Tulips

It has been a while since I posted something on botany.

In the US, or at least at Pennsylvannia, October is the best time to plant bulbs before the ground becomes frosty. To grow, tulip bulbs need to have a certain amount of time in cold ground. When we were in Happy Valley last year, I purchased some tulip and daffodil bulbs from a nursery. It was our first experience planting tulips, and what a thrill it was to see them popping out from the ground in early spring. Such color and grace.

Since I am still in the US, below is a slide show of the tulips around the house we stayed. I will supplement this posting later with a write-up on what is so special about this flower. Yes, what is so attractive about tulips?

When You Believe

Chicago: Here I come again. Later tonight, I will be traveling to Chicago to attend a Real Estate Investment Trusts (REITs) symposium. In addition to having a joint-paper presentation by my co-author on Asian REITs, I have been scheduled to discuss (critique) a research paper by a top Dutch professor. This will be a good opportunity for me to unwind and catch up with old friends and meet new friends, all of whom are academia bound by a common research interest. The cost of my trip, including air fare, accommodation and airfare, is borne by the host. This will be my second trip to Chicago.

photo: The first time I visited the wind city was in January 2007.

I will return to Singapore on Oct 28. In the meantime, here is a video clip of a song "When You Believe" to go with my Oct 14 posting on "Miracle on S'pore Street". Sung by Mariah Carey, it is the theme song for the movie Prince of Egypt. I find the lyrics very meaningful as it articulates how we feel sometime.

"Many nights we've prayed, with no proof anyone could hear. In our hearts a hopeful song. We barely understood. Now we are not afraid. Although we know there's much to fear. We were moving mountains, long before we knew we could."

There can be miracles, when you believe. Though hope is frail, it's hard to kill. Who knows what miracles you can achieve. When you believe, somehow you will. You will when you believe.

(click to play. First, set the Imeem background music to pause.)

In this time of fear. When prayers so often prove in vain. Hope seems like the summer birds. To swiftly flown away. Yet now I'm standing here. My heart's so full I can't explain. Seeking faith and speaking words I never thought I'd say.

There can be miracles, when you believe. Though hope is frail, it's hard to kill. Who knows what miracles you can achieve. When you believe, somehow you will. You will when you believe.

photo: Me and I

They don't always happen when you ask(Oh). And it's easy to give in to your fears (Oh...Ohhhh). But when you're blinded by your pain. Can't see your way straight throught the rain. Small but still, resilient voice. Says love is the relief (Ohhh).

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There can be miracles (Miracles). When you believe (Lord, when you believe). Though hope is frail (Though hope is frail). It's hard to kill (Hard to kill, Ohhh). Who knows what miracles, you can achieve. When you believe, somehow you will(somehow, somehow, somehow) somehow you will. You will when you believe.

You will when you. You will when you believe. Just believe...in your heart. Just believe. You will when you believeeeeeeeee!

The Little Things

"In relationships, the big things are the little things" - Covey.

(1) little things like open the car door (our first car)

The little kindnesses and courtesies are so important. Small discourtesies, little unkindnesses, little forms of disrespect make large emotional withrawals.

I would like to share the lyrics of a favorite song of mine, "Always on My Mind" sung by Willie Nelson. It is a rather sad country song which reminds us not to take our loved one for granted... little things we should have said and done, but we just never took the time. Although they may be on our mind, it is still better to do the little things to confirm and reassure our loved ones that they are indeed on our mind, always.

(2) little things like buying her flowers

Little things I should have said and done

I just never took the time
You were always on my mind
You were always on my mind
You were always on my mind

(3) little things like giving her a surprise card

Maybe I didn't treat you

Quite as good as I should have

Maybe I didn't love you

Quite as often as I could have

.

(4) little things like going on a picnic (s'pore zoo)

Little things I should have said and done

I just never took the time

You were always on my mind

You were always on my mind

(5) little things like a simple BBQ (our first one at UDMC chalet)

Maybe I didn't hold you

All those lonely, lonely times

And I guess I never told you

I'm so happy that you're mine

If I made you feel second best

Girl I'm so sorry I was blind

You were always on my mind

You were always on my mind

.
Tell me, tell me that your sweet love hasn't died

Give me, give me one more chance to keep you satisfied, satisfied

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You can watch & listen to a beautiful rendition of the song at: http://www.youtube.com/watch?v=i8jW_p6WyLM .

Follow-up:

So, what are you waiting for? Go and tell your loved one that he (she) is always on your mind. Hold him (her). Make him (her) feel that he (she) is the best, not second best. Take every chance to keep him (her) satisfied. Treat him (her) good. Love him (her) well. Little things you should have said and done. Take the time now to do it, before it is too late.

F1: Miracle on Singapore St

"I will need a miracle ... to be able to make progress on this street circuit where it looks difficult to overtake." - Fernando Alonso

The 2008 Singaporean F1 Grand Prix was the first in the F1 history to be staged at night. My wife and I, were given two tickets for the three-day event, but we decided to give them away to relatives who are more enthusiatic about the race. Held in September 08, the race was a new experience for every driver because it involved driving on a street circuit under powerful spotlights. The race also turned out to be one of the most exciting of the season.

..

Fernando Alonso, in his Renault, had set the fastest time in the practice runs. But the Spaniard's hopes of pole position were dashed... A car failure during the qualifying runs on Saturday left him a wretched 15th - a starting position no driver had ever won a Grand Prix from in the 799 world championship events leading up to this race. Struggling to conceal his frustration at, Alonso said he will need a miracle to claw his way into the points.

“Our weekend was going really well and we had big hopes for this evening… It’s a really big disappointment because we had a real chance to do something special today, perhaps not pole position but to at least qualify in the top four… I know that starting in the middle of the pack will make for a difficult race and … … I will need a miracle … to be able to make progress on this street circuit where it looks difficult to overtake."

The next day, Alonso, against all odds, won the incident-packed race. A commentator reported that it took a strategic gamble and a stroke of fortune to bring him into play on race day. After the race, Alonso reflecting on the win, said...

Alonso got the miracle he wanted!

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.

.

.

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"We were unlucky in qualifying and very lucky in the race. Obviously we started at the back … After qualifying our hopes were gone already (as we started 15 and 16). It was nearly over, but it shows that Formula One is unpredictable on Sunday... I need a couple of days to realize we won a race this year."

Whilst Alonso's win might have looked lucky, note that his good fortune in the race was at least partly caused by his misfortune during qualifying. One reported aptly wrote "Any winner after two hours of a bumpy, barrier-lined track in such heat must be a worthy one."

What is the moral of this story? One, never give up no matter how dissappointed or 'unfortunate' you feel. Two, the race ain't over till you've crossed the finishing line! Three, "luck is preparation meeting opportunity", i.e. we have to be prepared to take advantage of opportunities that come our way. Four, when hope is gone, start praying for a miracle?

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postscript: Two weeks later, Alonso went on to win the next Grand Prix race in Tokyo, also coming from behind. So, who says, miracles can only happen once?

Clarifying Expectations

"The cause of almost all relationship difficulties is rooted in conflicting or ambiguous expectations around roles and goals... unclear expectations will lead to misunderstanding, dissapointment and withdrawals of trust." - Stephen Covey

A wife mentioned to her husband that for her birthday, she would like something that accelerates from 0 to 100 in eight seconds.

She was expecting something like this............

:) But her husband presented her with something very different...

The wife was thinking of km and the husband, lbs! In marriage, a man and a woman have implicit expectations of each other in their marriage roles. Although these expectations have not been discussed, or sometimes even recognized by the person who has them, Stephen Covey said, "fulfilling them makes great emotional deposits in the relationship and violating them makes withdrawals." (c.f. to "Emotional Bank Account" posting on 2 Sep 08).

That's why it's so important whenever you come into a new situation to get all the expectations out on the table. People will begin to judge each other through those expectations. And if they feel like their basic expectations have been violated, the reserve of trust is diminished. Covey further stressed that, "we create many negative situations by simply assuming that our expectations are self-evident and that they are clearly understood and shared by other people."

photo: Perth (Sep 1992)

Hence, it is better to make the expectations clear and explicit in the beginning. Although it takes a real investment of time and effort up front, it saves great amounts of time and effort down the road... Clarifying expectations sometimes takes a great deal of courage. It seems easier to act as though differences don't exist and to hope things will work out than it is to face the differences and work together to arrive at a mutually agreeable set of expectations. But "when expectations are not clear and shared, people begin to become emotionally involved and simple misunderstandings become compounded, turning into personality clashes and communication breakdowns."

Similarly, imagine the difficulty you might encounter if you and your boss have different assumptions... Unclear expectations in the area of goals undermine communication and trust. How many times have we had these kind of conversations?

"You said .... "
"No, you're wrong. I said ... "
"You did not! You never said I was supposed to ... "
"Oh yes, I did! I clearly said ..."
"You never even mentioned ... "
"But that was our agreement..."

source: Stephen Covey, "The 7 Habits of Highly Effective People" (p.194-95).

Your Reputation & Your Work

The man of integrity walks securely, but he who takes crooked paths will be found out (Proverbs 10: 9).

...

Since August, my church has been organizing a monthly seminar for the men on the subject "Winning at Work." The sessions are held on the first Saturday of each month, running from 7.00-9.30 am. Yesterday, we covered the topic "Your Reputation and Your Work".

According to the scripture, a good name is better than riches (Proverbs 22:1). Some of the benefits of a good name are: (a) people admire you as a man, (b) you influence others in a positive way, (c) young men seek you out - for advice and mentoring, (d) God is honoured, and you feel His pleasure, and (e) you feel a deep satisfaction about your work.

The speaker also shared five proven practices for establishing your name at work:

• Don't just work; work to be really good at something: "Do you see a man skilled in his work? He will stand before kings; he will not stand before obscure men." (Proverbs 22:29)
• Be responsive to those above you and earn their trust: "Like the cold of snow in the time of harvest is a faithful employee to those who send him, for he refreshes the soul of his bosses." (Proverbs 25:13).
• Over-deliver: This means going beyond "good enough". Focus on the details, sending thank you notes, doing extra favor, etc.
• Be an encourager and team builder: "Therefore encourage one another and build up one another..." (1 Thess 5:11).
• Keep your word: "He swears to his own hurt and does not change." (Psalms 15:4b). In other words, pay it back even if it hurts. Your name and your word are your bond.
  

photo: Ohio (May 08)

On the last point, the seminar also focuses on "Protecting Your Name at Work". One crucial commitment highlighted was : never use forms of deception or spin, which can come in many forms such as evasion, quibbling, obfuscation, stonewalling, obscurantism, "white lie", exaggeration etc. In particular, the 4 most common examples of "lying under pressure..." are:

• to get a job: misrepresenting qualifications,
  
• to make money: misrepresenting products,
  
• to advance one's career: misrepresenting capabilities,
  
• to "cover" when called on the carpet: manipulating the facts.

Spiritual: As Christians, we are taught that a blameless life is far more valuable than wealth. "Better a poor man whose walk is blameless than a fool whose lips are perverse" (Proverbs 19:1). However, most of us don't act as if we believe this. Afraid of not getting everything they want, they will pay any price to increase their wealth, like cheating on their taxes, stealing from others or employers, withholding tithes, refusing to give. But when we know and love God, we realises that a lower standard of living - or even poverty - is a small price to pay for personal integrity (source: LAB, p. 1098)

reflection: Do your actions show that you sacrifice your integrity to increase your wealth? What changes do you need to make in order to get your priorities straight?

Structured Finance

"Tell us clearly and simply about the risks involved in buying complex investment products".

Structured financial products is a hot topic in Singapore. This is not surprising given that thousands of investors here are reportedly facing potentially major losses after buying structured products linked to now-bankrupt Lehman Brothers.

By the way, structured products, as explained in an article in today's Straits Times, is "a class of investments involving the use of complex financial derivatives to deliver a steady annual return above traditional fixed deposits."

Relationship managers (financial advisors) at the local banks have been accused of being overly aggressive in pushing these products. And some customers said they (the financial advisors) have down-played the risks and misled them into thinking the structured products were actually issued - not merely marketed - by banking names they trusted.

This reminded me of an incident I encountered somewhile back: I went to a bank to close a dormant savings account, which had several thousand dollars in it. The bank teller serving me persisted in trying to draw my attention to one of the financial products the bank was promoting (my guess is she gets a commission if I buy the financial product or agree to be referred to a relationship manager). The teller, however, was unprepared and porbably stunned by my response. Acting and sounding very pathetic, I said :)

"Excuse me, do you know why I am closing this account? I am broke, and I have mouths to feed. If I have money to invest, do you think I will need to close this account? I am desperate, do you have money to spare?"

.

Satyajit Das, author of a book entitled "Traders Guns & Money" recounted a more dramatic & appaling incident that happened in a Singapore bank (extracted from the Business Times):

'One day, I went to a bank in Singapore to change some travellers' cheques. The woman in front of me in the queue had a maturing deposit that she wanted to reinvest. The Singapore dollar rate was a tiny 0.5%. The woman was not happy. The bank employee suggested alternatives. ' 'You could do a special structured deposit that pays 4%,' he suggested helpfully.

My interest was aroused. The deposit would entail the woman investing S$; she would earn 4% at the end of six months; the bank would return Singapore dollars, US dollars, British pound or Australian dollars to the investor. The amounts in each currency were set today and the bank would choose which currency it would pay back to the investor.

'The deposit was not really a deposit, it was a S$ deposit combined with a complex currency option. The bank would pay back the weakest of the four currencies agreed. The amounts in each currency were based on the exchange rate at the time the investor made the deposit. The best case was that the investor received the same as the original deposit in S$ and the worst case was that she received an amount in foreign currency. The foreign currency received, when converted into S$ at the actual interest rate on the day, would be less than the original amount deposited.

'The high return was coming from the premium that the investor received for selling the option, which was an exotic - a 'four colour rainbow' or 'worst of four' option. For the investor, the pot of gold at the end of the rainbow was dependent upon the Singapore dollar's performance against the other currencies. I didn't like her chances.

'The woman was interested in the product, the juicy high yield was enticing. The salesperson moved in for the kill with a feint worthy of a skilled matador: 'Do you have kids?' The woman nodded, saying she had a son. 'You want him to have an education overseas, I am sure?' Again the woman nodded. 'The product is perfect for you. You can use the money to pay for your son's tuition fees. You don't know whether you will need dollars, pounds, Australian dollars. Your son could go to school in the States, England or Australia. You just don't know. And the extra interest will help.' Again the woman nodded. She was giving off closing signals. It was a done deal.'

Source: Genevieve Chua "Derivatives made readable" Business Times (27 Sep 2008) & Michelle Tay "Sale of Structured Products - Call for More Transparency", Straits Times (4 Oct 2008).

Scarcity Mentality

"Most people are deeply scripted in what I call the Scarcity Mentality. They see life as having only so much, as though there were only one pie out there. And if someone were to get a big piece of the pie, it would mean less for everybody else. The Scarcity Mentality is the zero-sum paradigm of life." - Stephen Covey

....

According to Stephen Covey, people with a Scarcity Mentality have a very difficult time sharing recognition and credit, power or profit – even with those who help in the production. They also have a very hard time being genuinely happy for the successes of other people – even, and sometimes especially members of their own family or close friends and associates. It’s almost as if something is taken from them when someone else receives special recognition or windfall gain or has remarkable success or achievement.
Although they might verbally express happiness for others success, inwardly they are eating their hearts out. Their sense of worth comes from being compared, and someone else’s success, to some degree, means their failure. Only some may people can be “A” students; only one person can be “number one”. To “win” simply means to “beat”.

Often, people with a Scarcity Mentality harbor secret hopes that others might suffer misfortune – not terrible misfortune, but acceptable misfortune that would “keep them in place.” They’re always comparing, always competing. They give their energies to possessing things or other people in order to increase their sense of worth.

It is difficult for people with a Scarcity mentality to be members of a complementary team. They look on differences as signs of insubordination and disloyalty.

photo: maple tree - new life!

Spiritual: To counter the Scarcity Mentality, the scripture reminds us: "whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously. Each man should give what he has decided to give, not reluctantly or under compulsion,... Now he who supplies seed to the sower and bread for food will also supply and increase your store of seed and will enlarge the harvest of your righteousness. You will be made rich in every way so that you can be generous on every occasion..." (2 Corinthians 9:6-7, 10-11)

People may hesitate to give generously if they worry about having enough money left over to meet their own needs. Paul assures the Corinthians that God was able to meet their needs. He gives us the resources to use and invest. Paul uses the illustration of seeds to explain that the resources God gives us are not to be hidden, foolishly devoured, or thrown away. Instead, they should be cultivated to produce more crops (LAB, p. 2094).

reflection: God loves a cheerful giver.

Source: Stephen Covey, "The 7 Habits of Highly Effective People"