What To Do?

If I were a Tweeter I'd be retweeting these two links. I've mentioned Barry Ritholtz's The Big Picture blog before. He has a measured view of the markets, and politics, not a raving bull or bear. And I've also mentioned John Hussman's Monday morning entries published in The Hussman Funds site. He has been criticized as a "Permabear" which is unfair as he looks at long economic cycles and he has been spot on long-term. His analysis can be technical and hard to follow for us lacking a PhD in economics, but well worth reading.

The recent gyrations of the market, Dow up 400, down 500, up 200, down whatever seems to signal that we are in uncharted economic and investing waters. The Fed's zero interest rates feed the fire of uncertainty. No longer is there the opportunity of having a "balanced" investment portfolio of stocks and bonds as the latter yields nothing. In fact the zero yield is adding fuel to the gold market as there is no longer an alternative cost (loss of interest) holding the yellow metal.

Hussman's recent write up makes two interesting points and then his very long piece elaborates: The reason we are facing a renewed economic downturn is that our policy makers never addressed the essential economic problem, which was, and remains, the need for debt restructuring. There are two one-way lanes on the road to ruin, and these - in endless variation - are unfortunately the only ones on the present policy map:

1) Policies aimed at distorting the financial markets by suffocating the yield on lower-risk investments, in an attempt to drive investors to accept risks that they would otherwise shun;

2) Policies aimed at defending bondholders and lenders who made bad loans, which they now seek to have bailed out at public expense.

Ritzholz writes a "slightly" lighter piece, with a list, A Decade of Punditocracy, Pathetic Edition. It shows how some policy makers and prognosticators drive with a rosy rear view mirror. I love the first on the list, George W. Bush, June 17, 2002: “Now, we’ve got a problem here in America that we have to address. Too many American families, too many minorities do not own a home. [...] Freddie Mac will launch 25 initiatives to eliminate homeownership barriers.”

So what is one to do? I still believe that well chosen dividend stocks held through thick and thin is part of the answer. This week's Barron's gives some valuable information on this topic, citing S&P's Howard Silverblatt's screen: Silverblatt has provided a substantial list of companies as a starting point for dividend investing. It's not a buy list but a screened set of stocks meeting certain criteria. It's available at www.marketattributes.standardandpoors.com. At the site, click S&P 500 Monthly Performance Data and then Dividend Starting File, at the bottom of the menu. Again, it's merely an interesting place to start.

Chances are that AAA firms such as Johnson & Johnson, Exxon, and Microsoft will survive, no matter what the economy might do, and one is paid to wait. Balance that with some Treasury Inflation Protected securities, and perhaps gold, and even cash, and wait out the market turmoil (it may be a very long wait). The key is to buy any of these on weakness and make the mix appropriate for one's own investment needs and risk tolerance.

Fed Speaks

The Federal Reserve’s press release covering its recent meeting begins “Information received since the Federal Open Market Committee met in June indicates that economic growth so far this year has been considerably slower than the Committee had expected. Indicators suggest a deterioration in overall labor market conditions in recent months, and the unemployment rate has moved up.” Later, it continues, “the Committee now expects a somewhat slower pace of recovery over coming quarters than it did at the time of the previous meeting and anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate. Moreover, downside risks to the economic outlook have increased.”

Its main action point is that the nation’s economy is “likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.” Talk about telegraphing what it probably already knows: the economy seems to be slipping into recession once again and the Fed is helpless, meaning continued high unemployment, no remedies for the real estate market and homeowners with mortgages under water, and continued low returns on any savings. And these conditions are not temporary: they are expected to last two years (and unless Congress ever learns to function again, they will last much longer). Imagine, three year Treasury notes (no longer AAA which is another farce from S&P, the folks who brought us triple A-rated collateralized debt obligations) now yield less than a half a percent!

Where this is all likely to end is anyone’s guess, including the learned economists at the Fed. The volatile markets are reflecting that uncertainty. Buying dividend paying stocks may the best option for income, but any severe recession could leave those stocks vulnerable, jeopardizing the return of capital. That seems where the Fed is leading the individual investor.

Summer Endeavors

One of the benefits of living on our boat in the summer is being able to finally get to some postponed reading and catch up on local theatre either in Westport or NY and the last few weeks reminds me that so much of what we read or see in the theatre often serves as historical guideposts, snapshots of different periods of cultural change. I recently picked up John Irving’s The World According to Garp, which I first read when it was published in the late 1970’s. I’m not sure why I felt compelled to reread the novel other than I had forgotten much of it and always liked Irving’s quirky self-reflective story-telling, so much about the process of writing itself. I had forgotten how much the role of women’s rights plays in Garp, such a major issue in the 1970s. Irving playfully toys with the issue, satirizing it to a great degree, reminding me of my first business trip to Australia in the 1970’s when a Sydney taxi driver lectured me about the evils of women’s rights and, in particular, the role that Americans had in exporting those dangerous thoughts to Australia. I wonder whether Garp (or Irving) might have agreed with the accusation at the time.

Then a few weeks ago we saw Terrence McNally’s Lips Together, Teeth Apart at the Westport Country Playhouse, portraying two heterosexual couples vacationing at a home on Fire Island, in the middle of a gay community. It is a play that is constantly on an uneasy edge, the problems of the two couples acting out their aberrant behavior contrasted to the high-spirited, better adjusted gay community, off stage. But central to the play is the paranoia of how AIDS was thought to be transmitted at the time, symbolized by the couples’ dramatic fear of going into the pool (on stage) -- an obsession of twenty years ago when the play was written. Nonetheless, the play is still a compelling tragicomic drama and wonderfully staged at the beautifully restored Westport Country Playhouse.

A twenty year leap forward brings me to reading Jonathan Tropper’s Everything Changes. Here is a very contemporary novel by a thirty-something author about relationships between fathers and sons, and male female relationships. Tropper’s idiosyncratic characters (in particular, the protagonist’s father) at times reminds me a little of Richard Russo’s and Anne Tyler’s. Trooper’s writing can be very funny but sensitive at the same time. These are the two paragraphs that grab you and pull you into the novel:

Life, for the most part, inevitably becomes routine, the random confluence of timing and fortune that configures its components all but forgotten. But every so often, I catch a glimpse of my life out of the corner of my eye, and am rendered breathless by it. This is no accident. I made this happen. I had a plan.

I am about to fuck it all up in a spectacular fashion.

It was quite a contrast reading Anita Brookner’s Strangers, perhaps the most interior novel I’ve read in some time, most of it taking place in the mind of the 72 year old protagonist, a retired banker and confirmed bachelor, who feels he may be missing something not sharing his life with a woman. By chance he meets one of his old lovers (he hasn’t had many), now aged and frail, but one for whom he thinks he still has feelings. He also meets a woman on a flight to Venice, younger than he. Much of the novel is a debate (in his mind) of the advantages or disadvantages of being with one or the other or neither. Brookner’s writing is timeless, meticulously exacting, set mostly in London, but a London that seems to exist merely in some recent time. It is also about aging and finding meaning in life after a lifetime of work:

His reading now was confined to diaries, notebooks, memoirs, anything that contained a confessional element. He was in search of evidence of discomfiture, disappointment, rather than triumph over circumstances. Circumstances, he knew, would always overrule. Those great exemplars of the past, the kind he had always sought in classic novels, usually finished on a note of success, of exoneration, which was not for him. In the absence of comfort he was forced to contemplate his own failure, failure not in worldly terms but in the reality of his circumscribed life. He knew, rather more clearly than he had ever known before, that he had succeeded only at mundane tasks, that he had failed to deliver a reputation that others would acknowledge. Proof, if proof were needed, lay in the fact that his presence was no longer sought, that, deprived of the structure of the working day, he was at a loss, obliged to look for comfort in whatever he could devise for himself. His life of reading, of walking, was invisible to others: his friendships, so agreeable in past days, had dwindled, almost disappeared. Memories were of no use to him; indeed, even memory was beginning to be eroded by the absence of confirmation. As to love, that was gone for good. Whatever he managed to contrive for himself would not, could not, be construed as success.

Finally, yesterday, we saw the NYC preview performance of Stephen Sondheim’s great musical, Follies. This is a show I failed to see when it opened in 1971 or any of the revivals and have been waiting, waiting for the opportunity. Sondheim is the last surviving composer of another era. Talk about historical markers. This is Sondheim’s tribute to various eras of Broadway’s past and it has some of his best known songs, too many to mention, including one that is perhaps my very favorite, Losing My Mind.

This new Broadway production, coming via the Kennedy Center, is spectacular, the kind of show no longer written for Broadway. It was Sondheim’s first musical as both composer and lyricist and every line, every word is delicious. The Broadway production includes some of Broadway’s luminaries, Bernadette Peters, Danny Burstein, Jan Maxwell, Ron Raines, and Elaine Page. Each brings the house down with some of Sondheim’s most iconic numbers. The juxtaposition of their ghosts from eras past is particularly evocative. Here is a two and half hour production which seems to pass in minutes, portraying innocent and happier times past, lost loves, regrets and heartbreak.

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Play Ball!

Build it and they will come. But how? It took my first visit to the new Yankee Stadium in the Bronx to clearly see the growing disparity between the haves and the have-nots. We can build a stadium while our infrastructure is allowed to crumble.

My son, Jon, and I had been talking about going to the new stadium for some time, my having taken him to his first Yankee game at the old stadium. And when I used to go there decades before as a boy, I sat in the bleachers – 50 cents a seat. In those days my Yankee heroes, Mantle, Rizzuto, Berra, Ford, etc. made salaries that hardly approached six figures.

When we went to games with our sons in the 1980’s, occasionally we would go to the Stadium Club before the game and one time Bill White and Phil Rizzuto (after they became announcers for the Yankees) were having dinner at the next table. Phil was joking with Bill, calling him a huckleberry, when he asked the fellow diners whether anyone had some aspirin. My wife produced her handy pill box and offered Phil a couple so we talked for a while with him – my father graduated from the same high school as Phil and in about the same year. I wonder whether today’s players would be as friendly now that they are paid the same as elite entertainers.

The trip to the stadium on the New Haven railroad, changing at 125th street for a short express to Yankee Stadium at 153rd street, underscored the new two-world order, the trains the same ones I rode on to Grand Central some 30 years ago, on tracks that were built long before that, the air conditioning barely working, the transportation infrastructure hanging threadbare. The return trip was even worse, typical delays, waiting at 125th Street station, and making a connection that was so packed the standing room only did not even provide a space for putting down one’s bag. Amazingly, everyone just seemed resigned to this reality, along with the extreme shuddering of the train because of the poorly maintained track bed, conditions that would not be tolerated in most other advanced countries. Perhaps not coincidentally, the day we went to the stadium there was a major water main break in the Bronx, 100 year old pipes bursting and creating a river in the streets. Maybe we can get another 50 years out of them?

While the funds or motivation for rebuilding our infrastructure seem to be lacking, that does not apply to tearing down the old Yankee Stadium to rebuild one with Disney-like features. Good seats are now all corporate owned at astronomical prices and as an individual you can bid on those that are posted on such sites as StubHub, but with after tax dollars while corporate holders buy them as a deductible corporate expense. Why bother closing such tax loopholes that subsidizes professional sports?

The prices for food and drink are commensurately expensive, a cup of $12 beer or an $8 hot dog. A Yankee cap is a mere $27. Perhaps that is what is meant by trickle-down economics –corporations buy tax-deductible seats at preposterous prices, that revenue (with those from broadcasting) shifting to MLB owners and players, and then trickling down to those people employed at the ball park to move hugely inflated priced merchandise and food to the masses. Everyone wins!

But if one can look past those economic realities, there is the intrinsic beauty of the ball field, a near facsimile of the old stadium and its rich history, and that certain feeling when, after the national anthem, “play ball!” settles in one’s mind, harking back to a time of innocence. It is nice to remember, and to share the day with my son, but sad as a society we have become so divided, with no clear vision of economic priorities.

“A Glide Path to Zero Debt Post 2011”

This “glide path” was forecast in George W. Bush’s Feb. 28th, 2001 budget, A Blueprint for New Beginnings; A Responsible Budget for America’s Priorities.

The centerpiece of the legislation was a $1.35 trillion tax cut over 10 years which was signed into law on June 7, 2001. This cut was supposed to spur growth and thus increase federal revenues in spite of the tax cut (sound familiar?)

The exact wording from Blueprint for New Beginnings:

Over the next 10 years, the Federal Government is projected to collect $28 trillion in revenues from American taxpayers. The President’s Budget devotes roughly $22.4 trillion to extend the Government we have today, including the President’s new initiatives. This leaves a $5.6 trillion surplus. The President’s Budget takes a cautious approach to allocating this staggering sum, starting by saving the entire Social Security surplus—nearly 50 percent of the total surplus—for Social Security and debt retirement. None of the Social Security surplus will be used to fund other spending initiatives or tax relief.

By devoting these revenues to debt retirement, the Nation will be able to pay off all the debt that can be redeemed—an historic $2 trillion reduction in debt over the next 10 years. The only remaining debt will be those securities with maturity dates beyond 2011. In all likelihood, American taxpayers would have to spend an additional $50 to $150 billion in bonus payments to bondholders to accelerate the repayment of those notes, a wasteful and senseless transaction. It makes more sense to allow the securities to mature naturally, leaving the Nation on a glide path to zero debt post 2011.

By 2011, Federal debt will have fallen to only seven percent of GDP—its lowest level in more than 80 years. Net interest payments on this debt will be less than 0.5 percent of GDP, less than one quarter of today’s share and only three percent of the budget. This represents a great national achievement.

Meanwhile, the threat of recession intervened, and the Federal Reserve ratcheted down interest rates. America went on a borrowing and speculation binge, focused on real estate and the building industry. Government, Wall Street and Main Street were all complicit, greedy investors buying up “investment property,” Wall Street packaging them as “risk-free” CMO’s, and homeowners indulging in the practice of using their homes as a piggy bank, with exotic no money down, no initial interest payment loans, the repayment of which was dependent on future appreciated real estate values. At the same time we continued to outsource our manufacturing capabilities to China and other emerging economies. Why work when Utopia could be achieved by merely borrowing?

So returning to the halcyon Blueprint for New Beginnings, another lesson to be learned from China: "Forecasting is difficult, especially about the future.” This is why the brinksmanship of raising the debt limit is such political grandstanding. Where was the outcry about the buildup of the national debt during the Bush years or holding Congress accountable for the failure of Blueprint for New Beginnings? While the stock market was climbing to new highs by 2007 and real estate prices were soaring, making homeowners and investors feel (not be) wealthy, not one peep about the national debt. We were borrowing against the future.

Depending on how one defines accountability to an administration (which takes control in late January every four years, but really does not have much impact until at least the end of the following Sept. 30 fiscal year), one could argue that Bush administrations were responsible for about a $6 trillion increase in National Debt (9/30/2001 - 9/30/2009) and the Obama administration for about $2.5 trillion thus far. (See this link for historical figures.)

Of course, debt growth has been more dramatic over the last few years (including the final year of the Bush administration) as Keynesian spending of “saving the world” from a depression soared. In spite of that spending, economic growth has been slow, unemployment persistently high, and real estate and associated industries remain in the doldrums.

These are the serious issues, as well as the national debt, which must be addressed. While I am the first to argue for fiscal responsibility, a balanced budget cannot be achieved overnight and cannot be achieved without some revenue increases via taxes. The best argument against pinning hopes that spending cuts, alone, will achieve a balanced budget is simply to reread Blueprint for New Beginnings. Allowing the US to default on its debt is a hopelessly reckless option.

PS: An interesting follow up to the above published by Bloomberg news two days later.

Four Days in Sicily

Ann has been visiting her best friend in Palermo, Sicily, for nearly 40 years now. Through her eyes, I felt as if I had experienced Sicily although I was there once, but only for a day in Messina while on a cruise of the Mediterranean. This year was different. She would be visiting as usual, for three weeks, but I would join her for the last four days to attend her best friend’s sons’ wedding. We’ve known David since he was born – in fact he was born in the US as his parents wanted him to have dual citizenship.

In my younger years, I thought little about a four day international trip, so in retrospect perhaps I should have gone on a more leisurely pace. I paid for my mistake by contracting a chest infection from flying so many hours, in such a short period of time, culminating in a flight from hell on my return. There are no direct flights between Palermo and Miami.

But before Ann left, while I was doing some preliminary packing for the trip, I had to debate with my wife about what I was to wear to the wedding. She wanted me to get a new suit, my best formal suit being some twenty-five years old, along with my wing tip shoes of the same vintage. I was admonished that the wedding guests would consist of many sartorially splendid young professionals, as well as an older crowd of men in beautifully crafted Italian suits and I would look like a relic from a pre-iPad stone age. But I am a relic I complained, and the suit is in great shape -- the one I now wear mostly to funerals but occasional weddings as well. And, from a vanity perspective, the suit still fits me perfectly in every way since I’ve gained no weight in all those succeeding years. I have it (and it looks good so I thought) so why not flaunt it?

I won that battle, packed the suit and the old wing tips and was set to go. But there is a strange coincidence regarding the suit, the occasion, my recovery from recent, very serious surgery, and being surrounded by the beauty of Sicily and the Mediterranean during this four day whirlwind trip.

Indeed I discovered that the last time I wore the suit was to a funeral of a friend who had died in October 2007. (Has it been that long since I needed the suit?) Surviving the dry cleaning was a card that was given to each of us at the funeral. I found it in my inside pocket as we were waiting at the reception for the festivities to begin. It was a passage from Marlena de Blasi's A Thousand Days in Tuscany. It gave me chills reading it once again, as if a bridge had been formed from the funeral in the US four years earlier, to this beautiful occasion in Palermo, Sicily: Maybe the only thing that matters is to make our lives last as long as we do. You know, to make life last until it ends, to make all the parts come out even, like when you rub the last piece of bread in the last drop of oil on your plate and eat it with the last sip of wine in your glass.

Day 1

I arrived in Palermo in the late morning after making the connection from Rome after an all night flight. Little sleep was to be had on the flight so I was sort of a somnambulist, collecting my luggage (which miraculously arrived without my intervention in Rome), and seeing the groom’s parents, Beny and Maria, standing peering over others’ heads at international arrivals. I was warmly greeted by our old friends and Ann of course who was relieved to see that I looked so well after 14 hours of travel. I was whisked off to their Swim Club in Mondello for lunch, just a 15 minute ride from their apartment in Palermo. This was the day before the wedding and I thought it was very considerate of them to squeeze me into what would be a day of some anxiety. The wedding was going to be large and elaborate and the parents of the bride (Marianna) and groom (David) participated in the careful planning of the event.

The Club CanottierReggere di Lauria is right on the Mediterranean, the seas and the beautiful day demanding careful attention. We sat outside of course and had, what else, fresh seafood, along with the obligatory pasta. It was to be the first of several extraordinary meals over the next several days.

Ann as always had been staying with our friends before my arrival, but now the time had come to check into our hotel, the Garibaldi in the heart of Palermo, highly recommended. By the late afternoon, my head had caught up with the time change and lack of sleep so Ann and I went for an early dinner at a local restaurant where we had, again, fish. I loved the fresh fish in Sicily, not to mention their bread.

Day 2

The next day was the wedding and with the help of an Ambien the evening before, I got a full night’s sleep and we prepared for the wedding in the afternoon. The hotel serves a delightful breakfast for its guests, a little like a cross between a hotel and a B&B.

Several vans were sent to collect us, including several other guests from the Hotel, and in one of those was Maria’s family from the States, her two brothers, Jerry and Peter, with Peter’s wife (also Maria) and their twin boys and two girls. We were to be with the family during the ensuing celebration, a place of honor, and where we wanted to be as we’ve known Maria’s brothers since they were youngsters, Ann having first met Maria when she was 17.

The trip to the church was eventful, reminding me a little of traveling in Japan where even the locals have difficulty locating their destinations. Our van driver arrived at a church, and while it fit the bill of an old 16th century antique church, it was not ours! But we were in the vicinity of the right church, we were assured. After a few frantic cell phone calls, a couple of U turns and some conferencing between van drivers, we arrived at a small road adjacent to the first church and luckily arrived at the wedding only fifteen minutes before the ceremony.

The church was regal in its simplicity with catacombs under the floor, the crypts being marked by various images including the skull and crossbones at our very feet. While I did not understand one word of the priest or the participants, the wedding had the feel of other Catholic weddings we had attended, and the priest obviously knew Marianna and David and his warmth towards them shone through. It was touching and to see David married, knowing him since he was an infant, a special moment for us.
From there we returned to Beny and Maria’s home to relax along with the bride’s parents, Nancy and Vito, enjoying a cool drink and sitting out on the terrace while waiting for the wedding reception which was to begin around 7 in the evening, some 45 minutes outside of Palermo. The bride’s parents finally left to pick up their friends and we drove with Beny and Maria to Torre Ciachea, a private, castle-like Villa which is available only one day a month for special occasions. Its outer court yards with its fountains and landscaping are ideally suited for guest’s arrival and serving appetizers and drinks while the inner courtyard was set up with beautiful tables prepared for dinner.

The gardens surrounding this Villa high above the Mediterranean made a perfect setting, the presentation of the food a work of art and from appetizers to the main course, fish, fish, fish, all freshly caught. We sat with Maria’s family, and her sister-in-law, another Maria who is a professional singer, an interpreter of the Great American Songbook, happens to be one of the best I have ever heard and finally she was entreated to join the band, singing several songs. If it were not for the fact that the band was not totally familiar with much of her music, she would not have been allowed to leave the stage. Her voice and interpretation of those songs are as beautiful as she.

It would be a late night. Much later than my jet lagged body would be able to endure. Luckily at around midnight, our friends found us a ride back to our hotel with a woman she used to work with at the British Embassy when Maria went to Sicily some 40 years ago. The festivities went on well into the night.

Day 3

The next day we slept late but found a wonderful double-decker bus tour of Palermo right outside of our Hotel. The one in the morning took us through the old part of the city and in the afternoon, after another wonderful al fresco lunch, we were driven around the more modern part of Palermo. Ann said that in spite of having visited Palermo for so many years, she had never done this. What immediately must strike any visitor to this country are the outstanding influences of so many conquering civilizations throughout history. Everyone in fact seems to have invaded Sicily at one time or another, the Romans, the Byzantine, Greeks, Islamic, and the Catalan to name but a few. Riding through the streets of Palermo also reminded me of George Patton’s drive into those same streets in August of 1943 so wonderfully portrayed by George C. Scott in the movie, “Patton”, even though the shots of Sicily were recreated and filmed in southern Spain. Between tours we had a wonderful local lunch (fish). After the last tour we went back to the restaurant from our first night, a sidewalk café, a perfect evening, pasta, the local bread and wine, and of course, more fish!

Day 4

Our last full day was to be a special one, a visit to the town of Maria’s birth, the fishing village of Castellammare del Golfo, “castle (on the) sea) of the Gulf” which indeed has a medieval fortress of castle proportions, and a harbor where fisherman practice their craft as they have done since time immemorial. As this was two days removed from the wedding, we were fortunate that Beny and Maria felt up to acting as tour guides. Ann has been there many times of course, but as it was my first visit, they wanted to make it something very special. One only has to be there, taking in the natural beauty to make it so. For me it was particularly moving as I love the sea, have heard about the town for so long, and after surviving my health issues, I was fortunate to just BE.

Naturally, a day by the sea would not be complete without lunch by the sea and for that we travelled to nearby Scopello overlooking the Mediterranean. If it were not for the fact that the narrow little streets hardly accommodated our car for parking, it would have been a perfect afternoon. Poor Beny had to maneuver his vehicle in tight spots on steep grades.

We returned to Palermo, Ann and I bidding our friends adieu for the evening, having dinner at a nearby restaurant – Sicilian pizza for our last night – then packing and getting to bed for a very early morning flight to Rome but with different flights back to Miami, mine arriving four hours earlier, waiting for her as I had left my car at the airport. Luckily I found a quiet place between terminals at the airport where I could close my eyes after a nightmare flight on Alitalia. Ann’s plane (from Barcelona after a connection from Rome) arrived a half hour early so I was grateful to see her sooner than expected at International arrivals. We found our car and returned home, she after weeks in Sicily with her dearest friend and me after four wonderful whirlwind days.

Crow Island Raft Up

Since I seem to be on boating themes, might as well cover a beautiful day and evening at our anchorage off the Norwalk Islands, just this past weekend.

Various boats belonging to many of our long-time friends, along with our boat, Swept Away, tied to Last Dance, gathered for a perfect boating rendezvous. Relatively light winds guaranteed a calm overnight at the anchorage. Cocktails for all were on the cockpit of Last Dance. Our boat is in the background. Front row, left to right, Tom, Claudia, Chuck, me, Susie. Back row, Cathy, John, Myrna, Cindy, Ray, Ann, Norm, Dee, Steve. Photograph courtesy of Cindy’s iPhone and our son, Jonathan, the photographer, and thus not pictured.