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This video shows the Tesla driving itself.


Is driving purely functional, A to B, or is it also entertainment? I ride my bikes not to get to A to B, although that can be true, but for the sheer joy of riding a bike as fast as I can to my ability.

I’m assuming that you [currently] can choose which mode to put the car in. However, how long will it be before government mandates only the car can drive. No issues about speeding, drink driving, etc. Of course then all you need is a box on wheels.

Will you pay a premium for your box. Hell no.


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“Investors’ personal views on climate science are irrelevant.

Enough governments and businesses are convinced by the scientific consensus that the threat is real, and are driving regulatory and technological changes that are reshaping the investment landscape. You may not be interested in the climate, but you can be sure the climate is interested in you.” — Financial Times

Our changing climate is having real-world effects.*

Miami Beach, Florida, is experiencing increased flooding as a result of rising sea levels. All along the Eastern Seaboard in the United States, cities, towns — even naval bases— are battling an array of problems caused by increased coastal flooding and encroaching tides. Indeed, some scientists speculate that Manhattan — an island, by the way — could at some point find itself under water.

The global climate has always been in flux. But historically changes have taken centuries, even millennia, to manifest themselves. We have not, as yet, ever confronted the sort of severe shift that current climatological models suggest may lay in store.

Investment managers need to be evidence-based, and the evidence is now very clear:

“’Once impacts become noticeable, they’re going to be upon you quickly,’ said William V. Sweet, a scientist with the National Oceanic and Atmospheric Administration, who is among the leaders in research on coastal inundation. ‘It’s not a hundred years off — it’s now.’”

Academic finance has started to research the issue. In “Price of Long-Run Temperature Shifts in Capital Markets,” Ravi Bansal, Dana Kiku, and Marcelo Ochoa examine the social costs of carbon emissions. They note that “temperature risks have a significant negative effect on wealth.” Each of the US equity portfolios they examine had a negative exposure, or beta, to long-run temperature fluctuations. This implies a rising risk-free rate and an equity-risk premium.

Many institutional investors now adjust for environmental, social, and governance (ESG) factors, and Morningstar recently began publishing ESG grades for the 20,000-plus funds it covers. While climate change is included among the 20-plus factors Morningstar grades, the phenomenon warrants a category of its own.

BlackRock has also conducted climate change research. In “The Price of Climate Change: Global Warming’s Impact on Portfolios,” the authors discuss the potential influence changing carbon regulation could have on various industries. They note that the insurance sector has already begun to incorporate rising global temperatures into its pricing models. For the larger investment industry, however, the threat of global warming has yet to hit home:

“Most industries lag insurers when it comes to properly accounting for and pricing risks of climate-related events. Many equity investors ignore climate risk, and credit investors and ratings agencies do not routinely assess it. Property markets often ignore extreme weather risk, even in highly exposed coastal areas. Most asset owners do not measure their exposure to potentially stranded assets such as high-cost fossil fuel reserves that may have to be written off if their use is impaired by climate change regulation.”

BlackRock asserts that these effects are not currently priced, but will be very soon. Proactive investors should anticipate that. This is not to say that climate change’s impact will be uniformly bad. As with any wrenching change, there will also be opportunities along the way. Just as investors in fossil fuel-dependent companies must weigh the risks, investors in alternative energy or mitigation services companies could very well profit.

Though global warming could have devastating consequences worldwide, it does not mean investors should concentrate investments in landlocked, temperate nations. It does require that we carefully consider the phenomenon’s potential long-term effects. No part of the planet is immune and some regions will be more affected than others.

The real reason to diversify globally is not to avoid or mitigate short-term market blips, but rather to protect against economic catastrophes concentrated in our home markets,Clifford S. Asness, Roni Israelov, and John M. Liew observe. Investors should be especially mindful of this when it comes to climate change.

The environment’s margin of safety is narrowing with each uptick in global temperatures. This will translate into greater effects on investor portfolios. It is the job of the investment manager to cushion against those risks while still seeking profitable opportunities.

I posed the following question in a recent blog post: “What idea in finance today, that we hold to be true, will seem laughable in 100 years?”

In a century’s time, it may very well be laughable that we did not take the risks of global warming more seriously when considering our investments.



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Crimes Act, s22(1),

No person shall be convicted of an offence by reason of any act done or omitted by him when of the age of 10 but under the age of 14 years, unless he knew either that the act or omission was wrong or that it was contrary to law.

This is the section that my appeal case rests on. To strengthen the appeal, it would help to read the “or” between ‘wrong’ and ‘contrary to law’, conjunctively so that two conditions pertained.

Pioneer Concrete (UK) Ltd v National Employers Mutual General Insurance Ass. [1985].

The clause under consideration:

‘The Insured shall give written notice to the Head Office or Branch Office of the Association of any accident or claim or proceedings immediately the same shall have come to the knowledge of the Insured or his representative.’

Wilberforce J.

The obvious commercial purpose of the clause is to enable the insurer to perform his role as a dominus litis and to investigate accidents and claims at the earliest possible opportunity, and that purpose would clearly be frustrated by the construction contended for. I do not, furthermore, regard the construction, even on the words used, as being a necessary or proper one, since the word ‘or’ is not infrequently used in a conjunctive sense, and that is clearly indicated by the purport of this clause to be the correct sense. It cannot, accordingly, in my judgment, be held in this case that the insured or the plaintiffs on his behalf have satisfied condition (1) by giving notice to the insurers of the accident or a claim.

So the context is the critical factor. But context is largely driven by purpose, particularly where it is a legislative clause under consideration.

There is also a ‘purposive’ argument. The legislature’s purpose was to protect children from culpability under the criminal law. Mens rea [intent] is a critical component of the criminal law for adults and must be proven by the Crown.

The purpose of s22(1) is whether the child actually has the intellectual capacity to form ‘mens rea’ in the first place, that is to say, the purpose of s22(1) is protective of the child. If that argument is accepted, then, it makes an additional argument that the ‘or’ is to be read conjunctively, as this then provides two conditions to fulfil, which increases the burden on the Crown.

Now, if the court accepts these arguments, then I have a reasonable chance of winning the case.




The famous quote from Ronnie Reagan.

Small Business Number One Problem Table1

Legislation, taxes, the bane of free enterprise.


Having transformed war, drones are getting ready to transform peace. A year ago Obama ordered the Federal Aviation Administration (FAA) to expedite the process of integrating “unmanned aerial vehicles,” as drones are primly referred to within the trade, into civilian airspace. Police departments will use them to study crime scenes. Farmers will use them to watch their fields. Builders will use them to survey construction sites. Hollywood will use them to make movies. Hobbyists will use them just because they feel like it. Drones are an enormously powerful, disruptive technology that rewrites rules wherever it goes. Now the drones are coming home to roost.

The State is extending one of its war machines into civilian, non-war, home based use against its own civilian population. Nice.

The U.S. government’s position is that it declines on national-security grounds to declassify the full legal justifications for its covert drone attacks; so far that position has withstood a legal challenge. But whatever their legal validity, the practical effectiveness of drone strikes is undermined by their tendency to outrage and radicalize populations against the U.S. As controversial as it is, there was heartwarming bipartisan agreement in last fall’s presidential election that American drone policy wasn’t going to be seriously discussed by either candidate. It’s possible that the elevation of Brennan to head of the CIA will bring about greater transparency and public accountability. Brennan has pushed for both. Critics of the drone program say his close involvement in the development of the current drone campaign doesn’t set a great precedent.

Bottom line: the U.S. seems to be struggling to adapt its 20th century moral code of warfare to the 21st century practice of sending flying robots into other countries to kill people. It appears that drones are evolving faster than Americans’ ability to understand how, legally and ethically, to use them.

Of course, what goes around, comes around. The technology will once it is in the public domain very easily and quickly be picked up by the ‘enemies’ who, will of course use the technology against US/UK civilian targets. Once the genie is out of the bottle, it becomes hard to put him back.

U.S. Customs and Border Protection has been using Predators to monitor the Mexican border since 2005. It currently fields a fleet of 10 and has put in for 14 more. Last fall, NASA used a Global Hawk to study Hurricane Nadine. But flying a drone for purposes other than recreation requires a certificate from the FAA, and those certificates are hard to come by. The government is working to correct that: last Valentine’s Day Obama signed the FAA Modernization and Reform Act, which among other things ordered the FAA to establish six drone-testing ranges, fast-track requests for permission to use drones and figure out a scheme for their integration into U.S. airspace by 2015.

Until actual legislation is passed, it won’t be completely clear what information the government can and cannot gather using drones. There are certainly precedents: the Supreme Court has ruled that the police can, under the Fourth Amendment, fly an airplane over your fenced backyard and check out whether you’re growing pot back there. It’s not a giant leap to imagine them flying a drone instead. But where does it stop? The framers didn’t anticipate technology that could hover for days, keeping an eye on exposed backyards and porches, that could work in networked swarms, see through walls with thermal imaging, recognize faces and gaits and track license plates. “If we have a bad guy named Waldo,” Singer says, “and we have to find Waldo somewhere in that city, we will naturally gather information about all the people around Waldo, not out of malice but just because that’s the way it is. What happens to that information? Who owns it? Who stores it? Who shares it? Big questions.”

I’m now involved in my third employment case. Would you believe another Security Co? The state of affairs with private security in NZ is parlous indeed. I am becoming quite familiar with the “Employment Relations Act 2000”.

From the comments section, I have Gregg, who has a number of issues with the free market.

Interesting, you would get rid of the government that prevents the excesses of the free market and ignore the religious constraints on greed so that the “free” market predators can pillage at will. There has never been a free market and never will be due to the very real existence of greed. Once the free marketers are unleashed, they will strive for total monopoly and destroy the very thing they once claimed to support, the “free” market. The free market is a myth ranking right up there with the Easter bunny.

So far you have disproved nothing and disproving one point does nothing to disprove any others! So pick one and we’ll see where it goes.

So, I get to choose. Very well. Let’s go with the “religious” argument first, as this is potentially the most contentious, and while I do not really seek to prove/disprove anything at this point, it is a good starting point.

There are only three real ways that the laws can either be discovered or created:

[i] From custom and tradition
[ii] From arbitrary ad hoc pronouncements from those who control the apparatus of the State
[iii] From reason and logic, deducing from axioms, the natural law.

It was Lord Acton who clearly the deep flaw in the Greek and their later followers conception of natural law political philosophy was to identify politics and morals, and then to place as the supreme moral agent – The State. This as you see is exactly Ritholtz’s position.

From Plato and Aristotle, the State’s proclaimed authority or supremacy was founded in their view that morality was undistinguished from religion and politics from morals, and in religion, politics and morality there was only one authority.

Acton saw that any philosophy of natural law would come into direct conflict with custom and positive law , this Acton urged was the essential attribute of classical liberalism. For Acton then, the individual, cognizant of natural law principals and morals, was in a strong position to analyse and criticise positive law and by direct association, the State.

After the fall of the Roman Empire, the Church emerged as the power that through religion, controlled the moral base of individuals, seeking to centralise that control to the Church via the Papacy. With the re-emergence of Kings, via Charlemagne, the Church retained its power, only really being challenged through Henry VIII many hundreds of years later.

Of course the modern State has assumed total power, sidelining the Church in the Western world and economies, which has broken the religious – moral – political nexus that existed prior to the monopoly of the State in assuming all moral authority.

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