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Tuesday, April 18, 2017

Veneto & Friuli: April 2017

From our base in Budapest, we took a one week trip, April 2 - 9, to the Veneto and Friuli region of Italy. The area has always been shrouded by the touristic shadow of Venice, but there is much beauty, history and culture here. The Romans established important outposts to protect the trade routes of the Serenissima between Venice and Genoa; and the Brenner Pass, servicing traffic over the Alps and northern Europe. Roman ruins dot the cityscapes.
This strategic importance continued under the benign rule of the Venetians; wealth from agriculture, commerce and the spoils of war paid for the continual beautification of the region’s cities. The palazzi and villas of Veneto’s greatest architect, Andrea Palladio, are telling symbols  of the leisured existence of the area’s aristocrats.

            TRIESTE
It is a six hour, 550-kilometer drive from Budapest; we arrived a bit after five o’clock to the Savoia Excelsior Palace on the Riva Caduti Per facing the Bay of Trieste. The line is “that if you have nothing good to say, then just say nothing.” Thus, there will be no description of the hotel, our room or its restaurant. We were here for two nights.
After unpacking, we had a quick outing before dinner seeing the expansive Piazza dell’Unita d’Italia with its imposing city hall, and the somewhat tired Canal Grande. Looking at a map, it is clear that Trieste was an important spot coveted over the millennia by many a despot. The Austrian-Hungarian Empire controlled the area for most of the 19th century, home base for its navy. The spot’s natural inclination was to look east. The history is captivating, but I will leave it be. But the final outcome of Trieste was not really settled until the 1975 Treaty of Osimo and the 1992 affirmation of it by the newly minted nation of Slovenia.

Castello del Miramare
There were many lovely sites, a well preserved Roman theatre, the hilltop fortress and church of San Guisto, the Greek Orthodox St. Nicolo among many others. 

Still, the standout attraction was eight kilometers northwest of the city center, the Castello del Miramare. It was built between 1856 and 1860 by architect Carl Junker, along with exquisite gardens spanning 54 acres, for Hapsberg Archduke Maximilian I. Its white exterior walls stretch right to the beautiful blue water of the Adriatic.

VICENZA
We were up early to a warm day, checked out and were off heading west to Vicenza, about a 2 ½ hour, 230-kilometer drive. Our actual destination was Villa Michelangelo in Arcugnano, just south of Vicenza off the A4. The suite was a disappointment; a vision from a bygone era, but not a good one. After unpacking, we drove the short 30 minutes to Vicenza for the day.
We found good parking at the train station, south of the old city, and had a short walk up Valle Roma to Piazza Del Castello. Here starts the Corso Palladio pedestrian avenue that bisects the town. Lining it are some lavish Palladian villas and public buildings; this was once one of the wealthiest cities in the world. We were unable to visit the interior of the Cathedral, but did get into the Chiesa di Santa Corona, a splendid Dominican Church with Gothic interior, built in 1261. The highlight here for me, though, was Teatro Olimpico, built in 1585 and Andrea Palladio’s last work. It is the oldest roofed theatre in the world, drawing inspiration from classical Greek and Roman playhouses. The famous perspective scenery of the Streets of Thebes was designed by Vicenzo Scamozzi. 
Teatro Olimpico

Before our return to the hotel, we drove to another Palladian masterpiece, the Rotonda, built in 1560. The perfectly symmetrical villa consists of a dome rising above a cube; it blends elegantly with its manicured hillside location.
The Rotonda

Back to the hotel about 5:30, we had a well-deserved Prosecco on the terrace and watched the sun drop behind the hilltop. Dinner was down a strange corridor; a small room made less cozy by a lightning storm that had started.  The food and wine were okay, as was the service, but I kept thinking I was dropped into an Agatha Christie novel. The other guests included a quiet but suspicious German couple, retired; a jolly English pair in their 50s, trying too hard to be stylish; and a lithe, skinny woman multi-lingual but clearly Italian, alone; studying very one else a little too intently. As far as I know, no one was murdered (or a least no one discovered).

We were quickly to bed.

VERONA
Rain threatened in the morning, but by the end of our 60 kilometer drive west on the A4 a very nice day was presenting itself. We found easy parking near the rail station and proceeded up the rather shabby Corso Porta Nuova to the Piazza Bra and its Roman amphitheater. Built in 30 CE, it is the third largest in the world; its interior is still virtually intact and still hosting many events.
Roman Amphitheater - 30 CE

It was then on to Piazza Erbe, with a compulsory stop at Casa di Giulietta, the fictional residence of Juliet in Shakespeare’s “Romeo & Juliet” – a selfie shrine of the highest order! More seriously, we took in the astounding St. Anastasia, begun in 1290. Notable are two water stoups which are supported by i gobbi, or hunchbacks, the earlier dating to 1495 – exquisite craftsmanship.
1495 - Water Stoup

We continued to the banks of the River Adige, whose switchback in direction forms the natural defensive perimeter to all but the south of the ancient city. Here lies the grandeur of the Scaligeri dynasty and, from 1263, their 127-year rule of Verona. The fortifications, bridges and the impressive fortress Castelvecchio still exude their power. Following on along the Adige we made a final stop at San Zeno Maggiore, a Romanesque church built in 1125 to honor Verona’s patron saint, San Zeno. The bell tower, from 1045, reaches 236 feet; the amazing nave ceiling, a wonderful example of a ship’s keel ceiling; and the 1457 altarpiece of Andrea Mantegna.
San Zeno - 1457 Altarpiece

Verona was a highlight; a definite “must see.” Even our lunch was a pleasure; small sandwiches served by a nice, polite and helpful young man. Look it up if you visit; “Osteria Verona” on the Piazza delle Erbe, 34.


After the short drive back to Villa Michaelangelo we had more Prosecco on the terrace; eventually another dinner  - still no bodies discovered.

PADOVA
Or in English, Padua. The morning was foggy, but eventually cleared to sunshine; Padova was about a 45-minute drive east. Parking was once again at the train station, but this time the public lots seemed full. I found a private lot close by, Garage San Marco, probably run by the Mafia. I joked that our rental would be loaded on a lorry about 15-minutes after we left.
Our first and most important stop was to the Scrovegni Chapel. Cappella degli Scrovegni was built by Enrico Scrovegni, hoping to gain salvation for his father, whose great wealth came from usury. The frescoes were painted by the master Giotto in 1303, works of great narrative force depicting scenes from the life of Christ and the Last Judgement, which occupies the entire west wall. We were extremely fortunate to get tickets, each group of 25 visitors has 15-minutes to take in this masterpiece. It is a miniature Sistine Chapel.

Cappella degli Scrovegni
After the visit, we continued into the heart of the old town, visiting the Palazzo della Ragione, the medieval court of justice, that sits astride the grand Piazzas delle Fruiti and delle Erbe. Exiting onto Via Manin we arrived to the Piazza del Doumo and its 12th century church and the Palazzo del Capitanio with its astronomical clock, from 1344. Lunch was at the iconic neo-classic Caffè Pedrocchi, the interiors much more of a delight than the food.
 
Palazzo del Capitanio
After lunch, we strolled to Piazza del Santo and the Basilica di Sant Antonio (St. Anthony). The church, started in 1231, is in Romanesque Gothic style, with eight domes and spires of eastern inspiration – squint and it could be a mosque. 
Basilica di S. Antonio

The tomb of St. Anthony is here, so it is a pilgrimage stop for people from around the world. The tomb is an explosion to the senses.
 
St. Anthony's Tomb


TREVISO
The weather continued to be mild as we headed out to Treviso, 1 ¼ hours and 90-kilometers east of the hotel, north of Venice. Despite comparisons to its more famous Venice, Treviso’s fortified city has its own very distinctive charm. We parked near the Domo di Treviso, visiting this 12th century church that contains some wonderful paintings by Titan and Il Pordenone. Via Calmaggiore forms the backbone of the old town, with perpendicular streets crisscrossing the many canals. The atmosphere is quiet and tranquil.
Canals of Treviso

We visited the iconic fish market, situated on an island of the Sile River before lunching at Toni del Spin, risotto with asparagus – very good. 
Toni del Spin

A bit more walking and it was back to Villa Michelangelo in Arcugnano; an abbreviated day of touring. We had a nice bottle of Sütirol Alto Adige Pinot Noir Riserva in our room looking out to the hillside, a 2011 Girlan “Trattmann Mazon” – fabulous! Dinner was out of the hotel; it was a harrowing 10-kilometer drive to the hilltop we looked at from our hotel room, and the "Trattoria Zamboni" – good basic food and wine.

We returned to the hotel and watched the missile strike on Syria on CNN; an intricate piece in Trump’s well thought through Middle East strategy. Depressed about the world, we were off to sleep. 

UDINE & TÖSCHLING
We were up early and checked out of Villa Michelangelo after spending four evenings there. We were heading to the small Austrian village of Töschling on the northern banks of the Wörthersee. We did, however, have one more city to visit in Italy, Udine. This first stop was east and north of Vicenza, about two hours and just over 200-kilometers.
This was to be a short stop. Udine’s central square is Piazza della Liberta with some very interesting buildings: the pink hued Piazza del Comune, Venetian Gothic (1450); and the Renaissance Porticato San Giovanni and its Clock Tower (1527), crowned by two bronze Moors who strike out the hour.  
Clock Tower
Piazza del Comune


Further along Via Veneto were the Oratorio della Purità and the Duomo, with its octagonal bell tower. Both house frescos and paintings of Giambattita Tiepolo. Before returning to the car, we had cappuccino at the Art Deco Caffé Cartarena, built in 1915.




Caffé Cartarena - 1915











We were back in the car by early afternoon, another 1 ½ hour drive to our hotel, the Schloss Seefels, part of Relais & Chateaux. This was our third visit here; it is a wonderful, welcoming relaxing property on the shores of the tranquil Wörthersee. We had a relaxing late afternoon; dinner was excellent.
Schloss Seefels - View from our Terrace


The following morning after breakfast, we drove back to Budapest, the last leg of this 2,300-kilometer journey to a part of Italy that will be fondly remembered.

Monday, April 17, 2017

Time to Go

I’ve decided to clear some chips in the equity markets, and bring my stock holding to below fifty percent of my asset allocation. Shiller’s cyclically adjusted price to earnings ratio (CAPE) is flirting with 30; similar to levels before the 1929 crash and the 2000 Internet Bubble. I’m most likely early in reducing my exposure. But we will see a big adjustment at some point; at least 25%, probably 40%, maybe more. Federal debt is by most measures 100% of GDP, corporate earnings have been flat or down if one accounts for the massive buyback programs underway. Demography is another downward drag.

Populism is approaching “full bloom” worldwide; it has its name, in fact, because during certain periods the crazy policies it expounds are “popular.” These governments could last five years, perhaps a decade if one looks at history. But history also tells us that the longer they last, the more pain and tears there will be.
Sadder still is what this is doing to society, by that I mean “all of us.” The populists’ playbook is pretty well set: define a majority group of “us” who are the good stock, blame those not it this group for the current troubles, propose some simple solutions to the problems, denigrate expertise of any stripe, discredit the press and the courts; and finally, declare victory.
We have populists in Asia, Europe and America. Turkey’s Erdogan seems to have won yesterday’s referendum to greatly expand his powers. I have heard Erdogan compare democracy to a tram: You can leave it once you reach your stop.”

There doesn’t seem to be a credible rebuttal to this bout of populism; again, history tells us that these movements run their destructive course until conditions deteriorate enough to uncover the fraud and fallacy of the philosophy and the policies. Hopefully this happens before too many bad things happen; and that our institutions remain solid enough to manage the rebuilding process.

As someone once said: "Cash pays nothing but it's looking pretty good." So, I’ve reached my stop – selling will begin tomorrow. This is painful – 23.8% capital gains taxes are nothing to which to trifle; as much as an 8% drain on total sale proceeds for me.

But these times will pass, I’m hopeful for my kids and grand kids. And at some point, stocks will go on sale again, like in 2008 and 2009.

   

Wednesday, February 1, 2017

Stay Calm, "But Don't" Carry On

These first days of the Trump administration have been amateur hour for sure. But Democrats are making a mistake by mimicking some of Trump’s theatrics and demeanor in their responses. We are in serious need to have at least some adults in the room. Thus, my advice in these first 100-days is for the Democrats to look to a “twist” of a timeworn British saying: “Stay Calm, But Don’t Carry On.” We have plenty of children acting out, we desperately need some cool and grownup behavior.

Democrats and others who did not vote for Trump are not primarily to blame for the election result. The Republican primary process and the weaknesses of alternative potential nominees delivered us President Trump. The establishment’s lack of understanding of the seething frustration of many, many citizens delivered us Trump.
Trump will hurt us all, but he is first and foremost a Republican problem. Establishment conservatives and their surrogates have made a Faustian bargain in their effort to control the White House. They now have as their leader a hedonistic, anti-trade, ethnic nationalist, and Peron-like corporatist. Not exactly bedrock conservative ideals.

Democrats through their hyperbolic responses over these last few days provide cover for the Republican moderates. In effect, the Democrats are saying what the Republicans would eventually be required to say. Democrats should stop carrying on and start looking and acting like a more grown up and responsible opposition. No one will listen to their criticism except fellow Trump haters. If McCain, Graham, Collins and Ryan and others have to say it; eventually it might sink in.  
Trump’s cabinet nominees are going to be appointed eventually. Democrats should have presented polite, critical counterpoint at the hearings; setting up the record for later use. Instead, they behaved badly and ineffectually with a boycott of Mnuchin’s and Price’s confirmations for Treasury and HHS respectively. It was a useless and distracting tantrum; not showing an alternative demeanor to the Republican’s chronic obstructionism while they were in the minority. It only fueled the invincibility of the Trumpians. The same will follow on the nomination of Neil Gorsuch for the Supreme Court. Is he perfect; surely no, but generally continues the status quo of Antonin Scalia. Sure, it was unconscionable for the Republican’s to block Obama’s constitutional prerogative of appointment for almost a year; but will it do any lasting good to behave uncivilly? Extreme obstructionism will not work.

For Democrats, this should be a time for proportionality and reality in their response to Trump. If things go as they seem, Congressional Republican leadership will eventually abandon their Faustian devil. If Democrats smartly do not take the bait, it is the Republicans that will eventually rein in all the destructive policies and tendencies of the Donald.

Public demonstrations and the press can provide the emotional energy; the Democratic leadership must be calm, smart, grown up and strategic.

But Democrats also desperately need a fresh, new voice – think of the early Barack Obama. Trump’s message is fear, isolation and bravado. Democrats need to harness hope, access and confidence with a new communicator in this digital age.

 It’s the long game Democrats should be thinking about, not the pettiness of the day. We potentially have four years “to carry on”, but if the conservatives and the country have their fill, perhaps Article 2, Section 4 of the Constitution will come to the rescue before then.

Sunday, January 22, 2017

Marrakesh: New Year 2017

After a quiet Christmas in London, Judith and I were off to Marrakesh for a fortnight. Friends Philip and John had moved here about a year and a half ago; we were going to spend New Year’s Eve together.
Last here in 1998 for a multi-day wedding anniversary party for friends Regine and François, lots had changed. In a mere 18 years, Morocco’s population grew by 20 percent, to over 33 million; Marrakesh to almost 900,000.  This city has a new airport and an impressive road network expanding outward from the Medina.
Place Jemma el-Fna

SOME HISTORY:
Like most of the Middle East and North Africa, the present state of things masks the rich, sophisticated and multicultural history of its past. Little is known about Morocco’s earliest years, the first Berbers appeared, probably from the east. The Phoenicians, Carthaginians, Romans and Vandals each took their turn at domination. In 681 the Arabs and Islam arrived, and by the 700s the Umayyad Damascus caliphate was in charge. Berbers became the leading force in the Moslem conquest of southern Spain.
Fast forward a half dozen dynasties to the European colonial period, the French eventually taking power in the form of a Protectorate beginning in 1912 and continuing until 1956. Most of the former North African colonies reverted to authoritarian strongmen, but Morocco unified around the long standing and established monarchy of the Alaouites under Mohammed V. In 1961, after his father’s death, Hassan II took power and successfully moved Morocco forward until his death in 1999. Currently King Mohammed VI is in power, pushing an agenda of tourism, modernization and relative tolerance. Citizens seem to revere him; many of those we spoke to were genuinely supportive, even if a brave few quietly spoke against the extreme inequality of opportunities and incomes.

OUR HOTEL:
It is strange to report, but the number-one star attraction on this trip was by far the Royal Mansour, our hotel. Over our years of travel, we have stayed in many luxurious places, but this spot makes most of the others look like budget accommodation. It is the project of the king; no budget has ever been revealed about its cost. Some articles about the place suggest that more than 1,200 craftsmen spent over three years toiling to complete this masterpiece.
Reception - Royal Mansour

The complex spreads over about ten acres on the edge of the Medina and consists of 53 private riads (homes) of from one to four bedrooms, ranging from 1,400 square feet to an astounding royal palace of 21,520 square feet. We ended up in a larger one bedroom, #14. Each home is three floors: the ground floor has its own interior courtyard and fountain, with two sitting rooms and a guest bath. The second floor is a spacious bedroom suite and luxurious bath; the third is a private terrace with plunge pool, lounge area and a Bedouin style tent to retreat to from the sun.
The design and décor are exquisite; adorned with the finest zellij, carved cedarwood, stained glass, dripping stuccowork, beaten bronze and inlaid marquetry. As if that wasn’t enough, each room is strewn with suede and silk carpets, velvet brocade sofas and crystal do-dads from Lalique, Baccarat or Murano.
Winding paths open to idyllic squares of palms, bougainvillea and bountiful fruit trees, it seems impossible to believe you are in such a central location because all of the city’s hustle and bustle is somehow lost. It is a paradise dreamscape of the Medina itself; you are surrounded by the tranquil sound of running water from the fountains, the occasional bird song and distant call to prayer.
The public areas are even more opulent; a massive entry gate and marbled grand reception complex. There are three restaurants, all excellent, and a world-renowned spa. About two months ago, another headed outdoor pool was added, along with an outdoor restaurant and bar.
All services are invisible since each riad is serviced from an extensive complex of tunnels to manage housekeeping, room service and turn-downs – quite amazing actually.  
I could keep spouting off, but rather than that I’ll just share the link to the hotel’s website:


NEW YEAR’S EVE:
We last brought in the new year with Philip and John in Monaco in December 2010. This year, the Royal Mansour had a wonderful party, combining their two gourmet restaurants and central courtyard into a cabaret themed venue. Philip secured a wonderful table for us, and the set menu was superb. The decibel level left little space for conversation; but John was in fine form and danced with all takers as the disco music pounded away.  After the final evening toasts and on our way back to the riad Judith and I silently had the same thought: “Are we getting to old for this?” Probably yes, but who cares.
Philip, Judit, John and me
Too Loud!

THE BALANCE OF OUR VISIT:
Another happy surprise was the weather. The hotel had just finished another large outdoor heated pool (20 x 30 meters) surrounded by a nice, minimalist sun deck. The plantings were all new; the palms still wrapped at their tops to protect from the wind. Although the morning and evening were chilly, from about 10:30 until 4:00 the sun shone and temperatures reached 70°F. The majority of our days were spent here; reading, swimming and enjoying the rays. On these days we took lunch at the pool’s casual restaurant which had a nice combination of small plates: Asian, fusion and classical Moroccan – all wonderfully prepared.

We did wonder out so as not to be complete sloths. On our first jaunt, we bumped into an affable, multilingual guide that immediately said not to pay him: “The government provides for me very well” he said. Soon we were off with him into the Medina and the maze of its souk. Our first (and only) stop was to the Palais Vizier. As soon as we entered I knew we had been had – a carpet store with a palace façade. Our helpful guide immediately disappeared and it took several minutes for the rug hawker to realize that there would be no sale today, no Berber masterpiece was going to be shipped to London. Afterward, we meandered our way through the narrow alleys and colorful shops for a bit more; then I pulled out my phone and the 21st century Google Maps app guided us out of this 10th century labyrinth and back to the hotel.

We had another pleasant day and lunch at Philip and John’s new home in La Palmeraie, a little north of central Marrakesh. It is light and airy with a lovely garden, all watched over by their many
After Lunch
dogs and cats – each with his or her own personality. La Palmeraie, as the name implies, is a large palm grove covering 120 square kilometers. Legend supposes the grove sprang up as 11th century soldiers, on their way back from the Sahara, spit out date pits as they sat around their encampments; thus, germinating the palms here. It is now a very desirable residential area.

We took another day to explore the Medina’s cultural sights; this time with a reputable guide recommended by some of Philip’s friends. The old city’s perimeter is surrounded by 12 miles of ancient walls and pierced only by some monumental gates. Our first stop was to the Koutoubia
Koutoubia Mosque
Mosque, built in 1147. It is one of the largest mosques in the Western Muslim world; and is the model for Seville’s Giralda. It was then to the Kasbah section to the south, passing through the Bab Agnaou, the somber yet majestic gate into the former Almohad palace.
Bab Agnaou Gate
We visited the Saadian Tombs. These were closed off by the Alaouite dynasty, but resurrected in 1917, restored and opened to the public.
Saadian Tombs
It is some of the finest Islamic architecture in Morocco, with a wonderfully lavish and ostentatious funerary. It was then to the 19th century Palais Bahia and its luxurious apartments; and the Palais el-Badi. This extensive complex, started in 1578, was for a time a wonder of the Muslim world, but it was looted and ruined in 1683. Today only the base structure remains – still impressive. Our final stop of the day was to Dar Si Sa
ïd Museum, a 19th century palace built by Si said ben Moussa, vizier of Moulay Abdel Aziz. The rooms are exquisite as is the central Andalusian garden. In all, it was a good afternoon tour.
Palais el-Badi
Dar Si Said


And we had one day into the Atlas Mountains, the highest range in Africa, just a short drive to the south of Marrakesh – and the heart of Berber country. As you rise out of the arid plain, the vegetation becomes more luxuriant in the well-watered environment. Snow remains on the sheltered northern exposures – cedar, cork oak and Moroccan pine populate the slopes. Further up, and onto the plateau the landscape becomes more steppe; but still there are areas of rich farmland. Hundreds of tiny villages dot the hills, goats graze unfazed, wide eyed, stunningly handsome children play at the roadsides.
Atlas Mountains 
Our guide drove the winding narrow roads, one panorama more breathtaking than the next. We stopped in Ouirgane for a pleasant lunch at Domaine de la Roseraie; and were back to the hotel by about five.

Not all our meals were at the Royal Mansour. We had a relaxing lunch by the pool with Philip
Amanjena Hotel
at the Amanjena, another beautiful property to the south. There were two excellent dinners at the Mandarin Oriental’s Ling-Ling, and an early evening outing for drinks at the iconic Mamounia Hotel.





SUMMING UP:
Everywhere we went, we were greeted with a smile, hospitality was at its highest. Badr and Youness were most kind and caring. Julian, pool restaurant manager, was professional and warm and could not have been better. Head concierge Touria and her entire team made each request look easy.
Also, some nice wines of note: a lovely Chardonnay, Thalvin’s “CB Initiales,” from the coastal region of Zenata near Casablanca; and a wonderful red blend, “Chateau Roslane,” from Meknes in the north – halfway between Rabat and Fes.


It was wonderful to see our friends and we had an unexpected restful and sun filled break. Philip’s 60th birthday is in mid-June and we plan to be back for his celebration, again staying at the Royal Mansour. Inshallah.

Sunday, September 18, 2016

Riviera: September 2016

We’ve been coming to South of France for over twenty years. In fact, this was our twentieth consecutive September staying at La Réserve de Beaulieu, in Beaulieu-sur-Mer. Judging by our photographs over the years, we have aged more poorly than the property – still “we fight the good fight.”

BEAULIEU-SUR-MER
Since our first visit along the Côte d’Azur and more particularly the Alpes-Maritimes, we have seen the tragedy of 9/11 unfold and increasingly are witness to retirements of staff that had become good friends. Such is life. Roget, maître’d  hôtel at La Réserve has retired to Mougins and his antique cars; Jean-Louis, the wonderful sommelier, to his cigars; and Gerard, pool manager extraordinaire, to dote on his granddaughters. Come to think of it, I have also become “retraité.”
Promanade Rouvier - walking to La Civette
This last trip, from September 1 – 10, was both familiar and new. Our morning walks to St. Jean Cap Ferrat and breakfast at Café La Civette, my cappuccino at poolside, swims before lunch, afternoon meals at our table on the hotel’s jetty, reading, snoozing, a bit more swimming; perhaps a Bellini with the sun’s last rays; these replay year on year. So too our aperitifs in the garden served by the always superb Alexandre; the Michelin-starred meal on the glorious terrace sometimes with the moon bubbling out of the sea; and a final Muscat in the garden before dropping off to sleep in our room, #43.
But there is renewal. The very young Michael now ably controls the pool even if Judith mothers him a bit. Guillaume has seamlessly taken charge of the restaurants and added his more modern and relaxed touches. Daniel watches over the wine cellar. The deck of the pool area has been resurfaced, new sun beds; everything painted, polished, buffed for the upcoming season.
Terrace
Adjectives are continuity, elegance, luxury, refinement, uniqueness, charm, comfort – all orchestrated by La Réserve’s long-term proprietors, the Delion family.
 
Pool
We wandered out a bit this year with dinners at La Mère Germaine in Villefranche (wonderful Sole Meniere) and the casual port restaurant African Queen for pizza (Elton John was a no-show this year). Marylène stopped for lunch with us at the hotel. We also visited with the Alan’s at their villa overlooking Villefranche and Cap Ferrat; and dined with them in Monaco at Quai des Artistes.

The weather was perfect; in all a delightful ten days.

ST. TROPEZ
We’ve spent much less time in the Var, but were in St.Tropez with friends this June. We enjoyed ourselves; the place has “calmed down” since it’s heady days of the 1970s. On that trip we had a dinner at “la Voile” at Hôtel la Rèserve Ramatuelle. The meal was excellent and we looked at rooms afterward and were impressed. Thus we booked for five days following our stay in Beaulieu-sur-Mer.
La Réserve Ramatuelle

The property is sleek and minimalist, beige washed render, glass expanses, yellowed stone walkways, flowers all around, many burbling water features. It is outside of St. Tropez in Ramatuelle, near the Pampelonne Beaches. The hotel tranquilly fits into its surroundings of stone pine, overlooking the sea. Stretching over many acres, it is still intimate - only 9 rooms, 19 suites and 14 detached villas dotting the hillsides. The staff are all young, smartly dressed, thin and beautiful; annoying actually.

After the two hour something drive from Beaulieu,
View from Suite 23
we settled into suite 23. It was a very chic space; three equally sized modules: bedroom, sitting area and bath; with a large terrace facing the sea. The lighting, the large closets and the desk space were all quirky and maddening counterintuitive.
Dinner was at “la Voile” and as good as we had remembered. The head waiter, Csaba, was Hungarian, so Judith was immediately “in.”

Over our five days here many hours were spent by the pool; long and narrow, set on a hillside overlooking the sea. The chairs were pleasantly spaced and comfortable; the guests all well behaved. It was more peaceful than Beaulieu. Lunches were also good; served by the pool under an umbrella of stone pine.

We also had a few excursions. The longest was north to Grand Canyon du Verdon, a
Gorge du Verdon
magnificent gorge extending 26 kilometers from the meeting point of the Verdon and Jabron Rivers, eventually joining the Artuby River, then flowing west into Ste-Croix Lake. The forever twisting D71, La Corniche Sublime, runs above the sheer drops to the riverbed, through the Tunnel du Fayat and finally reaching Les Salles-sur-Verdon and the Ste-Croix. We experienced miles of beauty; with several lookout areas to stop and take in the panorama.
In addition, there was also a small shopping trip into St. Tropez, and short visits to the hill villages of Ramatuelle and Gassin.

There were also some food adventures. We had aperitifs and a wonderful meal at Le Hôtel Byblos’ Alain Ducasse’s “Rivea.” And a people watching feast at the portside fixture of “Le Grieler” on Quai Jean Jaurès.
Best of all was our impromptu lunch at the iconic Club 55 on Pampelonne Beach. A jet set
Club 55
hangout for over 50 years, original proprietors
Geneviève and Bernard de Colmont welcomed avant-garde artists, film stars and of course Brigit Bardot to their sundrenched hedonistic playground. Their children, Véronique and Patrice, have taken over, but it is now closer to “Planet Hollywood,” a counterfeit of what once was. Still it was a gas to see some old, now prune shriveled ghosts of themselves chomping on some crustacean and trying not to get something caught under their dentures.  I’m sure we were being looked at through a similar lens.


In all, it was a wonderful 15 days; happy now to be back in London.

Friday, July 22, 2016

Fear and Uncertainty

The circus of the Republican National Convention is now over; not a picture perfect example for the man that purports to know how to manage things and that says confidently “I’m, like, a really smart person.”
It is perplexing that America is in pretty good shape relative to the rest of the world; yet there is so much angst. Many explanations are out there: globalization, income inequality, lack of mobility, family breakdown, terrorism, moral relativism; the list goes on. This blog is not meant to get into this very important “why.” Rather it is to look to the future with a large degree of fear and uncertainty.

I have written in an earlier blog about “Dangerous Times.” All over the world, inexperienced populists with illiberal inclinations have been elected as “saviors” against some villainous “other.” But in the United States, we seem have taken things one step further. I am distressed for our future.

So using more of Mr. Trump’s words: “Let me dumb this down for you so much that it no longer makes sense.”  Two big perils have been occupying my mind.

First, there is possibility that for the first time since 1825, no candidate will receive the now needed 270 electoral votes to become president. Both Hillary and Donald are not well liked. Pew’s latest poll has only 43% of Democrats “very or fairly happy” with their candidate; the Republican number is lower at 40%. The majority of Republicans, 50%, are voting for Trump “as a vote against” Clinton; the Democratic number “as a vote against” Trump is 55%. The last time these numbers were in this range was in 1992; think Ross Perot getting 19% of the popular vote.
The Libertarian Party is fielding credible candidates in Gary Johnson and Bill Weld. With the Green Party, these alternates are already polling as high as 15%. If Johnson manages to get into the televised debates, this number may go up further. Remember that Ralph Nader most likely lost the election for Gore in 2000 with just 3% of the popular vote.
If we have no winner in the electoral college; the House votes among the top three candidates; each state getting one vote. But since many sparsely populated states in the West are conservative and Republican, it is likely that a close election would go to Trump. This might happen even if Hillary Clinton got the highest popular vote by some nontrivial margin. How would this play out with a disgruntled Democratic plurality? What would our streets look like on Inauguration Day 2017? We might look back to the turmoil of Bush-Gore “hanging chads” with nostalgia.

Second, Trump may win and what kind of government transition might we see. In “the Donald” we have a toxic mix of ego and amateur. Trump has never held a public office, has never been a serious student of public governance, has shown an astounding ignorance of public policy detail, jokes about his lack of knowledge of foreign affairs and has probably insulted more heads of state than Boris Johnson. Many experienced public figures have already rebuffed his advances; just look at how far down the roster he had to go to field a vice-presidential running mate. Many of the brightest will not participate in his administration.

Brexit has given us a taste of unintended consequences; and its current honeymoon period is a calm before the storm. The “Economist” has published a slightly tongue in cheek fictional account of Trump’s “First Hundred Days." 
Here is a link to this piece: http://www.economist.com/node/21701933

I urge you to take the time and read it.


As with the United Kingdom, we have enough problems without self-inflicted wounds. I hope America can come to its senses and pick the less damaging, less risky candidate, Hillary Clinton. But I am saddened that this is the dearth of our choice. For me, Hillary is at worst lacking authenticity and a deeply ingrained moral compass; and at best, fails by not being able to exhibit them to the voters.

Fear and uncertainty lie ahead of us, which in and of itself will make things worse.

Sunday, July 17, 2016

Wörthersee & Lake Bled

From our base in Budapest we took another short three-day trip; this one taking us first to Austria’s Carinthia region and Töschling, a small village 20 kilometers west of Klagenfurt. It’s a
Hotel Schloss Seefels
pleasant five hours drive; we took the southern route on the M7 along the Balaton shore and through Slovenia. Our lodgings, the Hotel Schloss Seefels, sits on the northern shore of Wörthersee, the warmest lake in Austria. It is a peaceful Relais and Chateaux property, we visited here in May 2014.
View from Bar "Porto Bello"
We had a relaxing afternoon lakeside, swimming and lounging in this bucolic setting. Dinner was at the gourmet restaurant, “La Terrasse.” There is a beautiful view of the lake and the imposing backdrop of the Karawanken Alps; the food and service were not as good as we remembered.

On Wednesday July 13 weather turned against us; colder and rain threatening cloud. We made the best of things by two worthwhile excursions.
St. Primus - Maria Wörth
Cemetery View
The first was to the small town of Maria Wörth on the southern shore of the lake. It sits on a promontory jutting into Wörthsee, a church standing here since 875. The current parish of St. Primus is a small but stunning 12th century Romanesque building featuring some wonderful frescos; adjacent is a peaceful cemetery.
Altar of "Madonna"
Then we were off to the second, Maria Saal, about ten kilometers north of the lake. This village also has had a house of worship since the 8th century; the
Maria Saal Church
present one is a pilgrimage church dating to 1450 and a delight to the eye. Inside there are fine ceiling frescos, a baroque high altar with a cast stone Madonna, an exquisitely carved pulpit as well as side chapels so well done as to deserve their own chancels. On the exterior there are two well restored Roman reliefs. Opposite the church is a late gothic octagonal
Maria Saal - Pulpit
mortuary, a 15th century vault and a Saxon chapel dedicated to St. Modestus, founder of the church.
We had a rather hardy (too hardy actually) lunch at the nearby Gasthof Sandwirt; the proprietor juggling roles of host, waiter and chef.

We returned to the hotel late afternoon and rewarded ourselves with a glass of wine at the lakeside bar. Dinner was at the hotel’s casual restaurant, the “Porto Bello,” a nice tart flambé as starter and sea bass to share as a main – more Austrian Riesling flowed. The evening finished with a very strong and long lasting thunderstorm.  

We were due to leave on the 14th but decided to stay another day and tackle another sight that had long been on our list, Lake Bled in Slovenia. Just over the border and through the 8 kilometer Predor Karavanke (tunnel) it is less than an hour south of the Wörthersee.
Lake Bled - Church
Lake Bled is circular, two kilometers in diameter, and fills a hollow gouged out by the retreating glaciers of the last Ice Age. With its aquamarine placid water, fairy tale island church and imposing hilltop castle; Bled has all the boxes checked for a tourist paradise. Unfortunately, the town itself, sitting on the eastern bank, is a bit tacky and overbuilt. This does not, however, impose itself on the natural beauty of the rest of the spot. We found parking and took a slowly rowed skiff to the island and visited the church. The vistas were more impressive than the structures, including a small museum. Afterward, we were
Bled Castle
back to the car for a climb to Bled Castle, an 11th century fortress, one of the oldest in Slovenia.
Finally, we stopped at Vila Bled, originally an aristocratic country house built in 1883. In the 1920s the original building was torn down for a new design, but this was a casualty of the world wars and not completed until 1947, a summer residence for President Josip Tito. In 1984 it was converted into a hotel. We had a light snack at the Belvedere Pavilion that sits precariously on stilts and clings to the cliff face – magnificent views!
Lake Bled Panorama

We were back to the hotel late afternoon, dinner was at the lakeside and very pleasant, but a bit cool. A nightcap in the bar and it was off to sleep. Up early on Friday, we checked out and drove back to Budapest, taking the northern route past Graz and then the M1. In all, a very nice little break.