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Goldman Sucks?

The news and our neighborhoods continue to be littered with stories of unemployment, foreclosure, and uncertainty. So it came came as complete surprise when I recently read about Goldman Sachs having an incredible quarter and being poised to pay its employees $18 billion in bonuses and other compensation. Wait???? Weren't banks and speculators primary players in the recent crash? What???? Weren't these same banks and speculators the same people who were reeling and receiving government TARP funds just a few short months ago?

On the surface this seems downright evil.....evil in a greedy villain from a James Bond movie sort of way. And after reading this extraordinary piece by Matt Taibbi in the Rolling Stone my populist impulses were directing me to the nearest hardware store for a pitchfork and torch. Now I normally don't buy into this leftist crap and I normally don't buy into conspiracy theories involving uber powerful greedy, global cabals but the article was so detailed and researched.

These accusations were so incredible that you would think that, if true, they would strike a powerful chord within the American mainstream and that we could demand real change. I started with the Goldman Annual report from 2008 in search of answers. I see wild swings in profitability and cash and it all looks odd. I read more pieces from the New York Times and CNN and my blood really starts to boil. I delve deeper by reading the blog of a man who is trying to shed some public light on their deeds and who Goldman is trying to shut down. I read some counter pieces that defend Goldman from being behind the creation of the bubbles (Tech, Mortgage, Commodities, and soon- Environmental caps) but don't do much in making a defense against the claim that they deliberately profited from the expansion and destruction of those bubbles.

This is going to take a few days to really get my head around. Is this evidence of unbridled greed that needs to be reigned in for the sake of the better overall good? Is this evidence that capitalism is working again? Is it both? I plan to read arguments on both sides.

In the meantime here is what I don't understand. These bankers don't necessarily create value, they throw money behind the people who do. They're not building sky scrapers, they're not creating new innovative products, they are not growing the crops that feed our families. They just seem to gain insane profits by profiting from those who do. These investment banks don't do anything other then control the flow of vast amounts of capital and the levers on which money moves. They create fancy derivatives and securities that profit off of the comings and goings of real tangible value.

And they create incredible wealth and power for themselves. I remember at BYU when it came time for the Career Fair. The biggest lines were always for the investment banks and consulting firms. Like the pied piper they would lure away throngs of smart and ambitious grads with stories of untold wealth. There was a mention of 80 hour work weeks and the fact that you would sacrifice your first 5 or 8 years for the benefit of your career. But once you paid your dues you would have enough money to buy a golden chariot for you and your family....given that your family was still in tact after 8 years of spending every waking hour with the bank and not many moments with them.

Do I seem pretty biased at the moment? Yes. Can that change? Yes. I'm all for free markets and capitalism. But right now my gut is telling me that what some of these banks have been doing these past several years doesn't jibe with the brand of capitalism that made America the force that it once was. My head is telling me that the environment that they fostered did more to destroy value within our economy then to create it.

Time and research will tell. But in the meantime this has the makings of an incredible conspiracy theory.

Being destructive....but in a good way

There is a theory that I remember reading about several years ago...a theory that seems to make more sense given my experiences of the last several years. This one comes from an Austrian named Joseph Schumpeter and is called Creative Destruction.

In essence it states that as economies evolve older and staid technologies and companies will be destroyed in favor of the newer ones that are more able to respond to the current circumstances. Think of it as "natural selection" but seen through the lens of business school. The theory also reminds me of the great CS Lewis story that everyone loves to tell at church....the one that talks about how God turns our little comfortable cottage into a mansion.

The theory is painful for those getting pushed out but no one can argue that the newer results aren't better then the originals. Some examples:

• Polaroid cameras were cool but today's digital cameras can do so much more. Polaroid was late in seeing this and as a result suffered.
• I can imagine that manufacturers of the early horse carriages must have been pretty ticked off when Henry Ford and others gave us those darn automobiles. They died but life became better.
• Newspapers have diminished in importance and have given way to blogs, cable TV, and the internet. People get their news in different ways and the print media has to evolve or die.

I have seen this trend in the realm of marketing. Companies can't afford to keep large marketing teams but they still need specific marketing work. As a result they turn to trusted partners that are experts in their specific realm. This trend will only increase with time and I am trying to ensure that I am in front of the trend.

The moral of the story? Change is good if you are willing to adjust. While there are a few things that remain as solid as stone, think values, remember that most everything else is in a constant state of flux. Adapt to the change or become a doodoo. (Quite literally)

Distinguishing between Greed and Capitalism

It hasn't been a good several months for proponents of free markets, minimal government intervention, and deregulation. According to the pundits the current economic malaise that we are mired in is a direct result of a system that was unchecked and corrupt. Take a look around you and you are literally awash in examples of individual greed, corporate irresponsibility, and short sightedness. Here are just a few:

• Mr. Bernie Madoff creates an elaborate hedge fund that is nothing more then a Ponzi Scheme. He manages to to destroy $50 billion dollars and the financial security of thousands of lives before anyone is able investigate.
  
• The tarnished titans on Wall-Street who led the way in rampant risk taking accept government money and then continue to their lavish ways (bonuses, retreats, etc...) as if they were still living in 1999.
• Government officials and lobbyists beholden to the siren song of Saudi dollars. (Read "Sleeping with the Devil" for details)The very people on Capital Hill who condemn the acts of greed that take place on Wall Street are themselves getting kick backs from the special interests who pay for their votes.
  

We could literally fill up pages of stories like this. Tales of Enron only make it that much easier for the jaded public to accept possibilities of increased government intervention and populism. As someone who heeds the capitalist way I have to admit that these astonishing tales of corruption make me openly wonder if I should replace the pin stripes of those Brothers Brooks for the working man's trousers of the people.

I think that it is important that we all take a deep breath and not over react. I think we need to determine whether or not it is possible to separate the pillars of capitalism from its deranged brother-in-law, greed. Adam Smith taught us that it is the thousands of independent self interested people working to better their station that forms the invisible hand.

Is it wrong to want to take care of your family and get ahead?
Are there acceptable limits to greed?
Should we be compelled to share our abundancy with others?
What role should the government play in managing wealth distribution?

I don't know what to think. I know that I don't want half of my pay check going to a government that might use my money on programs that I don't agree with. I also think that corporate greed needs to be reigned in. It can safely be assumed that corporate ethics are a thing of the past. Short sighted self interest is a trait that is here to stay and firmly entrenched in our psyche. It's all about getting in getting rich and getting out. I even saw this tendency at BYU as hundreds of grads would line up to worship before the Gods of Goldman, Lehman, and Bain. The invisible hand of Mr. Smith has grown some serious nails that have become rather sharp and need to be trimmed.

So I humbly ask what needs to change in order for capitalism to be fixed? Can it be fixed or should we rely on government to reign in greed? But then again who is to say that the government doesn't become too greedy with its power?

I'm a fan of history and there's one thing that has remained constant. You truly can buy anything in this world with money. Everyone has a price. Best intentions can always be justified for the right pay off. Greed isn't just the American way, it's human nature.But greed has an especially firm grip on our nation right now. Right now it appears that individual Americans and entities are in the stranglehold. Since we can't trust government to loosen the grip are we capable of doing it ourselves?

These next few years will be very telling. It's a shame that I don't have a number for any good oracles because I'm anxious to see how this thing plays out. Thanks a lot Gordon Gekko. You suck. You've paved the way for another Wesley Mouch.

Pertinent Reading

We read for diversion, we read for knowledge, we read for greater insights into ideas that might be beyond our current grasp, we even read to try to get our minds around events that are swirling around us. The book, "Age of Turbulence" by Alan Greenspan combines those things and is a must read for anyone coming to grips with the brutal hole that we have dumped our economy into.

As a person who has been intimately involved in shaping and interpreting every major economic development since the 1950's; Mr. Greenspan is an an absolutely unique position as narrator. Despite the fact that the book is loaded with mountains of Macro Economic jargon it still is entertaining and reads almost as fast as any book that Grisham ever wrote. It is an absolute godsend for any student of political economics who is sick of how absolutely insipid and prosaic most textbooks are.

One of the most informative insights shared was how separate economic and political timing is. For example, Bush Sr. took important but politically questionable actions to help push the economy out of recession. Unfortunately his successor, Mr. Bill, was the one who was around to see those efforts take fruit. It was also interesting but sad to see how we second handedly destroyed our largest budget surplus in history through the bursting of the dot.com bubble, President Bush's stubbornness in not shelving his campaign promises despite of changing circumstances, and Congress and its insatiable desire for pork barrel politics.

Do yourself a favor and give this book a read. Economics have never been more sexy. It is very pertinent and, at the very least, it will make you more interesting at the next coctail party.

Looking to the past to help chart tommorrow's course

I am a big proponent of dredging the past for guidance and insights to issues and events that are unfolding in the present. You know what they say about history repeating itself. I firmly believe that there are enough moments throughout history that help form useful patterns that allow us to forecast how things will tend to play out.

With the recent events that have unfolded regarding proposition 8 and "gay marriage" I have started to search history in hopes of getting some insight. My church has been labeled as bigoted and hateful because of its support for the ban. This is a very "hot button" and fresh issue right now. This isn't going away and I want to be as informed as possible.

I've started to research the history of this topic with limited results. Despite the fact that outside of recent actions in Europe and Canada there doesn't seem to much of a precedent for formally accepting a gay marriage. Now homosexuality has permeated history and certain societies have had varying levels of tolerance regarding the practice but I have not found any group that ever gave a gay marriage equal standing as a traditional heterosexual marriage. If anyone finds anything different please let me know. If there ever was a society throughout history that allowed this it would be of monumental importance to see how it played out.

One thing that muddies up the water for my thoughts on this matter is the strong correlation that gay rights advocates are drawing between the Civil Rights movement and the quest for equal marriage rights. Does this assertion hold water or is it just exceptionally brilliant marketing? This is one area I would like to better understand. Is the right for a homosexual couple to marry and adopt children on the same fundamental level as the rights afforded to African Americans through the Civil Rights Act of 1964? I guess a lot of this depends on whether you feel that homosexuality is a behavior/trait or whether it is a fundamental part of who you are as a person.

Another area that needs to be considered is children. This is another area that I would like to better understand. Biology 101 teaches that it takes a man and women to form a child. Now I believe that mother nature created this structure for a reason and that children need parental figures in the form of both a mother and a father in order to be optimally raised. If there was one area that I would strongly side with traditional marriage it would be this. At the core, nuclear level a family consists of a child being taught and nurtured by a paternal and maternal influence. I do not believe that a homosexual couple can create those kind of optimal circumstances. Once again I would love to read up on this and get some kind of scientific study or historical precedent to help solidify my thoughts. Right now I'm going off my gut, what I see in nature, and several thousand years of accepted history.

This is an issue that isn't going away. I think it needs to be studied, discussed, and that both sides need to show respect. Accusation of sin, bigotry, and hatred only stand in the way of a meaningful dialogue and, in my opinion, only mask ignorance. As this post illustrates my thoughts on this matter are somewhat scattered and still gelling. Hopefully this helps me organize my thoughts, maybe find some kinship with other people who are likewise organizing their own, and start some kind of meaningful dialogue between two sides that seem worlds apart.


Authors Note: Like many people, particularly Mormons, I have been very interested in how this plays out. This interest is based on several factors including:

• History- I was thinking about the silent white majority during the Civil Rights movement. These were, for the most part, good people who were just victims of their time and almost universally held beliefs. I want to thoughtfully and prayerfully understand this history because I don't want my children to learn about how I was backwards and stood on the wrong side of history.
  
• Accusations of Bigotry- For whatever reason the church has taken the brunt of the backlash on this. I guess we are a much easier and politically friendly target then the droves of African Americans, Catholics, Evangelicals, Hispanics, Muslims, and other god fearing people who came out in droves to support the measure as well. When someone calls my church hateful and bigoted it grabs my attention. Why? Because those accusations don't square with the church that I've attended since a kid. I consistently learned about justice and the ten commandments and such but I also learned about love, forgiveness, and respecting those that don't hold your views or beliefs.
• Faith- I support this measure because I faithfully support my leaders whose guidance I believe is divinely supported. But it is hard to have a rational discussion when faith and God is brought into the mix. This is a very tough issue. I have to admit that a lot of my support is based on my faith in this church and its leadership. So I figure that by studying this out I can have a meaningful dialogue with a person who deals in fact and wants to only talk in a secular forum.
  

The Autopsy of our Economic Crisis

So we've been bombarded with articles, commentary, and assessments of our economic situation. At the top of the heap are accusations of blame. The epitaphs are incendiary and, depending on your political views, cast a different set of villains responsible for this morass.


In one corner we have the conservative view that the primary culprits for the crisis are the government sponsored programs (CRA, Fannie, Freddie, etc...) that have loosened lending standards in the name of getting everyone into a house. Lenders were forced to comply with these absurd standards as a means to get uncredit worthy applicants into their piece of the American dream. Along the way corruption and mismanagement of the programs (ie. Fannie Mae) became rampant and ignored. Until now. I am all for everyone getting an opportunity to get a home or car but I think that it has to come with the traditional strings attached such as down payment, credit history, collateral, and responsibility.

In the other corner we have the liberal view. Because the Republican leadership was so focused on deregulation it allowed the suits on Wall Street the chance to get creative with financial instruments that were highly risky and fundamentally unsound. The environment created by Fannie Mae lead to wild speculation and these mortgage backed securities. Everyone assumed that things would continue to go up and these people took more risks and became more careless. The proliferation of derivatives and other financial instruments got reckless. So, according to this view, we need more government oversight into how credit is extended and how the rules of finance are governed.

This is a pretty obvious over simplification of the problem. But it begs a fundamental question. Was it government involvement or non-involvement that caused this mess? And is government involvement or non-involvment the needed prescription to solving it? We'll see. I just hope that it is objective and non-partisan economists who come up with a solution and not the earmarking, pork barreling politicians. I hope that these politicians who are responsible for voting on "our"solution do so in a manner that reflects everyone's interest and not just their own.

Here's to hoping. Are the Visigoths at the gates yet?

What does your car say about you?

So I’ve spent the last three weeks looking for a new car. My visits to ESPN.com have been supplanted by exotic searches in Auto Trader designed to find me the hidden deal that will end all hidden deals. Well? Three weeks into this thing and I can tell you a whole lot about the car buying process or about German engineering but I still don’t have a car to call my own.

My problem? I can’t seem to decide on a specific car. I am in search of “the deal”. The result is that my searches are all over the board. I fall in love with one car and just as soon as the love begins to blossom a new chrome vixen comes storming into the picture. One of the positive side effects of this exercise in futility is that I get a pretty good sense for the brand perception and identity of each car. Here is my attempt at profiling the typical driver of the following cars.


Acura Guy- The car for a person who is practical, pragmatic, and likes to get to the bottom line. He respects value and performance but he isn’t driven necessarily by style or the need to impress his peers. He is the type of guy who wears his Blackberry on his belt on a holster and likes his button down shirts pressed but plain.

BMW Guy- This dude has got something to prove. He might be a little younger and he is out to show the world that he’s got edge, moxie, and means. He’s the type of guy that shops at Banana Republic and isn’t afraid to admit to being a metro sexual. He doesn’t need refinement and he wants to feel his ride as it makes its way down the highway.

Mercedes Guy- This guy might come from generational wealth. He wears a cardigan and he likes it. He likes performance but not at the expense of a smooth and refined ride. Where the BMW guy might be new to his status this guy owns a Mercedes because it says that he’s been here for awhile.

Volkswagen Guy- This guy likes to steer clear of the beaten path. He values quality and he most certainly prefers a Mac. He deals more in creativity and he laughs at the dude wearing the Dockers who happens to be driving the Acura. He wonders what the guys in the Mercedes and BMW’s are trying to prove. He likes his little unique corner of the world.

Lexus Guy- This guy thinks like Acura guy. But he also thinks he’s cooler. He wants the quality Japanese engineering with some of the cachet of the German brands. Whereas the Acura guy will quietly enjoy his drive, Mr. Lexus will vocally set out to prove to the other guys why their car purchases were wrong.

Jaguar Guy- This fellow is looking for his car to provide a little sex appeal. He might get mocked by the other guys for this. His judgment is also questioned by them as they wonder why he would want to drive a car that can’t hold its value. He doesn’t care; he’s just out to score.

Range Rover Guy- This guy is just out to flaunt his wealth. He says ‘to hell’ with fuel efficiency, practicality, and resale value. He might actually take this car up to the mountains….well at least to the Ski Resort. Even though this machine was designed for the Serengeti, the closest this guy will take this car to the rough outdoors is through the speed bumps outside the nearest wine bar.

Honda Accord Guy- This guy likes the club but kids, family, and life sort of got in the way. He’s not disappointed though because, while he gave up a little on the brand, he certainly gets most of the perks that the other guys have in their rides. He’s very practical and he’s not gonna put his family in debt just so he can look cool in the Safeway parking lot. He’s not even going to be at the Wine bar, Health Club, Discothèque or other hotspots that the other dudes frequent so he’s not too worried about image.

Today's Word: Chaebol

Great news for Lacuna Strategic Marketing.

We signed up our latest client, LG. Business is slowly moving forward and soon enough we will have enough home grown capital to embark on some real growth.

I'm particularly excited about the prospects surrounding LG. It is a well established multinational. The project work is very intriguing and can lead to bigger opportunities. And it allows me to work closely with some friends in the Korean community.

While I'm a relative neophyte to Korean culture, I have had a few encounters with it that have planted the seeds of interest.

• My brother served his mission in Seoul. His love for the country and culture was demonstrated through his letters, souvenirs, and kimchee deposits left in the family fridge.
• I had several Korean friends at Thunderbird. They were actually my largest source of discretionary income. They would each pay me $20/an hour to hang out and chat in their efforts to work on their English.
  
• I remember doing research on the uniquely Korean business environment and the dominant role played by Chaebols. The Korean landscape is controlled by several uber- conglomerates that play a very vital role in most aspects of business dealings. Think of US Business Environment right before Roosevelt and his big stick took down the mighty monopoly.

The project should be exceptionally fun and hopefully there will be some travel associated with the work. Now I just need Jeff to help me out with some basic Korean phrases.

Marketing Lacuna

Starting your own business is fraught with intrigue, heartache, possibility, and satisfaction. I've gotten off to a good start but I've come to the conclusion that I need to build some credibility within the local Phoenix market. All of my business to date has been generated through my established network my future growth will depend on how well I'm able to communicate my message to companies that are just meeting me.

So I've joined a few professional associations and I've decided to come up with affordable ways to get my brand some exposure. I have some contacts at Jobing.com and they are looking to grow their traffic and loyalty by assembling a series of blogs written by certain 'experts.' I was contacted to write some pieces. My angle is this- "Apply marketing principles to the jobsearch". The idea being that these principles will provide job seekers with fresh and more effective ways to market themselves to prospective employers. I build credibility for myself and get exposure to a website that gets 50,000+ unique visits a day, a good percentage being employers that could also use my services.

Here is a link to my Jobing.com profile

Well the new site is live. I don't expect that it will generate a lot of business for me but it should provide some professional polish when people view my site after I meet them. It lets them now I'm serious and ready for business.

Selling a house in a bearish market

I've got somewhat of a conundrum on my hands. I've got a perfectly fine house that I'd like to sell....in the midst of a very tight real estate market. I could wait and sell the house in a year or two once the market stabilizes. I live in a great area that will continue to see growth and investment. But that delays our goal of getting into a more suitable "family friendly" house when the market is ripe with good buys.

So I am going to test the market now and see how it plays out. If no wealthy benefactor decides to swoop in and make a generous offer I will just rent it out. Until then we have a nice weekend cottage in the city.

Here is the link to the MLS listing for your viewing pleasure. Don't be afraid to make an offer.

Your Future Dream Home

Open for business

The dream is slowly becoming a reality. I've got my first work and as things grow I will need to look the part. Lacuna Strategy, LLC was formed this week and the business cards and websites will follow shortly there after. Thanks, Gar and Glen for the help.

Here is a sneak peak at the card. The journey begins.

The New Venture

I've started my own company, Lacuna Strategy LLC. I've been doing a lot of marketing consulting lately and I thought that I should incorporate as to take advantage of some tax benefits. It has been very exhilerating so far and I look forward to doing things like business cards, website, branding, and sales.


Here are a couple of current logos that I am working on. By way of explanation- Lacuna is Latin for "gap". My services bridge the gap between what customers currently do in terms of marketing and what they can accomplish with the right strategic guidance. (Triangle 1= Company wit

h smallish performance, Triangle 2=The company as it would want to be, The Line= the solutions provided by Lacuna)

Disregard the colors, they are showing up wrong. It should be Navy Blue and Gold.

The new gold rush

Our recent trip to Europe highlighted one thing. The dollar sucks. It becomes less abstract and more real when you have to shell out $80 for a very average pasta dinner. Since most major commodities are sold in dollars it also means that things like gas and gold become that much more expensive.
The press has caught on and I recently watched some special on the local news about "Gold parties" where people gather together and hawk their old jewelry for cash. With a recession looming, with Gold prices at $1,000/ounce and Platinum at $2,000/ounce this has created somewhat of another gold rush. The big difference being that instead of combing the foothills above Sutters Mill we are all secretly scouring through our spouses jewelry in search of that pair of earrings that they really didn't like.
I took an old platinum/gold ring and decided to play the game....daddy needed a new blazer from Banana Republic. I took my act over to a local jewelry/hobby store in the area. The type of place that smelt of many years and poor taste. The trip was memorable.
I was greeted by a large cage. I buzzed in the door and entered the cage. From there someone on the inside buzzed me through the next door. The place was a veritable low budget fortress with bars and security cameras protecting the small cache of 18th Century coins, baseball cards, and tasteless jewelry. It was also exceptionally crowded and I was given a number to wait my turn. I perused the collection of old European coins and eavesdropped in on some conversations.
To my left was an elderly lady with a shoebox. She poured it out in front of the store owner who was wearing loupe and trying to find value in her dusty treasure trove. She went through each piece and after explaining its history (things like 'this was given to me by an ex-husband after I discovered that had been cheating on me') passed it on to the owner. He examined it for a few seconds, weighed it, and then pulled out his calculator to determine what he would offer. This followed with each piece. She ended up walking away with $400 for troubles and probably took her new wad of cash directly over to the nearest bingo table.
I observed this event with a few other people. I saw a kid and a mom, probably amateur coin collectors, try to trade some coins. I saw a middle aged man and his watch. It was all quite interesting.
Finally my turn arrived. My situation was a little more complicated because he also had to calculate how much platinum was involved. He gave me a fair quote but I decided that I would get a second quote elsewhere or at least to try and sell it directly without a middle man. I went home and got one of those free "gold kits" you see on TV and am using that route to squeeze an extra $100 out of the ring.
The whole experience was quite interesting. I was able to see how inventive and desperate people can be when it comes to making ends meet. I was also able to witness how broad economic happenings can affect live on 'main street.'

Managing the Market

So I follow a daily routine that I’m sure many Americans take part in. During a brief moment at work I will peruse a couple of sports sites and then check and see how the stock market is performing. The market will naturally be up or down and there will always be a headline that seeks to simplify the entire movement of the market into one event.
Now I’m all about executive summaries and cutting to the chase but I have a hard time believing that all of the hundreds and thousands of independent decisions made regarding individually unique companies and industries can roll up into a nice one sentence headline day in and day out.
Now I’m willing to concede that big macro decisions like rate cuts or jobs reports might create ripples throughout the entire market. I’m also the first to tell you that I am not anything of an expert and that I probably don’t fully understand the weight that huge financial institutions carry when they make decisions that are a hundred times more impactful than the decision of Joe Smith living on 123 Anywhere Street to buy a few extra shares of GE.
But c’mon. Every day the performance of the market is tied together with a neat and brief summary like the one mentioned above. “Market rebounds after strong employment report”, “Overseas trading down, market plunges”, “Chairman Bernanke’s daughter has Bat Mitzvah, Market celebrates by gaining 300 points.”

Hyudais, Handshakes, and Chaebols

I have recently volunteered at Thunderbird to provide english tutoring to visiting executives from South Korea. I figured that it would be a good experience to interact with a culture that I don't know much about, get in some free golf, and stay involved in the Thunderbird community. While a student I tutored several Koreans but I didn't pay close attention to some of their cultural nuances and subleties, I will attempt to remedy that through the use of my blog. Here are a few observations from my first meeting with my pupil, Sil Keun Hwang.

- Things were very formal. After a greeting and handshake we exchanged business cards. He gave his to me with his right hand with his left hand resting on his right arm. I followed suit and replicated his action. Kind of cool, it made sharing business cards a little more fun.
- We spent most of the time creating an agenda and structuring our schedules. He seemed to be driven by rule and order, I wonder if that is a generally accepted observation about Korean males.
- We talked about families, he is away from his wife and two daughters until November. I wouldn't be able to handle that.
- He seemed very anxious in getting a "crash course" on the U.S. culture. We have several activities planned. Ball games, dinners, hikes, golf, etc...
- It is safe to say that golf is a very important part of the Korean business lifestyle. Every Korean that I know, whether through school or otherwise, is determined to golf atleast a few times a month. Part of the reason, as it was explained, is that golf land is very limited and extremely expensive over there.

I will make more comments as the tutoring adventure continues.