April 2005 Archives
When Genius Failed is a wonderfully narrated story of hubris at its peak, of financial mathematical modeling bringing a hedge fund up to the pinnacle of its field and those same financial models bringing the fund to its knees (as well as many more major, major players).
That so much leverage could be allowed to exist is just mind-boggling. That this leverage for the most part was basically free was even more mind-boggling.
Roger Lowenstein does a great job of portraying the main players as the characters they are. The pace is wonderful and the details are wonderful as well. This is the way a non-fiction book should be written. So many are dry boring recitations of names, dates and facts. But when done correctly, as Mr. Lowenstein has done here, the result is a gem. Because it is based on a reality of events, not the constructs of fiction. Highly recommended.
Although this has nothing to do with the oilfield, it seems an appropriate definition.
General Contractor - Satan's Toe Jam
Yep, that's about right.
From Hogs on Ice
Yes it is there. Some is so glaring as to be ridiculously obvious (Houston Chronicle? New York Times?)
But this little incident takes it to a new level. Tory fury as BBC sends hecklers to bait Howard
And the Tories are only asking for an apology? How about criminal prosecution of those involved, termination of the ringleaders and the privatization of the BBC? That's what really needs to happen. Hopefully England will wake up from its current haze and realize what is happening around them. Hopefully this incident lights the fuse to significant change.
h/t Rodger Schultz
As a stickler for proper English, it is with great dismay that Mad Oilman continuously finds hideously misspelled words littered across this weblog. My excuse is that it is not based in abject ignorance. But in screen resolution.
Mad Oilman has his monitor set at a ridiculously high resolution. Good for photo manipulation and AutoCAD design work. Passable to acceptable for reading. Hideous for proofreading. And this wonderful(and free!) tool I use to post, Bloggar v4.00 is just that, wonderful. But its spell check dictionary is Portuguese based. Doesn't make for a good catch of typos.
Hopefully increased vigilance will lead to a more error free reading experience for my two daily readers.
Mad Oilman has been up and running since Christmas (thanks to Mrs. Oilman). I had originally thought this would be focused at least 50% oilfield 50% everything else. Well obviously that has not happened. I think the main problem is that Mad Oilman has access to wonderful daily oilfield news services and he forgets that the majority of the world does not. If there is a counrty with exploitable oil or gas, I'm fairly aware on a daily basis of what is hapening in those countries. As it affects my bottom line. The most recent Syria embargo by the United States cost my group a bit over a million dollars. For equipment manufactured to specifications and ready to be loaded on a ship. Embargo is announced, equipment is now ours. We'll eventualluy canniblaize it as it is all new equipment, but that it still a big financial hit to take due only to world events.
Well Mad Oilman will attempt to write once a day on the machinations of the oil industry and it's intersection with world politics. And in this industry there are huge dollars involved.
Today's commentary involves the country of Bolivia. Bolivia has siginificant gas reserves. They have not been expoited to their full potential. This denies the Bolivian government a significant source of income, especialy export income.
There's a bit of a socialist revolt going on in Bolivia right now The President has attempted to resign but he has been denied. Chavez flu has spread from Venezuela to Bolivia.
The sypmptoms of Chavez flu are Populist prounouncements and promises. Those require loads of short term cash. Paying off the boys, as it were. Bolivia is taking this route:
Bolivian Congress to Review 76 E&P Contracts
Review, as to ignore contract law. Increase royalty rates. Increase taxes. Post facto. Needless to say, many of the contract holders are a bit upset about this. They built their own internal economic investment models based on Bolivian law at the time. And of course they included a risk factor. Their dollars are already sunk into capital projects in Bolivia (wells drilled, pipelines built, etc). Now they have been told "Sorry, restart, OK?"
Risk in Bolivia has just skyrocketed due to this decision. Many companies may abandon their contracts as they are no longer economically viable based on the new tax regiem. Investment dollars in new development have now evaporated as well. So for short term gain, Bolivia has effectively wiped itself off of the global E&P map. There are too many other opportunites elsewhere. Brazil will still be involved as they are an importer of Bolivian gas, but as a potetial global exporter, Bolivia has through economic ignorance removed itself from the global playing field. Tragic and sad.
Update!
The Bolivian story was linked to through Rigzone. Rigzone is an internet based daily oilfield newsletter. Due to generous corporate sponsorhip, this daily newsletter is free. If you are interested in the oilfield from an economic, corporate, financial, technical or government perspective this is a wondeful resource.
I've been reading Austin Bay for a while now. Owning every edition of Jim Dunnigan's How to Make War (yes, I was in middle school when I bought the first edition) I have always kept an eye on Mr. Dunnigan's writings. He cowrote the wonderful A Quick and Dirty Guide to War with Austin Bay. As this was written in 1991, I've been aware of Mr. Bay for a while.
His reporting from Iraq and subsequent analysis has been magnificent. Since his return to the States, his analysis and commentary on matters miliitary, geopolitics and global strategy have been a wonderful daily resource.
Much to my confusion yesterday, I saw a brief cryptic post on Instapundit: AUSTIN BAY IS BEHIND BIGGIO: I heard him getting grief for that on Hugh Hewitt.
Intrigued as I only know one Biggio (Mad Oilman lives in the energy capital of the world) and baffled as to why Hugh Hewitt would question this position, I clicked through to this:
Have to disagree with Hugh (and I'll give him his due. Not hearing the show but knowing what a Clevland homer he is in all sports, he must have been protesting in favor of Alomar. That's reasonable).
Have to agree with Mr. Bay. Biggio deserves to be in. (Amd yes, I'm an Astros homer.) The comments on his post are excellent concerning Biggio's chances. The way he's hitting this year (albeit, it's early) he is going to have a monster season.
I can't see a more fitting representative for the Astro's first Hall of Famer. Well, Jimmy Winn, the Toy Cannon, he would be appropriate too.
The NRA convention was something else. Rifles, shotguns and pistols from every major manufacturer. Outfitters galore. Stuff, stuff and more stuff. It took three hours to walk the convention floor once. Every firearm manufacturer had representative models of their products out and available. Worked the actions, pulled the triggers, lifted shotgums to shoulder to point, it was just amazing. I was most impressed by theKahr Arms double action trigger on one of their compact offerings. It does not feel double action at all. One long smooth pull. Definitely worth thinking about.
As Mad Oilman is shopping for a deer rifle, much time was spent examing the wares of all of these fine manufacturers. Too many to mention. And we actually had the opportunity to heft a Krieghoff 12 gauge masterpiece. This is a ridiculously expensive gun. Just mind boggling in its craftsmanship. It came to shoulder effortlessly and pointed like a dream. Maybe in another lifetime I can own something like that.
I learned a lot. About rifles I have read about and have contemplated purchasing. Same with pistols. Shotguns were most impressive. The CZ booth was excellent. There may be on or two of those in the Mad Oilman future as well.
Well Saturday I promised photos. For some reason I thought Mrs. Oilman was taking photos all day long. I ask for her to transfer them and there are four. Yep four. Depressing. Well, here are two from the show.
Here's TxB fondling a Springfied Armory SOCOM 16
As you can tell from his expression, he likes it a lot.
Here we are at the Taurus booth. Manipulating some of their large frame long barrel pistols. Excellent.
On second thought, if we actually took pictures of every scene like this throughout our three hour trek, it would take me days to post the images. Two are enough.
As promised, the day at the range report has been updated with imagery. For your perusal:
With a vote swifter than I had imagined, Pope Benedict XVI is now the leader of the Catholic Church. The way the media is portraying him means they must realy fear him. Seems (from what I have read) he is from the same mold as John Paul II. Hardcore traditionalist. Nothing wrong with tradition. All this 'adjusting with the times' garbage is just that, garbage. Progress is good, yes. But change for change's sake is tedioius at best and incredibly harmful or damaging at worst.
For an interesting history on his papal name, this is an interesting link: Pope Benedict XVI: What's In Two Names?
Excellent.
It's late and Mad Oilman is tired from traveling. The range photo update as well as the NRA convention updates will occur tommorrow. There's business to be attended to early morning Tuesday and as that pays the bills, that takes precedence.
Mad Oilman has been on the road the past two days. In the springtime fresh town of Tulsa, Oklahoma where Mad Oilman visited one of his major manufacturing facilities for a meeting or two. Upon landing Sunday afternoon, I saw a sign welcoming the WIBC. Women's bowling. OK then.
Make it to the hotel (there are few to chose from here unfortunately) and I see a 'Welcome WIBC' banner outside. Get in the front door and there is an immediate huge display with brochures, maps, tourist info and all kinds of papers related to the WIBC visitors. As I enter the lobby there is a large contingent of women at the check-in desk. Middle age to retired age women. Tending towards the larger sizes of women in this demographic. A party of five similiar women are seated at a table in the lobby, rolling dice and screeching like teenagers. Bunko, Yahtzee, who knows what they were playing . They were having a hell of a good time doing it.
A large party of women is checked in. Next in line is a gentelman in a wheelchair. OU hat, OU shirt, OU shorts, and an amazing contraption of metal rods and bolts surrounding his leg. And don't forget that giant gold OU National Championship ring with the diamond encrusted football. This guy is obviously involved in the program. Knowing his audience, this gentleman told the ladies this injury occured in a bowling accident. They were aghast until he told them it happened while on a motorcycle.
Seems he was out on the backroads of Oklahoma on a leisurely drive. Went into a turn and promply faced a cow crossing the road. A few rolls of the bike and a shattered leg later he's checking in to the hotel prior to surgery.
Well that's a hell of a lot of action for such a small town. Eventualy check in and head up to the room. Unpack, relax and think about dinner. Every time I go to Tulsa I visit Mahogany. There are only two locations of this prime steakhouse. Omaha and Tulsa. Exquisite service, wonderful wine list and spectacular corn fed beef.
Back to the hotel for a little Sunday Night Baseball and some work. Mad Oilman calls it an early night at 11 pm. Only to be awoken at 2:30 am by the rampaging, boisterous and obviously drunk WIBC women bowlers. If Mad Oilman was on the bowling tour he would most likely behave the same way.
Business concluded it's back to Tulsa International for the trip home. And a wonderful thing happened. The Oklahoma Air National Guard is based at Tulsa International. 8-10 F16's as best I can see. Well Monday was an excercise day. Sitting in the terminal I hear a tremendous roar. Looking out the window, I see an F-16 post rotation on full afterburner screaming across the runway. A minute later the same thing. And again. The entire squadron took off in rapid succession on full afterburner. Made the airliners look like the air barges they are. Just a stunning display.
So ended a two day trip to Tulsa. May they all be so eventful.
Shirley Manson need to eat a cheeseburger or three. My lithe Scottisch readhead vocalist has turned into a gaunt cheekless wraith. Please Shirley, eat a cheeseburger. We'll all be better for it.
Mad Oilman eagerly anticipated the follow up novel to Altered Carbon. Titled Broken Angels, this novel begins a new adventure for our agent Takeshi Kovacs. In a strange event, Mad Oilman read the dedication and the credits. I usually read these after the book is completed. Don't want to muddy the waters, as it were. Well ths dedication was interesting. To John Pilger. Well that's damn intersting. Since Pilger is a paragon of documentary fabrication and fantasy, I initially thought this might be a cute inside joke. Reading the novel proved this not to be the case.
Anti military, anti corporate, anti everything really. And actually this novel is anti-plot. Characters are one dimensional at best. The plot is nonexistent. It is a rare event when Mad Oilman quits a book. I plowed though this one but it was a painful afair. Altered Carbon was a breath of fresh air. Yes it was violent but it was a great page tunrer. Broken Angels is a turd. Don't waste your time.
The NRA Annual Convention was held in Houston ths year. Living no more than a mile from the convention site, it was impossible to stay away. But it's late. I can't do this report justice at this late hour. Full convention report to follow tomorow evening.
Well, the streak had to break eventually. Teams just don't dominate other teams the way the 'Stros manhandled the Reds recently. And given Mr. Duckworth's start tomorrow, the streak may now trend in favor of Cincinatti.
The band, not the classic automobile. An automobile which my brother owned as a yoot. That's a story for another time. No, this is about the band Chevelle. I learned to hate them for their pretentious name. Then I heard some of their songs. Sludgy three piece. Actually decent. But then they lost their spine. Last year, year before, who knows. Talent squandered. For ballads. Good luck lads. Hope the spinelessness earns you a hefty check. I'll be waiting for you when you decide to become men again.
PETA is on a rampage in the State of Texas. Protesting KFC on a well cooordinated protest campaign. Well, they met with good 'ol Texan resistance in Brownsville.
KFC in Texas Greets PETA With Sprinklers
The sprinklers were good, but the counterprotesting meat eaters are even better. God Bless Texas!
Well, the season opened up just a bit too well, didn't it? Close wins decided late, a sweep of the Reds, and it's all just wonderful. "Kent, Beltran? Whatever." And it looked like that sentiment was valid. Until our trip to New York.
Swept by the Mets? First time since '93? Clemens throws a gem. Berke throws a gem tonight (and gets a triple to eventually score!). And we still lose. Errors in the field. Errors on the basepath. Not to sound negative, but we seem to be a Triple A defensive and hitting team with exceptional starting pitching, exceptional closing pitching, and Triple A middle relief. This is not a recipe for a winning season. I hope the Astros prove me wrong. This is a marathon, but we've tripped, have a gut hanging over our overpriced shorts, and we're struggling for breath out of the gates.
As oil prices remain high, so does the level of Mad Oilman's business. I have never seen this level of activity in the oilfield. Ever. So needless to say, I am on the road quite a bit and when not on the road working long hours. Such is the life in international business.
Posting (obviously) has been light. I hope to rectify this situation soon. But looking at the calendar, there's a lot of visitors arriving from foreign lands in the next few weeks that need to be attended to. OTC is just around the corner.
Too much business is a good thing. For everything except this blog. Although neglect is unintentional, it is neglect nonetheless. More frequent posting to resume posthaste.
Updated!
Eager to test out the newly installed recoil spring assembly, Mad Oilman loaded his range bag before heading to the office. Workday concluded, it's off to Top Gun to perform the Kimber experiment. Will the spring replacement make this pistol behave properly? Range time and targets purchased, Mad Oilman dons eyes and ears and heads to the firing line. Two magazines loeaded and target sent to 5 yard distance, it's time to start this experiment.
Kimber clip in. Release the slide. Guess what? Failure to feed. Right off the bat. New spring be damned. This is not a good way to start the day at the range.
14 rounds 5 yards. Good shot results. Failure to feed last round on one magazine.
Push target out to 10 yards. Three failure to feed incidents in fourteen rounds. I have to physically press the rear of the slide forward with my thumbs to completely chamber the round when this happens.
Target to 20 yard. Again multiple failure to feed failures. This is just flat out depressing.
Target back to 10 yards. Repeat.
Target back to 5 yards. 32 rounds to finish off a 100 round session. Results fairly good (one gaping hole).
Overal the replacement of the spring was a waste of money. Mad Oilman's advice? Do not buy the Kimber Ultra Carry II. Failure to feed, failure to chamber certain ammo, jams, it's just not worth it.
100 rounds of .45 ACP in a 24 ounce gun is a bit of a session. But Mad Oilman was not done. Putting the Kimber away and bringing out the relatively new H&K, it's time for a 50 round Texas CHL test. 20 rounds 5 yards, 20 rounds 10 yards, 10 rounds 20 yards. Target out, I'm a bit depressed at the shot spread at 5 yards. Attributing it to fatigue, 20 rounds slowly converge to make a nice pattern.
Target to 10 yards. Take aim and fire away. Everything is falling into the same 4" window. Unbelievable.
Target to 20 yards. I can't really see what I'm hitting, only what I am aiming at. 10 yards completed I retrieve the target. And I am stunned. Every shot fall within a 5" circle. I have never shot this well. Especially after a 100 round .45 ACP session. The H&K is worrth every penny. There is no comparison betwen the Kimber and the H&K. None.
With all the trouble I have had with my Kimber Ultra Carry II and the wonderful experience I have had with its replacement, the H&K USP Compact I knew it was time to think of parting ways with the Kimber. And as it is getting close to April15th, there is the matter of the Buy a Gun Day. Maybe it's time for a trade in to kill two birds with one stone.
Realizing I had put over 1500 rounds through the Kimber during its break in period, and being one to actually read a manual, I knew the recoil spring was due for replacement. But in the case of the ultra carry, this is not the case. Per the manual, it seems that the entire recoil spring assembly needs to be replaced. Instead of a $5 spring this is now a $30 assembly.
Wanting to be fair to the next owner of this firearm, Mad Oilman purchases the recoil spring assembly from the factory. This evening I attempted to install the new assembly in order to take the gun to the range tomorrow to determine if the recoil spring was the actual cause for so many failure to feed incidents.
I disassemble the gun and remove the recoil spring assembly and attempt to install the new recoil spring assembly. But a curious thing happens. It doesn't fit. Seems the recoil spring bushing will not fit into the slide. Its outside diameter is larger than the slide inside diameter. So much for quality control. Or vaunted CNC machining tolerances.
I compare the bushings from the new assembly and the old assembly. They are obviously different. (Mic report to follow). Luckily I can exchange them and install the recoil spring assembly.
At least the manual was correct about replacement times. The new spring was considerably stiffer than the used spring.
Off to the range tomorrow for a 100 round break in and future report. One misfeed, one jam and this turd is gone.
So the game Metal leads to an occassional gaff. As previously posted. Tonight, Mad Oilman had two far, far misses. But are they really?
First miss. Mad Oilman confidently yells 'Linda Ronstadt!'. Unfortunately (for me and all involved) it is actualy Rick Springfield.
Second confident guess is 'Michael Jackson!' But it is actually Christina Aguilerra. At the end of the day, not too far off.
It's been a while. Rudyard's was my local bar for quite a long time. And even though I live less than a mile away, Mad Oilman just doesn't go out that much any more. Rudyard's had an edge. Tattoos, piercings, masterfully programed juke box with bands you've never heard of. Truly excellent place.
Well like I said, it's been a while. About a year and a half. Mad Oilman meets up with Hungry Eusebio for the first time in ages. Rudyard's is a natural choice.
New bartender. Learn later the normal weeky bartender left to start his own bar. And took his musical programing brilliance with him. 'Who's going to book this place now?' I thought. Vibe was different. And clientel. About an hour or two after Hungry Eusebio and I had shot the sh*t, bald and pink sleeveless tee clad man came to our table. In the most overblown lisp he proclaims 'you two just make the perfect couple!' Looking on with shock and unable to speak, not knowing whether to start a confrontation or not, he ultra lisped 'a couple of what, I don't know!'. Weird. Real weird.
Talk of baseball, business and guns has an odd tendency to drive away all those near us. 'Was this place always like this?'
Knowing the pretty alternagirls start arriving about 8:00 pm Mad Oilman is dissapointed when nothing but feminine men and manly women start to pack the place. Damn! This place has really changed! It's an odd feeling when you go back to a place you have spent so much time at, and although the walls are the same, the place is different. Really different.
It's my turn to buy a round and I head to the bar. The lady seated next to me turns and says 'You smell nice'. Somewhat confused as Mad Oilman does not wear cologne, I asked the lady what I smelled like. She responded 'Like you'. I responded innocently 'like a MAN?'
We'll that was the wrong thing to say to (retrospectively) two lesbians. How was I to know? I apologized for offending them but they were having none of that.
Overall a great evening hanging out and catching up with Hungry Eusebio. But a weird experience at the 'ol watering hole. We know where the dearly departed bartender has gone. Started up a huge space nearby. Nice. His current clientel baffles him but they spend money. A lot of money. We'll need to go there to get our music fix.
