Death of Steve Jobs!

Steve Jobs (1955 - 2011).

Very sad to hear the overnight news of Steve Jobs death at just 56.

Strange that despite the knowledge of his long illness and history of transplants and pancreatic cancer his death never felt to be imminent which must be down to the man's determination to carry on as usual rather than seek any sympathy.

You have to respect the fact that not only did he resurrect Apple's fortunes but he has also done his damdest to provide for its future through contingency and continuity in preparation for his passing.

I can only assume that he had an idea of when he might no longer be around but it hasn't stopped him driving forward his succession strategy and vision to secure Apple's immediate future through an effective structure and product pipeline. 

How many of us in a similar situation would have long since withdrawn into the sympathy of our families with anger and resentment at our misfortune.

I might be showing my age now but Steve Jobs and his Apple co-founder Steve Wozniak were already heroes of mine having designed one of the first versions of a personal computer (Apple I) from a Californian garage (or at least that is the tale I remember). 

Apple II came along soon after with graphics and .... a mouse.
This helped create the onset of micro computers for the home which eventually saw me get my first one in the form of BBC's model B (itself a development from Acorn's Electron) which ran on an early design of what is now an ARM microprocessor. 

With that first venture alone he made home computing a possibility and he has continued to see the future of technology in our homes and our lives even if we couldn't.

Further testament to Jobs complete vision of perfection and consumer experience I can still recall my experience of unboxing an IPod 3g with click wheel. The packaging was as equally rewarding as the product coming in a pristine white cube that hinged and split like an egg to reveal the cocooned IPod perched at an angle inside.


He may not have actually invented all of the products Apple sells but his vision and attention to detail has brought them all together and pushed the boundaries so as to enrich the user experience and ensure that technology complements and improves our daily lives (rather than compromise) whether we are at work or play.

Very, very sad news and my sympathies go out to his family and friends.

Steve Jobs (1955 - 2011).

Related articles:
- www.citywire.co.uk: Steve Jobs: tributes to Apple's visionary boss
- www.fool.co.uk: Steve Jobs: Tribute To A Visionary

Contagion Flu!

Clammy hands, feelings of paranoia and twitching at every news report starting with the word economy.... 

Yes I caught contagion flu last night after switching off at the FTSE's capitulation and seeing the Dow Jones continuing to look over its shoulder where the Chinese and Europeans might be lurking in the shadows.

Continuing drama regarding the collapse/imminent collapse/rescue of Dexia and the potential wildfire impact from Italy's downgrade had me geared up for a further collapse this morning.

But, catching the early morning news I see that the Dow Jones surged 400 points in the last hour and that the FTSE is back above 5000 this morning as a result of - wait for it - rhetoric. Yea!

That would be the same rhetoric that has driven the markets down then!

Bernanke's speech is no different to the words he has spouted over the last few months ie. that the Fed is willing to do more (but not yet).

In the Eurozone, the French and Belgium governments will allow Dexia to create a toxic bank of its Greek assets whilst ministers talk once again about re-capitalising the banks, and Greece continues to be shut for business.

The market is officially illogical and when it is like this I have no understanding of it!

Bottom line that I can see is still no actual solutions so I don't understand the markets steadying after weeks of brinkmanship with politicians.

And, looking at Dexia and banks in general you have to ask the question what have they been doing in the 3 years since the collapse of Lehman's as its starting to look like it has been business as usual in terms of salary and bonuses, and lip service to regulation (or self regulation). Perhaps I am doing them a disservice and their capital position less Greek debt is satisfactory. I still think that poachers will be poachers without any gamekeepers though!

As for the newly awakened safety net that is the rating agencies what kind of a reason is "market sentiment" which has been put forward by Moody's as the reason for downgrading Italy. Particularly bemusing in this supposedly mathematical risk and probability modelled industry that we are told is finance these days.
That is just throwing your hands up in surrender and giving in to market fears, isn't it? 
Why don't Moody's follow S & P and downgrade the US for the same "sentiment".
Where is the logical model on the GDP trend with growth discounted by inflation and an incremental increase in interest rates to illustrate a closing or widening gap in its ability to meet its liabilities? Something that at least has a little basis to it.
I still feel that they should downgrade everyone to keep it a level playing field which would be in line with the real "market sentiment" and contagion fears.

But, as I mentioned earlier I have to hold my hands up, or put my head in my hands, and say that I don't understand it at all.