EGPT has actually moved up slightly over the last month but I attribute this more to the fund closing new share issues until the underlying market reopens versus actual optimism in the Egyptian exchange. I’d short the ETF at its current price, but because the fund is closed it’s impossible to borrow shares to do this. The funds trading at a 20% premium to its net asset value and I expect the realistic % to be even higher given the difficulty in pricing the Egyptian shares. Once the underlying market reopens EGPT will have to reprice based on the NAV of its holdings which are expected to be significantly lower. If you’re currently on it I’d suggest getting off prior to the Egyptian market reopening.

If not, I’d take a wait and see approach until we get an open. I’m keeping my eye on other Middle Eastern funds – GAF and TRAMX specifically – but I am not making any moves as of yet. The situation has continued to deteriorate in ways that were unexpected (at least by me) with protests gaining steam in relatively stable and open countries like Bahrain, Oman, Morocco – and of course others that impact global markets less like Libya, Yemen, Iran, and Iraq.

I’ll keep you updated on any moves I make - and even if we don’t get the opportunity to make some $ on these markets uncertainty and turmoil we’re getting to watch a pretty spectacular show. Enjoy!

Stay tuned…

An equally significant story was the Republican’s ability to gain control of 19 state-legislatures. With Congressional redistricting set to begin, Republicans will have a significant advantage to retain or redraw favorable districts. In addition, California’s passage of Proposition 20 will improve competition and could assist in Republican pick-ups. Only 1 of the 54 California seats changed hands in this cycle – a woeful indictment of the gerrymandered nature of each district.

The narrative that Sarah Palin emerged favorably for a 2012 Presidential run strikes me as false. She faced embarrassing losses in Delaware, Nevada, Alaska, and Colorado – costing Republicans 3 Senate seats – whereas victories in Pennsylvania and Florida would have occurred without her support. At best her victories in the Gubernatorial races in Iowa, South Carolina and New Mexico, and her Senatorial victories in New Hampshire and Kentucky demonstrate that she retains clout and should assist her organization and outreach in early primary states.

Obama’s response to the Democrats defeat was disappointing as he blamed the results on the economy and a failure to communicate as opposed to unpopular polices. As I wrote in my election preview, the Administration does have a problem with message. However, the problem is sticking to- and driving home- its message, rather than the failure to communicate the benefits of unpopular programs and policy. With no White House shake-up expected, it will be critical for the Administration to pivot away from blaming the economy (or the previous Administration) and at least privately recognize that its policies were strongly rejected by the electorate.

Even more troubling to Obama is the return of Nancy Pelosi. While Pelosi proved competent in passing both the Health Care and Financial Reform legislation, she also subjected her members to a pointless and costly vote on a Cap and Trade bill that had no chance of passage in the Senate. The divisions between the Progressive wing of the Democrat Party and what’s left of the Blue Dogs (24 were voted out of office) will spill into the public. While the Obama, Pelosi, and Reid troika may have survived they will continue to serve as a lightening rod for Republicans and Independents and will present the Democrats with problems come 2012.

House: GOP +60 seats

After being written off as a dead party following Obama’s historic 2008 victory, Republicans are poised to make significant gains in today’s election. An inability to bring down the unemployment rate and the overselling of the potential impact of the stimulus package has provided Republicans with plenty of campaign fodder. Further, the Administration’s tone-deaf focus on health care appears to have backfired and placed many Democrats that won election in 2006 and 2008 at-risk. Despite a legislatively successful session (in terms of the impact of legislation passed), the President and the Congress’s inability to coordinate, stay-on, and push a unified and compelling message will prove to be its ultimate demise.

While I projected Republicans to make significant mid-term gains in the conclusion of my 2008 election preview, I never expected the gains to be of this magnitude and depth. Although Republicans have made things significantly more difficult for themselves through their Senate nominees in Nevada, Delaware, Kentucky, Alaska, and Colorado, it appears that the tea party, conventional republicans, and independents have coalesced around the nominated candidates (except in Delaware). Voter’s rejection of the party in power will provide the enthusiasm and turnout necessary to propel Republicans into control of the House and within striking distance in the Senate. Final Prediction is GOP +8 in the Senate and +60 in the House.

Turkey is known to have crazy soccer fans so before I left Cairo I checked the schedule and saw that Besiktas had a home game. There are three major teams in Istanbul (Besiktas is one of them) and their opponent was a team from the Kurdish portion of Turkey. The Kurds language and political rights have been suppressed by the state, but they aren’t very popular in the country partly because of the Kurdistan Worker’s Party (known as the PKK). The PKK is a separatist movement seeking unification with Kurds in Northern Iraq to form Kurdistan. The group is considered a terrorist organization as its members have led terror attacks and tens of thousands of Kurds have been killed in the decades old conflict. So I figure this should be a good game. I found tickets without a problem and prior to the match was searching for food when two guys asked me for directions. Turned out they were Russians in town for that Tuesday’s CSKA Moscow Champions League game against Besiktas, were also going to that night’s game and were looking for something to eat — so I figured why not and went to eat with them. Nice kids – early 20s – from Moscow and they insisted I sit with them at the match so one of the guys and I switched tickets because he figured he’d have an easier way talking his way into a separate section than me. It all seemed nice enough until they unfurled an Imperial Russian empire flag that they intended to display during the game — and a switch blade that one of the kids insisted he needed because the Turks don’t fight fair. Sweet. Thing is, at this point I’m stuck – I have a ticket in the same section as one of the kids, the game is in half an hour, and there is no way for me to talk my way out of going with them.

The stadium is about a fifteen minute walk from the main square so we started walking but got lost – tried to take a short cut thru a Hilton hotel – and after jumping a fence and climbing through some bushes we end up at this tall stone wall with barbed wire at the top. This didn’t seem problematic for the Russians and they proceeded to jump the wall but after the first kid get stuck on the barbed wire I explained that I’m without health insurance and will go around the hotel and meet them in the back. Istanbul’s streets aren’t grid-like so I wasn’t able to get to the back of the hotel and ended up going to the game alone figuring I’d see the kids there. I get to the game and none of the security or gate attendants seem very anxious to help me get into the stadium or point me into the correct direction. Turns out, I’m in the heavily guarded, fenced, and netted visitor’s section. Shiiiit. The Russians had gotten tickets in the visitors section because they were against Besiktas and now, since we had exchanged tickets, I was in their section too.

Similar to the game in Cairo seat assignments are irrelevant – you stand wherever you find space – so I head down toward the middle and try and fit in. Five minutes passes before there is a huge ruckus at the top of the section and I see my Russian friends being harangued by the Kurdish supporters and the police ushering them out. The flag didn’t go over so well. Anyway, the game was a lot of fun. I found some Kurds that spoke English and watched the match with them. The game ended 0-0 which was considered a victory for the clearly inferior Kurdish team and there were no threats or violence - though we did have to wait 30 minutes until all the Besiktas supporters were out of the stadium before they would open our gate and let us leave. All in all it was an exciting game and I have always wanted to sit in the visitors section of a football match so it’s another box I can check.

The cafe is basic and fairly standard – the building is old but the area is not cramped. There is a tv in the corner of the room but no bathroom or WiFi access. There are far more chairs than tables with people often spilling outside onto the open sidewalk. Despite the downtown and central location, I am often – at least from appearances – the only foreigner there with the rest a mix of young and old Egyptian men.

These cafes are incredibly welcoming and social – sitting alone almost always results in an invite to join a neighboring table while simply pulling up a chair amongst a group of Egyptians is more than acceptable and met with questions and lively discussion about America, marriage, religion, and sports.

That’s how i meet Amr, following Egypt’s disappointing loss to Algeria in the world cup qualifier playoff. Full of excitement and too packed to enter earlier, the mood is now glum yet still welcoming. I find an open seat with Amr and his friends, all graduates of Cairo University. As a recent casualty of the job market, Amr and I find common ground in our lack of responsibilities and abundant free time, exchange numbers and decide to meet later to pass the time and explore Cairo. His friends – all younger than me and either engaged or married – take delight in my lack of pressure or desire to marry and my descriptions of the interactions and hookup culture in American bars and nightclubs.

It’s also the place I meet Sharif and his friends – in their early 20s and enamored with all things American. Their bond is instantly apparent as they joke with one another about their nicknames and studies. Sharif has been a great resource and friend – happy to show me the Cairo not found in the guidebook complete with it’s unique food and drinks, off the path locations, and always ensuring that I’m not getting swindled by the taxis or shopkeepers.

As in much of Cairo, prices pale compared to those in America. I pay 1.5LE for a tea (.25c), 2LE (.35c) for a bottle of water, and a few pounds, depending on whether I’m with Egyptians or subject to the tourist markup, for shisha. Multiple packs of cigarettes sit on the table with intermixing and sharing the norm.

Staff, quite inattentive and never pushy, whirl around hot coals in half open canisters waiting to refill shishas –  second degree burns looming from a simple slip of the hand.

Tonight we sit and watch state TV showing Algerians chasing down and delivering beatings to Egyptians, damaged and looted Egyptian businesses, and Algerians burning Egyptian flags, all to a backdrop of patriotic songs. The mood in Cairo is still quite tense, fueled by President Mubarak’s address to Parliament earlier today suggesting that Egypt will not allow such disrespect from other countries. An Egyptian police officer, watching intently, says something to me in Arabic and seems quite satisfied by me responding ‘Algeri’ and giving a thumbs down – It’s times like this that I especially appreciate the open and welcoming atmosphere and can surely say that this is no Starbucks.

I get to Cairo last Tuesday knowing that Egypt is playing Algeria for a final place in the World Cup and that I want to go. Cairo is already buzzing as Egypt and Algeria have a long history of trouble stemming from Egypt’s perceived lack of support during Algeria’s Civil War and past matches. Many Egyptians I meet refer to Algerians as dirty, envious, dishonest, and low. In 1989 the two teams met in Cairo in a similar situation with Egypt needing a win to advance to the cup — and they got it, but the game was marred by violence including 11 on-field fights and a post-game conference where an Algerian soccer legend attacked the Egyptian team doctor with a bottle costing the doctor his eye. Needless to say there is bad blood between the teams, escalated in the weeks leading up to the match by state press and social network snipes. When the Algerians arrive at the airport their team bus is stoned injuring a few of their players. Egyptian state media denies that this occurred claiming that the Algerians staged the attack despite YouTube videos showing otherwise. FIFA demands better security measures from the Egyptians and threaten to call the match.

Tickets are supposed to be available Wednesday at set points throughout the city but come 7am Wednesday morning it’s announced that tickets aren’t available until Thursday. This infuriates Egyptians who believe tickets are available but are being hoarded by the elite to sell on the black market. Thursday comes and tickets are available – each person allowed up to 3 – but I don’t wake up and wait (for hours) because everything in Cairo is very inexpensive and I’m positive I’ll have no problem scalping one. I underestimated the importance of the game.

In my search for housing in Cairo I stumble across the Algerian embassy where a sizeable Algerian rally is taking place coupled with a heavy police presence. At night there are many Egyptians on the street singing, banging drums, and running with the Egyptian flag. The game is all anyone is talking about. Women are urged not to attend because of the threat of violence — and they do not yell loud enough. Rumors are circulated about multiple fights throughout the city, the death of an Egyptian woman by the hands of an Algerian, 38 Algerians hospitalized from beatings, and 5 brutal beatings at a unity concert with a famous Egyptian and Algerian performer set. Egyptians stay outside the Algerian hotel honking their horns all night to ensure the visiting team gets no sleep.

Friday night arrives and tickets are still impossible to find. I had three contacts – an American, a British soccer journalist, and an Egyptian friend – searching for me to no avail. I tell another Egyptian friend from the hotel my dilemma and after a few calls and a couple of hours of waiting I finally secure a ticket – marked up 300% – and well worth the price. In Cairo there are three classes of tickets with no assigned seating – you sit wherever within your section and ‘class’ and I am able to land a first class ticket which puts me close to the pitch.

Coke has an advertising billboard campaign throughout the city reading ‘Remember 1989′ in reference to the last game versus Algeria of this magnitude. This time Egypt needs to win by 2 goals to force a playoff with Algeria in neutral Sudan – and 3 to advance to the World Cup. Otherwise Algeria qualifies for its first cup in years. I get to the stadium at 1:30pm for the 7:30pm game having been told I’d have to get there hours in advance to get in but expecting a relatively painless process ala entering an American sporting event – nope. There is already a crush of people trying to get thru the one open gate lined with riot police — and the stadium is just a spot in the distance. I join the crowd and am completely surrounded by a building crowd that every few minutes inches a foot or two forward with pushes and elbows. This goes on for an unpleasant half an hour and the whole time I’m thinking this is where people get crushed to death in the stories you read re soccer and death. The closer I get to the front the more intense the jockeying for position as everyone is converging on two police with locked arms slowly letting people thru. I finally manage to get pushed through the first gate and am frisked by multiple police officers before being allowed to proceed – again, no rhyme reason or order to the process.

Figuring the worst is over I head toward the stadium only to find another gate much like the first. This one is more crowded and plays out the same way as the first. Everyone in the mass was very nice and interested in what I was doing there. Some asked how things are done at sporting events in America with one Egyptian telling me getting into the stadium will be the worst experience in my life – because this is only the second of five gates. I have an Egyptian flag draped around me so I fit in well enough. I meet a group of half a dozen big Egyptian college kids and they more or less usher me in the mass through the second and third gate complete with multiple more frisks and searches. I lose them after the 4th gate but manage to get into the stadium after over an hour of pushing in line.

Five hours before the game the stadium is packed – about 80% capacity with everyone standing, singing and cheering. I sit, by myself, but the Egyptian kids I was in line with see me and tell me to come sit with them. They are very nice to me – welcome me to their country, explain the slurs they’re yelling toward the Algerian section, and buy me food. The stadium is loud and amped. This goes on the next five hours with breaks only when a mosque is shown and prayer is put on the jumbotron. The crowd is well behaved though there is an eruption when the heavily guarded Algerian section burns an Egyptian flag and whenever an Algerian player emerges from the tunnel to go onto the field. I hate the wave but it looked great when eighty thousand people all wearing the same colors with the same flags do it – and multiple times massive flags were unfurled down sections where you’re literally underneath the flag holding it up. The jumbotron flashes ‘Welcome Visitors’ overshadowed by an enormous flag that reads ‘Welcome to Hell’. When Egypt’s team comes onto the field the place goes bonkers and stays that way thru the start of the game.

Needing two goals to push to a playoff the stadium is very tense but Egypt scores within the first three minutes and everyone goes ballistic – jumping around, hugging, absolute mayhem. This continues until the second half when having not scored again things begin to get quiet, tense and a bit angry. People in third class are throwing things and there are a few fights around the stadium (the one in my section occurring because everyone stands on their chair and the people behind cannot see unless they too stand on their chair which wasn’t agreeable to everyone). The place was 95% men if my area was representative of the stadium. Come the 85th minute the groans get louder at every missed Egyptian possession and I notice the few women and children around begin to leave and riot police emerge to circle the field. I’m thinking things are going to get interesting and there isn’t an inch of space to move with the aisles packed with people who could not find seats, the standing areas in the concourse full, and people even sitting on the top of the stadium bowl.

The Algerian players begin taking more time on the ground from fouls leading to five or six minutes of added injury time. Egypt is pressing but not getting anywhere and everyone around is distraught. Then, with a minute left in injury time, an Egypt cross finds the head of one of their players and into the goal. The stadium goes ballistic. Never seen anything like it – people are jumping around hugging anyone in sight. Sections are shooting off flares - the Egyptian bench is on the field celebrating - grown men, too many to count, have tears streaming down their faces – its absolute pandemonium. This video shows some of it: http://www.youtube.com/watch?v=z49j8qFm7hQ
It’s an unbelievable crazy show of emotion. Prior to the game an Egyptian told me that the people have no hope so they rally around their soccer team – that’s what brings them happiness – and it’s clear this is the case. The game ends, fireworks are set off, and the stadium stays celebrating as the players run around the field. Absolutely unreal.

I finally leave the stadium – which is not served by any metro – and the streets outside are wild. There are huge processions of people celebrating by shooting off flares and aerosol cans w/ lighters to get fire. I walk for about an hour looking for a taxi but the roads are clogged with people, taxis buses and cars have people hanging on them, on top of them, and outside them. I’m trying to get to Tahrir square - the main square in Cairo - where i figure the celebration will be best. Buses in Cairo aren’t like American buses in that they don’t stop at bus stations and they don’t stop for people to get on and get off – they just slow down and you jump on or off – and they don’t all really look like buses. Finally I find one that wouldn’t require me to hang on the outside for dear life (Cairo’s death wish driving is a whole other story) and jump on with no idea where it’s going and a driver that speaks no English. I head straight to the back and figure I’ll get off when most others do and catch a cab from there but I meet a group of Egyptian kids that take significant interest in me, speak broken English, and assure me I can get close enough to the square on this bus. Everyone on the bus is smoking and cheering. They start chanting USA in my honor between regular chants of ‘Masr’ (Egypt in Arabic) and eventually we get off and join the celebration in the square. The area is packed and going nuts – little of which is alcohol induced adding to the atmosphere. Eventually I meet up with an Egyptian friend at a cafe on the square for shisha and he tells me he couldn’t stop crying after the goal. We go on to a cafe / bar popular among AUC students and meet up with my British journalist friend who has been covering soccer for the last decade and says the only thing he’s seen compare to this was a World Cup final. At 3am I head home, the streets still packed with celebrations, and end up talking about the game with the Egyptians in the hotel until 6am.

Since then discussion and replays of the game seem to be the only thing on national TV as the country prepares for tomorrows playoff in Sudan. Cairo is making public transit free tomorrow to encourage people to come out and watch the game.  A win tomorrow will lead to another night of craziness as Egypt will have miraculously qualified for the World Cup.

All in all it was the most amazing sporting event I’ve ever experienced and one of the coolest things I’ve ever been a part of. The Egyptian fans could not have been nicer and the game couldn’t have played out more like a movie script. The amount of emotion in the stadium and streets was unbelievable. Here’s to hoping for a replay tomorrow night. Masr!

- Michigan and Ohio produce 38% of all cars and trucks in the US in 2007
- 12 foreign auto producers make 54% of cars Americans buy and employ 113,000 Americans compared to 239,000 at US owned car makers
- Take home wages at US Carmakers average $28.42/hr: $26 at Toyota, $24 at Honda, $21 at Hyundai — w/ benefits hourly labor costs average $44.20 for non-Detroit producers & $73.21 for Detroit
- In 1995 a car took GM 46 hours to make, Chrysler 43, and Toyota 29.4; In 2006 a car takes GM 32.4 hours, Chrysler 32.9, and Toyota 29.9 (Harbour Consulting)
- For every UAW member working at a US carmaker today, three retirees collect benefits — at GM the ratio is 4.6:1
Emerging Nations
- China consumes 1/4 as much copper per capita as Germany
- China accounts for 10% of the global economy; 1.3B people collectively consumed $1.2T last year, Americas 300M consumed $9.7T

Energy Markets – Oil
- In 2007, Profit per Barrel was $17 for XOM, $12 for BP, $14 for Shell, and $16 for CVX
- OPEC basket price trades at a discount to NYMEX crude by $5-$10
- Canada Oil Sands: Costs $20-$25 Canadian ($18-$22 US) for each Barrel which sell for $60/each — Production: 1M barrels/day … 3.5M b/day by 2015
- Revenue (Est. Net Oil Export Jan-Oct ’08 in billions): Saudi Arabia $262, UAE $84, Iran $75, Kuwait $74, Algeria $64, Nigeria $63, Angola $62, Venezuela $56, Iraq $54, Libya $51, Qatar $34, Ecuador $10, Indonesia -$5
- IMF (10.20.08): Iran needs $90/b, Bahrain $75/b, Oman $77/b, Iraq $111/b to balance budget-avoid deficit spending
- Saudi Arabia current output quota is 8.5Mb/day; domestic use is 1.5Mb/day (so 7Mb/day for export) — Need oil at $38 barrel to balance its budget (12/08)
- 60% of Saudi Arabia crude-oil (4.5M barrels/day) go east to South and East Asia
- Nigeria produces 2.5M barrels/day – 3% global consumption – ‘high-quality, light, low-sulfur grade – high gasoline content, low processing costs’
1/5 of Nigeria’s oil output located in Niger Delta in the South
- Reserves (in billions of barrels): Canada 179.2, Venezuela 80, Libya 41.5, Nigeria 36.2, Saudi Arabia 262.3, Iraq 115, Iran 136.3, Kuwait 101.5, UAE 97.8, Russia 60 (2007, UEIA)
- Producers (Mb/day, 2007): Saudi Arabia 10.2, Russia 9.9, US 8.5, Iran 4, China 3.9, Mexico 3.5, Canada 3.4, UAE 2.9, Venezuela 2.7, Kuwait 2.6
- Consumers (Mb/day, 2007): US 20.7, China 7.6, Japan 5, Russia 2.9, India 2.7, Germany 2.5, Brazil 2.4, Canada 2.4, Saudi Arabia 2.3, South Korea 2.2
- Middle East: 60% of oils reserves & produces 25M barrels/day (sour crude – acidity)
- WTI: 500,000 barrels per day
- Canada: Worlds second largest oil reserve behind Saudi Arabia
- Cushing, OK is the delivery point for West Texas Crude
- NYMEX: Financials account for up to 70% of trading; oil producers & companies the remainder (mostly spot demand for crude)
- Speculators account for 42% of all oil trading on Nymex, index investors 11%, oil producers & other companies the rest (Goldman, 6/08)

- Crude oil historically trades 6-12x Natural Gas

Energy Markets – Natural Gas
- 42% of EU Natural Gas imports come from Russia; bloc relies on imports for 60% of all gas needs (Eurstat)
- 80% of EU natural gas imports (from Russia) goes thru Ukraine
- Takes 36 hours for gas to get from transit point in Ukraine to the EU borders
- 36% of natural gas that Germany uses come from Russia

Tech Industry
- Tech companies account for 4% of nations employment

Commodity Markets
- Costs steelmakers $650 to make a metric ton of steel
- CBOT: Treasury notes, Soybeans, Wheat, Corn
- Chicago Merc: Interest-Rates, Stock-Index, Livestock
- ICE: Natural Gas, Oil, Sugar
- US imports from Argentina were 1.2% of all fresh beef imported thru Sept 2008 (US Agriculture Department)

Economic Indices
- Dollar Weakens = Exports Rise
- Core PCe: 2.4%
- Dow Theory: Industrial & Transports hit highs, a bullish sign for stocks / economy – strength in one confirms strength in the other
- When interest rates in Europe rise faster than in the US, European currencies tend to rise against the dollar
- Widening trade deficit leads to a weaker dollar
- Modest inflation helps economy run smoothly: companies expect increasing revenues, while costs such as wages are fixed for several years
- Central banks aim for annual price rises of 1-2%
- Consumer spending accounts for 70% of all spending
- Don’t buy ETFs with assets less than $200M
- UK: Household debt as % of Annual disposable income is 159% in 2005 (135% in US); Ratio of Avg Home Price to Mean Income: 6.1
- US consumers drive 70% of all US economic activity

Tax Policies
- $1 additional tax revenue costs economy $1 of tax + $1-$2 in lost income
$1 tax cut on dividend reduces revenue collection by .50 because of taxes on $2 additional economic growth
$1 tax cut ATB rate costs .77 after account taxes on .95 additional economic growth
$1 tax increase on dividends gets .50 to gov but costs $2 in lost income + 50 cents in tax to Americans
$1 tax increase ATB gets .77 but costs .95 in lost income + .77 in tax

Bond Markets
- Fall on yield can represent a flight to quality
- Credit Default (CD) Swaps: If spread is .70 percentage point, then takes $70,000 to insure $10M in speculative-grade bonds
- Long term yields are higher partly in anticipation of a government borrowing spree. short term treasury rates are low because investors are hoarding them as a safe haven
- Gap between yield of 2 year and 10 year treasury is the yield curve — when short term rates are higher than long term rates economic downturn follows; when the curve is steep expansion follows bringing along higher prices
- Economy slows, investors bid up prices of treasury bonds sending yields lower; economy heats up, investors sell bonds sending yields higher
- S&P should yield 85% of Baa-rated corporate bonds – currently (Nov 2008) S&P yields 10% compared to 9.5% for Baa-rated corporate bonds
- Credit Default Swaps: A lends $10M to B, A pays premium to C for protection on the $10M, A asks C for collateral to ensure it’s good for the debt it’s paying premium on
C hedges exposure by entering into swap with D – which then hedges through E: $10M in underlying equals $30M in in total swaps

Buy Outs
- Buy-out Targets: Smaller Market Caps, Low Debt Levels, Hefty Cash Flows
- LBO: Companies Sales, Profits, Cash Flows, and Breakup Value (units); Look at other companies that have been taken private and find similar

Other
- Germany accounts for nearly 30% of all output in the 15-nation euro currency zone
- In Japan the top 5 steel companies account for 80% of the nations steel output; in China the top 66 companies account for 80% of the market
- Private prisons housed 7.4% country’s 1.59M inmates (mid-2007) up from 1.57M in 2006
- November and December sales make up 25-40% of many retailers annual sales (National Retail Federation)

Garcia has finally arrived. After years of thinking about writing a blog I’ve decided to take the big leap and see if I can’t keep fairly regular updates. I figure beginning a blog, after months of facebook and twitter updates, is the natural progression of the self important narcissitic social networking world in which we live. I’ll try and keep it entertaining as I offer thoughts on politics, sports, markets, and pretty much anything else that comes up — in the meantime I’ll be finishing up the design of this site so stay tuned for updates.