I made some excellent trips to the Seminary Book Store in Chicago and University and Follets book store in Austin, both of which had many good books.

I also found that the roller derby in Austin has many similarities to market moves, with two sparks waiting 20 yards back while the rest of the pack jockies for position, reminding one of the battle that stocks and bonds often play while the other markets jockey around to let their side win. I will relate this to the Texas proverb about ‘never talking big unless you can shoot well’, and Laurel’s two stepping at the Broken Spoke, imminently.

With money unlimited in Texas due to incentives provided by a lack of income and estate tax, museums in Texas are on a par with anywhere. We particularly enjoyed the State History Museum, the Blanton Museum of Art, the Zilker Botanical Garden, the Harry Ransom Center and the North East Texas Childrens Museum, as well as a spectacular visit to the Museum of Science and Industry in Chicago. Austin has many advantages over many other warm cities that I have visited, with its many entrepreneurs and techs, a University, and much culture, diverse landscapes, many young people, the Austin Opera on a par with New York (We caught a fantastic performance of Madame Butterfly), and more live music than anywhere in world. Prices for real estate seem rather modest relative to other warms cities.

It is good to be back with the Specs again. And the market finally scored a down day on Friday, setting one up for a good study of the first 11 months of the year as a predictor of the last. Vic





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