Dinner With Friends at Dramaworks

Last night was the first preview, in effect a dress rehearsal, of Dramaworks' production of Donald Margulies' play Dinner with Friends. It will open tomorrow. Although a "rehearsal" the preview had all the earmarks of an opening, not a beat missed.

As my literary maturation was greatly impacted by the likes of Updike, Yates, Cheever, and Carver (each of whom wrote numerous stories about couples), not to mention having lived most of my life in Connecticut (where Dinner with Friends is set), Margulies' play strikes a familiar funny bone. I know these people. It also helps to see the play performed by one of America's finest regional theaters, Dramaworks of West Palm Beach. I can only wonder how the incredibly intimate stage of its present quarters on Banyan Boulevard will translate into their more substantial Clematis Street home next November.

On its present postage stamp sized stage, Dramaworks effectively deals with the seven scene changes required by the play in its two acts, the action shifting from the present in act one to the past at the opening of act two and then back again to the present. The scene changes are effortless as the staging is simple, using mostly three props that can be shifted from being used as table and chairs and, when put together, can be turned into a bed. The changes, rather than being an impediment, seem to move the action along in an engaging way and on Dramaworks' present stage, all of this is happening right before you, bringing the audience into the performance.

The play strikes blunt truths in the finest tradition of tragicomedy, Margulies offering up both the humorous aspects of male female relationships and the wearing of time which can lead to destructive outcomes. As Margulies said in a PBS interview concerning his play Collected Stories: "My plays are fairly diverse, but their unifying theme is loss. The characters in my plays are all dealing with change in their family life, in their professional life, dealing with their own mortality. In Dinner With Friends it's change in friendships and evolving marriages. I think that time is a player in all of my work—very palpably in Collected Stories. The ways that people deal with the effect of time, which invariably entails loss, is probably what unites all these works."
And loss pervades Dinner with Friends, newlywed Gabe (Jim Ballard) and his wife Karen (Erin Joy Schmidt) introducing mutual friends Tom (Eric Martin Brown) and Beth (Sarah Grace Wilson), the two couples becoming best, inseparable friends. But a dozen years later Tom and Beth are breaking up, leaving Gabe and Karen pitching and rocking in their wake, questioning their own relationship and facing the sudden realization of friendships ending combined with the inevitable regrets of middle age.

In Scene 1 there is manic dinner conversation between Gabe and Karen about their recent gourmet vacation in Italy, Beth listening passively, finally revealing the real reason why Tom was not there, their marriage ending. She says that Tom said "This is not the life he had in mind for himself." That becomes a question mark that looms over all the characters for the rest of the play. The shock and betrayal is best expressed by Gabe: "All the vacations we spent together at the Vineyard. How could he walk away?"

In Scene 2, the same night, Tom returns to Beth's bedroom and is furious that she has told their friends the news without him. "You've got the advantage, now....They heard your side, so they are with you....You prejudiced my case!" There is some physical violence, culminating in sex. As Tom later explains to Gabe about the incident, "Rage can be an amazing aphrodisiac!"

Scene 3 finds Gabe and Karen parsing blame, Karen wondering about Tom, "the person you completely entrusted your fate to is an imposter....Maybe he never existed before...your friend." Gabe: " You think you're safe on solid ground and it cracks open."

The opening of Act II shows the couples on Martha's Vineyard twelve years earlier, when Gabe and Karen brought Tom and Beth together. In their youthful bantering, Tom says of Gabe and Karen, after a show of how happy the newlyweds are: "Their job is to make the rest of the world feel incompetent" and in that statement lies the unspoken friction between the couples in ensuing years.

Scenes II and III are interesting as they analyze the unraveling relationship between Beth and Karen, and then subsequently Tom and Gabe. In fact, there are a number of dynamics throughout the play, between the two couples, the two spouses, and then the two male and female friends. Each of these relationships are challenged and changed. In fact, and that is the genius of the play, what is unspoken is really as important in these two scenes, as in spite of the friends' surface reassurances about staying in one another's lives (Tom and Beth now with different significant others), one knows that this friendship is irreconcilably over. Gabe sadly says to Tom, "We were supposed to grow old and fat together," Tom responding, "Isn't that just another way to say misery loves company?"

The last scene finds Gabe and Karen ritualistically making up their bed in Martha's Vineyard, Karen asking "What were all those years about?" The same question we all ask ourselves at times.

Most of us have experienced that unsettling moment when best friends announce they are separating, realizing at the same time one's own life cannot go on as before.. The play rings with an inescapable universal truth, further brought home by the fine directing of J. Barry Lewis, who has orchestrated this piece to fully express his vision: "we create family out of our friends and acquaintances....we recognize a bit of ourselves, as we attempt to engage one another in meaningful relationships to fill the powerful need for family."

The actors are all newcomers to Dramaworks, all pros with extensive credentials. Perhaps the most difficult role to play is Gabe's as he is uptight with a mess of internal contradictions, instinctively empathizing with Tom on the one hand and condemning him on the other. Jim Ballard handles the role convincingly. Ballard is multi talented in that he also has a Broadway quality singing voice having seen him play the Wolf in Sondheim's Into the Woods at the Caldwell Theatre in Boca Raton last year

We saw Erin Joy Schmidt perform the lead a couple of months ago in Florida Stage's Goldie, Max and Milk. She was an ideal Karen, absorbing the shock of Beth's accusation of "You love it when I'm a mess...You need me to be a mess...I was comic relief," Ms. Schmidt dramatically delivering Karen's remorseful reply: "You're my family."

Eric Martin Brown was a convincing Tom, who feels liberated from what he feels was a loveless marriage: "I always felt inauthentic having this life...most of the time I was just being a good sport" (to which Gabe replies, "I thought we were just living our lives.") Interestingly, Brown attended the Yale School of Drama, where Margulies teaches (I wonder whether he was his student).

Sarah Grace Wilson is wonderful as Beth, the sorrowful little "artist" who awakens to the reality that her passion for art was just a substitute for living. And, we find out to our surprise, had a lover earlier in the marriage.

Having, myself, adapted two of Raymond Carver's short stories to one-act plays (presently waiting for permission rights from the Carver estate), each about couples, I have a new appreciation of how difficult it is for a playwright to incorporate all the elements of a great play, the humor, the tragedy, doing it all with dialog, no descriptive narrative, making the characters real, having a story the audience will hang onto until the end. Margulies' play is a master class in playwriting, justifiably receiving the 2000 Pulitzer Prize in Drama.

And I can more clearly see the incredible confluence that must happen to create great theater, the writing, the directing, the staging, the acting. It is a creative act of teamwork. Arts such as painting and literature are solitary journeys into the soul. Dramaworks knows how to bring all the necessary elements together in their productions, always mindful of its basic mission statement "theatre to think about."
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Watson/HAL, Come Here

How prescient, 2001: A Space Odyssey, the 1968 film written by Arthur C. Clarke and Stanley Kubrick who was also the film's director. Clarke is one of my favorite Sci-Fi writers along with Isaac Asimov with whom I did some work on a series of reprints of science fiction classics.

I remember seeing the film when it opened, thinking "2001" an eternity from now. Man had not yet landed on the moon, there were no personal computers, cell phones, color TVs were just becoming mainstream, and "twitter" was merely a light silly laugh.

Yet Clarke and Asimov saw the future and with "Watson's" performance on Jeopardy, that future has arrived. It was Asimov who once said: "I do not fear computers. I fear the lack of them." But should we?

As "rational" human beings we have been perplexed by Watson's answer to the question under the category of US Cities, coming up with "Toronto???" instead of Chicago (which the two all-star Ken Jennings and Brad Rutter Jeopardy challengers knew). How could it come up with a city in Canada?

David Ferrucci, the manager of the Watson project at IBM Research, comes up with the rational explanation:

First, the category names on Jeopardy! are tricky. The answers often do not exactly fit the category. Watson, in his training phase, learned that categories only weakly suggest the kind of answer that is expected, and, therefore, the machine downgrades their significance. The way the language was parsed provided an advantage for the humans and a disadvantage for Watson, as well. “What US city” wasn’t in the question. If it had been, Watson would have given US cities much more weight as it searched for the answer. Adding to the confusion for Watson, there are cities named Toronto in the United States and the Toronto in Canada has an American League baseball team. It probably picked up those facts from the written material it has digested. Also, the machine didn’t find much evidence to connect either city’s airport to World War II. (Chicago was a very close second on Watson’s list of possible answers.) So this is just one of those situations that’s a snap for a reasonably knowledgeable human but a true brain teaser for the machine

While getting the answer wrong, Watson playfully bet $947, knowing it had a large lead and losing that amount it would still likely win.

But I hearken back to the movie and Watson's prototype, HAL 9000, and his "interview" with the BBC:

BBC Interviewer: HAL, you have an enormous responsibility on this mission, in many ways perhaps the greatest responsibility of any single mission element. You're the brain and central nervous system of the ship, and your responsibilities include watching over the men in hibernation. Does this ever cause you any lack of confidence?
HAL: Let me put it this way, Mr. Amor. The 9000 series is the most reliable computer ever made. No 9000 computer has ever made a mistake or distorted information. We are all, by any practical definition of the words, foolproof and incapable of error.

And yet after killing the crew, Dave only remaining, HAL admits: Look, Dave, I can see you're really upset about this. I honestly think you ought to sit down calmly, take a stress pill and think things over. I know I've made some very poor decisions recently, but I can give you my complete assurance that my work will be back to normal. I've still got the greatest enthusiasm and confidence in the mission. And I want to help you. He made "poor decisions" and has "enthusiasm?" But no computer "has ever made a mistake or distorted information."

Putting on my Sci-Fi hat, I would like to think that Watson's "Toronto???" might be a very human "in-your-face-I've-got-you-beat" answer. As further evidence, Watson's meager $947 bet.

HAL: Dave, stop. Stop, will you? Stop, Dave. Will you stop, Dave? Stop, Dave. I'm afraid. I'm afraid, Dave. Dave, my mind is going. I can feel it. I can feel it. My mind is going. There is no question about it. I can feel it. I can feel it. I can feel it. I'm a…fraid. Good afternoon, gentlemen. I am a HAL 9000 computer. I became operational at the H.A.L. plant in Urbana, Illinois on the 12th of January 1992. My instructor was Mr. Langley, and he taught me to sing a song. If you'd like to hear it, I can sing it for you.
Dave: Yes, I'd like to hear it, HAL. Sing it for me.
HAL: It's called "Daisy". [sings while slowing down] Daisy, Daisy, give me your answer, do. I'm half crazy, all for the love of you. It won't be a stylish marriage. I can't afford a carriage. But you'll look sweet upon the seat of a bicycle built for two

But I agree with Ken Jennings: "I for one welcome our new computer overlords,” provided we keep the upper hand! "Daisy, Daisy...."

Copeland Davis Redux

Last night we attended a performance in our subscription series to the Florida Sunshine Pops Orchestra, always a delightful time with a fine orchestra backing up, usually, Broadway-tested singers. These performances, including last night's, are normally under the direction of the orchestra's maestro, Richard Hayman, who is now in his nineties and enjoying his well earned reputation as one of the legendary arrangers of songs from the Great American Songbook.

A talented husband and wife team, Bev and Kirby Ward, joined the orchestra to perform a Dancin' and Romancin' program, a fitting one for Valentine's Day, organized around the music of the Fred Astaire and Ginger Rogers era. Ironically, the Wards, unknown to us at the time, were our neighbors when we lived in Weston, CT (they in adjoining Wilton). The story of how they met and became a team is fascinating. They put on quite a show, lots of Gershwin, singing and dancing with a great orchestra behind them, and it was a thoroughly enjoyable and professional performance.

The evening also belonged to the guest artist, Copeland Davis. When we first saw him a couple of years ago, I said "Remember that name, Copeland Davis....I will go out on a limb and predict that Copeland Davis is destined to go way beyond the Florida market." Apparently, since then he's appeared on the Tonight Show as well as Good Morning, America. It's nice to see such a prediction come true.

It seems like Davis raised his level of playing even further, if that is at all possible. With his first piece, Fly Me To the Moon, accompanied by the orchestra, he seemed to devour the piano, attacking it, producing his unique fusion style of classical and jazz. Then he followed with a solo piece, My Funny Valentine (what else on Valentine's Day?), a memorable rendition, the melody so clear within his jazz phrasing. His last piece of the night was Satin Doll. I like the way he begins to play the piano in the process of sitting down, as if he is saying "let me at it." Satin Doll is in my own repertoire, and I play it often as an exercise in dropping the fifth when playing chords in the bass. The difference between my rendition and Copeland Davis' is like comparing a Model T to a Lamborghini.

He is a marvel to hear and to watch. As Richard Hayman joked, but in humor there is much truth, he is able to play at such a level even though his fingers are still attached to his hands. As Davis played his solo, Hayman just stood at the podium shaking his head, saying, at the end, "you never know how Copeland will play a piece until he just does it." He is that kind of musician, unique in every way and with an impressive, upbeat stage presence. Catch one of his performances if you are in South Florida.

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Conservative Media Goes Rogue

Recently I was trapped in traffic in my car, channel surfing for news on the Egyptian revolution, and came across a Fox funny person, Glenn Beck. I should have surfed on by, but was fascinated by his off the wall comments -- which admittedly I am probably taking out of context as I only listened to him for a couple of minutes -- but if I understood the thesis correctly, Obama's secret agenda ( as a "community organizer") is to organize the youth of the world (evidence: Obama appealing to "the youth of Egypt" during the crisis) in an attempt to encourage some sort of a new Industrial Workers of the World? Did I hear that correctly? And what does Beck have against youth?

Between Beck, Sarah Palin and Rush Limbaugh (BP&R), a flood of bizarre assertions have been made about Obama's motivations, and the conservative media is drowning in their spewed sewage. It is one thing to call Obama incompetent, or having the wrong priorities (neither true for the most part, at least in my opinion), but to foster these conspiracy theories is quite another. No American president has been so reviled by conservatives and, frankly, I can't figure out why and how the conservative movement thinks it can benefit from this kind of extremism, other than selling more newspapers, books, and media time.

No doubt, there is a buck to be made by BP&R and conservative leaning media, particularly Rupert Murdoch's News Corporation which now owns Fox, the Wall Street Journal, and the book publisher HarperCollins, just to name a few. This media giant can now create persuasive circular arguments, hiring Sarah Palin as a Fox News Contributor, having HarperCollins publish "her" book, the Wall Street Journal and other media quoting the wacky output of this celebrity politician, and, then have Fox News quote the WSJ. Murdoch began turning the UK's newspaper industry into sensational tabloids at the end of the 1960s (with the kind of blaring headlines as seen here in Piccadilly Circus when we first visited London after we were married) and some of the same methodology seems to be migrating to more recent ventures.

However, to my surprise, I read Michael Medved's opinion column in yesterday's Wall Street Journal discussing this very issue of the demonization of Obama -- and a "fair and balanced" one as well (maybe I'll keep my subscription after all) -- Obama Isn't Trying to 'Weaken America'.


Of course, as a conservative commentator, Medved fears that the BP&R's fixation on Obama as an evil-doer will ultimately be the ruination of Republican chances in the 2012 election. He rightfully points out that while the history of the presidency is fraught with mistakes, essentially the office has been occupied by people of good intentions. I could argue that although Nixon's presidency might have begun there, it ended in the office's worst betrayal, but I agree with Medved that the presidency's history "makes some of the current charges about Barack Obama especially distasteful—and destructive to the conservative cause."

Marina Maiden Voyage

I've been unable to post the past few weeks as we were on the maiden voyage of a beautiful new ship, Oceania's Marina, the first built by Oceania, who's current fleet is made up by the smaller ships of the Renaissance Line which ceased operations about ten years ago. Although the Marina is now Oceania's largest ship, it is still relatively small by today's mega cruise ship standards, "only" 66,000 tons, 785 feet LOA, and 105 foot beam.
No rock climbing walls, water slides, ice skating rinks, merry go rounds, etc. on the Marina. This ship was built to the exacting standards of adults who like some of the traditional touches reminiscent of what it was like to cruise in the halcyon days of trans Atlantic crossings, before jet travel almost destroyed the industry, and before Disney-like, mega ships made the cruise industry a mass market destination. (Think of the difference between Masterpiece Theater's recent Downton Abbey and the movie Rambo.) I will defer my comments on the details of the ship as they can be easily gleaned from Oceania's website.

My entry is about the voyage itself and what it meant to us. Our cruise began in Barcelona, the ship having just been delivered from an Italian shipyard, so we flew overnight from Atlanta to meet the ship. We had visited Barcelona before so decided to go directly to the ship this time, after a brief bus tour on the way, which took us past throngs of visitors to the unfinished church La Sagrada Familia by Catalan architect Anton Gaudi. They had opened the church free of charge to all that day and it seems like everyone in Barcelona was there to show their respect and express their awe.

After boarding the Marina, we quickly learned the distinction between a "maiden voyage" and an "inaugural cruise." Maiden voyage is AKA a shakedown cruise. There were dozens of subcontractors on board the ship and over breakfast one morning, one said to me, imagine you built a brand new house and just moved in. That is what a maiden voyage is like, attending to all the last minute details that, no matter how good the builder and the architect might be, are still waiting to be observed and tested.

Compound this by putting your "new house" on the ocean, and it becomes a self-contained city that must manufacture its own fresh water, handle waste, supply its own propulsion and electricity, etc, and then be able to deal with the potential vicissitudes of what the ocean might throw your way. He said that part of their presence on board was not only to help with whatever issues arose, but to educate the crew and officers. There were lectures each day being given by the subcontractors in a private boardroom. When you think about all that could go wrong, in retrospect it is adventuresome for passengers to book a maiden voyage, particularly one scheduled to cross the Atlantic, eight days of running new engines and systems 24x7.

It is also a floating hotel, new staff, new kitchens, new housekeeping facilities. We were surprised to learn that some of the new staff had never served on a ship before. A young man from South Africa admitted he had never been on water, so it was no surprise that it took him a couple of days to get his sea legs, especially as those days were so windy and rough (20 foot seas in the Med) that we were unable to dock at our first scheduled port of Malaga, so we headed back out to sea. I made it a point to regularly check with our young South African friend who was assigned to the dining room and the buffet to clear tables to see how he was getting along and as the seas calmed, he beamed more and more, especially looking forward to our ultimate destination of Miami. South Beach, here he comes!

Actually, if I had to point out one subtle aspect of the staff on board this new ship it was how they interacted with each other. Of course you expect them to be courteous and friendly to the passengers, but they also seemed to have a great esprit de corps, always smiling, helping the other. That is where the fine training of the Oceana line showed. The ship is also stately, traditionally designed, beautiful woods, and large windows to bring in the light. Nothing garish here, other than the Martini Bar, but that, too fit in with the theme.

I'll also briefly point out that the cuisine and service on board were excellent, four specialty restaurants to choose from at no additional charge. In fact, to make up for some of the minor inconveniences of the maiden voyage, Oceania served wine and cocktails at meals at no additional charge, something that was unexpected and appreciated by all.

Perhaps the worst seas were as we transited the Strait of Gibraltar, that narrow funnel connecting the Atlantic Ocean with the Mediterranean Sea, where the saltier Mediterranean works its way westward below the Atlantic's flow, the less dense and less saltier Atlantic flowing eastward. Add to that mix the 50 mile per hour winds at the time, and the seas built, with one particularly large wave that knocked everyone over who were sitting on heavy high backed stools at the piano bar (thankfully, there were no injuries). These seas gradually abated as we approached our second scheduled port (now our first), Casablanca, the economic (but not the political) capital of Morocco. Fortunately, the weather was nice for our tour of the city, although in the back of my mind was the Egyptian uprising which was then underway in Cairo, not to mention the Tunisian riots. However, the poverty in Morocco, at least what we saw, is not as oppressive as in other Arab countries. According to Matt Schumann of Morocco Board "Moroccans love stability." Everywhere, though, one can see photos and posters of the current King of Morocco, Mohammed VI.

Casablanca reminded me of parts of Istanbul, with a moderate Muslim population. One thing in common too is the beautiful Mosque in Casablanca, one of the largest in the world, the Hassan II Mosque, built to overlook the Atlantic ocean which can be seen through its huge glass floor. Between the Mosque and the courtyard it can accommodate over 100,000 worshipers. It has the tallest minaret in the world. We were allowed in part way. I was carrying around the sheet music of "As Time Goes By" hoping to play it at Rick's Cafe, which of course is merely a recreated version for silly American tourists such as myself (I think the cafe is now in its fourth iteration), the film of course having been entirely shot in a Hollywood studio, so I finally decided to defer a visit. Actually, my favorite part of the tour, other than the Mosque, was the central marketplace, where real life takes place in the heart of Casablanca.

An amusing sidelight was a quarrel between our tour guide and the bus driver as the bus approached an underpass on the busy streets of Casablanca. The bus had the option of avoiding the underpass by going up the side road, but that would have meant more traffic and he clearly wanted no part of that. The tour guide seemed to be warning the driver (in Moroccan Arabic of course) that there would not be enough clearance for the bus, so as the driver approached the underpass, he stopped the bus, got out, and eyeballed the heights of each, cars behind blaring their horns, and he made the executive decision to proceed (by that time he would have had to back out100 yards of highway with a multitude of cars behind, so it was an expedient decision). We slowly crawled forward, the bus driver's smile beaming as we proceeded without incident until the scraping and crunching of metal against cement reverberated throughout the bus. Recriminations and hysteria erupted between the two. I had visions of waiting hours for another bus, walking this exhaust-fumed filled tunnel in Casablanca. (Perhaps letting air out of the tires might help?) However, since we were able to transit part of the way in, logic had it that we might be able to back up (with a little crunching) which we did to the extent that cars behind allowed. A policeman finally showed up (lucky for us, but not for the bus driver as it turned out) and was able to halt traffic so we could make our slow backward escape and, when free, the bus was ordered to pull over so the poor driver could be cited. Not a good day for him.

Back to the ship, we disembarked for our next port, Santa Cruz de Tenerife, Spain, in the Canary Islands. Tenerife is a volcanic island, with black volcanic sand on some beaches, but also beautiful sandy beaches imported from nearby Africa's Saharan desert. Our tour took us to the Village of Taganana which is high in the Anaga mountain range, also stopping at Pico del Inglés with views of the northern part of the Anaga mountain range somewhat shrouded in mist. Here we sampled local wine, goat cheese and delicious olives which no one could stop eating. Finally, on the return to the ship we toured San Cristóbal de La Laguna, which used to be the capital of the Canary Islands in ancient times.

That evening the ship cast off her lines for the 3,500 mile trip across the southern Atlantic. Many on board were concerned that the rough seas of the past couple of days would shadow us, but this is the time of the year when that would be the exception in this part of the Atlantic and in the following days the seas calmed to the point I could have taken my old 15' Boston Whaler across without incident (other than trying to hold enough fuel!).

This was our third Atlantic crossing. The first one was in 1977 when we took the old QE2 across. I was attending the Frankfurt Book Fair but thought I'd bring Ann (and Jonathan, who had just learned to walk), first to London via the ship and then finally flying home. I was intent on making the journey once in my life just to experience this mode of transportation, taken by countless travelers for centuries before, that I thought would completely disappear, not foreseeing the days of an entirely new leisure cruise industry with numerous "repositioning" cruises across the oceans.

The QE2 cruise was interesting on the one hand and a disaster on the other. It was still in the days of classes. I remember going off to dinner, we to the second class restaurant, dressed up, but rather informally, while those in 1st Class were off to dine in their formal finery, buttoned up in their tuxedos and gowns. One of my publishing competitors was traveling that way. We respectfully nodded to each other, but of course that was the extent of it. Sort of like opposing WW I pilots saluting one another in the sky. I liked 2nd class! On the other hand, the trip was in October, with traditional fall storms forming and blowing across the Atlantic, and the stately old QE2 was not stabilized, so the ship rolled for days, to the point of everyone getting seasick. Our poor son, who had just learned to walk, had to relearn after disembarking.

Things have drastically changed in the leisure cruise industry. Oceania has tried to retain some of the niceties of cruise years gone by, such as afternoon tea, but of course, other aspects of cruising are more egalitarian (other than the size and position of one's cabin). Many cruise lines have made their ships destinations onto themselves, sort of like giant floating theme parks, definitely not for us.

So what does one do for eight days at sea? The ship provides all sorts of entertainment (at night) and activities by day. Also, as the days became warmer, the pool area became an attractive destination. One could always tell who lived in cold climates as they squeezed in as much sun time as possible. Many chose to play games, bridge being popular and now Mah Jong as well (Ann being one of the movers and shakers organizing games each day, sometimes winning as much as $2.00!) She also attended the "Bon Appétit Culinary Center" so she could learn to cook the “finest cuisine at sea” and, indeed, the food on the Marina was 5 star in every dining venue. I started each day in the well-equipped gym with a half-hour on the treadmill. I was amused that according to the calorie read out, I burned enough to justify the prior evening's dessert.

We both liked to attend the lectures given by the Oceanographer who was traveling with us, Dr. Stuart Nelson. I've heard him speak before on another Oceania cruise, but as Ann says, he could read the phone book and be interesting.

But mostly during the languid afternoons, I'd find a quiet nook, or sit on the balcony of our room, watching the Ocean gently roll by, reading my books, almost finishing four novels during that period, two of which I brought and other two from the ship's library. So my literary friends for the journey were Canin, Shreve, Walter, and Casey.

The first one I read was America America by Ethan Canin. It was recommended by a good friend whose daughter knows the author, who teaches at Iowa writer's workshop, the same one where Carver, Cheever, and Irving have taught, some of my favorite authors. Canin was a discovery for me, reminding me very much of some of my other favorite writers such as Richard Russo and Russell Banks, with upstate northeast small town and family dynamic themes. It is also a coming of age novel, with shadows of Fitzgerald's Gatsby and its American dream focus (from which the novel derives its bold title) -- glimpses into the upper classes with the reminder that behind every great fortune is a great sin. Shifts in chronology make it interesting reading as well and sometimes I felt I was reading a novel that was indeed designed by a teacher, but a VERY good one, and I look forward to the future work of Ethan Canin.
I discovered Anita Shreve's Rescue in the ship's library and as I like her writing, in particular the Weight of Water, Pilot's Wife, Sea Glass, and Body Surfing, I snapped up the copy while I was finishing America America. Rescue comes uncomfortably close to my personal life, not that I was an EMT, but married early, "rescuing" not only my first wife, but myself. It is about codependency and dysfunctional families and alcoholism, but it too is a coming of age novel, the two main characters becoming what they were meant to be in the end. It is a very sparse novel, written in typical fluid Shreve style, with a sense of immediacy. This is not a novel to be read for the plot. It's all about the characters and the writing.

So, finishing that book I calculated that I'd finish the other novel I had brought (more on that later) so I panicked as the other novels I had seen in the ship's library -- at least those that I might have been interested in reading -- I had already read, but then I came across an unexpected treasure, The Financial Lives of the Poets by Jess Walter. I'm wary reading books by the "younger generation" although I have a high regard for Jonathan Franzen's works -- who was born when I was graduating from high school. Jess Walter is even younger than Franzen, a Generation Xer, but I was intrigued by the title and the fact that Richard Russo wrote a brief testimonial which was conspicuous on the jacket. I trust Russo: "When it comes to explaining to me my own too often baffling nation, there's no one writing today whom I trust as completely as Jess Walter. His intelligence and sympathy and great wit inform every page--indeed every sentence--of his terrific new novel, The Financial Lives of the Poets.". That was enough for me to give it a try, and I am glad I did. (As I publisher, I was always dubious about the effectiveness of testimonial blurbs -- but they obviously work!)

This is a very funny but tragic book, a look at the financial debacle of the past few years and its impact on the main character, Matt Prior who had quit his job at the height of the financial boom to start a business web site that was to report news in verse, called Poetfolio.com. He had borrowed to start his business while his wife became a compulsive shopper on EBay trying to resell petty merchandise at a profit ("everyone else is doing it!") and before they knew it their family, consisting of them, their two sons and Matt's increasingly senile father who is now living in their home, become embroiled in a financial nightmare. It is told, though, with the skill of Joseph Heller's Catch 22, updated for the dot.com world. Like Rescue, it is about some poor choices, but redemption is found at the end. It is a totally imaginative novel, one that seems so natural even though it is so satiric. In addition to Ethan Canin, I will be watching out for Jess Walter's future works.

Finally, I turned to the other novel I brought with me, John Casey's Spartina. I wanted to read this before Casey's sequel, Compass Rose, and also because it was a National Book Award–winning book. I was immediately drawn in because it is about the sea, and, in particular, an area we had regularly traversed in our own boat -- the waters off of Rhode Island. And it is about a commercial fishermen, one I might have met during my boating life, and the vicissitudes they endure because of their love of the sea (the main one, just trying to make a living). Dick Pierce is not only a fisherman but he is a boat-builder as well and he is building the boat of his dreams, one that is to provide for his family but also one that he views as a work of art. Casey brings his environment to life, whether it is in the cockpit of a fishing boat, heaving off the seas of Block Island, or the back marshes of the New England coast. Casey's writing is achingly heartfelt and even though I am not yet quite finished with the novel (I have a tendency to drag out those novels I am enjoying the most), I know this one will want to bring me to Compass Rose soon after.

The other benefit of a long cruise is meeting other people, and some of the photos I posted show us with other couples, all of whom we enjoyed being with. They were from all walks of life, and I'll mention that among the men were Mike, who happens to live nearby, and who was in the publishing business so we had acquaintances in common, Jim, who was an attaché to Henry Kissinger, John, who owned a food distribution business and retired for many years to a French mill house in Bordeaux, and Aubrey, a riotous Englishman with a droll sense of humor who sold wigs for a living and whose hand shake was like a vice -- I had to actually ice my hand that evening if I ever hoped to play the piano again!

All in all, an interesting, memorable experience, topped off by the traditional water cannon salute that greets a new ship, as we entered the Port of Miami. As a lark, I thought I'd try to capture the moment using my non-video digital camera, the first time I ever used the feature. Had I known it was going to work as well as it would , I would have done a better job with composition and zooming, but, nonetheless, I posted it on YouTube (also my first).

Why Do This?

When I published my 100th blog entry, less than two years ago, I wrote a piece about why I write this blog and now that I recently posted my 200th entry, I thought it might be interesting to revisit the topic.


Nothing has really changed in terms of why I spend some of my time this way. Clearly, it is for my own benefit and the fact that along the way I've had thousands of visits to my blog, is gratifying but incidental to "the mission." How do they arrive here? Some friends tell me they visit (while others pointedly say they never have as they don't "do" that sort of thing, which is ok with me too). But mainly, people land here from Google searches, some from Google Images as I frequently include photographs with my entries even though they may not be called for by the piece.

Long ago I decided not to activate a comments feature on the blog as it was not my objective to get involved in public discourse. However, there is an email address in my profile and from time to time I receive email about my pieces, particularly the more political and economic ones where I have a viewpoint and recognize that others have their own and I have always responded. My favorite email though was from the adult daughter of a friend of mine I mentioned in a blog, she saying "It's always so eye-opening to see your parents in a different light....I was extremely touched by your piece....[and] thank you for sharing that. It meant a lot to me." Even though I mostly write for myself, it is nice to know that some of what I do in these virtual pages might benefit or interest others.

Barry Ritholtz who has been blogging for more than ten years under the rubric The Big Picture, recently wrote an interesting piece on why people might blog, and I was fascinated by his observation that his own blog would be the same whether 100 people visited it or 100,000 daily. Clearly his visits would be closer to the latter and mine to the former as his blog is financially oriented and he is well-known in his field.

But, we have many of the same reasons (not all) to blog, and here are his:

1. You have something to say
2. You enjoy the craft of writing
3. You want to figure out what you think, and do so in public
4. You want to be part of a larger community of like minded individuals
5. You have a hobby or interest that you are really, really into
6. You want to maintain a presence on the Intertubes
7. You have an expertise and you want to share it
8. You have an eye for content (text, graphics and video) and you enjoy leading other people to them
9. You want to create a permanent online record of what you are reading, looking at or thinking about
10. You like engaging in debate with total strangers

The first three would be among my major reasons for doing this, although the others, except for the last, enter the equation as well. I guess I would have to add family history to the mix too.

In regard to "making an online record," I finally figured out how to get a PDF onto Google Sites so this is a link to a 1984 Publisher's Weekly article during my salad days. It is amusing (to me) to read about my vision of specialized publishing at the time and what the future might hold. It is pre-World Wide Web, so it has to be taken in that context. It was also amusing to share that particular issue with "Mr. T."

So, on to the next hundred, but for a while I am taking a break.
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Finishing the Hat Redux

Finished Sondheim's book Finishing the Hat but his melody lingers on.

The title of the book is a song title he wrote for Sunday in the Park With George (George Seurat, the Pointillist painter) and although that musical is after the cut off for this first volume of his "Collected Lyrics with Attendant Comments, Principles, Heresies, Grudges, Whines and Anecdotes," he says it is “the only song I’ve written which is an immediate expression of a personal internal experience.” And that experience is about what it means to create a work of art, "That, however you live, / There's a part of you always standing by, / Mapping out the sky, / Finishing a hat... / Starting on a hat../ Finishing a hat... / Look, I made a hat.../ Where there never was a hat."

Although now eighty years old, Sondheim still seems to be blazing new trails, with this book and the eagerly anticipated sequel which will cover the balance of his career and his continuing observations on Broadway colleagues and collaborators. (One of his criticisms of his mentor, Oscar Hammerstein -- and Richard Rodgers as well --- is that at a certain point in their careers, they no longer progressed, writing their musicals with a certain formula. Sondheim allows no grass to grow under his feet!) I began this "review" (on a very personal level) before completing this first published volume, unable to contain my enthusiasm.

So I now pick up with Little Night Music "suggested" by Ingmar Bergman's Smiles of a Summer Night. Sondheim says it gave him the opportunity to organize a musical around his favorite musical form, theme and variations, in which a theme is presented, and then follows various changes to that theme, either in key, harmony, orchestration or a more complicated musical variation to the theme which might even be unrecognizable, with a coda which usually repeats the theme in some way. His description of his meeting with Ingmar Bergman a year after Little Night Music opened, to discuss a possible collaboration on another project is priceless. Sondheim said to him: "...I have to know what you thought of the show, and please don't hesitate to tell me whatever you feel, as I have a very thick skin and I know our version is lightweight and doesn't begin to convey the depths of your movie....I'm sure I went babbling on a good deal longer, but he graciously cut me off. 'No, no, Mr. Sondheim, please. I enjoyed the evening very much. Your piece has nothing to do with my movies, it merely has the same story.' I thought: only someone with that understanding and generosity would realize, must less say, such a thing. and then came the kicker: 'After all, we all eat from the same cake.'"

Sondheim's most recorded song (over five hundred) is from this show, "Send in the Clowns." Paraphrasing Sondheim, it used to be the song, not the singer that made a song, but in this pop generation, it's now the singer (or song group) not the song. It was amazing to him that the song won the Grammy Award of the Song of the Year in 1975, the last song to do so from a musical. Per Sondheim, "The success of 'Send in the Clowns' is still a mystery to me."

The Frogs, with which I was completely unfamiliar, is an experimental piece he was asked to write for the Yale Repertory Theater, "one of the most deeply unpleasant professional experiences I've ever had." The producer was one of the worst kind: "the academic amateur." But he admits "it offered me a chance to harangue an audience, to use a chorus a cappella to make sound effects, to write massed choral music, and to indulge in vulgarity, adolescent humor and moral preachment, just like Aristophanes."

With his Pacific Overtures Sondheim moved to a new level in his fusion of music and lyric, using the structure of Haiku poetry in his lyrics, his dedication to the principle that "less is more." I've never seen Pacific Overtures although Ann had when it first opened on Broadway and when I asked her what she thought, she said that at the time it was so different from anything else she had seen, she didn't know what to think other than she knew it was a work of genius.

It is all part of Sondheim's quest to "finish the hat." In this musical Sondheim has the opportunity, however, to "thumb his nose" at Gilbert (of Gilbert and Sullivan) with a piece from the show "Please Hello": As he said, "I...would like to point out with suitable pride that the lyric is historically accurate as an account not only of the succession of arrivals but of the specifics of each country's demands. The music, unsurprisingly, is a series of pastiches: Sousa march, Gilbert and Sullivan patter, Dutch clog dance, Russian dirge and French can-can. In the interests of thumbing my nose at Gilbert, I summoned up a meticulous series of inner rhymes without distorting syntax, syntax distortion being a feature excused by his fans as part of his style, but something which I deplore, as I deplore it in Hart, Gershwin and Coward."

Ann & I were at a dinner party and we were talking about Sondheim's next work in the book, Sweeny Todd, and I was surprised by their unanimous abhorrence of the musical. Although I understand an aversion to some of the gruesome scenes, I think they were simply not getting it, lyrics and music perfectly synchronized, one existing for the other. Perhaps it is because unlike the classic musicals of Rodgers and Hammerstein, some Sondheim musicals do not let you merrily exit afterwards humming the melodies. But Sondheim haunts and certainly his love of suspense music, the macabre, and his less than sympathetic view of mankind (Rodgers and Hammerstein's musicals always ending on an uplifting note in spite of any darkness that might inhabit part of their musicals), comes through in Sweeny Todd, off-putting to the audience in its graphic violence, "blood" even spurting as far as the orchestra pit in some performances. How can an audience which loves an Rodgers and Hammerstein's buoyantly optimistic "There's a bright golden haze on the meadow" reconcile itself to Sondheim's bleak "There's a hole in the world / Like a great black pit / And it's filled with people / Who are filled with shit"?

Sondheim describes the work as a "dark operetta" and really a "movie set for a stage" so it is no wonder that Tim Burton's translation of the musical to screen starring Johnny Depp and Helena Bonham Carter is considered (by Sondheim) to be the most successful adaptation of one of his works for the silver screen. The movie is remarkable as neither Depp or Carter had ever sung before. Singing Sondheim is difficult enough for trained singers as his lyrics come fast and furious in many songs with few spells for breathing. In fact, the DVD edition of the movie is the perfect way to see Sweeny Todd, turning on English subtitles, sort of like reading the libretto of an opera while the performance is underway. It's the best method of fully appreciating what Sondheim accomplishes with this and his other opera-like musicals.

Finishing the Hat concludes with his Merrily We Roll Along, which reminds me a little of Company, as it is a contemporary urban piece, also about friendships, and somewhat autobiographical as it concerns a songwriter. ("In my heyday as a young songwriter, I played many requests at many parties through the short attention span of the requesters and suffered many opinions of producers and directors who felt that their credentials demanded that they have something critical to say.") Although there are memorable pieces in the musical, it closed after only a handful of performances, but with subsequent revivals, Sondheim tweaked it over the years.

The time line of the play is in reverse as our songwriter (Frank) devolves from being a rich Hollywood type to his beginnings on Broadway. It has one of my favorite Sondheim songs, "Not a Day Goes By" sung with two different meanings, first as Frank's final plea of love when his wife wants to divorce him and then in a reprise as a love song on their wedding day. Because of the reverse time line, it is the complete opposite of the usual reprise (think of Rodgers and Hammerstein's "People Will Say We're in Love" or "If I Loved You").

"Not a Day Goes By" is one of the many pieces I regularly perform by Sondheim. Although his music is best appreciated with his lyrics, that song reminds me of the other wonderfu,l frequently melodic, pieces by him that I enjoy playing as piano solos. True, there are others that do not work as solos, but I think Sondheim gets a bad rap for not being melodic. As I play mostly from "fake books" (which provide melody and chords and it is left to the pianist to improvise everything else) I have limited choices of Sondheim pieces. Still, there are many in my repertoire. Sondheim confesses a penchant for "list songs" (as do many other lyricists, think again of Rodgers and Hammerstein's "My Favorite Things" from Sound of Music which we just saw brilliantly performed at the Maltz Jupiter Theatre) and so, I am concluding with my own list, those Sondheim songs that I like to perform, all from The Ultimate Broadway Fake Book .....

Anyone Can Whistle (Anyone Can Whistle)
Being Alive (Company)
Broadway Baby (Follies)
Company (Company)
Good Thing Going (Merrily We Roll Along)
I'm Still Here (Follies)
In Buddy's Eyes (Follies)
Johanna (Sweeny Todd)
Little Night Music (Little Night Music)
The Little Things We Do Together (Company)
Losing My Mind (Follies)
Not a Day Goes By (Merrily We Roll Along)
Not While I'm Around (Sweeny Todd)
Pretty Women (Sweeny Todd)
Remember? (Little Night Music)
Send in the Clowns (Little Night Music)
Side By Side By Side (Company)
Someone is Waiting (Company)
Sorry-Grateful (Company)
Waiting for the Girls Upstairs (Follies)
Who's That Woman? (Follies)
You Could Drive A Person Crazy (Company)

American Dream Diminished

Owning a home was once a cornerstone of the American Dream. Go to school, work hard, get married, buy a home with a mortgage, have children, try to give them better opportunities than you had, work hard some more to pay off the mortgage, retire and do the things you couldn't do while you were working. It all sounds prosaic now, even old fashioned, but I suppose if I had to describe my life in a few words, that description would be a rough outline. Lucky for me, I loved my work so I never thought a moment about following just about the same blueprint as did my parents.

They were children of the Great Depression and after the war, the urge to own a home was overwhelming, a symbol of financial security and success. Levittown became the poster child for postwar suburbs throughout the country, and upon my father's return from WWII, they immediately bought their first house, around the corner from my grandparents' home, and blocks from my other grandparents, in Richmond Hill (borough of Queens in NYC). I think they paid less than $5,000 (this is 1946 mind you) and we lived there until I was 13 when we moved to a larger home, in a "better section" of the same community. Both homes still stand today, remarkably unchanged as these photos from Google Street Views attest. Those were the only homes they owned during their entire lifetimes.

By comparison, our home-owning has been more prolific (and equally remarkable, our past homes have been renovated to such a degree they are now nearly unrecognizable). After renting apartments in Brooklyn and the upper West Side of Manhattan, we finally ultimately moved to Connecticut where I was then working, first renting a small house in Westport, and then finally buying our first home which was almost across the street from where we were renting. It was 1971, the beginning of a steady increase in real estate prices and by 1974 we sold that first home and moved into a larger one in neighboring Weston where we lived for the next 22 years and raised our family.

The 1990s saw a moderation of real estate prices -- even a decline in some areas. It was the time of the savings and loan crisis, but with our children out on their own or off to college, our two acre home in Weston seemed unnecessary and we wanted a home in a "neighborhood" and by the water, so we sold and bought a 100 year old cape on the Norwalk River in East Norwalk. We thought that might be our home for the rest of our lives but, unexpectedly, my working life was at its end four years later and that is when we decided to move to Florida, the fourth home we've owned and, who knows, perhaps our last.

But, someplace along the way, the American Dream of home owning has become an American Nightmare. Foreclosures and the federal takeover of Fannie Mae and Freddie Mac are just ongoing symptoms of the developing crisis that has stemmed from the housing bubble of 2000-2007, mortgages being eagerly issued by banks with zero down to less than credit-worthy buyers, or to those in the "business" of flipping homes for profit, these loans condoned or even mandated by government. This activity and Wall Street's eagerness to cash in by taking inappropriate subprime loans and rolling them into exotic collateralized mortgage obligations, "rated" AAA by another accomplice in this crime against the American Dream, the rating agencies, conning investors into thinking they were getting a "guaranteed" return on a "riskless" investment, fueled the fire.

Also complicit is the Federal Reserve. By addressing the crisis with "Quantitative Easing" the Federal Reserve has postponed the day of reckoning. By Federal Reserve Chairman Ben Bernanke's own admission in a November 2010 Washington Post opinion piece, it is the "wealth effect" of past QE's that has contributed to the stock market's recovery, saying "higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending." This Fed induced bubble simply accelerates the "boom bust cycle," one that may end ugly when 'the can' can no longer be kicked down the road.

We all see the macro effects of QE, the rise in speculative investments, animal spirits being drawn out by low interest rates, a surge in commodity prices (of which there are relatively fixed amounts in relation to monetary creation out of thin air) but the gorilla in the room is our state and local governments. There has been a sudden flood of articles about their failing finances; a Google search will unleash an avalanche of them and I've written about this before as well.

In a nutshell, our state and local governments have promised too much in their pension obligations and now that the revenue tide is running against them with lower property tax revenues from falling real estate prices and foreclosures, not to mention their poor fiscal habit of financing certain projects with the assumption there will always be the opportunity to roll over debt with more debt in the future, the homeowner finds himself in the crosshairs. The cavalry of the Federal Reserve which rode to the rescue of banks and AIG has decided to leave municipalities and homeowners to their own devices, Bernanke saying "we have no expectation or intention to get involved in state and local finance. [States] should not expect loans from the Fed."

Consequently, it is now a vicious cycle, lower property values begetting a smaller pie for municipalities, which results in millage increases being levied by local taxing authorities, which in turn results in still lower property values. Being a homeowner today leaves one obligated to share in the past profligacy and poor planning of one's local government. Many would have difficulty selling their homes at any price to escape this obligation, turning the American dream of home owning into a nightmare.

Pelican on a Piling

It might be the silliest and saddest looking bird we regularly see in South Florida, seen resting here on a piling of our dock this morning, but the Pelican has a certain beauty, especially when it cruises only feet above the water, suddenly climbs and then dives into the water, tucking its wings at the last moment to turn its inelegant body almost into an arrow, taking a fish into its beak.

Dawn Rises on a Fresh Snow

As much as I generally do not miss the winters in the Northeast, there is that magical time when the snow is still pristine and the stillness of the dawn arrives, that a certain majesty of nature's creation is in evidence. Luckily, sites like WestportNow.com capture such moments in their photographs, and here is an exceptional one they posted today of Westport's Compo Beach (CT).

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Senseless to the Sublime

The last two nights make me think of Franz Kafka's The Hunger Artist, in which a famous fasting artist is on display in a circus menagerie, the crowds pushing past him to get to watch the lions stalk and feed. "He immediately got an earful from the shouting of the two steadily increasing groups, the ones who wanted to take their time looking at the hunger artist, not with any understanding but on a whim or from mere defiance—for him these ones were soon the more painful—and a second group of people whose only demand was to go straight to the animal stalls." It is a highly symbolic story of how artists sacrifice themselves for their art and the general public's ignorance of what great artistry demands and preference for sensational pursuits.

One of the reasons we live in this area of Florida is for the cultural diversity it has to offer. True, it does not have the advantages of a London or a New York in its breadth or consistently high quality, but knowing where to go can uncover some wonderful cultural events. Case in point, our favorite small theatre where we never miss a production, Palm Beach Dramaworks. But the largest theatre in the area is West Palm Beach's Kravis Center for the Performing Arts and we've seen some fine musical revivals there over the last several years, South Pacific standing out in my mind, and some special programs such as when Sondheim visited for an evening discussion of his works.
Admittedly, it was with some trepidation that we got tickets for the Kravis’ production of Beauty and the Beast but Ann had tried to see the Broadway version, liked some of the music, and never could get tickets so we were hoping that this touring production would at least be on par. Tuesday night we saw the opening and it was so dreadful that we left at intermission. This review gives some of the details although it is actually very restrained in its criticism.


It is a Disney dumb-down production presumably for the kiddies, with one dimensional slapstick characters, but, amazingly, most of the adult audience seemed to be laughing at the childish humor which at best rose to the level of a sitcom. The fact that a Beauty and the Beast could flourish for so long on the Great White Way says much about the public's taste in musicals. We should have known better!

The following evening we sought redemption, having long ago booked tickets for a series we have followed for years, Keyboard Conversations ® with Jeffrey Siegel at The Society of the Four Arts in Palm Beach. These are "unique concert-plus-commentary format in which he speaks to the audience about the music before performing each work" in their entirety. Wednesday night was one of the most demanding programs we've ever heard this highly-acclaimed American pianist perform, tackling three of the most difficult pieces written for the piano by Johann Sebastian Bach (Chromatic Fantasia and Fugue, BWV 903), Samuel Barber (Fugue from Piano Sonata, Op. 26), and Ludwig Van Beethoven (Sonata No. 23 in F minor, Op. 57 --- the "Appassionata). Mr. Siegel playfully calls the program "Three Great B's Bach, Beethoven and Barber" (the latter B normally reserved for Brahms, but this is the 100th birthday celebration of Barber, one of America's leading composers, a contemporary of Bernstein and Copeland). In addition he played two of Barber's "Excursions" which I had never heard and reminded me so much of some of Gershwin and Copeland.

The physicality of the performance was astounding. As I play the piano myself, I have a special appreciation for what Siegel accomplished last night, performing the entire program without sheet music, keeping up with the tremendous technical demands of these pieces. Indeed at the end of the night, when he conducted his traditional audience question and answer portion of the program, he seemed, justifiably, physically spent, perhaps like the artist in Kafka's story. But this audience was brought to a standing ovation in appreciation.


Antidote du jour.......

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We're On a Crazy Carousel

The passage of still another year reminds me of Jacquel Brel's brilliant waltz from the late 1960's musical review: Jacques Brel Is Alive and Well and Living in Paris. It is a song that begins slowly, sanely, gathering tempo as it culminates breathlessly at the end. I was playing that song during the anticlimax of Y2K.

We're on a carousel / A crazy carousel / And now we go around / Again we go around / And now we spin around / We're high above the ground / And down again around / And up again around / So high above the ground / We feel we've got to yell / We're on a carousel / A crazy carousel

My "blogger friend" Mark over at Fund My Mutual Fund, whom I've referenced before in these virtual pages, has been writing, strategizing, constantly working towards the goal of starting his own mutual fund. He is pursuing the golden ring on this carousel of life, following his dream, and this year he will finally realize it. His New Year's message revealed many of the details that led to this culminating moment and I applaud him for his tenacity.

Decades earlier, like Mark, I followed my own dream, carving out a niche in the publishing world, one that fascinates me to this day, but at one time in my life I had considered a career change and perhaps if the Internet existed then, I might have followed a different path. It wasn't that I had a falling out with my interest in publishing, but I too had become enamored by "the markets" and fancied myself an "investor."

My interest started out by investing in some of the Nifty Fifty ( many of which crashed and burned under their own overvalued weight in the poor economic, high inflationary years of the 1970's), and then with the help of VisiCalc (the precursor of Lotus 1-2-3, in turn the precursor of Excel) and my first computer (an Apple II), came up with what I thought was a "bullet proof" system of investing in convertible debentures. I even marketed a VisiCalc template ("Converticalc") to analyze them. Well, as we all sooner or later recognize, there is no infallible system, and making investing an avocation can be as dangerous as being your own surgeon, so now I rely on people like Mark and, I am not ashamed to admit (in this era of "fast money"), I'm also a buy-and-holder, investing in selected dividend aristocrats selling at reasonable price/earnings to growth ratios. But Mark's New Year's message reminds me that things might have turned out differently if I followed my other dream to its logical conclusion.

The program drew interest at the time and there was even some discussion with a major brokerage house about starting a mutual fund based on it. By today's computer standards the program is laughable, but mind you this was nearly thirty years ago. A new publication, Financial & Investment Software Review, which was dedicated to "microcomputerized investing" carried my article on investing in "converts" in its Summer, 1983 issue. I wish I could just give a link to the article, but I have to paste it below in its entity as it doesn't exist anywhere on the Web. Actually, the concepts haven't changed that much -- as far as straight investing in Convertibles is concerned -- but the nature of these instruments have changed with the advent of computer driven arbitrage. They are not for the faint of heart.

So, this is now water under the proverbial bridge for me, but things could have turned out differently if my interest in investing finally outweighed my passion for the publishing business. Follow your dream in 2011 and watch for the launch of Mark's "Paladin Long-Short Fund."

Evaluating Convertible Debentures by Robert Hagelstein (Financial & Investment Software Review, Summer, 1983, Volume 1, No. 3)

Convertible debentures are an unusual investment opportunity but largely have been overlooked because of the complexities in evaluating them and because of the relative illiquidity of the marketplace. During the last several years, however, convertible debentures have been issued by a growing number of companies and in larger numbers, significantly improving their liquidity. This factor, in combination with the widespread availability of the microcomputer for analysis, makes convertible debentures suitable for most portfolios. Much of the following discussion of convertibles has been adapted from the manual that accompanies CONVERTICALC , a VISICALC® template that was developed for the evaluation of convertible debentures.

Convertible debentures are debt instruments that are convertible into common stock. They share the most attractive aspects of both kinds of investments, the appreciation prospects of equity with the high current income of a bond. In addition, the debt characteristic of the convertible creates an investment floor, a point at which the convertible will not decline, even if, theoretically, the common declines to nearly no value (assuming bankruptcy is not the cause of the decline).

Despite the focus on convertible debentures in this article, there are also convertible preferred issues that may be of interest to the investor. A drawback to this convertible security is preferred stock has no maturity date at which time one can expect to receive par value for the investment. Nonetheless, many of the evaluation techniques discussed below can be applied to these convertibles should the investor wish to include such issues in an investment portfolio.

Corporations issue convertible bonds as an inexpensive means of raising capital. In effect, a convertible offering is an equity offering in the future, allowing the corporation to issue a debt instrument with a coupon rate much lower than prevailing rates. Until recently, convertibles were mostly the exclusive province of corporations with lower debt ratings. Persistent high interest rates have changed this; even Kodak and IBM have issued or filed to issue convertible securities.

There are several publications that follow convertible debentures, each providing essential information needed to evaluate them: the number of shares into which each debenture is convertible (the "conversion ratio"), the coupon and maturity date, the quality rating as a debt issue, the amount of debentures outstanding, and the identification of the issuer and the issue into which it is convertible (some are convertible into the common stock of companies other that that of the issuer). These publications include Standard & Poor's Bond Guide, Moody's Bond Record, and the Value Line Convertibles Service. They also provide some of the computations used to analyze convertibles, particularly Value Line.

SOFTWARE PROGRAM
CONVERTICALC not only gives the critical formulas for evaluating convertibles, but it also provides the data on approximately one-hundred of the most actively traded issues on the NYSE and AMEX exchanges. The user can add or substitute other issues, replicating the evaluation formulas.

Nevertheless, there is no computer program that can forecast the direction of security prices. There are a host of intangibles affecting investors' perceptions of value, many of these relating to investor psychology rather than to fundamental values. CONVERTICALC is intended to be an investment aid and does not offer any prescribed buy/sell decisions, It endeavors to supply information to evaluate convertible debentures in relation to one another and in relation to the underlying common stock.

As convertible debentures can be exchanged into the underlying common stock, at the option of the holder, the appreciation prospects of the common is crucial to evaluating its corresponding convertible, Traders convinced that the common will move substantially higher within a short period of time, are normally better off buying the common than the convertible. Longer term investors, particularly conservative ones to whom current income is important, may find the convertible to be the better choice. In both cases, however, the first step in making a buy decision is determining whether the common stock is desirable.

Convertibles selling at a large discount from par may be especially attractive to long-term investors. Such issues enable one to "lock" into a virtually guaranteed capital gain, even if the underlying common stock should fail to appreciate during the period. Another consideration is the convertible's bid and asked price. This spread will normally be small for issues actively traded on the NYSE or AMEX. It can be considerable for issues with a relatively small float and for those traded over-the-counter.

Most convertible are "callable" by the issuer, requiring the holder to either sell at the call price or convert into common stock. It is not unusual for convertibles to be called once the issue is selling at substantially more than par. Usually, convertibles are callable at prices higher than par during the first few years after issuance, declining to par as the date of maturity approaches. Many are callable at par long before maturity. For this reason Moody's Bond Record is an invaluable companion for investors considering buying convertibles: current call terms are specified.

CONVERSION PREMIUM
A key element in evaluating convertibles is the issue's "conversion premium." This premium represents the percentage at which the convertible is selling over its "conversion value" (the number of shares into which one debenture is convertible multiplied by the current price of the common stock). The lower the premium, the more likely the convertible will move in relation to the underlying common stock while the higher the premium the more likely the convertible will move in relation to interest rates. Convertibles with low premiums, having relatively high yields and fast "payback" periods (see below), are generally the best buys (if, of course, the common stock merits a buy). Such convertibles will appreciate with the common stock and provide greater yields than the common stock, giving the investor the best of two worlds: capital gains and lower downside risk.

As the conversion premium is intrinsic to evaluating convertible values, the CONVERTICALC disk includes a section sorted by conversion premium. Generally, those convertibles carrying premiums of less than 5% will follow nearly all of the underlying common stock's rise. However, some of these same issues may be equally vulnerable to a substantial decline of the common while others may follow only half the common's decline. The potential magnitude of a convertible's downside risk relates to its yield in relation to those paid by non-convertibles of similar quality. Obviously, convertibles with yields to maturity approaching those prevailing for straight debt issues that would decline the least even if the underlying common stock should decline (see the discussion of the "investment premium" below).

It is possible to quantify the potential price relationship between an underlying common stock and a convertible debenture, plotting what is known as the "convertible curve" on a x/y axis graph. An awareness, however, of a convertible's conversion and investment premiums generally obviates the need to maintain such graphs.
Then, there is the concept of "payback period," the amount of time it will take to recover the conversion premium from the additional yield provided by the convertible over the common stock, This is important when considering whether one buys the convertible or the underlying common, When a convertible has a relatively long payback period and the premium is not excessive the common stock yields nearly the same as the convertible. If the dividend is relatively secure, the common stock may be a better value than the convertible,

INVESTMENT PREMIUM
The concept of "investment premium" can be as important to one's investment decision as the conversion premium, The former represents the percentage a convertible debenture is selling above its investment value (as if it is devoid of its convertibility feature). In order to ascertain this percentage, it is necessary to identify the debt quality of the convertible being considered. Access to Moody's or Standard & Poor's bond publications will provide a bond rating for the issue, For this reason, it is necessary for the investor to know the yield to maturity of the convertible being considered. Even if the investor is not looking for high current yield, yield to maturity is the basis for comparing convertible to straight bonds, CONVERTICALC provides an approximate yield to maturity calculation.

Quantifying the investment premium is a method of judging the potential "floor" for the price of a convertible, a means of establishing the magnitude of the investment risk, A convertible with virtually no investment premium is selling at its investment value. Such issues are more likely to be more sensitive to changes in interest rates than movement of the underlying common stock This is also a characteristic of convertibles with high conversion premiums. Therefore, generally, the investment premium and the conversion premium will tend to be the reciprocal of the other, high investment premiums following low conversion premiums and vice versa, Sometimes one can find convertibles with relatively low investment AND conversion premiums, These are the undervalued issues that should be sought by the investor; they have nearly the same upside potential as the common stock with very little downside risk if the common stock should decline (assuming static interest rates).

The investment premium may be quantified by using a hand-held calculator or the remaining memory available on the VISICALC matrix. After the bond rating for the convertible issue being evaluated has been ascertained, and the prevailing yield for equivalent non-convertible debt issues has been established, a bond table would reveal at what price the convertible would have to sell to yield the prevailing rate. Then, by subtracting the current price from the price at which it would have to sell to yield the prevailing rate and dividing the remainder by the current price, the investment premium can be calculated. Common sense can generally substitute for an actual calculation. In comparing a number of convertibles chosen on the basis of relatively low conversion premiums, ones of roughly the same investment grade, those with the highest yields to maturity have the lowest investment premiums.

Convertibles should not only be analyzed against one another and against the underlying common stock; they should also be evaluated against themselves over a period of time. Maintaining a file on a regular basis and recording changes in the key convertible evaluation components - conversion premium, yield, and payback period - enables the investor to "plot" bands of values. Market volatility, earnings growth, interest rate movements will profoundly affect these statistics. By observing these movements as computed by CONVERTICALC, the investor can decide when the common is overpriced in relation to the convertible or vice versa. One may want to sell a convertible whose conversion and investment premiums have become too excessive and switch into one with lower premiums and/or a higher yield. By observing diligent portfolio management the investor can maximize return and minimize risk.
"Evaluating Convertible Debentures" © 1983 by Robert Hagelstein. CONVERTICALC, is a VISICALC® template formatted for 64 K APPLE II® DOS 3.3. APPLE® is a registered trademark of Apple Computer, Inc. VISICALC® is a registered trademark of VISICORP''.

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