May 19, 2014
Sovereign Valley Farm, Chile

In the early 16th century, a priest by the name of Fray Francisco de Ugalde remarked to his king that Spain was “el imperio en el que nunca se pone el sol”.

In other words, the sun never set on the Spanish Empire.

And by the 1500s with its vast lands across the Americas, Africa, Europe, Asia, and even the South Pacific, Spain (technically the House of Habsburg) had become the first truly global superpower.

The Empire’s status was so great that its silver coin (the real de ocho or piece of 8) was used around the world as a global reserve standard… including in the US colonies.

It didn’t last.

Like so many great empires that came before, Spain was beset by unsustainable spending, constant warfare, debilitating debt, and an inflated money supply.

By the mid 1500s, the Spanish government was spending 2/3 of its total tax revenue just to pay interest. Spain defaulted on its debt six times in the next century.

It finally came to an end on today’s date in 1643, exactly 371 years ago.

Historians can literally circle the date on a calendar that Spain ceased being Europe’s dominant superpower; it was the day that Spain lost the Battle of Rocroi, and effectively the Thirty Years War against France.

Just days before, a four-year old Louis XIV had ascended to the throne to become the King of France after the death of his father.

And during his whopping 72-year reign, France replaced Spain as the global superpower.

(To put this reign in context, the longest serving monarch alive today is King Bhumibol of Thailand, who at age 86 has served for 67 years. At age 88, Queen Elizabeth has served for 62 years.)

For more than a century, commerce, art, and technology flourished in France. And some of the greatest intellectual minds in history published their works during this period.

I remember being told as a West Point cadet that in the early days of the Academy in the 1800s, the only two classes were French and Mathematics, primarily because all of the great textbooks were written by French mathematicians.

France had public healthcare and free hospitals. Great monuments to their grandeur. Colonies around the world. An awe-inspiring military.

And their influence was so great that foreign governments from Russia to Prussia spoke French internally.

Needless to say, this didn’t last either.

And like the Spanish before them, France overspent, overexpanded, and overregulated. They waged excessive warfare, and they managed their affairs as if the good times would last forever.

By the 1780s, the French debt had grown so much that they were rapidly devaluing the currency and borrowing money just to pay interest on what they had already borrowed.

Sound familiar?

The US is in a similar position right now, along with most of the West (including… France and Spain again!)

Like an aging prize fighter, there is no nation that can permanently maintain its status as the dominant superpower. And certainly no nation that can defy universal economic truths.

Powerful nations believe they can borrow indefinitely and dilute their currencies without consequence.

This simply isn’t true. Wealth and power shift. The world’s reserve currency changes. It’s been happening for centuries, and this time is no different.

We are all witnessing this change unfold again. And this isn’t some wild assertion.

Objective data from the Bank for International Settlements and the International Monetary Fund all show a clear decline in the dollar’s share of global reserves.

The US government’s own data shows a net worth of minus $16.9 trillion, over 100% of GDP in the red.

And even in their most optimistic projections, the government tells us that growth in debt will outpace growth in tax revenue.

Day to day, it’s easy to ignore these trends. But from a big picture perspective, it couldn’t be more obvious.

Just like the Battle of Rocroi in 1643, or the storming of the Bastille in 1789, there will come a time when future historians circle a date on a calendar and say, “That was the day the United States ceased being the dominant superpower.”

Perhaps it’s happened already. Or perhaps it will occur in a war yet to be fought.

But if history, common sense, and truth are any guides, that reckoning is quickly approaching.

May 20, 2014
London, England

[Editor's note: This letter was written by Simon's colleague Tim Price in the UK, who is currently Director of Investment at PFP Wealth Management]

“The stock market is filled with people who know the price of everything, but the value of nothing.” – Philip Fisher.

A personal perspective on some of the challenges facing today’s investor:

1. The Communist experiment of the planned economy did not work.

2. Not only did it not work, it impoverished millions.

3. Western central banks, their client governments, and agents in the economics “profession” seem unaware of this fact, or wilfully disregard it.

4. People respond to incentives. Everything else is detail.

5. Adam Smith’s invisible hand does work, if left well alone by the dead arm of bureaucracy.

6. In the aftermath of the breakdown of Bretton Woods, ‘developed’ governments have amassed unpayable mountains of debts.

7. A culture of entitlement has made these debt mountains higher.

8. These debts will never be repaid, except in devalued money.

9. The Fed has said as much – this is a secret hiding in plain sight.

10. The debt overhang will depress economic growth for the foreseeable future..

11. But a cult of economic ‘growth at any cost’ has infected the modern psyche.

12. In the real world, there are practical limits to growth. Beyond a certain level in any mature system, further growth is tantamount to either obesity, or cancer.

13. Pre-financial crisis economic growth throughout the western economies was illusory. It was established on the unstable sands of credit creation and borrowed from the future.

14. Until the stalemate is resolved, asset markets will reflect, and oscillate between, fears of deflation and inflation. Money may be made, but much more will be lost.

15. Free markets, if allowed to operate, would prefer that the system cleanse itself through a deflationary shock.

16. “Falling prices or price deflation are not the cause of economic and financial crises, but their consequences – and at the same time their cure.”

17. Indebted governments and effectively insolvent banks cannot afford that deflationary shock. It poses an existential threat to the finances of incumbent governments and the ongoing existence of the unreserved banking system.

18. As the parlous state of government finances becomes clearer, governments and the media have disingenuously blurred the distinction between tax avoidance and tax evasion.

19. Tax avoidance is an entirely legitimate and legal behaviour.

20. “No man in the country is under the smallest obligation, moral or other, so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores. The Inland Revenue is not slow, and quite rightly, to take every advantage which is open to it under the Taxing Statutes for the purposes of depleting the taxpayer’s pocket. And the taxpayer is in like manner entitled to be astute to prevent, so far as he honestly can, the depletion of his means by the Inland Revenue.”

21. If governments wish to make certain tax avoiding behaviour illegal, it is in their powers as lawmakers to do so.

22. The monetary policy response to this economic stalemate can only be to attempt to ignite inflation (and attempt to destroy savers and those on fixed incomes in the process).

23. “Money and credit growth can never make a nation prosperous. It may bring about a shift in income and wealth from some groups to other groups, but it inevitably tends to impair the prosperity of the whole nation.”

24. Base money creation is inherently inflationary.

25. “The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.”

26. It will become ‘true’ inflation as and when bank lending recovers and the velocity of money rises.

27. If inflationary pressure rises even as interest rates are kept artificially low, there is a risk of widespread currency collapse. The markets cannot be fooled.

28. In the meantime, markets are trapped in a ‘no man’s land’ of sub-par growth, artificially suppressed interest rates, and artificially boosted financial asset prices. The bull market will not last forever; the interest rate cycle will turn, whether central banks like it or not.

29. Actions have consequences.

30. Artificially low interest rates will give rise to malinvestments, notably in property. The dismal cycle will replay itself again.

31. Sensible entrepreneurial endeavour cannot occur in an economy where the cost of capital is a plaything of central bankers. Companies are hoarding capital for a reason. The so-called recovery is largely a function of government spin.

32. The price mechanism has been destroyed.

33. Sensible investment cannot occur where the term structure of interest rates and the so-called risk-free rate are also playthings of central bankers.

34. Monetary policy makers are trying to replace a bubble of inflated property prices with a new bubble of inflated property prices.

35. Higher notional property prices are not wealth.

36. Quantitative easing helps nobody beyond a narrow financial elite benefiting from notional gains in financial assets.

37. A policy of Zero Interest Rates ensures that saving is depressed.

38. Depressed savings ensure sub-optimal levels of investment.

39. Money is too important to be left to the State.

40. Dishonest money destroys capital, savings and the economic calculation of entrepreneurs.

41. The experience of the 1930s should have taught us that beggar-thy-neighbour economic policies do not work. “An eye for an eye only ends up making the whole world blind.”

42. Beggar-thy-neighbour competitive currency devaluations are being practised by just about everybody.

43. No unbacked paper currency has ever lasted. And no government attempts at wage and price controls have ever succeeded.

44. The tide of financial repression will rise.

45. The future is unclear but the failure of the current system seems certain.

46. Gold is an answer, but it is not the answer. The productive and purposeful endeavour of entrepreneurs is also an answer – but only at an appropriate price, if one can even be assessed in a system wherein financial calculation has been made impossible.

47. “An investment in knowledge pays the best interest.” But we are drowning in information and starved of knowledge.

48. Modern communications, efficient though they are, have destroyed patience and discipline. We crave immediate gratification and returns from our investments.

49. “The only useful thing banks have invented in 20 years is the ATM.”

50. “Wide diversification is only required when investors do not understand what they are doing” – or when the underlying investment landscape is fraught with unprecedented risks, and peppered with unexploded ordnance.

51. Nobody can say with certainty what is to come – central bankers least of all.

 

May 22, 2014
Sovereign Valley Farm, Chile

In a way it’s part of the rat race.

Go to school. Study hard. Get a good job. Buy stocks.

Anyone from a developed western nation is almost expected to start investing in the market at some point in his/her life.

“How’s your portfolio…?” goes the cocktail party conversation. Many men competitively compare the sizes of their positions as if they’re in a high school locker room.

And practically ALL the conventional wisdom in personal finance tells us to buy stocks.

We’re bombarded with advertisements and billboards hypnotically beckoning us to thrust our savings into the marketplace.

It’s often some salt-and-pepper haired couple walking on the beach, apparently quite secure in themselves.

Is it a Cialis commercial? No. It’s commandment #1 of retirement planning: buy stocks.

The broader investor class is bombarded with this mind-numbing mantra that stocks (plus mutual funds and bonds) are the only credible asset classes to consider.

Yet only a few professionals realize (or are willing to admit) that these markets are entirely broken.

The function of a market is to bring together buyers and sellers with a free-flow of information in order to discover the most appropriate price for any given asset.

This element of price discovery is one of the market’s most important mechanisms. And it is no longer functional.

When buying stocks, people no longer invest in businesses. They’re merely gambling on the whims of a single individual. Will Janet Yellen print, or not print? That is the question.

Here are a few obvious signs from the last month to underscore this point:

1. There’s no reality check

On April 30th, the US government released figures that US economic growth practically ground to a halt in the first quarter of this year.

This was on top of continued troubling economic news from China, Japan, and Europe.

And how did the market react to reduced growth in the world’s largest economies? The Dow Jones Industrial Average rallied to an all-time high.

This is not a ‘price’ connected to reality.

2. They actually believe it’s the weather

Many mass-consumer retailers from Wal Mart to Staples to Ford have posted significant earnings declines as compared to the same period last year. Their excuse? The weather.

Apparently the US consumer couldn’t get out there and shop because it was too cold.

Nevermind that luxury brands from Burberry to Lamborghini recorded record sales in the first quarter… as if wealthy people are impervious to the cold.

Yet, again, the major indices trade near all-time highs, willfully ignorant of the underlying economic rot.

3. Mispriced junk debt

Yields on junk debt are back down around 5% range, and the iShares High Yield Corporate Bond (i.e. Junk Bond) ETF is trading at a record high.

In other words, the market thinks that 5% is a reasonable rate of return given a significant likelihood that you could lose your money.

(To put this in context, the US government’s 1-year Treasury yielded about 5% as recently as 2001…)

All of these signs completely defy reality and common sense, indicating the market has lost all sense of rationality. We may very well have reached peak stupidity.

These conditions will ultimately drive people away from stocks and bonds (no doubt only after a massive decline), and hopefully expand their investment scope to other asset classes.

Rather than enslave your capital to the whims of central bankers in the stock market, for example, consider owning private businesses instead… where you can actually get back to the business of investing in business.

Productive farmland is another great investment class… and given the dismal supply and demand fundamentals of food, it’s a no-brainer over the next decade.

More on these in future letters.

May 21, 2014
Sovereign Valley Farm, Chile

Yesterday the Financial Crimes Enforcement Network (FinCEN) issued some new guidance warning US banks against working with individuals holding passports from the Commonwealth of St. Kitts and Nevis.

As you may be aware, St. Kitts is one of many nations to offer a ‘citizenship by investment’ program.

This is a program where an investor can obtain citizenship in St. Kitts, and a passport, by making a financial investment in the country.

In the case of St. Kitts, this can be either a ~$250,000 non-refundable donation to the St. Kitts Sugar Industry Diversification Foundation, or investing $400,000 in an approved real estate project.

There are a number of other fees inolved as well, including lawyer fees (naturally), due diligence fees, and more.

But when it’s all said and done, applicants can have a passport from St. Kitts in as little as six months.

Now, as we’ve discussed before, there are a lot of other ways to obtain citizenship.

It’s possible to obtain citizenship by ancestry. For example, if your grandparents are Irish or Italian.

It’s also possible to obtain citizenship through naturalization. Here in Chile, for example, you can become a citizen after five years of total residency.

But some people are on a compressed timeline. They’re looking to obtain another passport as quickly as possible, often because they want to renounce their US citizenship.

This is a rapidly growing trend– more and more people each year are divorcing themselves from the US government, and its tax system, by renouncing US citizenship and giving up their US passports.

And while it’s not required to have another passport to renounce your US citizenship, it’s a good idea.

After all, without a second passport, you’d find it very difficult to be able to travel anywhere.

So for some people, St. Kitts citizenship represents a great opportunity to rapidly acquire another passport so that they can accelerate their divorce from the US government.

I have to imagine this displeases Uncle Sam. After all, the trend of Americans giving up their citizenship is growing so quickly that it’s now making front page news each quarter when they release the statistics.

One way to slow the trend? Put pressure on the St. Kitts economic citizenship program.

That’s exactly what the Financial Crimes Enforcement Network has done; in yesterday’s announcement, they blasted the St. Kitts government’s “lax controls” and said that “illicit actors” (aka ‘terrorists’) are using the program to obtain St. Kitts passports.

FinCEN asserts that several Iranian nationals who were granted citizenship there (cue the ominous music) as if being Iranian is some sort of crime.

In doing so, they’re effectively labeling St. Kitts a safeharbor for terrorists… which is pretty much a death sentence for the economic citizenship program.

I would be surprised to see some major modifications coming out of the program, or even an outright freeze.

More to follow on this story.

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[ Filed under Technology & in the Industrial Design category ]

If you’re a grilling enthusiast who can’t quite seem to master the finer points of the barbecue, or if you’re just learning to grill, this Bible of Barbecue has everything you need to get ready for summer cooking. Cookware company Tramonitina and ad agency JWT Brazil released the very unusual book to help enlighten would-be barbecue experts.

The book comes equipped with coal, a fire-starting page, a small fan to build the flames, a cutting board, salt for the meat, knife sharpener, apron, tray, and kitchen cloth. They are arranged like pages in a book that you remove one at a time in the order they will be used.

The book can only be used with all of its functional contents once, but the case and some of the contents can be kept forever. Judging from the promotional video, it looks like there may be instructional pages as well which stay in the book to provide guidance even after the charcoal has been smashed and the salt has been crumbled. Copies of the book were first sent to top chefs in Brazil but the company plans to sell it to the public in bookstores sometime in 2014.

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[ Filed under Technology & in the Industrial Design category ]

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Both neutered and impotent. That’s about right.

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His sauce factory is too stinky the city fathers (mothers?) protest. The odor of pepper wafts on the breeze in Irwindale and that is not what breezes in California are supposed to smell like. (Pot? Coconut butter?)

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Photographer and videographer Sean Gallagher’s short film reveals the devastating cost of leather production in India. Situated along the Ganges river, the northern city of Kanpur has become the country’s largest producer of leather, 95% of which is exported to western markets. With lack of regulation and keeping costs as low as possible, 50 million litres of highly toxic waste gushes into Kanpur from the tanneries everyday. This chemical-riddled water then flows back into the community, polluting farmland and spreading disease. The Toxic Price of Leather presents a very human story about the ramifications of widespread consumerism and those wounded in its never-ending appetite.

Funded by the Pulitzer Center.

The post Fascinating Film Looks at ‘The Toxic Price of Leather’ in India appeared first on Feature Shoot.

Back in January, Louis C.K. appeared on Jerry Seinfeld’s webseries “Comedians in Cars Getting Coffee,” which made for an entertaining episode in and of itself, but the real star of the show was the car that Seinfeld selected for the program – a 1959 Fiat Jolly. Braving the New York City streets in a glorified golf cart with no doors and a fabric roof is nerve-racking enough, but when you factor in that less than one-hundred Jolly’s are left in the world, Seinfeld’s car choice seems downright irresponsible.

While it’s hard to determine exactly how many Jolly’s were produced in the late fifties, the car has become quite desirable nowadays, fetching upwards of six figures at recent auctions. So what’s the story behind this bizarre automobile? Well, like many unique designs from the mid-century, the Jolly came to life at the world renowned Carrozzeria Ghia design studio in Turin, Italy. While it still operates today, Ghia’s peak was from 1953-1963 during which time the firm was contracted by Ford, Volkswagen, Volvo, and Chrysler, all of which were drawn to Ghia’s gorgeous lines and contoured creations.

The Jolly, like many of Ghia’s creations, was a hyper-specific job for the studio, but the Jolly is unique in that it ranks up there as one of Ghia’s smallest projects. In 1958, Fiat shipped a number of their 600’s to Ghia to convert into cars that were specifically to be marketed toward Fiat’s higher end clientele. Ghia’s creation, which was named the “Jolly” because it was just so damn jolly, featured wicker seats, an optional fringed roof, and tires that looked like they could’ve been stolen off a golf cart. In fact, the Jolly was meant to act sort of like a golf cart for the everyday lives of rich and famous (Aristotle Onassis was one of the better known Jolly owners.)

Less of a car and more of a toy, the Jolly was the ultimate summertime leisure mobile and was designed to shuttle drivers between their yacht, the golf course, their mansion and back again. That ritzy spirit lives on today as most of those lucky enough to own a Jolly tend to baby them to preserve the elegant exterior. That is unless you’re Jerry Seinfeld, but really what’s one Jolly compared to forty-six Porsches?

We love the convenience of a Keurig, but aren’t crazy about continually buying pre-filled K-cups. So, we purchased the stainless steel, refillable Ekobrew k-cup. Comes with a metal hinge so it won’t break after being heated and cooled over and over. And, it allows us to buy a pound of coffee of our choice and use it in the Keurig. Also, it’s much better from an environmental perspective in that we aren’t throwing away all those once used k-cups.

-- Tom Eggert

Ekobrew Cup, Refillable K-Cup For Keurig K-Cup Brewers
$15

Available from Amazon

I’ve used this for a few weeks now in my home office and will never look back. A knowledge worker for 20+ years, I’ve spent my work life sitting. The increasingly virtual work culture means I now work from home most days, which supports even more sitting (I may work the extra hour I save commuting, and even the trip from my home office to the restroom is only a few steps, in contrast to the 100 yard trek required for the same purpose in my office.) And now research corroborates what my body has been whispering to me for a while: sitting is bad for your health.

I was able to easily attach this desk base to my existing desk top, which not only saved me some money but also allowed me to keep my existing office layout exactly as it has been. I stand for most of the day now, usually taking a short sitting break once in the morning or afternoon. I can even raise the desk to a height that allows me to stand on my rebounder (a mini-trampoline) and gently bounce while I work. The real benefit is the ability, with the touch of a button, to adjust the height of the desktop at any time, without disturbing any of my peripherals – the extra monitor, the external keyboard and mouse, the speakers – even in the middle of a meeting.

The flexibility of this desk helped me endure and shorten a back-pain episode that popped up recently. I tend to be a frugal person and the sticker price seemed hefty at first — but the product’s high quality and the likelihood that it will save me visits to the chiropractor justify the price… not to mention that just feeling a little less pain and stiffness is priceless.

-- Emily May

UpLift 900 Sit-Stand Ergonomic Desk Base
$549

As a carpenter, I’ve used dozens of different magnetic bit holders for screwguns. I find that Jack Rabbit Tools’ Mag ring is a great alternative. It’s a brass ring with embedded magnets that slips onto any 1/4″ drive bit.

It solves two problems with most magnetic tips: clearance and bit retention. In tight spaces or recesses, a bit holder can be too wide, and prevent access to the screw. Bit retention can be a big problem, especially with square drive and Torx fasteners, as the bit sticks in the screw head, and is pulled out of the bit holder. It doesn’t always stay in the screw though, and may fall into a hard to reach spot, or necessitate a trip back down the ladder.

The Mag ring works on any 1/4″ bit, round or hex shank, placing 3 rare earth magnets against the shaft. This lets you use a bit mounted securely in the chuck of your drill or impact driver. The strength of the magnets is far above average, holding fairly large wood screws easily. As powerful as any holder I’ve tried without a magnet in direct contact with the screw head. The advantages of the mag ring almost always outweigh ultimate magnet hold for me though.

I’ve been using them for about 5 years, The small size has led to losing a couple, but haven’t had one break or wear out.

-- Maxwell Lucas

Mag Ring 1/4″ Bit Magnetizer
$10

You probably know about the Internet Archive's Wayback Machine, which lets you see how a given web page looked at different points in the past. The algorithm used to archive pages, however, is somewhat random. If there's a specific page you want to capture for posterity, you can submit it yourself.

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Flight ETE 5 hours, 45 minutes.  You’ve been there – the BOS to SF flight that never ends.

In the past 10 years, I’ve been on a really long flight about once a week.

Probably like you, I’ve had my fair share of air travel nightmares — usually involving an assault on one of my senses that goes on and on… and on.

From screaming children to lost passports to Montezuma’s revenge, I’ve experienced it all. I’ve also had incredibly productive, serene and, even fun, flights.

With all this time at 30,000 feet, it can’t be a surprise that I’m on the constant lookout for any tool to help me make the most of my time at altitude. I’ve tried, rejected, and optimized a huge number of gadgets and systems over the years.

Although a work in progress, I’m happy to share those things that work for me — so here’s the “What’s In My Bag — Inflight Edition.” Let me first say what this isn’t.  This isn’t my full carry-on bag, which might have clothing, a dopp kit, camera gear, etc. This is the small bag that joins me as I squeeze into seat 23F. It’s also not the same every time (e.g. the journal is often the item most left behind on short business trips or a MacBook Air is brought along).

My constraints are that the bag has to be small enough to fit in the seat pocket or next to the armrest. It’s also limited to what the TSA allows, so, unfortunately, no pocketknives or clever multi-tools. So a small bag.

I found the optimal bag accidentally. The bag was waiting for me on my seat on an upgraded American Airlines flight to Europe. It’s their amenity kit. It’s a neoprene iPad classic case repurposed it to hold all those small items that I previously carried-on individually. Before the bag, my pockets were often stuffed with stuff — and I was always fearful that I’d forget something on the plane, which I often did.

The most important tool in my bag are headphones. Getting rest on a plane is absolutely essential. I used to watch with dread and guilt as families with babies squeezed down the aisle toward my row. Babies cry on planes — and some don’t just cry, they wail! I can’t blame them — flying is hard. But, it doesn’t make it any easier for the rest of us. The only defense in these situations is good headphones. You might as well leave your Apple earbuds at home — they don’t even come close to helping.

Bose QuietComfort 20i Acoustic Noise Cancelling Headphones: $279

So, like most frequent travelers, I upgraded to noise canceling headphones. The Bose Quiet Comfort were my first foray into noise canceling. They did a good job, but were bulky and only somewhat effective. A nearby unhappy child or talkative passenger would frequently overwhelm the technology.

After some time, I discovered the benefits of in-ear headphones, like those made by Shure technologies. Small, expensive and effective at blocking sound — they don’t use active noise canceling; instead, they simply seal the ear canal. I used them for years, but they would irritate my ears after 5+ hours. After some research, I upgraded the Shure’s to the slim-fit Klipsch X11i Earbuds. They work, and I still recommend them.

About a year ago, a friend suggested I try Bose’s newish in-ear noise canceling earbuds.  Not being able to resist a new piece of tech, I bought a pair and became an immediate convert. They are the quietest, most comfortable headphones I’ve ever worn.

The only downside is that you’re likely to miss service (or “brace for impact” order) as you float unaware in your bubble of bliss. Unlike Shure or Klipsch, these headphones require that you charge the battery pack (with the MicroUSB cable). A charge lasts about 16 hours. They also have some neat in-chord features like noise canceling pause and volume controls.

Dream Essentials Escape Luxury Sleep Mask: $20

Yes, I look like an idiot wearing an eye mask during the day, but I don’t care! They feel great and cut out all light. The crucial thing to look for in a sleep mask are eye pockets — standard eye masks press uncomfortably against the eyes. My two favorites are both by Dream Essentials — the Escape Luxury mask or their Contoured Sleep Mask.

Han Kjøbenhavn Sunglasses: $145

Rolex GMT Master Date: $5,000 and up

Fisher Space Bullet Space Pen (Matte Black): $16

Uni-Ball Jetstream Pen: 3 for $8.49 (Reviewed on Cool Tools here)
Bellroy’s Very Small Wallet: $60

Before boarding, I empty out my pockets and put everything away. Wallet, keys, sunglasses, pens, etc all get safety stowed in “the bag.” I really like small wallets and am partial to the Bellroy Very Small Wallet. It holds a stack of credit cards, business cards (Moo photo cards), and cash — and zips up into a tiny package. The Han Kjøbenhavn Sunglasses sunglasses also get stashed. They are stylish and functional, sporting Zeiss glass.

Although almost everything goes in the bag, one thing comes out, my watch — which I set for the time zone of my destination. This 1970’s Rolex GMT simply works — and the second time zone hand helps me easily keep track of the time back home. A less expensive but really great timepiece alternative is the $318 Casio ProTrek PRW-3000B.

Being without a pen on a flight is a problem. There is always something to write, fill-out, etc. I actually pack 3. Two are everyday pens, the uni-ball Jetstream and the bullet space pen. The uni-ball is inexpensive and works as well as pens costing much more.

Pilot Capless Fermo Fountain Pen: $184
Cavallini Roma Lussa Journals: $87

The plane is a fabulous place to get caught up on journaling. I really like the Cavallini Roma Lussa leather journal. It pairs perfectly with the Pilot Fermo retractable fountain pen. The Fermo writes with breathtaking beauty and is such a joy to use.

Global Entry Program: $100

Well, you might be saying, “Why a passport?” Well, it’s not an ordinary passport.  It’s been enrolled in the U.S. Customs Global Entry program. Global Entry not only allows fast access through U.S. custom lines, it also works to supercharge enrollment in the TSA Pre-Check program. Pre-Check enables fast lane access (and no shoe or computer removal) in domestic security lines. The combination of these two benefits has saved me countless hours of waiting in line.

Emergency Meds

Once on a flight back from Peru, I awoke to either 1) stomach flu or 2) food poisoning.  Let’s just say it was an explosive situation, and I couldn’t have felt worse. It was absolutely horrible. I wasn’t prepared with in-flight meds to deal with it and vowed never be caught again with my pants down, so to speak. Don’t give me that look — it’s happened to almost everyone! Be prepared or don’t risk the fish entrée.

So, that little container of “Airborne” actually contains no Airborne. It holds packets of Immodium, Advil, and Cipro. I also carry Melatonin, Purell, Visine, and lip balm.  Depending on the length of the flight, I might also include a toothbrush, toothpaste, and hand lotion.

Anker Astro E5 15000mAh Dual USB Portable Charger: $50

Kensington International All-in-One Travel Plug Adapter: $13

I carry an Ipad Mini. Although I prefer to read on the Kindle, the iPad is more versatile — movies, books, work, etc. Power for my iPhone & iPad can be an issue, so I bring along the Anker Astro E5 USB charging device and cables (Apple charging cable, USB plug, and MicroUSB for camera & headphone charging). For international  travel, I’ll also pack the Kensington travel plug adapter.

Sony DSC-RX100M II Cyber-shot: $698
MegaGear “Ever Ready” Protective Case:$30

As a photographer, I feel naked without a camera. So, I generally keep the Sony’s RX100 II in my bag. I’ve captured some pretty incredible aerial pictures with it. The RX100 III was recently announced and includes a retractable electronic viewfinder  The leather case by MegaGear is really beautiful and shockingly inexpensive.

Petzl Tikka 2 Plus Headlamp: $40

Finally, I travel with a Petzl headlamp. I can’t tell you how many times I’ve used it in-flight. I remember landing in Myanmar and not being able to find my passport – that’s a special kind of stress. I looked everywhere and embarrassingly asked the flight attendant for help (it was obviously with me when I boarded). No luck. In desperation, I pulled out the headlamp and looked into the seat mechanism. Sure enough, it was stuck deep inside the seat. I would never have found it without the light. I’ve also thought it might not be a bad thing to have in the event of a more serious emergency.

The American Airlines iPad Amenity Kit (full): Similar Cases

You can almost get all of this in that little bag — it’s probably the journal or the camera. If it’s real travel, the camera goes in the overhead with the other stuff. Everything else fits.

Bag in hand, I’m ready to sit back and enjoy the flight. As the Buddha said, “It’s better to travel well than to arrive.” Good thing, as we’ve only got another 5 hours to go…

Christopher Michel is a photographer, writer, and entrepreneur. He’s photographed some of the world’s most unusual places and people, from the South Pole to the edge of space aboard a U-2 Spy Plane. His photographs can be found online at www.ChristopherMichel.com or at @chrismichel.

-- Christopher Michel

[OK, now it's your turn. Send photos of the things in your bag (and of the bag itself, if you love it), along with a description of the items and why they are useful. Make sure the photos are large (1200 pixels wide, at least) and clear. Use a free file sharing service like Bitcasa to upload the photos, and email the text to editor@cool-tools.org. -- Mark Frauenfelder]

A bath house in Colorado affectionately called Gazebo by its owners.  Inside is a composting toilet, shower and wood stove for warming in winter. 

Contributed by Anonymous.

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Albert Burneko is off. Your guest Foodspinner this week is writer and Drynuary evangelist John Ore.

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(First column, 10th story, link)

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