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Put your question to the minister

The Irish Examiner is running a series at the moment of putting questions to various Government ministers. The minister facing questions for the next edition is Social and Family Affairs Minister Mary Hanafin.

Do you have a question you would like to put to Minister Hanafin? Send me an email or leave a comment. A name with a town/county would be cool too.

Your question may be put to the minister and published…. 🙂

Cuil.com search engine

So I’ve been fiddling around with this latest upstart, which promises much. Believe it or not the name is based on the Irish word… though I’m not sure if it’s the word for ‘goal’ or on the fictional character Fionn.

CNN have a story on it today, the most read today too.
I searched for my full name, but my own weblog was not in the top ten. Hmm.

I think it’s a case of wait and see.

Danny Sullivan has an in-depth look at the new search engine.

Health and Education cutbacks

When the government said recently that Health and Education would be saved from any cutbacks, guess what?

They lied.

Colm Rapple:

Third level education grant levels have been frozen until the end of the year. Qualifying means-test levels have also been raised. In addition, decisions on grant levels will be made in the context of the annual budget and any changes will apply from January 1 rather than from the beginning of the academic year. Students opting for third level this autumn won’t know until Budget Day how much their grant will be worth for the 2009 portion of their academic year.

And that’s just one example.

ETFs

The Sunday Tribune had a rather odd article today about commodity ETFs. Eddie Lennon seems to get his facts wrong, or at least misses the point with regard to the advantages ETFs provide:

ETFs are bought and sold on the stock market just like shares. They offer an easy, inexpensive entry to the markets and can be bought through a stockbroker for a standard brokerage fee or from an investment company, preferably for a flat fee. The minimum investment is usually €5,000, but can be as much as €20,000.

ETFs are listed on the stock market like ordinary shares. You can buy and sell them like you do with ordinary shares. They are also priced like ordinary shares. So where does this minimum investment of €5,000 come from? And a maximum? It makes no sense. (Though I guess he may be directing the article at the pensions market specifically) He goes on:

They can also be bought from the likes of Eagle Star, Irish Life, Canada Life and Rabodirect, which have their own commodity-linked investment funds. These companies buy commodities indices on the world’s stock markets.

Eagle Star’s Global Commodities Fund was the top Irish performer in this area over the past year, until last Wednesday. It rose in value by an impressive 48.16%. Next was Irish Life’s Commodities Index Fund, which grew by 20.19% over the same period, followed by Rabodirect’s BlackRock World Gold Fund (up 18.61%), Rabodirect’s BlackRock World Mining Fund (up 12.48%), Canada Life’s Quadrivium Fund (down 12.37%) and Rabodirect’s JPM Global Natural Resources Fund (down 16.79%).

Ah. Now I see. Let’s take the Eagle Star Global Commodities Fund as an example. According to the information in the prior piece, there is a minimum investment level of €5k. But that’s only if you go through one of this firms who are simply reselling ETFs. The one mentioned actually just tracks this. Which traded at $67.80 a share on Friday.

Why would I go through Eagle Star when I can just buy the ETF myself on the market? I could buy one share for $67.80, that’s the real minimum investment level. And the maximum? Well I guess I could theoretically buy all the ETF shares, but that would cost quite a bit of money. Or better yet I could dollar cost average my investment in ETFs, and buy at regular intervals. See here.

Strangely, expense ratios are nowhere mentioned. It is one of the biggest factors for anyone buying ETFs. Vanguard offer some of the lowest.

The Fool has a good roundup on the difference between mutual funds and ETFs.

I suspect all of these firms are simply reselling ETF products and taking a cut for themselves. If you want commodities exposure you would be better advised to avoid all of these firms. Technically the least you can invest is one share, not €5,000.

Just open a cheap online broker account with Firstrade or Zecco and do the buying yourself for next to nothing.

And no matter what you do, either doing it yourself or through one of these firms, you will be dollar exposed since the ETFs are listed on US markets.

Blogiversary

Well it’s that time of year again. I started blogging on July 19, 2002, making this blog six years old today. Coincidentally my visitor numbers will pass 1,400,000 today too. A rather cool coincidence.

Of course the blog didn’t start out in its current form. I started in pure HTML, and later moved on to Dave Winer’s Radio Userland. After losing a month or two of posts I abandoned the unreliable software. Since it was client side rather than server side, it just ran into too many problems. I then made the move to Movable Type, which was not a bad piece of software. I think the version I used for the longest period was 2.661. It ran into some problems too, mostly to do with spam comments.

After evaluating a few options for blogging software, I settled on WordPress, which I still use. It has always proved reliable, and since installing it it has captured over half a million spam comments. Big thanks to Donncha for helping to create this cool software. I think in the early days his blog was on a linux server, bit I still remember reading him back when there were very few bloggers in Ireland.

Other bloggers back then were Karlin, Bernie, Tom, the lads at Back Seat Drivers (including Jon Ihle of the Sunday Tribune and Dick O’Brien of various publications).

I would especially like to thank Bernie though. We met via blogging, and ended up discussing a good few subjects over the phone in the early days. He prodded me into using blogging software in the first place, and encouraged me no end over the years. Karlin also passed on some media inquiries in the early days which was very helpful for getting noticed, though I’m not sure if she reads my blog!

Blogging has allowed me to meet some really cool people over the years, and not just in Ireland. In 2003 I moved to London and got in touch with lots of trail blazing bloggers, the lads at Samizdata, Tom Watson MP (blogging got me into the houses of Westminster several times, usually boozing with Tom), my internship at the New Statesman and writing I did for them was with the help of Roger, who I knew via Chris.

After the whole John Gray controversy (Which drove a large portion of that 1.4m visitors to this blog after being mentioned on all of the top US blogs), I holidayed in Toronto and met some of the coolest Canadian bloggers, including Rannie Turingan a several time blog award winner. He also took the portrait photos I still use to this day. A really cool guy.

And then even in Washington in 2005 I met up with Steve Clemons, who’s blog continues to grow in leaps and bounds. Steve introduced me to Juan Cole and at the conference Steve organised I got to see George Soros, Wesley Clarke, Francis Fukuyama, Madeleine Albright and many others, live and in person. A truly amazing experience. But it didn’t end there. Blogging seems to get you certain places, so after the conference myself and some other people from the New America Foundation went back to Steve’s house for beers and music. A brilliant night too, and you could not meet more welcoming people.

Going back to university impacted on my blogging, but over the years it has more than paid for itself in experiences and people. As well as getting a job in the Examiner on foot of my blogging. Anyone who asks why I would write for free, or put all this time and effort into something that I get little direct reward… well just look at the indirect rewards.

Blogging rocks, to say the least.

Update: Thanks to Steve for the shout out!

On death

Besides the coincidence of 1.4m visits on my sixth blogiversary, it is also the birthday of an old and dear friend, who I only met after my blogging started. And today the coincidences grew.

My paternal grandmother died at 7.30 this morning, after a long illness. My abiding memory of my grandmother is the best baking you can imagine. As a child I would visit her home and delight in her apple and rhubarb tarts (always tonnes of sugar on top), she would always treat me to potato bread with eggs, the best boxty I’ve ever tasted, and home made jam that was right from the back garden.

She was a deeply Catholic woman, who had 14 children in her lifetime. This means I have a heck of a lot of cousins.

I will always be proud that I was one of the first relatives (along with my uncle and brother) to visit her uncle’s grave in the Somme. Despite him having been buried there after the First World War, we were the first to venture there and visit the grave in 2000. She was very pleased with that indeed.

As long time readers will know, I rarely talk about personal things on my blog, it was a decision I made right at the start. And it is a decision I usually stick to. Maybe some find it cold to put the two together, but normally I would not have posted the news at all, were it not for the significance of the date.

I guess death makes you think a little more about life. I appreciate the times I spent with my grandmother, and I don’t believe I will ever see her again. When you die, you die. And memory is a powerful tool when you apply it, that seems like the best way to an afterlife – live in people’s memory.


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