Italians do it better (the MBA)

Tuesday, December 19, 2006

NYC & Columbia: From A to Z

A as Asian Girls. Lots of them. I would say 70% of the ones around, especially on campus. If you love the kind, this is da place to be.

B as the Bell Curve, a remote shade of the first year grading system. No one cares anymore about it, because professors don't use it anymore! And without doing anything, at the end of the term is still raining "A"s.

C as Central Park. Two corners down the campus you have the best place for a nice autumn walk or a 10k run up and downhill. Lakes and paths give you one of the best overview of the skyline of downtown.

D as dates. You don't have relationships or affairs. You have a date. You go out together, you sleep together, if u are a man you pay restaurants and drinks (a lot), but fundamentally you are free to have more than one date at a time and nobody is hurt by this. ROI is low, ROE (return on effort, is high)

E as Espanol. Impressive how everything here is in double language, English and Spanish. Like in a big IESE: but with many more Yolanda Serras!

F as Fitch. Abercrombie & Fitch. Probably the only store that you can find in NY but not in Europe. Trendy clothes at cheap prices. It's worth a visit just to be sorround by half naked male and female models pretending to be clerks. It was supposed to be under "A" but then i wouldn't be able to fit the asian girls.

G as Guest House. I would say the club i loved more. No cover charge, high selectivity at the entrance, soft lights, nice people, good music. Ok probably the best music in town is still at CIELO.

H as Havana. The best corn I ever ate is here. An probably will be the best also for you. Don't miss the mojito too. Five of them at 5pm are the best kickstart for the night.

I as IESE! Obviously i missed home. I missed Huy, Matteo, Noelle, David, Rafa, Enrico, Marc, Bertie, Alexia, Jan Erik, Inigo... ok i cannot write hundreds of name. Sorry for the ones i haven't mentioned.
But I am glad i came here for the people I met. So many people and sooo nice. I really want to keep in touch with them and I hope this will be easy since are almost all italians! Italians rule at columbia.

J as Jose Padilla. Huy gave me his 6 mix and i kept listening to it for 3 months. Definitely the soundtrack of my exchange at Columbia. Addicted.

K as Kuruvilla. My surname for the first 25 years of my life. Then somebody at the city register made me notice that my surname is Ottathycal. So i changed everything, my driving licence, my id, my emails. But not my signature. It's difficult to change surname. I can't belive Sean Combs changed his name in Puff Daddy.

L as the free Lunch. There's no free lunch? I had so many at the companies' presentations. And it's really free because you can grab your piece of pizza and walk away. At IESE you cannot even carry a coffee in a classroom. Here you can have beers and pizza while the head of goldman sachs is presenting the company (and paying for your pizza).

M as Marco Seboldi! Flatmate in barcelona, flatmate in NY. I don't understand how he can bear me around all this time but i know i can always count on him And this is great!

N as Networking. Columbia gives you an exposure to alumni, professionals and companies that unfortunately IESE cannot do. Lots of events on and off campus. The best way to look for a job if you are not happy with the summer internship.

O as oranges. I'm bored to hear that "you cannot compare apples with oranges". Why the fuck are they not comparable? Obiviously they are! Let's start with the color. One is orange, the other is red, yellow or green! And if you peal them, there are many more differencies inside!

P as Parties. Too many i would say. But that's the essence of the second year.

Q as a Quarter of a Dollar. As for the other coins, given the short period i stayed here, i refused to learn their value. So i never used them. The result is that now I have a pile of coins in my room that are worth some 50 dollars. I think i will end up givingh them to the homeless who beg for change.

R as ratios. If there is one thing that you really use a lot during the second years, are the ratios. ROI, ROE, Gearing, Debt Coverage. Whatever you do, you end up with a ratio that should tell you something important. The rest, is useless and you leave it to the first years.

S as back in Shape! A light school workload, the availability of a huge gym on campus and central park round the corner made me able to go back in shape after a summer spent eating like a fat pig in Rome. However, without the role of smoke and alcohol better results would have been achieved.

T as tacky. Finally I got to know how to say this in english. And in New York you have plenty of occasions to use it, especially if you enjoy watching at people.

U as Uris Hall. It is the building hosting the business school at columbia... and the Uris Library, Uris Deli, Uris Lehman Brothers room.. and so on.

W as the amazing Easte of money I experienced here. Without even noticing it, I completely used all the intership salary plus the rent i got from my flat in Milan. Now my post-MBA vacation in Asia and/or South America is really @ stake. I need another internship to cash in something.

X as the eXpress line of the metro. It never works when you really need it, which is around 4 or 5 in the morning.

Y as Youth. When you do an MBA you shift back your mind to the age of youth. You go back to school, to parties, to freedom, to late hours, no sentimental relationships, no responsibilities. Then, after the MBA, this will end. And we'll shift back to the real world of a boy (or a girl) of 28. And maybe, we'll realize that something or someone important has been lost along the way.

Z as Z. "Who's Zed?". "Zed is dead baby, Zed is dead!" (pulp fiction)

Did i miss something? Ah yes, I missed the V. Indeed I missed her a lot.

Labels: , , , , , , ,

Sunday, December 17, 2006

A comment on "Doing Business 2007" by world bank

When I read the “Doing Business Report” I was trying to put myself in the shoes of an entrepreneur or manager in a multinational company facing the question “now that I know all these things, should I invest in Country XX?”. For me it was like taking a decision of picking a restaurant given the knowledge of ingredients the cook is going to use to prepare dishes.

As a first general overview, I would say that this paper is organized from a country perspective rather than a business one. For each topic under exam the authors give examples and guidelines out of experiences of countries that are good reformers and others that are not. This approach can be useful for countries that want to improve on one or more specific topic (taxation, investments..) but is less effective to the eyes of entrepreneurs and companies that want to do business with or in a given country. But then, reading the detail with which topics are treated, it doesn’t seem that they are covered in deep enough to be a useful guideline for governments. The paper is focused on the indicators and a lot of words are devoted to explain how they were built and the methodology used to give scores. Which is fine, but the result is a long list of tables filled with numbers with few room left for a thorough discussion. It has to be argued who is the real target of this numbers and tables. The private sector? Governments? Or just a random reader interested in learning, at a very high leve,l which countries are reforming and how are they doing it? I will discuss what is good and bad of the paper and why I think the paper is not very useful neither for reformers nor for companies and entrepreneurs.

The first step to analyze the usefulness of the report is to understand what are the things companies look at when it comes to do business and what are the things that countries can do to make it happen. Even if the two things share the same background, there is a misalignment in terms of timing and dimension of the variables involved. Companies have a look from a macro perspective and give more weight to the profitability of today than the potential drawback in the remote future, in a perfect Net Present Value way of thinking. Many times managers have to take decision in tight time constraints and they don’t care if countries have put in place reforms that are sticky to bring tangible results in the short term. Countries, on the other hand, work on small variables that sometimes are seen as unpopular among business people or are just a small piece of change in the whole economic infrastructure. Companies and governments work on the same ground, but the outcome of actions taken by one party are not always what the other party is looking for and at the right moment. In this sense, if the Doing Business report shows that a country has decreased trade costs and time, it is still not a reason why a company should start a business there in the next few months. To trade you need partners, ports, facilities, roads and shippers that reach the country. These things take time to develop. On the other hand it can make sense to start a business with a country with high trading costs if you have a great partner to deal with, accessible ports and good infrastructure backing your business. So it might be better for a company to trade with France than Georgia even if the latter has a better ranking in terms of openness to trade. In addition, the goal of the reforms mentioned in the report have a long-term horizon, compared to decision made by companies which have a shorter time perspective. Many reforms don’t have an immediate outcome in a country’s economy and take some years to show the first results. Companies, on the contrary, act in a highly paced environment and most of the time they need to take decision very fast to generate a competitive advantage by being the “first mover”. Many investors like Ray Viault recognize the “first mover advantage” as one of the keys to be in developing countries. Again, this does not mean that a country should not reform, but that is not straight forward that new reforms introduced in a country make it immediately attractive to companies. Enabling laws that protect investors or getting an easier access to credit doesn’t build infrastructures and consumer demand from one day to the other. It takes time to trigger this chain of improvements and to establish double-sided market.

Furthermore, countries have limited resources to implement changes. It’s clear that with unlimited resources you can try to improve on every aspect mentioned by the report. But reality is different, and it’s tough to make changes happen. Having to chose which reforms to implement a country face the risk of choosing a mix that is not very effective. The topics are all complementary and mutually supportive. When multiple reforms are applied the outcome is not clear and straightforward. It’s unclear if it’s better to have a favourable taxation system but a below-average access to credit or the other way round. Every country has its own mix of good and bad things and ever business can benefit from them in different ways. As it is difficult for a country that performs well to understand which reforms were the main cause, it’s even more difficult to establish a real causation between improvement on a variable and development of the private sector and growth. If it is difficult for a government to put reforms in practice, it’s even more is even more difficult for the private sector to understand and exploit them.

The methodology used by the team that built the report is itself focused on specific assumptions that limit the scope of analysis on specific industries and businesses. Pick for example the topic of “investors’ protection”. The score on this topic is given on a specific situation in which a company is involved in a big asset purchase transaction which the authors claim is part of the normal business activities. I agree that this is a typical case in which frauds by executives are done but I am not sure if such analysis would grab many other ways of stealing assets and profits put in practice by smart directors. Accounting rules for example are many times tricky and easy to exploit. When Hermitage Capital was investing in Russia, one of the problem was the way financial statements were kept. Transparency of information by itself doesn’t prevent managers to use complicated accounting rules to steal profits from the company. These things happen in developed countries, just think about Parmalat in Italy or WorldCom in the US; in developing countries are enormously amplified. In the case of Gazprom the steal of assets was done on a daily basis, something which cannot be monitored so easily by investors not so active as Bill Browder. In addition, the report talks about auditors and give a grade based on their presence before the transaction takes place. This, again, is not a bullet proof guarantee for the investors since most of the times this external subjects are more corrupted than the company directors.

The presence of regulatory laws and agencies like the SEC is not a guarantee either. As a metaphor, it is still considered unsafe to walk around in Caracas even if homicide is punished by law in Venezuela. Even in the US, if something goes wrong with an investment, you can complain to the SEC. You can complain to state regulatory agencies. You can complain to industry organizations (for instance the NASD, an organization of securities dealers.) Thousands of people with legitimate complaints contact those regulators every year. And very few get any money back! Why? The SEC is charged with enforcing laws, not with recovering damages for individuals. The people who work for the SEC are regulators. They can check to see if laws were broken and that correct practices were followed. They can refer cases to prosecutors. But they don't recover money for investors.

Despite the critics I did against the effectiveness from the point of view of the investors, the report is more useful for reformers. From their point of view, if societies get their institutions “right” and also adopt the “right” policies, they will create an “enabling environment” for development that will transform positive economic stimuli into long-lived, virtuous circles of development. In the 2006 report trade barriers has been introduced. As noted by Jeffery Sachs, a crucial factor that allows a country to grow is technology. Technology is imported in a country through trade, either directly by local companies or indirectly through the economic engine generated by foreign investments. The growth of booming economies like China and India has been characterized by huge decrease in trade barriers, even if would be naïve to assert that all of this improvement in growth should be attributed to the greater openness. They have been engaged in wide-ranging economic reforms covering trade and other areas. But still, easiness of trade is one of the strongest growth enabler on which many economists agree. However, the five indices measured by the World Bank are not enough to tell how well positioned is a country around the topic of trade. Cross-country and, as the World Bank itself says, “behind the border” policies are also critical to a country’s investment climate. These include regulations and institutions overseeing local and foreign investment, capital markets, customs, taxation, labour, private ownership, legal recourse, and so on. The ability to trade is limited when a country is landlocked in a poor region. Ports and economic zones, like Bangalore, are the way by which India and China started their amazing path of growth, boosted, it is true, by huge foreign investments and donations from countries and foundations. But how many countries can have all this? In many countries key export sectors remain dominated by state participation (despite large scale privatization programs) and face issues in terms of governance, pricing, financing, A country can lower its import tariffs, decrease the time needed to perform the custom checks but if it doesn’t have a physical point of access to trade partners it will difficulty access the global markets anyway. In poor economies the fist trading partners are most likely other countries with similar product needs. The success of trade improvements of a country may be limited by the work done by its neighbours. Pick Georgia. The report doesn’t say anything about the tight link that exports of this country with Russia. According to The Economist Intelligence Unit, the structure of exports shifted somewhat in the first half of 2006 compared with the corresponding period of 2005 due to Russian bans on some products like wines, scrap metal and mineral water. And this is not a minor issue for Georgia. Two-thirds of domestic production of wine was exported to Russia. Scrap metal is another of Georgia's main export items. Moreover, the structure of Georgian exports is still tilted towards low value-added goods, and this is unlikely to change in the short term, as the industrial sector still needs to undergo radical restructuring. This leads to a future of exports still linked with neighbours countries’ economies.

Georgia is known to be a good follower of World Bank’s suggestions. The country has been improving considerably year after year. On average, the country has risen 40 position in rankings from year 2006 to year 2007. The GNI per capita has growth 30 percent in the last year and comparing the report of 2004 to 2007 it is notable how the same index has more than doubled, showing a strong correlation with improvements on almost all indicators (at least the ones that were present since 2004). I heard critics about the fact that for many countries to follow blindly the World Bank suggestions is the only way to get funds from the IMF. In this case it is curious to observe how Georgia performs relatively bad on newly introduced indices like “taxes” and “protection of investors”. A sign, maybe, that the country is reforming only where and when it is monitored.

The role of institutions plays a fundamental role when it comes to implement reforms following the guidelines of the report. A poor country which lack of formal and informal institutions can fall in the trap of following the index just from a numerical point of view and worsen an already sick situation. The effect of reducing firing costs in a country where unions don’t exist and workers lack of basic rights can be a step back in evolution instead of a leap ahead. Going over Georgia once more, without any doubt it has improved a lot in recent years. Georgia's notable improvement seems related to what was reported in the World Bank's Doing Business 2006 report, which trumpeted Georgia's recent introduction of major reforms to its labour laws, removing restrictions on working hours and dismissal procedures, and thereby lowering firing costs to some of the lowest levels in the world. However, Manana Kochladze, regional coordinator for the Caucasus for the Central and Eastern European Bank watch network, reports that "due to its absurdity, the introduction of the new labour code in Georgia caused protests by the entire population including businessmen. Even from a neo-liberal point of view, the new code does not bring a lot of gains to employers and it creates instability for employees." Indeed looking at the indices about the rigidity to fire employees you can notice how Georgia has a score of 0 in a region with an average of 37 and compared to the OECD which has an average of 27. We can say that the world bank gives a direction to pursue when implementing reforms, and this directions goes from 100 to 0. But the numbers don’t tell the whole story, which demonstrates that maybe the optimal score is somewhere before the 0. On the other hand, a reduction in firing costs in countries like Italy or Spain, where ironically we can say that workers are not employed but “adopted” and unions are anachronistically too powerful, would be for sure a gain in competitiveness and growth of the economy. In the specific case of Italy for example, the main reason why Alitalia, the flagship airline, is going bankruptcy is the inability of the government to fight against union and renegotiate the pilots’ contract and relocate them from the “old” national hub of Rome to the new one in Milan. Every year Alitalia has operating losses mainly because it has to pay transfer costs to pilots and crew from Rome to Milan. And there is now way to renegotiate the contracts. In this sense, the effectiveness of reforms in countries where institutions are consolidated will be more effective. Indeed every reform taken by the government needs an underlying social infrastructure characterized by transparency of information and balanced bargaining power among the parties affected.

What could have been useful are the suggestion on “how to reform” given at the end of each topic. The overall flow of discussion is well done considering the fact that it’s not a mere “do this and do that” list but covers side topics and externalities like corruption and give examples of recent reforms. However, the discussion stays on a very high level, showing that the purpose of this section is not to educate governments on how to implement reforms and improve on some indices. The cut with which arguments are treated in this section suggest instead that the target audience is a reader not very skilled about what concerns economic policies and government practices. Moreover, the report, compared for example with the one done by The Economist Intelligence Unit (EIU), lacks a thorough analysis of the political environment (which places for example corruption as a main topic and not a secondary one), the policies towards private enterprise and competition and the quality of infrastructures.

Going back to my culinary example, these topics are like ingredients for cooking a good dish. Countries are the cooks, companies are the hungry but refined customers. It’s not by telling the customers which ingredients are you putting in the dish and their quality that you ensure that the meal will be good for them. They will just taste the dish ignoring the ingredients that are into it. They will come out with their judgement or they will just observe and listen to the comments of other customers. Moreover, customers have different tastes. What is good for someone might not fit the taste of someone else. However, remains the fact that a cook needs to use only the best ingredients and a good recipe if she wants to come out with a great dish. You cannot make a good omelette with rotten eggs.

Labels: , , , , ,

Friday, December 15, 2006

A la esquina

One of the cooles bar-restaurants in New York is called "la esquina". The corner.
It is one of those places that you have to book one month in advance if u are not a VIP, which is exactly what i did. I became a VIP!
The curious thing about this restaurant is that from the uside is just a cheap tiny diner in soho. Except that there is a door with a guard in front and a girl with a list. You say your name, the guard open the door and after a steep stairs, passing by the kitchen, you end up in an amazing bar restaurant, crowded like hell, where they serve mexican food on the waves of good music. I tried to shot a video of the entrance. I tried twice and the results were very poor. However, here is what I did.

Labels: , ,

Thursday, December 14, 2006

Christmas Party

Wednesday evening: christmas party at Olivia's place. In less than half an hour from the moment they entered the flat, everybody was drunk. Amazing party! Lot's of people, many i knew already, many i met for the first time there. It's amazing how this is different from IESE. After three months you see people you have never seen before, even if they are studying at the same school. But is cool, you always meet new and interesting people at every party and event!
By the way... I haven't taken many pictures yesterday and the few ones where all blurry and with bad colors. I cannot wait to have my reflex in my hands again! But i took a great video for you. Enrico popping bottles of champagne with the knife!
After the party we went to a club in the lower east side. As if the 40 bottles of champagne we had at Olivia's place were not enough, we decided to kill the night with tequila shots. I think there is a big competition between tequila and champagne producer to elect the best "headacher" drink in the world. Just imagine when you drink both of them!
Not satisfied, we moved to one of the most amazing flat I saw in my life, in the Trump Tower. Wow. A big flat all for us. I found it very MBA-typical to walk around in this flat at 5.30 in the morning when people was all so drunk and still to hear something like "... ah yes five times ebitda" in a conversation!


Wednesday, December 13, 2006

End of term

And also this term is over. On monday i did my only exam of the term and today i closed the last assignment. Now I have almost one month of vacation which starts here in NY and will end in Milan passing by a new year's eve in Finland.

Today we received an email from Pat Robison, the exchange coordinator of IESE, who told us that our grades won't be transferred to IESE. Whatever is our grade here, we will get just a note about our experience in another school. No translation.

Hey Pat! Next time tell this in advance, so instead of going out six days a week i will go out seven!

By the way it's nice to see that people at the MBA don't work hard only for grades. Honestly i said to myself "in exchange i won't put so much effort in studying" but at the end, since i like the courses i took, I put a lot of effort in trying to do every assignment and exam at my best. And I think i performed very well (always modest). But Also Marco, Ramon and Till.. everybody is focused and wants to learn as much as they can.

At the same time I was astonished to see how some people have a behaviour that you don't expect from the MBA. Kind of childish approach in doing team assignments, lack of professionality driven by a motivation that sounds like "well it's not a real job, who cares". Personally I still see the MBA as a playground to practice being professional. A place when you are allowed to make mistakes and nobody will fire you. So why don't take advantage of it and try to take it seriously when it comes to team work? Apparently somebody don't share my vision.

Despite the exams of this week, last weekend I had so much fun, as always. Three friends of mine from milan where here and I took it seriously when it came to organize for them a good nightlife. During the day i let them going out for shopping and sightseeing while i was studying. Then at night we went to all the nice clubs and restaurants i've been so far. On Friday we went to Piano to celebrate Noellie's birthday! Oh my god i was so drunk the day after. I cannot even remember such an headache since ages!

And guess who was here as well? My HERO! Who? Bertrand! The guy that on the video i posted few days ago broke both his feet. I was so glad to see that his improment curve has an exponential shape. He is already without casts and apparently he will be able to walk shortly. Shortly in the sense of "soon" not "short distances". Ok maybe soon he will do only short distances. Ok.. whatever.

Overall I am very glad I came in exchange but i will explain why in another post. Now i need some rest because i'm going to a cool christmas party at Olivia's place. Woo hoo.

Friday, December 08, 2006

Economics of love

If you feel totally or partially hurt or offended by stereotypes about love, men, women, dates and stuff like that, please don't go beyond this point.

Common stereotypes confirmed: Yesterday was the last day of class. The very last one was Turnaround Management. As I said the course itself didn't teach me that much but the professor is a really smart and brilliant man. Always ready to make jokes as well as to give real-world suggestion to future managers.
I would say that here at columbia courses have very good teachers but at the same time are not very very good. At least the ones that i took.
During the last class of International Economics our teacher brought to us the results of a very corious research he is following about men, women and mate selections.
Have you ever heard what is the very first thing a woman looks for in a man? "Oh.. I love a man that makes me smile and laugh all the time". Well, men are fooled by this concept twice. First because they think that woman smile and laugh on the same basis as men do, which is the sense of humor. It is not. Second because women lie. To the interviewer and to themselves.
A recent study from the department of economics at columbia has proven that, as it happens for corruption and other sins, asking people questions about the criteria to choose a partner is not possible. You cannot ask people how many times did they pay bribes and you cannot ask people what they are looking for in a mate. They will lie because they don't want to give a stereotipized image of themselves. And they don't want to be part of the stereotype even in their own coscience.
On top of that, it seems that the "it makes me smile" is a result of two different functions for men and women.
For men is something like: Smile = F(humor/jokes/ability to adapt to situations/good mood..)
For women: Smile = F(wealth)
But as wealth by itself doesn't bring happyness, it seems that is not true that women really look at that as first criteria.
To cut it short the research study confirmed that:

- if asked most of the men put a high relevance to intelligence as a choice criteria but then they all preferred the 5 beauties rather then the 5 girls from the MENSA
- men look for a hot body and don't care about intelligence (in italy we say "il bus l'è il bus, e l'usel l'ha gà mia i occ")
- men don't want a girl that is smarter then themselves (but that's phisically impossible anyway.. joking!)
- girls look for phisical aspect for short term relations but not for long ones
- girls know NPV and they are able to calculate men NPV in one second: where have u been in vacation (1 day in sardinia is better then 2 months in costa brava), where do u live, which school have u been.. very subtle questions!
- if you are a man, you go in a club and sit beside a very handsome man, your chances to be picked up by a girl don't decrease.
- if you are a girl and you sit beside another beautiful girl your chances decrease by 15%.

Dropping bombs: My grandfather has a big passion for fishing. So he used to go to this small lake and sit for hours with his fishing can waiting for a fish to bite the fly. Hours spent without any result on the border of the lake. But this was his passion. And another passion where explosives. So after four hours he just put away the can and dropped a bomb in the water. In a second all the fish came on the surface.
I was talking with a friend of mine for Harvard. He said that in the sorroundings of the campus girls hear the teachers from the business school and they quickly learn the NPV. And they are quite good in calculating your NPV in a club. So after hours in the club without girls talking to you, HBS students that feel really desperate just drop the HBS bomb in the coversation. Big fishing!
Fortunately here in New York the Italian/BCG/Columbia bomb is not needed.

Dimishing marginal returs: Another result is that the rule of diminishing returns apply to girls but not to men. To explain the rule, pick for example a tractor. If you give a tractor to a farmer in the US the incremental benefit for working the land is minimum because he already has tractor and probably he is not able to exploit the whole benefits of the new one. But if u give it to a farmer in Mozambique, he can improve productivity by 1000%!
Now, if a girl met 10 men she can be interested in let's say 3 of them. If you give her 20 men, she is interested in 5 (not 6).. if you give her 50 she can be interested in 6! Why? Because girls tend to maximize the function MAX(value_of_each_man). The more, the more picky is the choice.
Men follow just a straight line. Meet 10 girls, interested in 5. Meet 20 girls, interested in 10, meet 30 15... and so on. Why? Because men try to maximize the function SUM(value_of_each girls). The more, the better.

Labels: ,

Tuesday, December 05, 2006

Exchange at Columbia? A wise choice

Sunday, December 03, 2006

This is really cool

Recently, i good friend from IESE broke both his feet while shooting a short movie. Two casts and three weeks later, the movie went public.

Honestly i think that IAN diving into the sea and coming out of the pond at iese is one of the best things i have ever watched!

All the nodes come to the comb...

I know the title doesn't make much sense in English. It's just a straight translation from an italian sentence. It says that at the end, all the (bad) things that you do and stay hidden for a while, at a certain point will come to light. Like passing a comb into hairs with nodes.. at a certain point the comb get stuck into a node.
If you have read the posts of the last 3 months you will notice tales about clubs, dinners, sport... lot of leisure time. What about preparing for the exams? That's the time where the nodes come to the comb!
My schedule for the next week forsee:
- an assignment for turnaround management
- an assignment for emerging markets
- an assignment for introduction to venturing
- a take home exam for advanced corporate finance
- an exam of emerging markets
The good thing is that I think everyone is almost screwed up as I am. I go to the library and I see really puzzled and scared faces around, which makes the whole thing very funny! It seems that everybody was sleeping from august to december! Nevertheless, everybody still takes time to go out at night. Personally I had a quite cool weekend at night but I studied hard during the day. Now I'm taking some daytime to go downtown to buy some presents for friends (which is a thing that makes me very happy) and then back to the excel models.