http://afr.com/p/lifestyle/mens_health/life_transformed_sm6aXoJGInBlFhH931LjMO
JILL MARGO
It was a socially awkward moment. Simon Eldridge was standing in a circle of friends at Christmas 2008 when someone made a funny remark. As he laughed, the contents of his mouth sprayed over the woman standing next to him.
Fortunately, it was only water, was easily dealt with and the party continued. But Eldridge stepped back in puzzled embarrassment.
He didn’t know he was losing muscle power in his lips and that soon he would have difficulty holding them closed. Nor did he know this was an erratic early sign of an incurable disease that would put him in a wheelchair two years later.
At the time, Eldridge seemed indestructible. He was 44 and in his prime.
The financial markets were in a slump and, as managing director of Credit Suisse’s Australian equities sales trading, he had been staying in Sydney while his wife Sheila and their two sons took their annual break at the family’s holiday house in the Hunter Valley. He commuted on weekends.
When Sheila called him at work, his voice was intermittently slurred and she inquired if he had been to lunch. He hadn’t. While she put it down to fatigue at the end of a tough year, he said it was odd and his tongue felt heavy.
Gradually, other things began happening. At night, Simon’s left arm began to twitch and cramp. Was it the way he was lying? There were pins and needles in his hand. Thinking his wedding ring might be restricting blood flow, he took it off.
As other symptoms developed, they went to their family doctor, who referred them to a neurologist. By now Sheila had been exploring Google and had narrowed Simon’s condition down to two possibilities; multiple sclerosis or motor neurone disease (MND). She kept this to herself.
In May 2009, when the neurologist said the situation was grave and they should get their affairs in order, Sheila went to water.
She knew what was next but didn’t expect to hear that MND would disable Simon so quickly that he would be unable to work beyond Christmas. There was no cure and he would just grow weaker and weaker.
They found their way back to the car, sat inside and wept. Eventually, Simon said: “Well, I guess we can sell the house in the Hunter. We could also sell the wine cellar.”
“No way! I am going to need that,” Sheila replied.
They laughed, and rather than facing anyone, went for a quiet walk on Chinaman’s Beach, down from their house in Mosman. Then they turned for home, where Simon called his mother and his sisters while Sheila called the boys’ school to ask the counsellor for advice on how to guide them through this rapidly deteriorating situation.
Later, Simon went to work and told colleagues. Still reeling, his intention was to confront his circumstances as directly as he could. Nothing should be hidden.
The Eldridges subsequently received a second opinion from an expert who softened the predictions, put Simon on medication to slow the progression and introduced him to a multi-disciplinary clinic where all aspects of his disease could be managed.
Relieved to have found the best care, and feeling almost upbeat, he and Sheila composed an email to friends and family disclosing their predicament (see below).
To cope with what was surely coming, Simon began anti-depressants and has remained on a fairly even keel ever since. He’s engaged in the world and, as it is now an effort for him to speak, he carefully articulates what needs to be said, conscious that it should be concise and intelligible.
Although difficult to understand, his mind is razor sharp and he is without illusions. He knows his body is declining inexorably.
“Knowing where I have come from in the last two years, I have a pretty good handle on the future,” he says.
“On a daily basis the deterioration is very gradual but on a monthly basis is it pretty powerful and I know I am heading to paralysis. Three months ago, I could undo my pants and take them off. Now I can’t.”
“Mentally I am still capable of being an MD of our global investment bank, but physically I can’t do it. My computer chip retains all its memory but I am trapped inside a machine that is corroding.”
Simon knows this disease will see him out but also knows some forms of it allow for longevity. The celebrated theoretical physicist, Stephen Hawking, was diagnosed at 21, is soon to turn 70 and is still working.
The release of the iPad was well-timed for Simon because he can use the touch screen to manage his reading and correspondence, which he gets in abundance.
He is genuinely surprised at the ongoing support he is receiving from colleagues. The esteem in which they hold him was reflected in a celebration in March this year to mark his 30 years in the industry.
His career break came because he was tall for his age, and over the summer holidays the Melbourne stock exchange was looking for a chalkie tall enough to list the price moves.
Simon, the son of a plumber, applied, got the position and went on to spend 26 years with McNab Clarke, now Credit Suisse.
For the past 13 years, he has led the Credit Suisse Australian equities desk.
For the celebration, Credit Suisse took the extraordinary step of donating half its brokerage commissions from March 30 to the Eldridge Trust Fund and to nominated MND charities. Other brokers contributed too and $800,000 was raised.
Simon says about $300,000 went to three MND charities and the remainder to a trust fund for his sons and to help him with equipment and carers.
He and Sheila made radical changes. First, their large federation family home, with its swimming pool, tennis court and period furniture, was sold with all its contents.
They scaled down to an apartment renovated for optimum wheelchair access. As he would be spending much time there, Simon wanted a large terrace, with a open view of the harbour and Chinaman’s Beach.
Thursday, June 28, 2012
Eldridge Financial Review: Clarification on GAAR will drive market direction in the short term: ING Investment Management India
http://eldrigefinancialreviews.com/eldridge-financial-review-clarification-on-gaar-will-drive-market-direction-in-the-short-term-ing-investment-management-india/
What happened today with regards to PNGRB and the margins for IGL, is not an isolated case of interference. Does this sour the mood for investments?
What do you expect the earnings delivery to be in Q4 and the commentary to be for FY13?
One good thing about the expectations vis-a-vis the IT results is that the expectations are poor. Managements like TCS as well as Infosys have already guided for poor volume growth. We are going into the IT results season with poor expectations, which is actually positive. From an overall perspective, the budgets for FY13 or CY12 in the case of global companies are at best flat. These boards are well for a 13% to 16% earnings growth for next year. Valuations in this space, especially in the large cap are in the range of 15 to 17 times. Valuations are not expensive. If you have issues in terms of global flows because of GAAR provisions, rupee should depreciate further. If there is a selloff, that should again be positive. Overall, we are positive on the space and overweight on the sector.
What happened today with regards to PNGRB and the margins for IGL, is not an isolated case of interference. Does this sour the mood for investments?
Yes. The step taken by PNGRB has been very negative for the company and we have seen a significant de-rating as well as expected EPS downgrades for this stock. It is negative and we have had several such cases of orders being implemented which significantly impacts profitability. We have seen the case of ONGC, Coal India where there is no clarity on implementation in terms of how much they have to provide for, if they default on 80% FSA. We have seen the GAAR provisions which are supposed to be retroactively implemented. All these do not give a positive connotation for global investors.
What can the market do in the near term given the volatility?
The key issue which is troubling the market is GAAR provisions, its implementation and applicability. We need more clarity which is expected over the next few weeks. If FII P-note holders, private equity hedge fund long only guys are being targeted, that is not going to board well for the market. We need capital flows. We have a huge current account and fiscal deficit. You would have a significant pressure on the rupee if there are no flaws on the capital. And, it is going to be very negative in the markets. Clarification on the GAAR provisions will drive the direction of the markets in the short term.
What does one do with Coal India, BHEL, and GAIL?
I cannot talk on specific stocks. Vis-a-vis the oil and gas sector, we are underweight in some of the names which you mentioned. I would not like to paint all companies in the PSU space with a negative brush or a black paint. These are stock specific issues. From an overall perspective, regulatory changes are impacting stock performance as well as profitability negatively. Wherever the risks are perceived to be pretty high, we would surely look to go underweight.
Monday, April 9, 2012
Eldrige Financial Blog: Fed Apprehension job gains could fade
http://www.eldridgefinancial-blog.com/
WASHINGTON – The current strong gains in hiring makes the Federal Reserve policymakers worried that it could buzz if the economic growth of the US doesn’t go up.
According to the Fed’s minutes on Tuesday, members were first stated their concerns before they make a plan to keep interest rates at record lows until at least late year 2014. However, some of the members want to take further procedures to improve the economy current status if a condition gets worse or inflation remains reclaimed.
After the meeting, Fed presented the somewhat current view of the economy mainly because of the three consecutive months of hiring in two years. It was concluded that there have been similar raptures of hiring in the previous two years which ended up fading.
On the speech echoed by the Fed Chairman Ben Bernanke last week in the economists gathering, the decline of the economy recovery was the main concern of Fed as it did last year.
Americans aren’t receiving meaningful pay augmentation. Gas prices are high. Additionally, Europe’s debt crisis could reflect on the U.S economy. Provided that the inflation will remain on its current position, analysts think that the Fed will likely give interest rates down in order for them to give the economy an additional support. Most of the economists don’t think that Fed officials will alter their interest-rate policy at their following meeting on April 24-25 and will only relieve credits if the economy gradually moves from its current status.
The economy outlook is going up. Employers added an average of 245,000 jobs a month from December through February. On the other side, the rate of unemployed dropped nearly to 8.3%. The government will report Friday on the job market in March. Most of the economists supposed that the report will give a better month of job creation with a net gain of 210,000 jobs. They also expect that the unemployment rate will remain at 8.3%.
WASHINGTON – The current strong gains in hiring makes the Federal Reserve policymakers worried that it could buzz if the economic growth of the US doesn’t go up.
According to the Fed’s minutes on Tuesday, members were first stated their concerns before they make a plan to keep interest rates at record lows until at least late year 2014. However, some of the members want to take further procedures to improve the economy current status if a condition gets worse or inflation remains reclaimed.
After the meeting, Fed presented the somewhat current view of the economy mainly because of the three consecutive months of hiring in two years. It was concluded that there have been similar raptures of hiring in the previous two years which ended up fading.
On the speech echoed by the Fed Chairman Ben Bernanke last week in the economists gathering, the decline of the economy recovery was the main concern of Fed as it did last year.
Americans aren’t receiving meaningful pay augmentation. Gas prices are high. Additionally, Europe’s debt crisis could reflect on the U.S economy. Provided that the inflation will remain on its current position, analysts think that the Fed will likely give interest rates down in order for them to give the economy an additional support. Most of the economists don’t think that Fed officials will alter their interest-rate policy at their following meeting on April 24-25 and will only relieve credits if the economy gradually moves from its current status.
The economy outlook is going up. Employers added an average of 245,000 jobs a month from December through February. On the other side, the rate of unemployed dropped nearly to 8.3%. The government will report Friday on the job market in March. Most of the economists supposed that the report will give a better month of job creation with a net gain of 210,000 jobs. They also expect that the unemployment rate will remain at 8.3%.
Eldridge Financial Blog: MSc Finance
http://eldridge-financial-aaricfoy.blogspot.de/
Designed for graduates, the Finance MSc program prepares participants for a successful career in the finance industry. It provides a unique learning experience where the theoretical knowledge of technical concepts is deeply rooted in business practice.
The Finance MSc is an intensive English taught program for those with a degree and/or equivalent work experience, as well as an adequate working knowledge of the English language. The program provides advanced knowledge and skills to managers or financial consultants wishing to develop their career in various fields of finance.
The program comprises seven core modules of the University MBA and a further thirteen specialist finance modules ranging from Financial Institutions, Dynamic Portfolio Strategies, International Financial Management, as well as effective application of analysis to business practices.
Target group Future chief finance officers (CFO) of large-scale enterprises, managers in the banking and insurance industry, financial analysts, portfolio managers, risk managers, developers of financial products…
Language English Start Rolling admission Certificate Master of Science in Finance - MSc Duration 4 semesters part time
3 semesters full time ECTS-Points 90 ECTS (Info about ECTS) Course fee EUR 19500.00
Designed for graduates, the Finance MSc program prepares participants for a successful career in the finance industry. It provides a unique learning experience where the theoretical knowledge of technical concepts is deeply rooted in business practice.
The Finance MSc is an intensive English taught program for those with a degree and/or equivalent work experience, as well as an adequate working knowledge of the English language. The program provides advanced knowledge and skills to managers or financial consultants wishing to develop their career in various fields of finance.
The program comprises seven core modules of the University MBA and a further thirteen specialist finance modules ranging from Financial Institutions, Dynamic Portfolio Strategies, International Financial Management, as well as effective application of analysis to business practices.
Target group Future chief finance officers (CFO) of large-scale enterprises, managers in the banking and insurance industry, financial analysts, portfolio managers, risk managers, developers of financial products…
Language English Start Rolling admission Certificate Master of Science in Finance - MSc Duration 4 semesters part time
3 semesters full time ECTS-Points 90 ECTS (Info about ECTS) Course fee EUR 19500.00
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