrial production and capacity utilization also rose,
though the latter at 75.5 is still well below the average 82%
during the boom. On the negative front, housing starts declined
for a second straight month, but I’m tired of crying wolf on this
subject (as I’m sure you’re sick of reading it) so I’ll give it a rest
for a while. But if we have a 3rd month….
Also helping matters were some respectable, but far from
spectacular, earnings reports from the likes of Applied Materials
and Dell. But even in the case of these two, both of which beat
expectations, gains were limited by the realization that at current
levels, the stocks are probably fairly valued, particularly since
future estimates already have decent growth prospects baked in.
Plus you still have more than a few big players, Hewlett-Packard
and Ericcson, to name two, who remain less than sanguine about
a true turnaround in spending, though there are growing signs
we’re now scraping along the bottom.
But then you have the credibility issue, which, while Wall Street
chose to ignore it this week when it came to the broader
averages, remains a huge stumbling block for any sustained
advance. Let’s face it, in China many of America’s executives
would be facing the death penalty. Now, of course, I’m not
advocating similar treatment in the good old U.S. of A (yes he
is), but this week’s roster of potential crooks facing
investigations of one kind or another include the power
producers / traders like Reliant, CMS and Dynegy (“We do these
things everyday at Dynegy”), Schering-Plough (which is being
fined $500 million by the FDA for shoddy production), Abbott
Labs and Pfizer (similar charges), Computer Associates (revenue
recognition issues), Kmart (accounting), and last but not least,
Adelphia Communications, the 6th-largest cable company, which
lent the family running the operation a cool $2.3 billion and then
decided to keep the bulk of this off the company books. It’s not
pretty. In fact, it’s downright ugly.
I used to rail about investing in emerging markets. Why would
you do such a thing, I argued? Those markets are rigged. What
is increasingly obvious is that during the Bubble, ours were as
well.
Street Bytes
–For the week the Dow Jones rose 4.2%, the S&P 500, 4.9%,
and the Nasdaq, 8.8%, the latter’s best performance in 13
months. But, before you get carried away, the Nasdaq, at 1741,
is still well below a recent peak of 1929 set on March 8. As for
the Dow, if it can break through 10600 (it now stands at 10353),
that would be a good sign.
–U.S. Treasury Yields
6-mo. 1.92% 2-yr. 3.37% 10-yr. 5.25% 30-yr. 5.75%
Ugly week, as strength in equities, the falling dollar, and a
higher-than-expected reading on consumer prices led to some
selling in the bond pits. It also didn’t help that a Fed governor
reiterated the recent party line at Greenspan and Co., that being
that they are willing to tolerate some inflation, particularly since
excess capacity and productivity gains ameliorate the threat that
prices will get out of hand.
At the same time these officials, including Greenspan, also admit
that the recent figures on productivity are out of whack with
reality. The Fed’s main concern all year has been the stock
market and the profit outlook, the feeling being that keeping
short-term rates at current levels is needed to prevent a further
slide in equity prices, which could only exacerbate the profit and
employment pictures.
But back to bonds, this week PIMCO’s Bill Gross unveiled his
firm’s latest Big Picture review. When I was at PIMCO we
eagerly awaited the Secular Forum, from which Gross and his
team come up with a new 3-5 year investment outlook.
Gross has been correctly bearish on equities for the better part of
the past 5 years (yes, he was a little early), though his tone on the
potential returns for stocks vs. bonds has improved a bit, as over
the next 5 years one might expect 7-8% returns on equities, while
receiving 6% in a diversified bond portfolio, the point being,
from a risk-reward standpoint, why bother with the former? [I’m
putting words in his mouth, but if I was in my old position at
PIMCO and had the lineup of funds they have, this would be my
sales pitch.]
Gross also has more than a few worries, as befits the world’s
greatest fixed-income manager.
–The potential exists for a new housing bubble, which carries
huge risks of its own.
–There are big risks in the current hedge fund mania (my term).
More accidents like Long-Term Capital Management seem
inevitable.
–The current account deficit and the U.S. dollar pose risks of
their own, which long-time readers should be more than a bit
familiar with by now.
As to where one should position themselves in bondland, the big
bull market in Treasuries is history, though PIMCO doesn’t look
for a bear market here, either. Buy a smattering of high-grade
corporates (not the junk yours truly owns), mortgage-backeds,
and emerging market debt…but, better yet, do what I’ve been
recommending in this space since Day One. Buy the PIMCO
Total Return Fund for your bond market exposure. [I receive
nothing from my friends for this endorsement…not even a sleeve
of golf balls.]
–Japan: The government is convinced that the 3rd recession in a
decade may be history, and certainly the recent strength in the
yen, as well as the stock market, lends a bit of credence to this
line of thinking.
Of more import this week, however, is Japan’s decision to
retaliate against the recently levied U.S. duties on steel, with
Japan imposing 100% tariffs of its own on U.S. steel products.
Ah yes, the first shot in our long-predicted trade war. For its
part, the European Union is retaliating against U.S. textiles and
fruit, while some Latin American countries will follow similar
paths. On the whole trade issue, the Bush administration has
been an unmitigated disaster.
Separately, Japan announced its 4th case of mad cow disease, just
in time for the World Cup. Incidentally, the death toll in Europe
from mad bovine is 100.
–Energy: After hitting 8-month highs, crude prices fell slightly
at week’s end amid talk that Russia would abandon its
production cuts at the end of the quarter, this while earlier in the
week OPEC said it would keep the current quotas in place
through the summer. Of course, Russia never limited its own
production like its rhetoric would have you believe, but that’s
besides the point.
Oil was helped early on thanks in part to the IEA’s report that
demand for all things crude would turn up by the 4th quarter and,
given existing production levels, lead to a price spike. Then on
Tuesday the latest oil inventory figures for the U.S. showed a
decline to below year ago levels. But the next day gasoline
inventories were revealed to have surged and oil began its
decline.
As for California, in a somewhat related manner since Governor
Gray (Fade to Black) Davis is attempting to blame all the state’s
problems on the energy crisis / price manipulation of 2001,
California now faces a budget deficit of $20-$25 billion in this an
election year. Plunging tax revenue (as is the case across the
country) is the chief culprit, principally because of the dot-com
bust and the crash in tax receipts for exercised options and
capital gains. Revenues from these last two items were $200
billion in 2000, up from just $25 billion in 1994. Now that’s
what I call a bubble.
–My Portfolio: About twice a year I clean house and this past
Monday was my big day. For starters, I sold the tech stock I told
you about last week, purchased at $6.66 and dumped at $6.15 (it
finished the week around that level). So, my second brief foray
into the technology sector in 3 years (just for a trade) was
another failure. Then I sold one of my two Turkey holdings
(doesn’t read that well, does it?) at a 10% profit because, frankly,
it was a telecom and I couldn’t believe it was still up. [Sold at
$16.40, it closed the week around $15.] Against my better
judgment, I retain my other Turkey play, TKF. I’m even on this
one, but assuming the U.S. goes into Iraq, Turkey’s economy
will take another header. I may pull the trigger shortly.
But the big move was selling the natural gas / oil service play,
getting out at $46+ after purchasing it last summer / fall at $26.
Why? This is one of those companies attempting to
reincorporate in Bermuda and, quite frankly, it pisses me off,
along with the fact that I can’t help but wonder what they may be
trying to hide, especially in this current regulatory environment.
Additionally, some of the institutional investors are none too
pleased, either. Well, at least for one week it was a smart move
as the shares closed at $43. However, should the company
reverse course on rum swizzles, I may hop back in for a 3rd go
‘round. [The first time I rode it for similar gains.]
To replace the oil play I used one-third of the funds to buy a far
smaller outfit in the energy sector, leaving me at 80% cash /
bonds, 18% energy (2 stocks) and 2% Turkey. But in that 80% is
a large junk bond position, which is down 0.3% year-to-date,
something I am more than a bit disappointed about, though I’m
sticking with it and still convinced by year end I will have
handily beaten cash, the original objective. Lastly, I may be
buying more energy, particularly if the sector continues to pull
back.
–In the latest on the WorldCom saga, the company is now
tapping its $2.6 billion credit line (which the issuing banks never
expect to see). WorldCom is hoping the institutions will be
forced into a massive restructuring of all debt at terms that would
help it stave off bankruptcy. On Tuesday, volume on WCOM
was 564 million shares, an all-time market record. Of course the
actual dollar volume wasn’t as significant, as the stock closed the
week at $1.30. Meanwhile, CNBC’s reporters are trying to spin
it as if they warned you two weeks ago this would happen.
Disgraceful. [If you are new to the site, I’m alluding to a tale I
told last week.]
–UPS could be setting a strike date, though it is not expected a
work stoppage will actually take place, which is a good thing
since, these days, a bunch of brown shirts marching around
would be more than a bit unsettling.
–The world’s greatest corporation, Wal-Mart, reported
spectacular earnings and revenue gains for about the 20th time.
Meanwhile, if you needed one more example of the crash in
telecom and networking, look no further then Nortel, which saw
its first quarter revenues decline 50% from last year’s levels.
–Retailer Aeropostale saw shares in its IPO rise 54% in the first
day of trading. I have no idea what the financials are for the
company, but I do know that I’ve never seen a customer in one
of its stores.
–Sears is acquiring my favorite retailer, Lands’ End. Good
products at a fair price, and with excellent customer service.
–Four New Jersey executives stole more than $600 million from
some of the nation’s largest banks, including J.P. Morgan, Fleet
and PNC, as they were able to obtain financing for sham metals
trades. Now think about this; if the banks were so hoodwinked
over this slippery operation, why should anyone be confident
they understand the risks in their own massive derivatives
portfolios? Class dismissed.
International Affairs
Israel: Was I dreaming or were we told just two weeks ago that
Yasser Arafat’s approval rating among his Palestinian people
was soaring as a result of Israel’s actions in the West Bank? This
proposition would have been tough to defend this past week as
Arafat was scared (with good reason) to land his helicopter in
Jenin and then when he spoke to his parliament, apologizing for
past misdeeds and outlining some steps he would take to reform
the Palestinian Authority, he was met with stony silence.
While it’s now easy to envision a scenario where someone from
Hamas plugs Arafat, I prefer to take a different view, that being
that maybe, just maybe, the majority of the Palestinians are
beginning to see the light, as they finally put all the pieces of the
puzzle together, the one which reveals Arafat’s corrupt
leadership of the past 7 years as holding the people down. By
week’s end he was pledging new elections within 6 months (with
conditions), which means that should a vote be held, look for a
bloody campaign, as the extremists battle it out with the
reformers.
Meanwhile, Israeli Prime Minister Sharon received a black eye
from his own Likud Party, as Benjamin Netanyahu led an effort
to adopt a resolution against ever allowing for an independent
Palestinian state, all part of Bibi’s effort to wrest control of the
hardliners. It should also give you a sense that on the issue of
settlements, paramount to any peace negotiations, Netanyahu and
his ilk won’t budge. Again, that’s a recipe for civil war, in my
opinion.
India / Pakistan: The snows are melting rapidly in Kashmir,
which means it’s time for stepped up activity between the two
sides. India is losing its patience, not a good thing, as the
government weighs retaliation for the Pakistani militant attack
which killed 34, including many children. For his part,
Pakistan’s Musharraf is under increasing pressure from the U.S.
to cooperate more fully on rooting out al Qaeda in Pakistan.
Musharraf fears a political backlash, while he can also
legitimately complain that he has to worry about 500,000 Indian
troops on the opposite border.
Europe: In our continuing discussion on the demographics for the
continent, the birthrate is now 1.5 (with 2.1 the figure for
stability). It is also now estimated that even if you assume a
significant level of net immigration, the population for Europe
(including Russia) would drop from 730 million to 600 million
by 2050. [Philip Bowring / Herald Tribune] Separately, Britain
announced on Friday that its fertility rate is now just 1.64, the
lowest since 1924.
Netherlands: The party of the late Pim Fortuyn came in 2nd in the
general election, though it needs to be pointed out that this still
only represented 26 of 150 seats in parliament. Nonetheless, it is
likely that “List Fortuyn” will be part of the ruling coalition,
which will be headed up by the center-right Christian Democrats.
Random Musings
–As a follow-up to my thoughts on the Saudis and Wahhabism,
strategist Daniel Pipes had this observation in the New York
Post.
“There are times and places when cooperation with the
government of Saudi Arabia makes sense. There are also times
and places when confronting it is necessary. The larger point is
this: However much the United States predominates today, there
are any number of would-be successors and Saudi Arabia is no
less ambitious than the others. It must be watched with great
caution.”
And Chris Matthews continues to ask the question that is
increasingly on many of our minds, that being, when the U.S.
finally moves on Iraq, whose side will the Saudis be on ?
–Last week I once again railed about our schoolchildren’s lack
of knowledge in U.S. history. Well, one of the pundits I most
respect is Robert Samuelson and he has a different take, which I
present in the interest of fairness.
“…what we don’t know doesn’t prevent Americans from
acquiring the bedrock values – the love of freedom, the belief in
individual dignity – that are the nation’s social glue. The same
popular culture that spurns the past imbues people, through a
process both powerful and mysterious, with a reflexive reverence
of American ideas. They’re embedded in America’s get-ahead
social climate, the constant emphasis on economic and lifestyle
experimentation and the glorification of personal and consumer
choice.”
What Samuelson fails to address in his full piece, however, is my
contention that, looking ahead, it is also about electing good
leaders and an ill-informed public is bound to make mistakes,
which, these days, can prove deadly.
–Democratic criticism of President Bush’s $33 million
fundraiser is fair, that’s simply politics, especially in light of his
own campaign rhetoric. But to then complain about the 9/11
photo, which is being given to those donating $150, is
outrageous and much ado about nothing.
–Fellow Wake Forest alum, Al Hunt, had the following
comment on Capital Gang the other night.
“Ronald Reagan at 37% (approval rating) had more of a fear
factor than George Bush at 74%.”
I’m afraid that’s true. It was also touching to see Nancy Reagan
this week receiving the Congressional Gold Medal on behalf of
the President and herself. When Ronald Reagan leaves us, I’ll
probably cry for a week.
–President Bush, show some spine on domestic spending and
use your veto pen!
–Just a few thoughts on technology: Oracle has come under fire
in the state of California for a controversial $98 million contract,
one which Gray Davis is trying to shift the blame for. But, in a
piece by the Weekly Standard’s Stephen Hayes, there is a line
that to me speaks volumes about the current state of technology.
“A survey of 127 California state agencies taken to determine the
need for the new software found that only five thought it would
be helpful.”
And then there is the issue of Wi-Fi, the much talked about
wireless network that offers Internet access at nearly 200 Xs the
speed of dial-up. “Hot spots” where Wi-Fi is available are
popping up all over the place, like hotels, airports, and offices,
for starters, and it is estimated that by 2004, more than 45 million
business laptops will be Wi-Fi capable.
But since the technology employs radio waves, security is a huge
issue as radio signals are easy to penetrate and the networks have
very limited range.
Nonetheless I can see why some are super-psyched at the
potential for Wi-Fi, though I have to take issue with a few
thoughts I saw in a recent article. [The author and publication in
this case are irrelevant.]
“Employees with access to Wi-Fi stay online an average of 105
additional minutes a day….Merrill Lynch is sold on the idea…
‘It untethers employees from the desktop,’ (said one official).
‘You’re making real-time decisions by logging on to the Web
right in a meeting, rather than having to hold another meeting
once you have the data.’”
O.K., I’ll buy some of that, I guess, though why you would need
another meeting is beyond me. But then you have a statement
like the following, referring to the opportunities at home for Wi-
Fi technology.
“The main impetus today is to share a Net connection, among
family members and get online from the bedroom, den, or
kitchen without running wires. Consumer-electronics
manufacturers…are planning to integrate Wi-Fi technology into
stereos and TVs so people will be able to view streaming video
or listen to MP3 music files anywhere in the house.”
As I wrote a few weeks ago, I’ve seen this story before. And by
the way, what ever happened to the eBook revolution? I know I
often come off as someone who is totally anti-technology. If
some of this new stuff provides employment though, great, but
my problem is that many of these concepts are hyped beyond any
rational future potential. As for Wi-Fi, despite its limitations,
I’m sure it will be successful by most measurements. But
regarding the vision of years ago, and which continues today,
that we will be a race of people spending our days on the Net, I
say, bunk.
–Last week on “60 Minutes”, Andy Rooney advocated the death
penalty for anyone ripping out a page from a library book. A
little harsh, perhaps, but I have one of my own.
This week poachers in Rwanda killed two rare mountain gorillas
(there are only 350 left in this country…300 more in Congo…
and that’s it). Give me one good reason why these men should
live? Time’s up.
–The credit card fraud rate is 3 times higher online than offline.
[NY Times] Separately, as an example of the ongoing theft
taking place on the Net, Ford Motor Credit Co. revealed that
hackers recently stole 13,000 credit reports.
–And this revelation from 3-time Pulitzer Prize winner Tom
Friedman of the New York Times. Last Sunday he devoted his
op-ed piece to the startling revelation that the Internet spreads
hate! He’s just reaching this conclusion? I suppose he’ll pick up
a 4th.
–Senator Joe Biden commutes by train to Washington from his
home in Delaware, so it should come as no surprise that his chief
concern these days is terrorism on the rails. The senator is
correct, particularly his worry about bombs being planted in the
tunnels. Add this to your list, if you haven’t already.
–If Time magazine had to select a “Person of the Year” today, it
would be Vladimir Putin. Hopefully, by December we will have
destroyed Saddam and it’s George Bush. Something to pray for.
–I recently commented on the UN Human Rights Commission,
which, in its infinite wisdom, selected that defender of humanity,
Zimbabwe. Freedom House has conducted a review of the
current 53 members of this sham authority and found that 29 are
rated only partly free or not free at all. Current members aside
from Zimbabwe include China, Congo, Vietnam, Cuba, Libya,
Saudi Arabia, Sudan and Syria. Disgraceful. [Stanley Weiss /
Herald Tribune]
–To be honest, when I look around the world and think about the
issues of the day, I seldom give Cuba more than a passing
thought. Insensitive? Probably. Should the travel and trade
embargoes be lifted? Yes. Was Jimmy Carter’s trip that big a
deal? No. Worthy of further comment? No, except to say that
you could have one helluva antique car show down there.
–In Newark, the majority of the voters in this city once again did
nothing to dispel the notion that they are some of the truly
ignorant people on the planet, as they reelected Mayor Sharpe
James for a 5th term. Opponent Cory Booker was criticized for
being highly educated and ambitious, while many of James’s
supporters are the biggest underachievers and panhandlers this
nation has produced.
–I am a huge baseball fan, but, thus far, I am rather bored when
it comes to the first quarter of this season. Looking at some of
the attendance figures around the majors, I’m not alone in this
regard. The sport itself appears to be inching closer to another
strike, which would finally kill interest in baseball among the
critical generation of young fans and prospective athletes. Of
course the vast majority of baseball owners are idiots and
incapable of seeing this.
–More good news on the medical front. People who drink 14 or
more glasses of wine a week are 40% less likely than teetotalers
to get colds. [U.S. News] No word on the impact of 42 beers
over the same period, but I haven’t taken a sick day in over 20
years!
God bless the men and women of our armed forces.
God bless America.
—
Gold closed at $310
Oil, $28.18…still higher on the week.
Returns for the week, 5/13-5/17
Dow Jones +4.2% [10353]
S&P 500 +4.9%
S&P MidCap +3.5%
Russell 2000 +3.3%
Nasdaq +8.8% [1741]
Returns for the period, 1/1/02-5/17/02
Dow Jones +3.3%
S&P 500 –3.6%
S&P MidCap +7.3%
Russell 2000 +4.2%
Nasdaq –10.7%
Bulls 52.1%
Bears 29.8% [Source: Investors Intelligence]
Notes:
Congratulations to our own Dr. Bortrum, who recently co-
authored the “History of the Electrochemical Society.”
Lastly, I’m heading back to Turkey this week, and later Slovenia
and Vienna. It’s an ambitious little trip, as one of my missions is
to learn as much as possible about Ataturk while I’m in Ankara.
[Hey, someone has to do it!] Unless my laptop gets ripped off,
though, I should be able to post this column the next few weeks
at roughly the normal time without too many problems (he wrote
with fingers and legs crossed).
Have a great week. I appreciate your support.
Brian Trumbore
