Snowballing from Golf to Swensen
George did not go to school today because it was snowing this morning. After lunch, George wanted me to play with him outside with the snow. He wanted to make a snowman. I first taught him to snowballing. He asked “how did you learn about snowballing?” I told him that it was snowing almost every year when I was a kid in China and I knew it then.
We both started with making a small snowball (the size of a golf ball) made of clean snow on the top of a bench in our backyard. I taught him the technique of snowballing at the bench. When the two snowballs become the size of eggs, we took the snowballs at the ground. We started rolling and rolling. George did very well. After a while he realized that his snowball was smaller than mine. He was a little bit unhappy about that. I told him to roll the snowball along the thick snow on the ground. He wanted me to roll behind him so that he could roll along the thick snows. I was rolling behind him and purposely along the shallower snow. Very soon his snowball was becoming the same size as mine. By then we both were feeling tired and our hands were very cold. We went back inside the house to rest for about 10 minutes.
Then we went to finish the rest of the project of making a snowman. Since the snowballs were very heavy. George could not lift the snowballs. Jie came to help us. Jie and I lifted the snowball and put it at the top of mine. I then added two orange-colored billboard balls as eyes, one red carrot as nose, and a red half-circle shaped toy as mouth. George was just laughing harder and harder after each piece was added into the snowman. Then Jie took several pictures as George was standing besides the newly made snowman.
Yesterday I went to the Beginner Golf class. We did not go out since it was snowing outside. He did coaching in the class about putting and holding clubs. The most important thing about holding a club is that the two Vs formed by two hands should be pointed at the right shoulder. I did not know this before the class.
The Portfolio Management class was fine. The most interesting part was about the fund of hedge funds. He believed that the fund of hedge funds did not add much value to the investors. He would rather like the pension funds to build this capability in-house. He thought that the Yale Endowment Fund manager David Swensen might be the first manager realized this importance. This was one of the main reasons why the Yale Endowment portfolio had the highest level of exposure to the hedge funds. I had researched about Swensen for his portfolio structure. But I did not know Swensen was the pioneer in investing in hedge funds.
As an after thought, I feel that snowballing is very much like investing. Starting with a very small ball in the size of a golf ball, one can roll the snowball to a much bigger one. The snowball is getting bigger as long as you roll along the fresh snow at the ground. And the snowball is becoming too big to roll easily. This is kind of strange - everything is connected and related to investing, even on a snowballing day without playing golf.
We both started with making a small snowball (the size of a golf ball) made of clean snow on the top of a bench in our backyard. I taught him the technique of snowballing at the bench. When the two snowballs become the size of eggs, we took the snowballs at the ground. We started rolling and rolling. George did very well. After a while he realized that his snowball was smaller than mine. He was a little bit unhappy about that. I told him to roll the snowball along the thick snow on the ground. He wanted me to roll behind him so that he could roll along the thick snows. I was rolling behind him and purposely along the shallower snow. Very soon his snowball was becoming the same size as mine. By then we both were feeling tired and our hands were very cold. We went back inside the house to rest for about 10 minutes.
Then we went to finish the rest of the project of making a snowman. Since the snowballs were very heavy. George could not lift the snowballs. Jie came to help us. Jie and I lifted the snowball and put it at the top of mine. I then added two orange-colored billboard balls as eyes, one red carrot as nose, and a red half-circle shaped toy as mouth. George was just laughing harder and harder after each piece was added into the snowman. Then Jie took several pictures as George was standing besides the newly made snowman.
Yesterday I went to the Beginner Golf class. We did not go out since it was snowing outside. He did coaching in the class about putting and holding clubs. The most important thing about holding a club is that the two Vs formed by two hands should be pointed at the right shoulder. I did not know this before the class.
The Portfolio Management class was fine. The most interesting part was about the fund of hedge funds. He believed that the fund of hedge funds did not add much value to the investors. He would rather like the pension funds to build this capability in-house. He thought that the Yale Endowment Fund manager David Swensen might be the first manager realized this importance. This was one of the main reasons why the Yale Endowment portfolio had the highest level of exposure to the hedge funds. I had researched about Swensen for his portfolio structure. But I did not know Swensen was the pioneer in investing in hedge funds.
As an after thought, I feel that snowballing is very much like investing. Starting with a very small ball in the size of a golf ball, one can roll the snowball to a much bigger one. The snowball is getting bigger as long as you roll along the fresh snow at the ground. And the snowball is becoming too big to roll easily. This is kind of strange - everything is connected and related to investing, even on a snowballing day without playing golf.
posted by Unknown at 11:36 AM
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