Richard Silverberg, MC, opens
the PCEC April 1 meeting by inviting visitors to introduce themselves.
Richard then introduced the speaker of the day, Dennis Loeser, who shared a
very interesting life in finance, much of it on Wall Street.
If you can’t afford to lose, then don’t invest. That was
the concluding advice from speaker Dennis Loeser after he gave an
interesting talk to the Sunday, April 1, meeting of the Pattaya City Expats
Club. Dennis spoke about his 55 year career in the investment business going
from a Wall Street messenger to a manager of up to $500 million dollars
including assets of some of the world’s richest people (according to
Forbes). And his average annual rate of return for clients was above 22%
during this period.
Dennis started by referencing the recent public
resignation of Greg Smith, a former executive with Goldman Sachs who accused
the firm of putting their interest in making money above that of their
clients. Dennis pointed out that Goldman Sachs is one of the most powerful
companies on Wall Street, but what Mr. Smith had to say was not anything
new, it has always been that way since he started as a messenger those many
years ago.
Dennis wanted to leave school
at 16 & get a job in Wall Street. His mother refused, eventually relenting
by allowing Dennis one day off school to get a job; if he could get one, ok
he could leave school. Thus started a 55 year career in investment as a
messenger, and then gradually rising through the ranks to partner.
Dennis gave an overall summary of his career, noting that
he wanted to quit high school and go to work on Wall Street, much against
his mother’s wishes. After much effort to persuade her, she relented by
saying he could have one day to land a job; if he did, then she would
consent. Of course, she wasn’t expecting it to happen - but it did. So
Dennis at the age of 16 started working as a messenger taking messages from
one part of the floor to another. From there, he progressed to Order Clerk,
which was much the same, but he was working for one company rather than the
Exchange.
At the age of 19, he said the company felt he needed more
training and sent him to Amsterdam to work at a Dutch bank. After spending
time there, he returned to New York and became a Trader for his old company.
Board member & past chairman
Richard Smith updates members on the activities of the Banglamung Cross
Culture Group, providing free English lessons to many Thais living in and
around Pattaya.
Dennis then described some of the things that he
considers bad about Wall Street. He said when you were told to recommend a
buy for a particular stock; it meant the company wanted to sell it.
Likewise, when you were told to recommend a sell; it was so the company
could buy those shares. Of course, commissions were made on all
transactions.
Insider trading was also very common and if you were on
good terms with the underwriter for an Initial Public Offering (IPO), there
was money to be made. Dennis also described some of the differences on how
things operated from when he started and have continued to change. It was
during some of these changes, that he decided to become an Analyst, which
wasn’t difficult at that time. All you had to do was call yourself an
Analyst and start doing your own research and writing about is. Of course,
he said, you can’t do that today because education qualifications have been
imposed.
He continued with how he became an investment banker and
an asset manager. He also mentioned his meeting a lady with whom he wanted
to share his life and how that helped him decide it was time to get out of
the investment business. They acquired and operated a hotel for a while.
After disposing of the hotel, he found himself without
much to do, so he approached a newspaper that had a “stock” section, but did
not have any real content. He offered his services to write a twice weekly
column. When they asked how much he wanted, he said nothing, he would do it
for free. Thus, he began writing the articles and that led to people
contacting him to manage their investments. Dennis said that he decided that
he would not invest other people’s money in a company unless he himself was
willing to invest in it. Thus, this removed a conflict of interest. He was
now looking after their investments as if it was his own money, because his
money was involved.
Dennis said that he had been semiretired, but now plans
to be fully retired with this being most likely his last public talk on the
subject. In conclusion, he mentioned some specific stocks that he currently
has his funds invested in and why he chose those investments. But, he
cautioned one and all, if you can’t afford to lose, you have no business
investing in the stock market.
Master of Ceremonies Richard Silverberg called on Al
Serrato to conduct the always informative and sometime humorous Open Forum
where questions are asked and answered about expat living in Thailand,
Pattaya in particular. The Pattaya City Expats Club meets every Sunday at
the Amari Orchid’s Tavern by the Sea Restaurant. Read more about the Club’s
activities on their website at www. pattayacityexpatsclub.com.
Seaton Foundation makes merit for Songkran
Sukanya Seaton, president of
Seaton Foundation Pattaya, serves rice to monks.
Warunya Thongrod
The Seaton Foundation celebrated the Thai New Year a bit early, inviting monks
to make merit and throwing a luncheon party for kids at its Baan Phra Khun Child
Development Center and Soi Kophai neighborhood residents.
Foundation co-founder Sukanya Seaton invited nine monks from Thamsamakkee Temple
to the simple April 5 affair attended by about 30 Kophai Community residents.
Pattaya Deputy Mayor Ronakit Ekasingh and Pattaya Ladies Development Group
President Naowarat Khakhay opened the event with speeches.
The Sheraton Pattaya donated food and the Social Welfare Department and
volunteers bought desserts. Everyone was entertained by Thai traditional dance
performances and there were colorful balloons for the kids.
The Seaton Foundation’s Children Development Center has been in operation for
about six years and currently cares for about 60 children ages 2-6, instructing
them in Thai, English, mathematics, science, health and computers.
(Above) Children enjoy the custom
made balloons.
John Seaton, volunteers and
children pose for a souvenir photo.
(Right) Local officials and
benevolent citizens make merit at the Baan Phra Khun Child Development Center.
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Siam Hotels matriarch raises funds for Red Cross at charity concert
Elfi Seitz
Considered by some Thailand’s “grand dame of jazz,” the
matriarch of the family that owns Pattaya’s Siam Bayshore and Siam Bay View
hotels performed songs by Thai and American divas in her annual charity concert
in Bangkok.
Kamala in Concert.
Kamala Sukosol’s “Hollywood Stars & Divas” charity concert
series March 15-17 at the Siam City Hotel raised money for the two Thai Red
Cross projects, the HRH Princess Sirindhorn Chulalongkorn Craniofacial Center,
which provides free operations and care to underprivileged Thai children with
facial deformities, and the Flood Relief Fund.
Kamala’s two daughters, two sons and 14-year-old
grand-daughter joined her on stage, accompanied by the 20-member Prachin Songpow
Big Band Orchestra, Dolchai Boonyaratavej and dancers from the Aree School of
Dance Arts.
The evenings’ song book was comprised of standards and newer
tunes, including standards from Frank Sinatra, Tony Bennett, Michel Buble and
Liza Minelli, and newer tunes from Michael Jackson and Christina Aguilera. The
five women joined together for a tribute to Whitney Houston who died in
February.
The Sukosol family behind the Siam Hotels group has been
doing charity concerts for 16 years, raising substantial sums from tables that
cost as much as 40,000 baht each for 10 seats.
Marisa Sukosol Nunbakhdi.
Daranee Sukosol Clapp.
Krissada Sukosol Clapp.
Natalia Sukosol Briones.
Sukie Sukosol Clapp.
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German Rotarians celebrate start of Spring
Elfi Seitz
About 150 members of the German-speaking Rotary Club of
Phoenix Pattaya celebrated the coming of spring at the Diana Garden Resort,
enjoying a buffet and drinks and helping Dr. Philippe Seur continue his AIDS
treatment work.
President Hubert Meier greeting
the guests.
President Hubert Meier thanked members for their support of
the club’s projects and the poor. Among those attending were Pattaya’s deputy
chief of administration Apichart Puetpan, German Consul Paul Strunk, and CEO of
the American Foundation for AIDS Research Kevin R. Frost.
Seur was joined by the founder of the Glory Hut Foundation, a
home for HIV-infected children and adults.
The party also drew top Rotarians, including former District
3340 governors Peter Malhotra, Premprecha Dibbayawan and Jin Srikasikorn, plus
the chairman of the district committee Chalaw Paranan. Other organizations
aligned with the Rotary Club, including the Y.W.C.A. Bangkok-Pattaya Center with
President Praichit Jetpai and former head Nittaya Patimasongkroh.
Dr. Philippe Seur salutes the
successful event.
After speeches by Apichart, Strunk and Seur, the buffet
opened and break-dancer and singers form the Redemptorist School for the Blind
took the stage, followed by tango dancers from the Dance Academy and Patrick
Naumann. The raffle draw and dancing brought the evening to a close.
Meier and his successor Heiner Moessing want to make the
successful spring bash a yearly event.
(From left) Trutz Fiddikow, Peter
Malhotra, Apichart Puetpan and Hubert Meier.
(From left) Vicky Strunk, Dr. Paul
Strunk and Rosita Li - Meier.
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Pattaya teachers trained
on e-books, statistics
Local teachers learn how best to
use eBooks in their classrooms.
Warunya Thongrod
Sixty Pattaya teachers were given a glimpse of a possible
future when they were introduced to electronic books and statistics at an
Education Office seminar.
The April 4 workshop was the first of a half-dozen sessions
that will train 375 teachers at Pattaya’s public schools on the use of e-books
and a statistics package for social sciences. The training concludes April 27.
Trainer Naphawan Sithprasert said this was the second year
teachers were offered e-book training, but the first workshop to include the
statistics package, which can be used to compute students’ average scores,
evaluate questionnaires or for research, she said.
With companies such as Apple Inc. popularizing electronic
textbooks and the Thai government pledging during the recent election campaign
to equip students with tablet computers, the e-book training received an
enthusiastic reception.
“I am delighted Pattaya is giving children’s educational
development priority as today’s technological advances are rapidly making
today’s children more interested in playing with computers than reading,” said
Nirmol Kaew-inth, a teacher at Pattaya School No. 1. She said training teachers
to use e-books will “help steer children back to reading, memorizing and
learning faster.”
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Marines to host charity
concert April 27
Pattaya and the Royal Thai Marine Corps will salute HM the
King in a charity concert at Baan Sukhawadee April 27.
Deputy Mayor Ronakit Ekasingh.
Marine Transportation Battalion Cmdr. Visanu Wongsraithing
announced the concert April 2, saying proceeds will be used to buy protective
body armor for soldiers stationed in Thailand’s restive southern provinces.
Deputy Mayor Ronakit Ekasingh said the city is working with
Baan Sukhawadee officials to prepare the venue for the show, with Banglamung
Police handling security and traffic management.
Artists including NUVO will appear at the 6-8:30 p.m.
concert. Tables of eight will cost 100,000 baht with VIP tables going for twice
that. For more information and purchase, contact Capt. Poomina Nilkamhaeng at
089-247-6761 or Visanu at 081-177-7555.
Classic cars roll into Royal Garden
Chevrolet Corvette Stingray.
Royal Garden Plaza became a showroom of classic luxury cars
as the Pattaya mall joined with Mercedes-Benz to host the “Ultimate Classic Cars
Showcase.”
The March 29-April 3 show spotlighted rare, classic
automobiles, with a history of each vehicle by Siam Sethbut, head of the
Mercedes Club of Thailand. Each of the 25 cars was hard to find, he said, and
auto enthusiasts flocked to the mall to eye a few pieces of history.
Among the offerings were a red Ferrari 308 GTB two-door sport
coupe with a fiberglass tank present only in a few cars in the world, and the
Mercedes-Benz 190 SL and 280 SL convertible sports classics.
Siam brought his club’s own Corvette Stingray, which
celebrated its 50th anniversary last year, and a BMW Isetta, a rare car produced
after World War II with an egg shape, two wheels in front and only one in the
rear.
Books about the cars were available for sale and profits from
the manuals were to go for wheelchairs for the disabled.
BMM Isetta.
Jaguar E-type Coupe.
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