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Money matters: Distressed Securities
Graham Macdonald
MBMG International Ltd.
Background
1. What exactly is distressed securities investing?
2. What are the key risk factors and qualities required for investment success?
3. What investment performances can we anticipate?
Distressed
Securities
A distressed securities fund invests in the senior debt or
equity of companies which are experiencing operating difficulties and/or
liquidity crises. These securities typically trade at significant discounts to
par value. A typical story unfolds as follows:
1. A small, fast-growing company obtains bank loans, secured
by receivables and inventory, to finance further expansion.
2. Subsequently the company obtains additional financing to
acquire other companies in related fields.
3. Business conditions later contract, interest rates rise,
competition increases, and the now highly-leveraged company starts to lose
money.
4. As losses mount, the company cannot even pay the loan
interest.
At this point, banks are faced with holding non-performing
loans and sitting-out bankruptcy proceedings, or selling the now
‘distressed’ loans at a significant discount. They will usually decide to
take this second option, not wanting additional risks or the headaches of
unfamiliar terrain.
Now a distressed securities fund will enter the picture.
Before investing, fund management will undertake a study to determine the risks
and rewards. They will:
1. Analyse the fundamentals of the business.
2. Determine its operational strengths and weaknesses and potential for
improvement.
3. Place valuations on the different company securities, debt and collateral and
establish a likely timeframe for their realisation following and operational
restructuring.
Should risk/reward parameters meet management’s objectives,
the fund will purchase the senior bank debt at a large discount. Some funds then
adopt a passive stance, waiting for events to unfold. Others take an active
approach, participating in creditor committees and even directing future
re-organisation. Finally, following successful restructuring, profits are
realised.
A company’s fall into restructuring often makes the
headlines, with the US government bail out of Chrysler in the 80’s
unforgettable for many. A more modest example would be the US motor parts
company which was in bankruptcy protection due to a combination of excessive
debt and unproductive plants. Following detailed analysis, the distressed
securities fund developed a recovery plan, purchased the senior debt at sixty
cents on the dollar, brought in turnaround artists and hired new skilled
management. The debt was converted to new equity, and the eventually productive
and financially unburdened company was sold to a larger competitor netting the
fund a significant profit.
Risk Factors
There are three broad risk scenarios:
1. Operating parameters and estimated realisable asset values can deteriorate.
2. Restructuring, both financial and operational, can take longer than
anticipated.
3. Economic crises can temporarily reduce the values of distressed securities as
investors seek ‘safer’ investments.
Success Factors
Clearly distressed securities investing demands a very high
level of quality, in-house research and investment experience. Additionally,
most management teams utilise outside industry and legal experts to complement
their research and restructuring efforts. The best also incorporate strong
risk-management controls with procedures that include:
Ï% Acquisition of senior debt of basically
sound companies in financial or operational distress.
Ï% Avoidance of leverage.
Ï% Focus on readily fixable operational
problems as opposed to more subjective revenue enhancements.
Ï% Maintenance of cash reserves when
conditions turn negative.
Ï% Diversification of investments by company,
industry and region.
Future Returns
Distressed securities investing is classified as an “event-driven”
investment strategy, with returns being driven firstly by the identification of
opportunity, and then successful completion of often complex restructurings.
While economic crises temporarily hurt asset values, returns over full business
cycles typically exceed those of equities and are accompanied by both low
volatility and low market correlation.
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The above data and research was compiled from sources believed to be
reliable. However, neither MBMG International Ltd nor its officers can
accept any liability for any errors or omissions in the above article nor
bear any responsibility for any losses achieved as a result of any actions
taken or not taken as a consequence of reading the above article. For more
information please contact Graham Macdonald on [email protected]
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Snap Shots: Can history repeat itself?
by Harry Flashman
 Well,
if it is in this column, history certainly can repeat itself. I was
perusing some back issues and came across one of the first photography
articles I wrote, which was entitled Frogs win world’s first! This was
not a reference to football (soccer) at which the French have done
reasonably well, but was an historical overview of the birth of
photography and its progress, in which the French also did reasonably
well! With the very rapid advances in photography and the recent
technology, I felt it was worthwhile us all stopping to see just where
photography has come from in the last 179 years.
Did you know that the French were the first to bring
photography to the world? And no, it wasn’t somebody called Francois
Kodak either (but more about that later)!
The first known “photographic” image was recorded
in 1826 by a French gentleman called Nicephore Niepce. He managed to
capture the view from his window, producing the image on a bitumen covered
pewter plate. The exposure time for this epic making picture (or should
that be “epoch” making?) was a record breaking eight hours! What took
poor old Nicephore eight hours to produce, you can do in 1/125th of a
second.
Monsieur Nicephore then teamed up with another
Frenchman, Louis Jacques Mande Daguerre (1759-1851) and the pair of them
worked on trying to make “photography” a little bit easier. Nicephore
expired in 1833, turning up at the pearly gates with his pewter plates
under his arm, but Daguerre continued in his quest of the Holy Grail, or
to photograph it, if nothing else, even though he was by then 73 years
old.
By 1839 when he was 80 years old, he had managed to
produce images on highly polished silvered copper plates and released the
details in August of that year, but only after obtaining a lifetime
pension for himself from the French Government. Daguerre was no dunce!
Neither was the French government, as it knew the “lifetime” would not
last too long!
Now while these images were much better than
Nicephore’s originals, they still took forever in the camera. Exposure
times were far too long to make portraiture a reality. “Just hold zat
pose for six hours, Madame!”
However, while the French were exposing themselves and
their plates to the sun, an Englishman by the name of William Henry Fox
Talbot (1800-1877) was experimenting exposing silver impregnated paper and
produced the first “negative”. By then exposing his sensitized paper
to the negative he had made previously, he managed to produce positive
copies. Now, more than one image could be made from the one photographic
session. Think about it, this was ground-breaking stuff.
However, Fox Talbot did nothing about his new process
until he heard from France about Louis Daguerre’s “invention”. In
the same year (1839) he then rushed into print with details of his
process. This was the start of modern photography.
Exposure times were still an hour or so, but in 1840
the simple photographic lens was improved by Josef Petzval allowing 16
times more light into the camera and exposure times dropped to around 4 to
5 minutes. Portraiture had arrived! The impact of Petzval on photography
is often forgotten, but his improvement to the optical lens had actually
much more of an effect than the slow improvements in the sensitivity of
the film plates of the day.
For the next four decades photographers spent their
time refining the “negative” process, however it took an American to
bring photography within the reach of the masses. His name was George
Eastman (1854 - 1932) and he was an inventor and an industrialist.
In 1888 he introduced the small box camera with a 100
exposure roll film inside, but he was unsure of what to call it. The
marketing gurus told Eastman that a good catchy name should have K’s in
it. And so “Kodak” was born.
From there it was really refinement of the silver halide processes,
until the digital era came upon us, in which we stand right now. The next
round of advances will certainly not take 179 years, I can assure you.
Modern Medicine: Anti-cancer drug evaluations -
have we cracked it this time?
by Dr. Iain Corness, Consultant“Wonder
drugs” are always in the news, and anti-cancer ones particularly so. Most
producers of these wonder compounds crave publicity, for some quite
different reasons. Quite frankly, there are those who are out for commercial
gain, and any articles will help them sell their products, whether it works
or not. Others include “leaks” to the media done by bona fide
researchers who need financial backing to continue their research, and some
publicity helps in getting some dollars from benevolent organizations.
However, sometimes there can be some real gold amongst the dross. 17AAG
looks like it could be one of them.
This drug looks as if it actually does have the potential
to produce regression of some forms of cancers, and is currently going
through preliminary testing. Noted and authoritative researchers are quite
optimistic following a trial funded by Cancer Research UK and conducted by
Institute of Cancer Research scientists based at the Royal Marsden Hospital,
London.
Professor John Toy, Cancer Research UK’s medical
director said, “These results are very early and, although encouraging,
much more work to assess the drug’s effect in large numbers of patients
still needs to be done.”
Professor Peter Rigby, chief executive at the Institute
of Cancer Research said, “This early trial indicates the potential of this
drug for future cancer treatment. Although further trials need to be
conducted, early indications suggest that the multi-pronged attack by this
drug shows promise in treating a range of cancers.”
Patients taking part in the UK trial had cancers which
included skin, breast, colon, ovarian, kidney, lung, and pancreas. This
initial study was designed to see if the 17AAG drug worked at the
biochemical level, where the drug targets a so-called ‘chaperone’
molecule called heat shock protein (Hsp) 90. By deactivating Hsp90, the drug
simultaneously sabotages numerous other molecules critical to cancer growth.
As a result, cancer cells stop growing and die.
Study leader Professor Paul Workman, from the Cancer
Research UK Centre for Cancer Therapeutics in London said, “The results of
this research suggest that, by blocking the action of Hsp90, the drug has
the potential to attack cancer by shutting down a range of systems that
cancer cells use to grow and spread.”
While the Institute of Cancer Research scientists found
the drug 17AAG blocked breast, bowel, skin and prostate cancer in 30
patients as well as in the laboratory, and the Journal of Clinical Oncology
study confirms 17AAG works, more trials are needed before the prototype
becomes a real treatment option, experts say.
Now, before you put your hand up and say, “Pick me!”
it is not so easy in these very early stages of this research. For example,
one trial that has been running is looking at the use of 17AAG in a renal
cancer situation. The list of exclusions is almost as long as the list of
factors that must be exhibited by the patients before acceptance into the
trial. For example, pregnant women are excluded from this study because
17AAG has the potential for teratogenic or abortifacient effects, and no
data regarding its safety in pregnant women is available. Because there is
an unknown but potential risk for adverse events in infants secondary to
treatment of the nursing mother with 17AAG, this would also be an exclusion.
And of course, any woman on the trial must not get pregnant either.
HIV-positive patients are also excluded from the study because of unknown
but potential pharmacokinetic interactions of anti-retroviral drugs with 17
AAG.
So while 17AAG looks promising, it’s really a long way
off yet. Even if it works, what is the result of long term use of the
“cure”? They don’t know and neither do we.
Learn to Live to Learn: Perceptions
with Andrew Watson
Over the last few weeks, I have enjoyed a number of
stimulating conversations on the subject of perceptions. Where do they
come from and how are they formed? Are we aware of the conscious and
subliminal influences, pressures and preconceptions, which undoubtedly
exist, as we prepare ourselves to form an opinion? What are the
differences between fact and opinion? How can malicious intent propagate
malevolent and unfounded views?
Recently, I was particularly interested to debate the
concept of the presumption of arrogance, which is an area that excites a
vast range of different reactions, depending variously on education,
socio-economic, political and cultural background. It is a complex
phenomenon. Of course, it can be a terrible thing to presume arrogance
in either an individual or a group of individuals, when often the very
implications and ramifications of such accusation are wilfully ignored.
Deviant critics might point to this last sentence as an example of
arrogance, instead perhaps, of considering the matter more deeply.
Just as Fascism can be seen as close to Communism,
Love adjacent to Hatred, it appears to me that Arrogance is close to
Humility and consequently, can often be mistaken for it. I propose that
these are not linear concepts, but can perhaps be more easily understood
when considered as existing at the apex of a circle. So, for example,
arrogance might be at 1 degree and humility at 359 degrees. So whilst
they are in fact, as far apart as it is possible to be, they can appear
close together.
The mistaken perception is that closeness represents similarity
in essence. A glance at perceptions of silent response to provocation
provides a useful example of how perceptions can be formed positively or
negatively. The Thai response to a farang shouting is a good example.
The Thai is embarrassed for the farang, yet how often have you
witnessed their silence or smile taken as an arrogant disregard,
fuelling farang ire?
Presumption of attitudes within responses can have a
great deal to do with expectation and conditioning and can be seen
across the world exploding into conflict. In light of the recent events
in London, it is perhaps salient to think of how perceptions can become
a fast track to atrocity, especially when fuelled by bigotry and
desperation. Equally, I suggest that responsibility for preventing and
in the end, eradicating the possibility of such attacks (if only that
were true) rests with us all in our everyday lives. That is what I meant
when I wrote last week that the answer lies in education. It is also the
reason that I align myself with Khalil Gibran philosophically and
artistically.
Perceptions often exist and can be formed in a world
of ignorance, envy, greed, hatred and uninformed gossip forming a spiral
of decline, which reflects no credit on the conspirators. In the Second
World War, the British ran a famous PR campaign maintaining, “Careless
talk costs lives”. I still believe this to be the case. How carelessly
the culture of immediate gratification dispenses with people’s
feelings, as the truth is left far behind, drowned in the desire for
social acceptance. How cheaply we deride with cynicism, destroy
characters without reason.
More cynically, perhaps I am describing pub culture
(an oxymoron?), when space between beers needs to be filled with some
kind of conversation. Culturally, this appears to be a phenomenon of the
United Kingdom and her commonwealth brethren of similar cultural
background, where popular heroic figures like Beckham can be undone by
malicious falsehood, rumour and innuendo, splashed infamously across the
front and back pages of the tabloid press. Ask a French person what they
think of this habitual denigration and they are incredulous, asking,
“Why do they bother?”
It seems difficult to explain the apparent reluctance
of the British to celebrate the individual achievements of others or to
recognize excellence in their peer group. Personally, it wasn’t until
I went to college in the United States that I experienced the dizzying
and wonderfully enriching sensation of people coming up and telling me,
“Hey, great job!” Wow! That felt great! And you know what? It’s
contagious and you never lose the habit.
On the dark side, it can have a severe impact on
self-esteem, confidence, motivation and happiness, to not be affirmed,
celebrated and recognized. Inside, we are all fragile beings. The secret
the Americans have is reflected in Christian teaching – “It is in
giving that we receive.” Look at cheerleading. They’ve made a sport
out of encouraging others. Did you know you can win cheerleading
scholarships for college? I’m not advocating cheerleading as an
Olympic sport, but I hope you see what I mean.
Any teacher who has ever been in a staff room beset
by balkanised negativity will testify to its demoralising, draining
effect. Anyone who has cynically propagated lies and seen them spawn
more of the same will recognise the power that can be wielded by
attempting to falsely mould people’s perceptions. Education provides a
means by which people can arrive at an understanding of their role as
individuals and their responsibilities to others. The truth (without
wanting to engage in a debate on “cultural relativism”) has a beauty
and clarity of its own and I think we should celebrate and revere it.
Its distortion is dangerous and the source of iniquity and misery.
Accentuate the positive!
[email protected]
Next week: Postcard from London
 Heart to Heart with Hillary
Dear Hillary,
I have received a stack of papers from my wife in Korat via her lawyer
asking for a divorce. I am not thrilled at the idea so I haven’t
replied. We were married in the USA so do I have to divorce her there or
can it be done in Thailand? Any idea how much it costs in Thailand?
Thanks, Jerry
Dear Jerry,
This really is a case for the lovelorn, isn’t it. I’m sorry to hear
that your wife wants a divorce, but since I do not know what has
prompted this, I can really do no more than send commiserations. As far
as divorces go, no you do not have to go back to the US, it can be done
here, as my recently divorced Scottish friend has just told me (he can
be recognized by the big grin and two girls on each arm). Like all
divorces, they are costly, but not overly so compared to America. Since
she is making the running, you can proceed at your own pace, but I would
always suggest that you establish dialogue as to why it has come to this
situation. It is not the legal costs in severing the knot, it is the
cost in property to be handed over, as well as the psychological cost
involved in any split-up.
Dear Hillary,
You have probably heard this hundreds of times and may be able to help
me in this problem I have. On my last trip to Thailand (my third this
year) I fell in love with a most beautiful girl from a bar and against
all the advice given by “old hands” I gave her money to set her up
in a house for us both, which had to be in her name as it could not be
done in mine, which I found out beforehand. We got along so well, I
could not believe my luck. She went to a language school so that we
could talk together (I am hopeless with languages, always have been). I
had to do everything quickly as I was only here for three weeks. She
contacted me every day by email and told me that she was setting up the
house just for us, and I was just so happy. My work told me the good
news that they wanted me to go to Singapore for a quick trip, so I
thought I would I would quickly fly up to Thailand and surprise her. The
surprise was all mine when I found out that she was living there with
some German guy and had been for some time! Should I ask her to return
the money? I feel totally cheated and I think it will be some time
before I fall in love again, especially with a Thai girl.
Cheated
Dear Cheated,
Just who has cheated who in this sit-com drama? You admit that all the
old hands warned you, but you went ahead anyway and all their
predictions came true, although I don’t know that you can attach much
blame to the German guy - he’s probably paid for the house as well.
Petal, would you have done this in your own country? Within three weeks
of knowing some girl from the local pub, would you be dragged down to
the estate agents where you buy a house, and sign it over to her, while
you then disappear, happy in the knowledge that she is “waiting” for
you? You should be thankful that you didn’t buy her two houses, a
motorbike for her brother and a couple of buffalo for her father. You
can ask her to return the money, but I wouldn’t hold out much hope of
ever seeing it. This has been an expensive lesson in love, but it is
time that you grew up, I’m afraid.
Dear Hillary,
My Thai girlfriend tells me that she wants to get her breasts made
bigger, which sounds just fine to me. She is Thai and so she doesn’t
have much on top compared to the girls I am used to in England. The only
problem is that she wants me to pay for them. Since it is round about
80,000 baht I would like to think I am going to get my money’s worth.
For example, there’s no guarantee she’s going to stick around for
ever, is there? Do you think I should go ahead with this, Hillary, or
back out now?
Booby Bob
Dear Booby Bob,
You are wondering if you are going to get your 80,000 baht of value from
the operation, if I read your letter correctly. It all depends upon what
you call “value” my Petal. Really, you have not given me enough
information to make such a value judgment, I’m afraid.
However, why don’t you
just spend the 80,000 baht on yourself and get the silicone jobby done on
yourself instead. This way you will be able to keep yourself happy for hours, in
fact be totally self contained, so to speak, and you don’t have to worry about
your super-endowed darling taking off with her expensive wobblers wrapped
tightly in her 34 C bra. I’d think twice before agreeing to anything.
Psychological Perspectives: Psychological theory applied in filmmaking and community awareness campaigns
by Michael Catalanello,
Ph.D.
Thabo, Thabiso and Moalosi are three
energetic and engaging young men, who travel to communities throughout the
countryside of Lesotho, a mountainous enclave of South Africa. They carry
with them a mobile cinema unit. In these remote communities where a third
of the population is HIV+, they screen an HIV awareness film featuring
themselves as the main characters. They discuss openly with their audiences
their own struggles with HIV and public acceptance.
Young women they meet along the way find the men
irresistible. They are, after all, movie stars!
The three friends are featured in the documentary,
“Ask Me I’m Positive.” The premise of the film is that a person who
is infected by the AIDS virus need not live a life of secrecy. There is no
shame in being HIV+.
Last year people from around the world gathered in
Bangkok to view “Ask Me I’m Positive,” along with over 50 other films
offered during the 2004 AIDS Film Festival, organized by the XV
International AIDS Conference. Many of these films featured real or
fictional characters depicted as dealing courageously and effectively with
problems brought about by HIV and AIDS.
The power of such films to educate and change people’s
attitudes and behavior is based upon a psychological theory advanced during
the 1960s by a remarkable psychologist named Albert Bandura. His
revolutionary idea, known as “social cognitive theory,” has found
applications, not only in the more traditional clinical settings, but also
in campaigns to increase literacy, reduce the stigma of HIV/AIDS, reduce
unwanted pregnancies, promote environmental responsibility, and empower
women in male-dominated societies.
At first glance, Bandura’s insight may seem obvious:
People can learn through observing the experiences of others. However, this
notion was in stark contrast to the ideas that were in vogue in psychology
when it first appeared, those promoted by strict behaviorism.
The behaviorists, led by the prolific experimentalist
B.F. Skinner, taught that all learning is based upon the individual’s
direct experience of the consequences of his or her own behavior. According
to this view, when one’s behavior is followed by consequences he
considers favorable, he tends to repeat it. Conversely, when rewards are
not forthcoming, or if desired conditions are removed as a consequence of
an act, that act tends to occur progressively less frequently.
The behaviorists could not bring themselves to
acknowledge the importance of learning by observing the experiences of
others. That’s because learning by observation suggests that mental
processes were somehow involved in the learning process. The behaviorists
were committed to the doctrine that only observable events like behavior
could form the basis of a scientific psychology. The admission of
unobservable mental or “cognitive” elements into psychology seemed to
many a step backwards from the establishment of a truly objective
behavioral science.
Bandura’s earliest experiments on observational
learning demonstrated how children, allowed to view videotapes of others
behaving aggressively and without restraint, subsequently showed more
aggressive behavior. By contrast, children exposed to videotapes lacking in
displays of aggression, exhibited no such increase in aggression.
It stands to reason that if children can be influenced
to behave badly by observing others, so could they be influenced favorably
by observing attractive role models behaving in such a way. And not just
children, but adults, too, would seem subject to the principles of
observational learning. The research has supported this conclusion, and
forms the basis for a new genre of filmmaking exemplified by “Ask Me
I’m Positive.”
The characters presented in these films are ordinary
people, folks with whom the audience can easily identify. Story lines are
typically compelling. The challenges faced are those encountered by
ordinary people. Positive role models exhibit behavior that has favorable
consequences. Negative role models suffer unpleasant consequences for their
mistakes. Lessons are learned, not through wordy speeches and sermons, but
through credible actions and consequences - the experiences of the
characters.
Studies have shown that attitudes in communities where
films like “Ask Me I’m Positive” are shown do change in the desired
direction. Misinformation concerning HIV/AIDS in parts of Tanzania, for
example, began to evaporate following the airing of a 1993 radio drama
called, “Twende na Wakati,” or “Let’s Go with the Times,” aimed
at increasing AIDS awareness. Researchers believe the popular radio drama
was instrumental in producing the changes.
It is gratifying to see research in psychology put to such practical
use. Successes like these can point the way to new and innovative
applications of psychological ideas like Bandura’s social cognitive
theory, aimed at improving public awareness around important issues of
public concern.
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Dr. Catalanello is a licensed psychologist in his home State of Louisiana, USA, and a member of the Faculty of Liberal Arts at Asian University,
Chonburi. You may address questions and comments to him at [email protected], or post on his weblog at
http://asianupsych.blogspot.com
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What’s Hot and What’s Not in F&B:
Become the Hostess with the ‘mostest’
Dylan
Counsel
F&B Manager,
Pattaya Marriott Resort and Spa
Food is a fantastic topic of conversation for almost all
occasions, including weddings, parties, casual gatherings and even funerals.
July to September signifies the season of rain, slightly
cooler temperatures, warmer foods and great quality beverages. Dinner at
home is usually preferable during this period. In my restaurants, I often
get asked by guests for recipes, secret ingredients or tips on how to create
certain dishes. The inspiration from this column came from a guest who was
throwing a dinner party and wanted a few tips.
One of my favorite things to do is to host a dinner party
for close friends. Good conversation, full flavored creative food and
sensational wines are major ingredients to a successful dinner party;
however, there are some other tips that I can recommend.
* In essence a dinner party is a time to indulge, in
food, wine and folly. Usually a dinner party takes place at the table, so
dress the table up with polished glassware. Ruby colored glassware and amber
are definitely in for the cooler months. Rustic colors, bare wooden table
tops and unique china ware in different shapes and deeper colors are also
in.
* Try to give your dinner party a theme. Some suggestions
are to use a particular colored food such as mango or citrus fruits, an
ingredient that is present in each dish or a wine dinner using wine from a
particular region. Fancy dress parties, Hawaiian and 70’s themes are out!
Make the focus the food and or wine.
* Try setting the table in an alternative place. If you
are doing a wine dinner, set the table in a wine cellar. If you don’t have
a wine cellar, place some wine racks around the table. Other locations can
include by a fireplace or in a well-kept garden. Make the quarters close; it
helps to create rapport amongst the guests.
* Light the candles early. Make the atmosphere warm,
inviting and comfortable rather than formal.
* If your dinner is based around wine and food tasting
make sure the conversation is varied. Too much wine info is outright boring,
especially for those who just like to drink the wine without the background.
Consult a sommelier regarding your wine selection. Bring the menu to them
and try to match the wine and food. Put as much effort in the wine as you do
in the food.
* If dining outside have shawls ready for your guests.
It’s just a nice touch for those that feel the cold. Also remember the
mosquito repellant.
* Write and print a menu. Send it with the initial
invitation. This will help to build anticipation.
* Serve pre dinner drinks in a separate area to the
dinner. This will also help to build anticipation. What’s hot at the
moment in the drinks department? Cold beers from Belgium, warm rums from
Jamaica and flavored vodkas are in at the moment. Try serving a vodka
martini, rum with ginger ale and beers in well chilled tall glassware.
* If children are coming, let them join in the initial
drinks and then have some activities ready for them to go onto after.
Remember happy kids mean happy parents.
* Try not to use flowers. Get creative with your
decoration. Try to keep in line with your theme. Use one kind of fruit in
tall jars, use grapes if your theme is about wine, use bare branches, sticks
and pods rather than overflowing bunches of flowers.
* Follow your theme through. Here’s an example; have
lemon scented oil burning if your theme is citrus. Wear a yellow or green
shirt or dress, use lemons and lime for decoration, garnish your food with
lemons and lime, ensure each dish has a citrus theme. Use vodka martinis
with a twist, have lemon scented cold towels on arrival, have lemon
amenities in the bathroom and try to have music playing with the word lemon
or lime in the lyrics.
* Make sure you have at least 4 courses, followed by
freshly ground and brewed coffee. Remember that coffee is one of the most
important factors in a dinner party. A great coffee will be the last thing
they remember as your guests are leaving.
* Arrange taxis to pick up your guests and to drop them
off. Ensure your guests arrive and get home safely.
For now that’s all from me. Good luck for your next
party. Good Health, Great Food and Best Regards,
Dylan
Personal Directions: Coaching lets you rethink your strategy
by Christina Dodd
Have you reached that time in your career when you throw your
hands up in exasperation and say to yourself, “What am I doing here?” Have
you suddenly woken up to the fact that you are not really content with where you
are headed and there is nothing of substance to motivate you? You are just in
this space between spaces, trapped in the familiarity and sameness of things?
You have to stay the distance because people depend on you, and if you made any
changes that might affect the financial balance of your current situation and
livelihood, then there would be serious consequences as a result. Is this you?
Perhaps it may be someone you know.
There are people everywhere who suffer from this dilemma and
find the challenge of change just too daunting and too difficult to even
consider, let alone act upon. They feel that it is impossible to imagine
themselves in “a better place”. Anything other than what they have become
used to and have to “stick with” for whatever reasons, is just a dream, and
the dream may as well be a million miles away.
And so we live, and we live with it. Some people accept and
adapt, and put up with it because it’s the only thing to do. Others want to
find a way out but don’t quite know what step they should take first, and
consequently never take that step. And then there are those who do break free of
the shackles around their lives and even though they have put themselves at
perhaps great risk, they would do it again because the rewards of challenging
and overcoming those routine and unhappy, unfulfilling years was worth every bit
of effort.
If you are one (of the majority) who cannot “break free”,
it may well be that the solution to this dilemma we are talking about may not
necessarily be about changing the actual job or place of employment. It may well
be that you need to rethink your strategy. Think about it, and think for a
moment. You may realize that the changes to be made may well lie within yourself
and your thinking, and the personal strategy you can develop in order to bring
about the results and the fulfilment you so desire.
You are possibly saying by now, “How do I do this?”
My answer to your question lies in considering the idea of
taking on a personal coach. That doesn’t mean to say that you don’t know
what you’re doing and that you don’t know anything about who you are and
what you want. It simply means that you more than likely would benefit from
working through those areas of your life that cause you concern, with a
professional coach who is skilled and experienced in helping you to develop your
own “personal action plan” and to assist you in implementing that plan, and
in providing support and follow-up during and after its implementation.
Going it alone and taking on this most tremendous task by
yourself which, after all, is to bring about major differences to your life and
those who live with you, can be an up-hill climb and struggle with numerous and
major obstacles along the way. Just one obstacle, and that’s all it takes, can
cause you to lose confidence and to give up. With someone at your side, however,
encouraging you and helping you to focus your thoughts, to plan with detail, to
consider and prepare for all the possible hurdles, you will be better equipped
and motivated to get the results you want.
Think of a coach as a kind of neutral sounding board that you
can say almost anything to because they are completely non-judgemental and have
only your interests to serve. The bond or relationship that develops is unique
in that there is nothing to suppress or to hinder you as happens when confiding
with family members or friends for example. We have all experienced at some time
or another in our lives when talking to a complete stranger just how pleasurable
it is to discuss so many subjects all in a short space of time. I know from my
own experience when I travel, how much I enjoy some of the conversations I have
had with the passenger sitting next to me. As human beings we have the
marvellous ability to open our minds and to feel free to express ourselves quite
deeply and honestly with someone who we sense has a caring nature, and who is
interested in listening to our story.
A coach can be a person who is there beside you in your
personal endeavours in life as well as in the professional arena of your life
covering your job, your career path as you work for others, or as you work for
yourself and run your own business. Entrepreneurs and executives of small to
major companies and organizations both private and public, require at times that
special one-to-one “safe area” for want of a better expression, where they
can be themselves without criticism and put-down to sort out the difficulties
that confront them as they manage and lead their teams and organizations.
Professional coaching by trained and accredited, experienced
coaches has become for many – a “must have”. It is not to say that those
who have coaches are admitting weakness – quite the opposite – they are
taking stock of what they have and in doing so taking their strengths to the
next level, gaining along the way a wider view of how things really are and
broadening their horizons through advancing self knowledge.
If personal or executive coaching is an area you are
interested in and you would like to find out further information, please contact
me at christina.dodd @ atalife coach.com or visit us at www.atalifecoach.com
If soft skills and management training for your company are
more what you are looking for, then our training division will be more than able
to assist.
Until next month … Give a dream an action plan, and
suddenly it becomes a goal worth striving for!
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