¡ Que bonito es no hacer nada, y luego descansar !

This Spanish proverb - "How beautiful it is to do nothing and then to rest afterwards" - partly explains the current problems in Spain. It fully explains why I hung a hammock by the pond.

Wayfarers All

 

 

As Kenneth Grahame's Seafaring Rat said so insightfully to Ratty in The Wind in the Willows, "It is a goodly life that you lead, friend; no doubt the best in the world, if only you are strong enough to lead it!" I need all my strength not to return to the old peripatetic life and can relate to the Water Rat's feelings.

"The Water Rat was restless, and he did not exactly know why. To all appearance the summer's pomp was still at fullest height, and although in the tilled acres green had given way to gold, though rowans were reddening, and the woods were dashed here and there with a tawny fierceness, yet light and warmth and colour were still present in undiminished measure, clean of any chilly premonitions of the passing year. But the constant chorus of the orchards and hedges had shrunk to a casual evensong from a few yet unwearied performers; the robin was beginning to assert himself once more; and there was a feeling in the air of change and departure. The cuckoo, of course, had long been silent; but many another feathered friend, for months a part of the familiar landscape and its small society, was missing too and it seemed that the ranks thinned steadily day by day. Rat, ever observant of all winged movement, saw that it was taking daily a southing tendency; and even as he lay in bed at night he thought he could make out, passing in the darkness overhead, the beat and quiver of impatient pinions, obedient to the peremptory call.

Nature's Grand Hotel has its Season, like the others. As the guests one by one pack, pay, and depart, and the seats at the table-d'hote shrink pitifully at each succeeding meal; as suites of rooms are closed, carpets taken up, and waiters sent away; those boarders who are staying on, en pension, until the next year's full re-opening, cannot help being somewhat affected by all these flittings and farewells, this eager discussion of plans, routes, and fresh quarters, this daily shrinkage in the stream of comradeship. One gets unsettled, depressed, and inclined to be querulous. Why this craving for change? Why not stay on quietly here, like us, and be jolly? You don't know this hotel out of the season, and what fun we have among ourselves, we fellows who remain and see the whole interesting year out. All very true, no doubt the others always reply; we quite envy you--and some other year perhaps--but just now we have engagements--and there's the bus at the door--our time is up! So they depart, with a smile and a nod, and we miss them, and feel resentful. The Rat was a self-sufficing sort of animal, rooted to the land, and, whoever went, he stayed; still, he could not help noticing what was in the air, and feeling some of its influence in his bones." [read on]

 

Waterfront Property at Nelligen for sale

 

 

Absolute waterfrontage - no public access! Enjoy sailing, swimming, and fishing at your doorstep! The sense of peace and tranquillity is absolute: no traffic, no noise, no "next-door" neighbours, and never to be built out! Go to

 

www.thisisaprivatesale.com

 

Is BHP ready for another share buy-back?

BHP this week priced a two-part eurobond note program, made up of EUR1.25 billion in 2.125% bonds due 2018 and EUR750 million 3% in bonds due 2024. Compare that with the tumble in its share price, which is down about 10% so far this month alone.

With a dividend yield of around 3.8% at current share prices against an after-tax cost of debt of less than 2% for the shorter dated bonds and around 2% for the longer dated bonds, the case for a debt-for-equity swap is clear. Put simply: the company could consider another share buy-back as the danger of running an undergeared balance sheet is a 1.5% to 2% higher cost of capital.

Bring on the share buy-back! I want those juicy, fully refundable franking credits!

Exercise bikes are a health hazard

It was a dark and stormy night last night. Too dark to see the exercise bike as I 'felt' my way through the lounge-room towards the sliding doors at 2 o'clock in the morning to let Malty go outside for a pee.

I stabbed my toes on the bike and, as I doubled over with pain, hit my face on the handlebar, almost dislodging a tooth.

My advice to you: get rid of any exercise bile around the house! They are a health hazard!