Wednesday
Tuesday
repatriation
1. Flying sucks. At best, I felt like a peasant in a tyrannical monarchy. At worst, I felt like a pack animal. Upon check-in, there were two lines. Each had equal staffing and equal capacity. But one had 200 people in it, and the other had at most 2. The economy line was atrocious, snaking back and forth across the terminal in a formation that bore explicit resemblence to a cattle run. Dub over the chatter of aggravated passengers with mooing and you'd think you were in a slaughterhouse. There was even an attendent herding passengers in an effort to keep the vacant line for Priority Plus and Business class unobscured. I honestly wondered if she was going to require us peons to bow before the "royalty" strolling up the red carpet to the VIP counter. Let's hear it for socioeconomic stratification.
Even more disheartening is passenger behavior. When the flight attendants roll the service carts up the aisle, everybody lowers their traytable. I did it myself, and was instantly disgusted. Pavlov taught dogs to salivate at the sound of a bell. Delta taught humans to lower traytables at the sight of a food vessel. What's the difference?
2. I live a long, long way from home. Somehow, my transatlanticism had never really sunk in. I stared at my customs form and read "Country of Residence:" I hesitated and finally wrote "Denmark." I have no clue why, but it took that fact a solid few seconds to register.
Being back in the States is proving to be a great time. I've eaten the hell out of some food at every Mexican restaurant in the greater Chapel Hill area, rekindled my romantic flair with sweet tea, and caught a couple UNC games. There's been a recent dearth of blog-worthy material, but hopefully that changes soon. Until then...
Sunday
snowpenhagen
Friday
fmi? fml.
Question 6 (weight 20%)
You have estimated the Single Index model for two oil companies, Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX), using monthly data of excess returns over the past five years. You have obtained the following results:
R(xom) = .58% + .57R(m) + e(xom) R^2(xom) = .22
1. What are the standard deviations of the monthly excess returns of CVX and XOM?
2. In the Single Index model, how much of the variance in CVX is due to its systematic component, and how much is due to its firm-specific component?
3. Find the correlation between the excess returns of CVX and XOM implied by the Single Index model
4. You have also directly estimated the correlation coefficient between the excess returns of CVX and XOM to be .78. Briefly explain in words what might account for the difference between the .78 and your answer in 3, and briefly describe how you might improve on the Single Index model to obtain a more precise correlation estimate between the two stocks.
Now, I had put more than 40 hours into studying for this 4-hour exam, and felt my knowledge of the subject matter unequivocally thorough. That having been said, here's an excerpt from my internal monologue upon reading this question:
Is this &*å@ in Danish or what? @$#*. Ok, let's analyze this. The ankle bone's connected to the...thigh bone. No wait, wrong subject. And that's not even correct! Thank God you didn't go into medicine. Although that's an interesting evolutionary proposition. What would people look like if ankles connected to thighs? Squat, undoubtedly, and no way our savanna-dwelling ancestors could have outrun cheetahs and other exotic creatures to survive and reproduce. Great job, Ben, your anatomical supposition would have led to the extinction of mankind. Ok, right, exam, focus...you're being retarded. Well, retarded actually wouldn't be all that bad...Rain Man could probably figure out this crap. And he could just go to Vegas and make a fortune anyways, no need for advanced financial degrees. Just Vegas, fish sticks, and K-mart underwear. No need to deviate from that. Deviate. Standard deviations of the monthly excess returns...you need the derivation of the R^2 formula to solve for that. R-squared. Finance is truly for squares. Heh, that's a pretty good one. Blanking on the formula derivation, so blanking it is.
I walked to the front of the class and joined about 65 other students in turning our papers in blank and leaving. Eye of the Tiger was replaced with a morose violin concerto. Denmark's re-exam system allows students who failed (or turned in blank) exams to try them again 2 months later, and I opted to take that route. I estimate I would have gotten a grade of 7 (average) had I completed the test, but I'm average in too many other respects (see: height, weight, hair color, eye color, etc.) to settle for average grades.
We shall meet again in February FM&I, and next time you won't be so fortunate.
Wednesday
can we kiwi?

The university is in a vibrant college town, Dunedin, of 123,000 people. The cricket grounds are manicured, the music scene is flourishing, and the beaches contain as many penguins as people. The problem is how to get there. Kayak.com currently lists one-way fares at around $1800 (9000 DKK) from Copenhagen to Dunedin, and the shortest flight duration I can find takes 35 hours and over 12,000 miles (19000 km) to reach its destination. Copenhagen has a street called Istedgade I could probably patrol to make some money, but I think my parents, the University of North Carolina, and I would all be ashamed that my business degree led to the purchase of a leopard-print skirt and some clear high heels.
And here's the final crux in this grandiose globetrotting concoction: When I leave the US on January 18th, I might not be back for 18 months. Due to the reversal of seasons in the southern hemisphere, I'll go straight from spring semester at CBS (ends in June) to spring semester at Otago (starts in July) and attempt to get a "summer" internship in Australia from Nov-Feb before writing my thesis. Still, it's hard to say no to New Zealand...especially when it looks like this:
Wednesday
the las vegas of europe

Saturday
pyramid scheme
21st: Get in, settle down
22nd: Giza (pyramids+sphinx)
23rd: Either Cairo Egyptian history museum or day trip to Alexandria (library)
24th: Stroll about Cairo and take sleeper train to Luxor
25th: Luxor tombs and temples
26th: Valley of Kings (Tut's tomb)
27th: Nile river valley tour
28th: Day train back up to Cairo
29th: Fly out
In case you can't tell, I'm a little excited. I'm flying solo at this point but if anybody else wants to get in on my pyramid scheme you're more than welcome. Egypt 2010, counting down the days.



atypical tuesday

“Hey Ben, have you heard of Phoenix?”
“Yeah, I’ve heard one or two songs, why?”
“They’re playing at Vega tonight, I have an extra ticket if you’re interested. It’s 250 kroners.”
“Nah, that’s a lot of money for a band I’m not too familiar with, I think I’ll pass.”
I knew instantly I was making a mistake.
“Actually, I changed my mind. It could be fun, I’ll take the ticket. See you at 8!”
Phoenix rose from the ashes of the French dance-pop craze of the mid 90s, in the same vein as compatriots Daft Punk and Air. They actually began as Air’s backing band before spinning off, acquiring a new vocalist, and inking new material. I spent Tuesday afternoon listening to them, trying to gain some familiarity, and I wasn’t entirely enamored. Besides the delightfully infectious 1901, other songs were mired in mediocrity. My expectations were tempered.
Wednesday
danish delicacies
Most every country has a distinct food culture. Spain has tapas, Italy has lasagna, and Laos has venomous snake blood. I would face little opposition in asserting that food accounts for a significant portion of a country's culture. Thus, I find it necessary to provide an (admittedly skewed) overview of Danish cuisine. Here we go.
Rugbrød med leverpostej
English: rye bread with liver paté.
Tastes like: Home Depot's finest plywood slathered with Fancy Feast.

Frikadeller
English: Modified Meatballs
Tastes like: a meaty basis with unrecognizable overtones

Wienerbrød
English: Danish
Tastes like: The fluffiest croissant with fresh fruit

Lakrids
English: Salt licorice
Tastes like: Salted shit

Undoubtedly created to be a menace to foreigners, these "candies" are loved by Danes and hated by anyone with sensible tastebuds. A perfect example of Danish dark humor, these are included in packs of gummy candy and serve as a gastronomic land mine to the unsuspecting snacking foreigner.
There you have it. I'll be passing on most traditional Danish food and Americanizing most everything I purchase in the grocery store. I'm of the opinion that one develops taste early in life, and finds familiar flavors favorable. Though I'm trying to assimilate, I'll stick with my Whopper. The liver's all theirs.
Wednesday
letters to my critics
Hi Ben,
Thank you for the meeting last week. I have chosen to offer the positions to two other applicants which fitted the needs we have better.
Having said that I am impressed with you, your studies, experience and results and hope we will get a chance to work together one day. I will hand over your papers to our HR Department in case a student worker is needed elsewhere in the organization.
Good luck with your studies.
Best regards,
Martin Kaufmann
Dear Martin,
I assure you the pleasure was all mine. I'm a bit disappointed, I thought I fitted your needs like the finest pair of fitted slacks. You've certainly demonstrated throughout our correspondance that your organization has plenty of people which have flawless English grammar. No need for me.
Having said that, I'm impressed with your company's ability to overlook prime talent. Thanks for flushing my papers into your HR black hole, I'll hold my breath waiting for their call.
Best,
Ben
Regarding a dinner with Morgan Stanley:
Dear Ben,
Thank you for application to join Morgan Stanley for our "Danish Summer Internship Dinner" at Restaurant FIAT. There was a high level of interest from students with many applications received for a limited number of slots and on this occasion, we regret to inform you that we are unable to take your application further.
Please be assured that your application to this event will not affect any future applications you make to Morgan Stanley should you wish to apply and we encourage you to consider Morgan Stanley's programmes that you are eligible for. For further information about Internship programmes please visit our website at www.morganstanley.com/careers/recruiting.
May we thank you for your interest in Morgan Stanley and wish you every success in your future studies.
Best Regards,
Henrik Brodsgaard
Dear Henrik,
I'm glad you undertook the arduous task of reviewing my credentials. Sorry you are "unable to take my application further," but though I may not have the intellect to join your ranks in battle, I do have the fortitude to withstand straight talk. Your euphemistic tone is condescending and insulting.
One peculiarity about your letter, the invitation to apply for a Morgan Stanley internship, provoked a question: If you've deemed me unqualified to join you for dinner, why the hell would you consider putting me on your company's payroll? I think I'll save us both some effort and assume I'm just not as elite as your organization. Time is irreplaceable, and you may be certain that I will waste none further pursuing a position with your company.
Warm regards,
Ben
Regarding a position with ATP Real Estate:
Dear Ben Jones,
Thank you very much for your application for the job as Student Analyst at ATP Real Estate. I am sorry to tell you, that we have chosen not to continue with your application.
We wish you good luck with your further job search and thank you for the interest you have shown to ATP Real Estate.
Best Regards,
Katrine Mørch
Dear Katrine,
Sorry I'm not good enough, but thanks for offering the most straight-forward and professional rejection letter I've received to date. I'm becoming quite the connoiseur in analyzing these and yours was about an 8.5. Thanks for being direct, sincere, and effective.
Cheers,
Ben
I can take rejection.
But how many times does someone have to say you're not good enough before you start to believe it?
ben jones on interviews
1. Arrive on time, perhaps even a bit early
2. Dress professionally
3. Check in at reception
4. Remember your belongings as you depart
5. Write a nifty follow-up to your interviewer
Now imagine it all went horribly, horribly wrong. Instead:
1. You give yourself an hour to get to the company, knowing that it's a ways away. You take your bike with you on the suburban train because the company is at least 3 km away from the train stop. After exiting the train, you become horribly lost in a suburban labyrinth, asking 8-9 people in a languish you don't speak for directions. Ultimately, you arrive at the company 5 minutes late.
2. You have on a suit and overcoat, minus a belt since you forgot to bring one from the United States. You hope the interviewer doesn't notice. However, since Lance Armstrong would be envious of the blistering speed you've undertaken to arrive on time, you are panting like a St. Bernard and your shirt looks like your armpits are hiding geysers.
3. You can't find the main entrance and, in desperation, go through an open door with the company logo on it. This places you in the bowels of the office, where you are eventually found by employees and escorted to the front desk. Your interviewer is there waiting for you. He'll make jokes about this little mishap throughout the course of your converstaion.
4. After the interview, you decide to bike the 15 km home. Fifteen minutes into your ride, you realize that your folio is missing. In it is your passport. You bike back to the site of your already disastrous interview and, entering through the correct entrance this time, have the secretary summon your interviewer to let you back into the conference room to fetch it.
5. You don't even know what to write. Or even if you should write anything.
So instead of feeling jubilant and relieved after your interview, you get a kebab and stand outside feeling sorry for yourself. You hear back Monday. What do you think the answer will be?
P.s. No pictures this time, I'm in the process of taking a whole bunch and will upload them all at once.
football and fractures
The match was ultimately decided in the 78th minute by a lone goal from Denmark's Jakub Poulson. With gamefaces already on, everybody headed to the bars. We picked a particularly industral venue called Karriere Bar located in the meat-packing district to spend our evening. There was dancing, there was drinking. There was more drinking. I made the dance floor so hot my shoes melted (hey, always room for some embellishment in a blog). By 3:30, I'd had enough and decided it was time to bike home. If you've read my previous entries, you know that I've had a low to moderate success rate in escaping these impaired jaunts unscathed.
Sunday
Diversion #4- Emotion? Aberration.

It's nauseatingly mathematical but surprisingly relevant.
The X axis here is the state of emotional normalization, where, excluding any external event, a person's mood usually is. You're not happy, not sad, not excited, not unexcited. You just are.
The Y axis is the intensity of the emotion.
The frequency of the waves depends on the commonality of abnormal events.
The wavelength is the duration of time the emotion lasts.
In this graph, for example, maybe you won a raffle for a free lunch, but then you lost $20. Positive emotional deviation followed by a negative one.
But here's the kicker: say your spouse dies. Huge negative deviation from normality, big negative downturn experienced as "sadness." But you won't be sad indefinitely, you'll acquire a new state of normalization as your emotions either return to the x-axis or the x-axis adjusts downward permanently.
Thomas Crown's level of emotional normalization was so perversely skewed that only the most magnificent, unfathomable event (like the theft of a $100 million painting) would have generated a positive deviation. I like playing golf. I'm not good at it, but I don't get to do it often and it makes me happy. When Mr. Crown hit the golf course, he bet $100,000 on a single shot simply because, as he said, "It's a beautiful Saturday morning, gentlemen. What else are we going to do?" Give him a yacht, give a 12-year old girl a Jonas Brothers ticket. Who gets the bigger emotional spike? My money's on the girl.
I want to be Thomas Crown, and he will never be happy. That realization is why this film continues to haunt me.
Wednesday
cloudy with a chance of perpetuity
With 251 dreary days per year, Copenhagen is Europe's rainiest city. It receives 1603 hours of sunlight per year, which comes to a shade above 4 per day. Sadly, even that rather dismal statistic is skewed since the vast majority of those hours occur over the 4.5 temperate months of summer, which appear to be coming to an abrubt end. Even London, where the skies are the only thing darker than the teeth, dishes out just 226 days of dampness annually. But Copenhagen doesn't crack the top 10 for annual rainfall total. So here's winter in a nutshell: it never pours, but it's always cloudy and just misting enough to make you wonder if it's worth getting out of bed.
Saturday
The Anatomics and Economics of Drinking
The second worst decision I made that night was to drink and drive (my bike, that is) home. Alcohol is a powerful balance inhibitor, and I had eaten it epically in what I'm sure was a comedic display of flailing limbs and alcohol-induced futility. But the worst decision, by far, was spending all 200 kroners I had in my wallet on 10 beverages over the course of 5 hours. The more I thought about it, the more troubled I became.
Those 200 kroners could have purchased not one, but two american-sized plates of mexican food at Taco Shop, complete with drink. Or, even sadder, a sweet new pair of Bjorn Borgs. Instead, I chose to disperse that unit of purchasing power on a bundle of goods that yielded dehydration, impaired judgment, and my right elbow the appearance of raw meat. For shame, Ben Jones, for shame.
I'm sure college professors frown on all of their students' weekend binge drinking tendencies, but at least my economics professor can rest easy knowing that I learned an important lesson about consumer preferences. I'm never drinking again. Well, at least until tonight anyways.
Friday
danish dribbles
denmark- thursday night live
Perhaps the only thing more amazing to me than its existance is its extreme popularity. This picture was taken around 7:30, 3 full hours before the DJ was scheduled. People forewent dinner (I can't say I blame them, given how expensive food is) to arrive at 5 and avoid the hour line most people faced at the door. Here's the thing though, people consider Nexus pregaming because it only stays open until 2. Going clubbing until 6 am has to make that 8 o'clock Econometrics class a sordid, drunken affair.
Music: Enur- Calabria 2007
denmark- mass transit? no mas.
Founded in 1943 by Sweden's Ingvar Kamprad, IKEA is the world's largest privately-owned company. It offers stylish yet affordable assemble-it-yourself home furnishings and a luxurious shopping experience including childcare and a cafeteria (which happens to serve a mean meatball platter). Their business model is predicated on establishing big-box style stores in suburban areas accessible primarily by car. There's only one problem: I know not one person in Denmark with a car.
So my roommate and I set out for Ikea. It's actually right off of the same road we live on, just 10 miles or so outside the city. And Copenhagen has an internationally reknown mass transit system, so how hard could it be to get there? Really effing hard.
On the way:
6A bus 3 stops and switch to
123 bus, 18 stops and (after a 30 minute wait) switch to
126 bus, 10 stops
Total transit time: 2 hours, 5 minutes
The way back, toting at least 100 pounds of merchandise:
119 bus (the 126 had stopped running) 8 stops and switch to
Suburban train, 9 stops and switch to
6A bus 12 stops
Total Transit time: 2 hours 10 minutes
Fun fact: the average male walks 3.5 miles per hour. If we had walked the 10 miles, it would have taken us 2 hours 51 minutes.
Note my roommate's exasperated look. We have to go back to Ikea tomorrow, but I'm taking a car if it costs me my firstborn child. Mass transit gave me a massive headache.
Music: Arcade Fire- Keep the Car Running
Saturday
denmark- the cultural phenomenon

They were playing at Tivoli, the famed amusement park in the heart of downtown Copenhagen, as part of their summer concert series. I had been to see another band play there when I was in Copenhagen last spring, and it was pretty standard procedure. Go to park box office, purchase ticket, walk in. When I arrived 2 hours prior to showtime last night, a slightly different scenario greeted me.
Music: Nik & Jay- I Love ya
Monday
diversion #2- money
My Danish taxes: 45% plus 25% VAT on all purchased items
US tax rate on same income: 15% plus 6.75% state sales tax
Now, common costs:
My half of the rent: ~5000 kroner ($975)/month
Beer at a bar/restaurant: $7-$9
Big Mac Meal: $13
Cafe Mocha, large: $7.50
16.9 oz coke at 7-11: $4.20
Used bike (fair condition): $180
In other news, I'm looking for a student job.
denmark- the dawn of FSM
Music: Kanye- Good Life
Thursday
diversion #1- ode to my fresh whip
Wednesday
denmark- the grand arrival
We arrived on Saturday, so Monday was spent walking around the city dealing with administrative matters and cleaning up after the abominable business school administration. The errands were far from golden, but at least the city provided a silver lining: every sidestreet, every wrong turn is unique and photogenic. Not to mention I've been trying for ages to find a restaurant that, in my opinion, truly encapsulates the Danish gastronomic experience. Thanks to my jaunt around the town, I found one.
Monday
iceland- on top of the world
Sunday
iceland- where fond farewell meets new beginning
8/16/09
Though difficult to really articulate, the flat landscape and absence of buildings above 4-5 stories gives the impression that the sky is so much bigger than the city. I can't say I've felt that elsewhere. Of note: the local store for mature women, "sexy grandma," can turn flab and cellulite into covered flab and cellulite. Marked improvement!
Music: Death Cab- Transatlanticism