Singleton's Error

Unlike too many other money arenas these days – certainly unlike the Stockmarket trading floors, any poker games or pool-halls – horse racing still affords one the opportunity of being able to watch human psychology in a financial crucible.

The biggest news in Australia and anywhere 'horse racing-land,' right now is the seemingly quite acrimonious split between one of the world's greatest horse trainers, Gai Waterhouse, and one of the world's wealthiest advertising barons, John Singleton.

The genuinely great trainer Gai Waterhouse

I'm afraid not too many people will know that Singleton's reach is certainly as far as New York and Hollywood, since his public profile is largely limited to Sydney, Australia. But then, not too many people would also know that Gai Waterhouse was once an actress in London, who appeared next to Tom Baker's Dr. Who, among a few successful productions.

Max Presenell, who in my view is also one of the world's best racing journalists, gave a fairly detailed description of what transpired at Sydney's Randwick racecourse last Saturday, and it was such a sorry tale that I am embarrassed on behalf of anything to do with Aussie horse racing to recount it completely.

Max is too nice of a man to cast any one side into deep darkness but I am driven more by what the human psychology aspects are and so, I will certainly underscore Singleton's stilted vision in the matter.

He is of course, at present complaining either that his horse More Joyous was not allowed to run on its merits, or, alternatively, that the mare shouldn't have raced that day at all and that the trainer, Waterhourse wasn't being transparent at all times about the situation due to a 'conflict of interest.'

I don't know anything about what really happened, personally. Singleton is complaining that he punted $300,000 and would have placed $600,000 on his horse but for a rumour from 'good friends' advising him that Waterhouse's son Tom Waterhouse, one of Randwick's leading bookmakers, had told friends that the horse could not win.

Wags have already commented that Tom Waterhouse doesn't have any friends. And that may be true!

However, the mare is a rising 7-year old, who has already won almost 5 million dollars under the training of Gai Waterhouse and no one that I know of who is experienced in horse racing would have suggested this mare had any chance to win this day at all no matter what else was going on.

John Singleton also says that the poor public ought to have been told before the race that the horse was experiencing some sort of issue which might have affected her running up to her best.

I feel for John. He just blew $300,000 on a racing bet and clearly he needs his head examined for a lot of things. I'm sure Disability Services Australia or some children's hospital could have shown him a good time for half this kind of money.

However, for all of us who are just as focussed on the implications of understanding the value of mercantile money that John clearly has shown, albeit with him in an excessively exuberant way – let me set a certain matter on the table:

Investing too heavily in one side of an expected financial outcome, always affects the risk/return ratio. And therein lies the lesson which may be extrapolated to parts elsewhere. And I will say just this, but I will make it perfectly clear in an upcoming post – the gold market is under this same kind of mistaken weight of dumb money right now.



Euro horse Frankel

Just as an aside, foreign horses from the UK or Europe, are ridden in a different style to the way Australian jockeys ride. These horses are very hard ridden with an idea that they are extremely robust, and often also because the ground is heavy in Europe, they lift their front legs up too high and are pounded down heavily by their riders on the firmer turf over here still using the same 'up and down' post riding - with the ultimate consequence of many a horse going lame.

 

Calvin J. Bear

Esta Tarde

“Esta tarde se me va, toca me...”

These are lyrics from a great 90's trance/dance track by Fragma, called 'Toca Me.'

No one seems to be able to agree exactly on what these words are intended to mean, but that are something like: 'as the afternoon is slipping away, touch me.'

The rest of the words are mostly in english and say – 'Let me tell-a you, I need a miracle, I need a miracle; it's more physical what I need(!)'

...I think it's completely pointless pursuing any line of idea to do with the mess the world is in right now – be it anything to do with central banks, or government economic policy, or even national security, or all those crazy ideologies that end up killing and severely injuring people. Wherever they really come from.

The Fermian was a white wine, though

One of the people I thoroughly despised when reading about him in ancient Roman history, was Sulla. And yet I believe it was some close relative of his, Faustus, I seem to recall, who managed to maintain the best vinyards throughout all the disturbed years of Sulla, and make the best wine, as legend goes, of all time – namely the Faustian Fermian.

Now I'll tell you something about wine that almost no one else knows.

Dopamine is not the neuroselector for the enjoyment of wine – even though you will read from many learned places that it is. Wine, of course, goes nowadays for extreme prices in China – even now that there is something of an economic pullback – and it is difficult for those with an ordinary budget to acquire those big name wines from France, in particular. One day, soon, or not so soon, depending on several things, but one day eventually, all those purple prose words written about wines will be made to look like the foolish things they always were.

I mean there is a huge industry of wine enjoyment, let's say wine appreciation, and no one is in a hell-bent hurry to change the basis for talking about how the human brain perceives the enjoyment of wine.

But indulge me and I will just now paint a particular picture for you, and I assure you, that by following reasonably precisely yourself, the time-line of events, and the salient sensory details described, you will suddenly find, even a bottle of sparkling water, flavoured with flower petals and castor sugar, will take on an ethereal grace...

Lili Marlenes

Lately I have taken to walking the streets around my neighbourhood, occasionally with my dog, occasionally not – but in all events, deliberately past a certain front yard that has a simply perfect lawn, and about ten rose flushes growing from their ten separate straight single stock posts, carefully cultivated and tended over the many months necessary. Even before I turn the bend in the short street, I can sense the rose scent. This is not like that pink Bulgarian rose essence that you buy in bottles – which has its own place I guess – but it is a darker though lilting, and diffuse on the breeze, hint of something both mysterious and possibly miraculous, and not easy to grasp.

Here's a line from out of a great piece of literature by Arturo Perez Reverta: 'like a hummingbird, money is fast, fascinating, elusive...'

Like the scent of these Lili Marlene roses.

You must, simply must, imbibe a great wine in very special surroundings. And you must wait, at the very minimum forty minutes before letting a drop touch your lips when you have opened the vessel. Whether it is the unique and magnificent Seppeltsfield 100 year old Para – which is Australia's most expensive wine, not the Penfold's Grange Hermitage, by the way – or a 200 year old Tokaji, and you know what, if at all possible, you must either give a bit of it to someone else, or best of all, have another person give you the wine specially.

You might not be able to have music especially playing for you, but you will at least try to imagine it. Borodin or Rimsky-Korsakov. And for those very adventurous among us – Lauge: Sandslottet.

And at around 1:44 on the adventurous music track, you will begin to feel a bit strange.

Of course it depends on how clear your neuralnet pathways are, and how used they are to these kinds of experiences, but by 4.50, chemicals in the wine will commence their effects. It's not all about the alcohol either. And here's one of the key secrets – alcohol's effect on brain perceptions is that it moves the temporal signals around, sometimes inverting the wavesignals, sometimes altering the beat-pattern, with the potential effect, but not always (which is why sometimes, experiences seem less 'interesting,') of binaurality. Alcohol does more than just affect the physiology; it affects the electro-chemical nerve signals.

And if you are daring enough to program something like Sysyphe's 'Sinking' next, you will certainly know all about it later!

New Currencies

My kid's music teacher was very impressed when I mouthed off a few things I knew about the main eras in musical composition. A few days after that she came up to me and asked if I could write something for her that she could use in her class.

Basically, I had mentioned simple stuff like that there was a time when the piano keyboard had fewer keys, and that the Romantic era followed from the end of the Wars with Napoleon and was about people becoming sick of the destruction and misery of war and turning to happier themes.

One interesting thing though is that a lot of musical styles followed particular economic migration: the Baroque proceeded from the economic power of navigation and the enhanced trading that occurred thereby. The Portuguese held navigation maps as secrets of state, and the word 'baroque' is a Portuguese word to do with their excessively lavish embellishments of pearls with gold ornamentation all of which was enabled by the wealth their map-making brought them.

A Portuguese Musician

A further detail is that composers possessed valuable things more than just their music alone – because the paper on which they wrote down the note scores was always very expensive bank ledger stock, and this was valuable in its own right, and could be sold whether it had notes on it or not!

When you look at what might constitute new forms of currency, you must consider that art and the quality of artefact, has almost as much to do with enshrining value in people's minds as anything else. A lot of people make the mistake of continually thinking during a major economic decline that absolutely nobody has money but that is completely incorrect. And then you have to realise that people who do have money in a general decline typically start to really prize preservation of all kinds. And that, for instance, is who buys tiny little, yet historically-important, and also very beautiful, things of extremely dense value such as the 1924 Australian sixpenny coin. Bankers, economic criminal masterminds, retired corrupt bureaucrats – all those kinds of people. The New Age movement often asks 'why do bad things happen to good people?' But I ask things like, 'can good money come from bad people?' Or, 'do bad people know what good and beautiful things are?'

Eighty thousand dollars

I say all of this just as things to think about, as we enter the time when new currencies are indeed developing in the wider marketplace. But they are most unlikely to be the ones which currently appear to have captivated the attention of the media...