Word: cheapness
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Many in the audience left bearing copies of Adria's new book, A Day at elBulli, not cheap at $49.95. Others had brought with them the even heavier volumes of his earlier cookbooks ($400 a pop) to be signed. One young man wanted Adria's autograph on the handle of a kitchen knife (the blade was safely wrapped in plastic); a woman left a sample of her porcini sauce for Adria's kitchen to experiment with. (Adria's wife Isabel worried about flying the tiny vial of liquid back to Spain). A couple of people on line for autographs whispered...
...vulnerable years, I didn’t discover this personal deficiency until Camp Harvard. Along with a marauding band of fellow ingénues, I arrived in a Mather suite eager, like Lisel von Trapp, to taste my first champagne. Somewhat serendipitously, it came in the form of a cheap vodka shot handed to me by a particularly urbane senior boy with whom I fell immediately and irrevocably in love. But alas, breaking out into hives does not a good seduction tactic make, so I woke up alone in the morning, regretful, excuseless, and still slightly itchy...
...Last April, credit rating agencies recognized this achievement and gave Brazil’s sovereign debt “investment grade” status. But this was a small reward given the shift the country has experienced since 1994. Brazilian government bonds remain too cheap (currently paying over 500 basis points above the 10-Year Treasury). Charging a sky-high political premium to a country that has had a fiscal revolution, and where Daniel Dantas can be arrested through due process of law, seems to be rather exaggerated. The bonds’ inadequate BBB-rating—barely above speculative...
...more competition is on the horizon. In the past two months, Goldman Sachs, Morgan Stanley, Raymond James, GMAC, American Express and business financier CIT have all applied to convert into bank holding companies, partly in order to be able to get access to cheap funding through deposits. GE Capital, the finance arm of GE, is planning on doubling its deposit base, which it garners through broker-sold CDs, to $81 billion next year. Goldman Sachs is on track to open an online bank. Morgan Stanley, which already has $36 billion in deposits, is selling billions of dollars' worth...
Allen Salkin, who wrote the canonical Festivus: The Holiday for the Rest of Us, and became the unofficial spokesman for the anti-holiday - popularized by a 1997 episode of Seinfeld - does not see any conspiracy here. "Fundamentally Festivus is cheap," he pointed out. "And I say this as someone who wants you to buy the new and updated paperback version of the book for $9.99 this year...