Our Pusan trip

OK, here it is at last–a description of our Pusan trip.  If you recall, I went down to Pusan last Wednesday via KTX train, and my family joined me on Thursday evening.  The train terminates at Pusan Station, and we took taxis from the station to Haeundae, a beach resort town about 14 kilometers east of Pusan.  In November, the BEXCO Mall and Convention Center in Haeundae will serve as the epicenter for the APEC Summit, arguably the single biggest event of the year in Korea.
 
On Wednesday evening when I arrived in Pusan, I didn’t do much other than wander the streets of Haeundae.  It’s a fun town straddling the beach.  Haeundae offers shades of Waikiki, Hawaii with a sandy crescent-shaped beach, high-rise hotels, and a boardwalk that stretches the entire length of the beach.  The beach area is flat, but to the east and west of the beach the Korean coastline grows mountainous and rocky, forming a nice, picturesque coastline.  Haeundae features some western restaurants, including Outback Steakhouse and McDonald’s.  It has a fish and produce market as well as a small shopping area.  Haeundae is not as trendy or upscale as Seoul, although the hotels and beach area are first class.
 
On Thursday and Friday, I worked.  When my family came in around 6 p.m. on Thursday, we went out for dinner at a Korean restaurant.  The highlight of the evening emanated from the train crossing next to the restaurant.  Each time we heard a train pass, my son jumped up and went to the window to watch.  He is so infatuated with trains!  We played a game called, "Listen for the Train."  On Thursday evening, we went out to dinner again, this time to a restaurant reputed to have the best bulgogi (Korean barbeque) in Korea.  The grilled bulgogi was delicious, and the restaurant’s ambiance was stellar.  The restaurant is actually a collection of traditional-style buildings facing a long walkway stretching from the front gate to the kitchen.  It is a very large place, obviously very popular because of its size and opulence.  As is customary in many Korean restaurants, customers take off their shoes at the door and sit on floormats and dine at low-lying tables.  Korean traditional tables often feature large, round openings that cradle woks or cooking pots.  At this restaurants, ceramic pots filled with charcoal grilled the bulgogi.  Most Korean bulgogi is grilled over small propane stoves built into the table.  The best tasting bulgogi, however, is grilled over hot coals.  That, and the special way the bulgogi beef was prepared, made the bulgogi a sumptuous alternative to run-of-the-mill bulgogi.  The side dishes, or panchan, at this restaurant were tasty, but nothing to rave about.
 
During my visit to Pusan, I met many Americans who live in Pusan, Daegu, and Ulsan, among other places.  Most serve in the U.S. military, but some work for companies in remote locations along the coast.  It was especially interesting to meet an American working at a civilian nuclear power plant as well as the family of another American working on an oil rig south of Pusan.  The family came by boat from their remote Korean island just to visit me and ask me questions.  I was happy to oblige.
 
We didn’t have much time to enjoy Paradise Hotel in Haeundae.  I worked all day, and when I finished, my family went out and explored the town.  On Saturday, we checked out of the hotel and took a taxi back to Pusan Station.  We stashed our luggage in a locker at the train station and then spent our final hours in Pusan visiting Beomeosa, one of Korea’s oldest and most famous temples.  Over 1,300 years old, the temple was first built during the Shilla Dynasty period.  It has since been rebuilt frequently.  Only four stone pillars at the temple’s entrance remain from the original temple site.  Built on a mountain about 18 kilometers north of downtown, Beomeosa is well worth the long subway ride.  Take the Orange Line from Pusan Station to Beomeosa Station.  It’s about a 40-minute ride and costs just 1,000 won each way (about $1.00).  We made the mistake of taking a taxi to Beomeosa, and we spent far more time and money getting there by taxi than we did returning by subway.  We did not know what to expect at the temple, but we were happily surprised to find that the temple was hosting a conference and Founder’s Day celebration.  We wandered around the temple and enjoyed the colorful, festive lanterns, free tea and cheap vegetarian food, and watched Buddhist faithful converge on the temple to pray, gather, and enjoy a free music concert.  We also saw a small, lively Founder’s Day parade.  It was utterly fascinating!  The temple was abuzz with more activity than I have ever seen at any Buddhist temple.  I was glad that we stumbled unintentionally upon such a festive occasion.
 
Gaecheonjeol Day (개천절), or Founder’s Day, celebrates the birth of mythical first Korean ancestor, Dangun (단군), who founded the Korean nation.  Although the existence of Dangun has not been proven (the North Korean Government claims Dangun’s tomb was unearthed near Pyongyang), Dangun represents the birth of the Korean nation and embodies the traditional spirit of Korea.  Dangun is an indigenous figure not directly associated with Buddhism.  However, modern Korean Buddhism has embraced Dangun as a holy figure, and in Korea, Dangun, ancestor worship, and Shamanism all have intermingled with Korean Buddhism.  Hence, on Founder’s Day a large celebration of the birth of Dangun was held in a Buddhist sanctuary.  We are not Buddhist, but we thoroughly enjoyed our visit to the temple.

October surprise, surprise

I spent the evening tonight having dinner with two Korean friends.  I returned home not long ago, so my mind is not very sharp.  It’s been a long day for me.  Long days can be mindnumbing, so today I’ll write about something other than recalling our Pusan trip.  I’ll write about that tomorrow night.  My wife also made it home late tonight after her first full day of work.  She said that she enjoyed it, although she was in a manager’s meeting until 7 p.m.  Welcome to working long hours in Korea!  Fortunately, our nanny stayed late until we came home.  My son was very happy to see me, and he shared his joy by asking me to read bedtime stories to him.  We walked through two "Danny and the Dinosaur" children’s stories.
 
Tonight sports is on my mind.  The Major League Baseball regular season ended mercifully this week.  I am so looking forward to watching the New York Yankees, Atlanta Braves, Boston Red Sox, Houston Astros, St. Louis Cardinals, and the "Whatever City Name They Go by this Year" Angels in the playoffs yet again.  Snore.  Wake me up when the World Series is over.  On August 24, I analyzed why the primary problem with Major League Baseball is its predictability.  While it is nice to see the Chicago White Sox and San Diego Padres in the playoffs for a change, it is far too routine to see the usual suspects back in the Fall Classic.  The eight teams in this year’s playoffs have been to the playoffs 27 times since the 2000 season, including six appearances each for the New York Yankees and Atlanta Braves.  Really, I might as well order ESPN‘s 2004 MLB Playoff Magic and watch it in lieu of the 2005 playoffs, since there really is really going to be very little difference in the outcome this year.  Frankly, nothing this year could top watching the Red Sox beat the Yankees and going on to win their first Series in 88 years.  Barring a miracle, it’s highly likely that the Yankees, Angels, Red Sox, Cardinals, or Braves will be back in the World Series again this year, with the Yankees and the Cardinals the odds-on favorites.  No disrespect meant to Astros, White Sox, or Padres fans, but the safe bet (as usual) would be on those five teams.
 
I personally prefer baseball over other major sports, but I prefer the National Football League’s organization over that of Major League Baseball.  The NFL has had many football dynasties, including the Dallas Cowboys, San Francisco 49ers, Denver Broncos, and New England Patriots.  Nevertheless, it’s league has unparalleled parity.  The legendary Green Bay Packers are winless in four tries under veteran Quarterback Brett Favre.  The "hapless" Cincinnati Bengals are 4-0 this season.  The Indianapolis Colts in the AFC and Tampa Bay Buccaneers in the NFC are looking tough to beat, but their Superbowl success is hardly assured.  The New Orleans Saints are looking good, in spite of playing their "home" games in San Antonio.  I’m also impressed that last Sunday the league played its first regular season game outside the U.S. in Mexico City, Mexico, where the Arizona Cardinals beat the San Francisco 49ers.  That’s what I call "thinking outside the box."
 
Why is American pro football so much more successful than Major League Baseball at fostering team parity?  The salary cap is partly responsible.  A shorter season (16 games to MLB’s 172-game schedule) is another reason, as is the fact that football playoff games are single events, while MLB playoff games are in series.  A series gives teams numerous opportunities for comebacks, while single games can be won or lost over a lucky (or unlucky) break.  I also believe that NFL team owners are generally more engaged than their MLB counterparts in team development and promotion.  The NFL Commissioner, Paul Tagliabue, runs a much better operation than MLB Commish Bud Selig does.  Player movement is another factor.  In baseball, teams such as the Yankees lock up the best players, keep them until they no longer need them, and then discard them to other teams.  In football, players are much more readily traded between teams.  For example, the Minnesota Vikings made a gusty move in sending one of the league’s premier wide receivers, Randy Moss, to the Oakland Raiders, for the sake of team harmony.  Football also typically drafts older players.  College football serves as an incubator for promising players, and talented players often graduate from college directly to the NFL.  In baseball, young players in high school often bypass college and head straight to the baseball farm system, often being rushed up to the big leagues prematurely.  A 22-year college graduate football player is typically more physically and emotionally ready to turn pro than a 16-year rookie baseball prospect.  Finally, I appreciate that the NFL’s successful teams are scattered throughout the U.S. in many markets, rather than concentrated in big cities.  I respect a league committed to keeping a team in a city as small as Green Bay, Wisconsin when it can’t field a team in Los Angeles.  There are other reasons why the NFL’s management outclasses Major League Baseball’s, but these are the primary ones that come to mind.
 
Will I watch this year’s World Series?  Oh, probably not.  Will I watch the Superbowl.  You bet.

Tracking the Caribou herd

I want to take a break today from Korea to write about investing strategies.  I just purchased shares in Caribou Coffee (CBOU), the company that I discussed in my September 8 blog entry.  The company went public on September 28 in a traditional initial public offering (IPO).  The stock debuted at $14 per share and quickly rose to $15.51 on the first day of trading before settling at $13 per share.  The price dived even further on Friday to $11.35 per share.  Fate saved me from buying at the outset of this IPO.  I was on my trip to Pusan and could not access my IPO account with W.R. Hambrecht last week.  If I had, I might have bought CBOU too soon.  When I saw that it dipped so low in the post-IPO selloff, I decided to track it and bought it today after the market opened.  I just purchased shares at $12.10 per share.  As of this writing, CBOU is hovering around $12.55 per share, a gain of $.45 per share.  The stock rebounded today from what I believe is an artificial low, aided by a bullish day on Wall Street.  I believe that $14 per share is a fair price for this stock.  It dipped over concerns that Caribou Coffee has over-allocated stock options as well as due to selling by those who were allocated shares in the IPO.  I believe that Caribou is now in the middle of a price lull and will rebound to $14-$16 per share as the sell-off ends.
 
The art of investing is a delicate game.  At times, buying equities can be like hunting.  First, you locate an investment, then you track it.  You make sure you have the means to purchase shares.  When you think it’s the right time to buy, you go in for the "kill" and buy some shares.  The moment following a stock trade, especially a big one, can be euphoric or a letdown.  If you buy the right stock, such as Google or Morningstar, you feel good about yourself and feel confident about your stock-picking ability.  If you buy the wrong one, such as Webvan or Infospace, you get a big knot in your stomach when you see your investment tank.  That may very well be why so many active investors get emotional about equity trading.  It can be addictive, like a game.  It can also be a very expensive game, because the odds are that your picks will underperform.  For every winner, there are inevitably more losers.  IPOs are especially volatile.  I am an active investor, but I am not an active trader.  I try to be patient when I pursue investments, and I tend to buy and hold for the long term.
 
To purchase Caribou Coffee, DreamWorks Animation, and Cogent Technologies, my most recent post-IPO pickups, I employed the same investment strategy.  This strategy also helped me avoid buying shares of Baidu.com.  (Now at $65.75 per share, Baidu.com is well off of its 52-week high of $153.98.  I’m glad I passed on it.)  First, I read the prospectuses and the buzz from analysts and financial web sites such as the Motley Fool and Red Herring about these companies to help me determine a fair price for each stock.  Second, I decided that I knew enough about the company and that truly believe that each will be successful.  I pursued established companies with either a killer app, such as Cogent’s finger-recognition technology, or a well-known company such as Google.  Third, I waited until after IPO to purchase shares, because the big, bad underwriting firms never let small fry investors like myself in on a traditional IPO.  Then, I tracked the post-IPO sell-off for each stock, which typically, temporarily depresses the share price by 15%-20%.  When the price dips close to my own target price, I buy.  I use real-time quotes (you can get these at Yahoo! Finance) and track the after-hours trading from the previous night’s trading to determine which way the stock is likely to go the following day.  I tend not to put in a limit or market order before trading begins, because the stock is likely to dip too low or rise too high the next trading day.  Instead, I track the share price at market opening to see where the market and stock momentum is headed, and I buy if the price is close to my target.  This strategy has been a consistently winning one for me when I target companies that have gone public within the last six months.  It’s impossible to know when is the best time to buy, but momentum gives you an idea of when you should buy.
 
In other news, I’m sad to report that the orb weaver spider I wrote about on September 21 has disappeared.  The spider’s web is still there, but it appears unattended.  I’m going to miss her.  It is possible that she went to spider heaven, although I’m not sure.  I’ll be on the lookout for her.  The other four spiders in our yard are still there and growing bigger by the day.  I’m sure they’re just as intrigued by me as I am by them.
 
I have some good news to report.  Last Monday, I was elected chairperson of the community association I’ve been involved with since last March.  I’m happy to be able to take over as chair.  I have some good ideas I want to implement, and I hope we can be successful over the six months while I’m chairperson.  My first order of business is to get a vendor for our cafeteria, secure a new lease with one of our coffee shops, and eliminate membership dues.