Beethoven on the ‘A’ Train

Be careful what you wish for as it can turn out negatively when it is granted. My wish to hear Singapore Symphony Orchestra (SSO) perform in Victoria Concert Hall (VCH) 7 years ago at their 29th Anniversary concert was full filled this week when she celebrated her 36th anniversary concert at VCH. I attended the second of the 3 night repeat performance on Friday 13th 2015 which to some is an inauspicious date but I have no such tendencies.
No one could fault SSO in choosing Beethoven’s 9th Symphony Opus 125 in D minor “Ode to Joy”   nick named “The 9th”. The 9th appeals not only to classical music aficionados but also enjoy universal suffrage having been transcribed into more modern renditions by the likes of Michael Jackson and many notable modern artists.

Having heard SSO under the baton of Lan Shui performing The 9th in 2009 at Esplanade Concert Hall in Singapore, he did not disappoint in terms of speed as he chose the more modern faster meter totalling just under an hour whereas performers of older vintage like Furtwangler clock up to 70 minutes. Compared to the 2009 performance, players were better prepared though a tinge of tension still hung over the orchestra. I see no reason for Lan Shui to try to catch the ‘A’ train figuratively speaking. He can afford to clock slightly past the hour whilst still keeping the grandeur and celebratory mode of the piece.

The 9th demands both a large stage and a larger hall for the music to breathe.

The stage was so crowded that the four cellists had to sit shoulder to shoulder and they can be forgiven if they slip as there is barely room for them to maneurve. The 4 soloists were awkwardly positioned between the second violin and the brass section and their voices were drowned out by the orchestra as a result. Beautiful inter leaving between the 4 soloists and the choir were mostly lost and came across as a boutique of badly chorused flowers.

The smaller and more intimate size of the hall did not provide enough air and good mix of both direct and reflected sound waves. In audiophile speak, it is akin to how large speakers would sound in a small room generally. It’s a pity to have BBC Singers fly all the way here without the correct venue to stage the performance.

Although SSO delivered a much better performance compared to their 2009 performance, the wrong stage and hall ambience made this performance less enjoyable overall. As the refurbished VCH had only reopened recently, is definitely has the potential todeliver better sonics. Fine tuning the hall is more of an art than science and we must allow it time to mellow. As for the 'A' train thingy, Lan Shui has chosen to be in the company of modern Beethoven interpreters.
Peter Lye aka lkypeter
lkypeter@gmail.com Safe Harbor. Please note that information contained in these pages are of a personal nature and does not necessarily reflect that of any companies, organizations or individuals. In addition, some of these opinions are of a forward looking nature. Lastly the facts and opinions contained in these pages might not have been verified for correctness, so please use with caution. Happy Reading. Peter Lye (c) Peter Lye 2014
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Wisdom of Va$ue under Fiat Currency - March 2015


 "We want to believe things (money) have intrinsic value, .... the US dollar is backed by “nothing”, ... any currency system is backed by “nothing”"...Fortune Magazine


No single instrument can claim to be a safe haven including USD and gold but collectively, a safer haven is within reach.
Nixon’s presidency was punctuated by many significant events like his visit to China as well as the famous Watergate scandal. His most deep and long lasting decision to abandon convertibility of USD into gold has escaped many history textbooks for posterity. Perhaps tinsel town should consider a movie on this theme.

After Nixon abandoned convertibility of USD into gold in 1971, the gold standard figuratively speaking for measuring value lost its lustre. By 1973 all hope of restoring the Bretton Woods System was lost plunging the currency world into a sea of chaotic free floating fiat currencies which we have today.


Reverence for USD and her government took an unprecedented and irrecoverable hit followed that decision. Her position as the untouchable global leader remains but has diluted to undisputable and within gun sight of other global power wannabes.  This puts the fragile peace since Second World War into jeopardy. In addition, most wars have its roots in economics and break out when the political process to band aid the economic wound fails and goes gangrene.

Against such a backdrop, measuring value in investment which was axiomatic in the past based on commodity and representative currency has turned into the equivalent of 50 shades of the grey. The economics 101 of money invented some 3000 years back in China is to facilitate trade and a referential store and measure of wealth for future consumption.

Reference losing its reverence is akin to salt losing its saltiness.

As a medium of exchange, it has served us well without which, cumbersome barter trade becomes the only other means of trade. Trade is necessary evil as we do not make all we need and there is no necessity nor advantageous to do so. Fiat money has created or exacerbated international trade involving different currencies as well as inflation/deflation as its intrinsic value floats about.
 
It is also by far the best store of value as it is non-perishable, portable, and holds an intrinsic value and so we believe until we unearth the dust beneath the carpet about fiat money. Pascal-Emmanuel Gorby most eloquently described the state of intrinsic value of money in an article "All Money is Fiat Money" in August 2013 of Fortune magazine as follows. "We want to believe things (money) have intrinsic value, .... the US dollar is backed by “nothing”, ... any currency system is backed by “nothing”".

Currency is revenue generating unlike gold which has a high intrinsic value but no such abilities save for capital gain/loss which in itself a product of demand and supply differential. Interestingly, since time memorable, gold has been universally recognized as valuable in its own right with little productive use except for limited application in some industries and this account for a small portion of the total demand for gold.

The strong demand for gold might reflect the diminished confidence in fiat currency as gold almost always appreciates as a flight to safe haven whenever there are significant disturbances in the political and economic spheres.

For the man in the street, it is important to consider spreading your risk to protect yourself from the systemic risk in fiat currency. 

Consider parking part of your wealth in other currencies and hold enough of your local currency sufficient for a time horizon for transactional purpose. Avoid currencies that are pegged to each other like HKD and USD for example. 

Exposed your wealth to certain countries and industries that you see an upside after due diligence. Funds could be a good alternative as some markets are not easily accessible or you might not have the scale to do so.

Invest in hard asset that you might need in the mid to long term to hedge against the currency risk like buying a house in a locale that your plan to retire in.

 No single instruement can claim to be a safe haven including USD and gold but collectively, a safer haven is within reach.
Peter Lye aka lkypeter
lkypeter@gmail.com Safe Harbor. Please note that information contained in these pages are of a personal nature and does not necessarily reflect that of any companies, organizations or individuals. In addition, some of these opinions are of a forward looking nature. Lastly the facts and opinions contained in these pages might not have been verified for correctness, so please use with caution. Happy Reading. Peter Lye (c) Peter Lye 2014
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