This is a first for me. Dima came home from his successful French Oral exam today to regale us with the story of the young lad, clearly not so well prepared, who decided to try to 'Allo! Allo!' his way through his own French Oral exam by ... speaking English with a strong but assumed French accent! He heard that another young lad did the same last week but in his German Oral exam. Five years and what have they learned? Andrew Hooper sent me a gift this week: some Handkerchief Tree seeds. Andrew read my page on this topic last week and got in touch. Apparently they are a bit difficult to germinate but I will give it a go and then wait the required 10 years for the flowers to appear! Good one Andrew! I wrote to the 'Friends of duncanwil.co.uk' this week and got an encouraging set of replies: these are the people who have received direct help from www.duncanwil.co.uk over the last 6 months or so. There are lots of them and their messages and my replies run into hundreds. DW

Ever needed to do some eMarketing? Here's one man's review of how he did it and the trials and tribulations he went through: an interesting read. This is redolent of what I'm going through at the moment, too! DW

Do you like Jerome K Jerome? I do and I always have. Rereading Jerome's Idle Thoughts of an Idle Fellow reminded me of this from the chapter On the Weather: It always is wretched weather according to us. The weather is like the government: always in the wrong. In summer time we say it is stifling; in winter that it is killing; in spring and autumn we find fault with it for being neither one thing nor the other and wish it would make up its mind. If it is fine we say the country is being ruined for want of rain; if it does rain we pray for fine weather. If December passes without snow, we indignantly demand to know what has become of our good old fashioned winters, and talk as if we had been cheated out of something we had bought and paid for; and when it does snow, our language is a disgrace to a Christian nation. We shall never be content until each man makes his own weather and keeps it to himself. Bearing in mind that this book was first published in 1889, isn't it strange that we still think and talk the same way today about our glorious old British climate!? Then we have our own, still prevalent, view of ourselves, our habits and our expertise: Our next door neighbour comes out in the back garden every now and then and says it’s doing the country a world of good: not his coming out into the back garden, but the weather. He doesn’t understand anything about it, but ever since he started a cucumber frame last summer he has regarded himself in the light of an agriculturist and talks in this absurd way with the idea of impressing the rest of the terrace with the notion that he is a retired farmer. Sound like anyone you know? By the way, you can download this book free of charge from the Gutenberg Project: a fantastic resource for anyone looking into old and classic texts. Search for the book or author you are interested in and if it's there, it could be stored on your hard disk within minutes or even seconds. DW

I have no particular axe to grind over the war with Iraq but this report from the BBC left me feeling cold: working on the assumption that it's all true. I have always been suspicious of military types who want to rule the world and this doesn't help to assuage any of those feelings. End of social comment! DW

Dima took his first GCSE exam of the summer yesterday: he had to deliver a couple of speeches in German to the examiner! He's good at languages so it went well enough. He was "working" with his mother for the last few hours before the exam and they had some interesting exchanges of opinion! I found out the other day that network hardware has fallen in price by a factor of 12 or even 20 since I last looked and for the princely sum of GBP9 I bought an Ethernet network card for the desktop and hooked it up to the laptop: we now have an all singing and dancing home network that has already begun to show its worth. The reason for the fall in price is that they are now promoting wireless networks and they cost up to and over GBP100 a set. Now we can share the printer, files and even internet access so that whatever we do, there is no switching cables around, waiting for someone else to finish what they're doing to log on ... There was a pantomime attached to all of this however! I bought the box for GBP9 and installed the card ... went through the Windows routine of setting up the network protocols and so on. Wouldn't work. Spent an hour with Dima and still we couldn't get it to work. After a break went back to it and I found that since I was just connecting two computers without a hub, don't need it, I did need a Crossover Cable. I thought, I bet the cable I got with the £9 kit isn't Crossover. The following day I tried to call PCWorld where I bought the kit: first time their automated answering service was no help to me as I ended up in a department that had nothing to offer me. Then called again and was told to call their premium help line at GBP1 a minute. They told me that I needed someone else as they themselves know nothing about networking. I got through to someone who ASSURED me that I did indeed have a Crossover cable. Called the company that sold me my laptop and despite being barely able to understand what he was saying as he seemed completely preoccupied with something else, he did convince me that my cable was not Crossover. Went back to PCWorld and bought a Crossover cable having checked in person with them that the cable they previously supplied was NOT Crossover. Another GBP9 I should add. Connected the two computers with the new cable and IMMEDIATELY the network kicked in. What a palaver! DW

Part 2 of Tony's requests: Economic Growth this time Slightly unusual home page but it promises much You are promised a lot on the ins and out of growth, data sets, surveys, references, events, networks. It looks good but MAYBE not a 1st level resource. Biz/ed is a brilliant resource and you should find some very useful links here: they are not all relevant, however! How about this? In this analytical article, we examine the relationship between economic growth and the ability to travel - and how "virtual mobility" is changing the equation. There’s a massive resource of links and references from SOSIG The Centre for Growth … might be able to help The Bank of England must have something useful to say! There you are Tony: two excellent sets of links I think. DW

Tony bounced back with two requests: links on inflation and growth ... to help him with his end of 1st year University exams. Inflation A very basic introduction The Bank of England knows a thing or two about inflation: take a look some of the ways that the BoE uses probabilities in its inflation work including fan charts MoneyWorld gives you a database of inflation stats and a couple of basic definitions The ONS’s latest view of inflation plus a few useful links on the right hand side of the page From the UK Parliament is a pdf file on the value of the Pound from 1750 1998 Along the same lines but much more varied and comprehensive is Here you can find costs and values from Ancient Rome via medieval England to modern Britain … Norway, the USA and more. The Economist has an excellent glossary that includes inflation lots of links in the inflation section, too. Samuel Brittan says that Inflation Can be Too Low A slide based view of inflation, unemployment and expectations looks as if it aimed at MBA students from City University Under the heading of Revision Notes: Government Finances from learnDirect with related links on the left hand side of the page From the House of Lords: Monetary Policy Committee of the Bank of England - Report a LOT to read through, with the inflation control aspects to scroll for! An exam paper from the University of Exeter Principles of Economics ... no answers of course! From the Oxford School of Learning: generally aimed at A level but will apply to 1st year Undergraduate: Outline the Monetarist and non-Monetarist approaches to inflation This might be useful: an essay on Control of the Monetary Environment from the University of Essex Happy reading Tony! DW

Made a custard layer cake on Saturday and you can only imagine how good it is! DW

On Thursday evening I baked a coffee cake and finished it off with butter cream and a dusting of cocoa powder ... then I called it a Cappuccino cake. Marvellous! DW

I just spent 20 minutes telling you all about Dima's Leaver's Ball at which he looked very smart as did his partner Charlotte. I told you about the 6 month long saga of the evening suit. Then I pressed the wrong button and lost the lot. In the end, we have to say that Marks and Spencer came out of the process with their ceridbility dented and we ended up with a decent suit with just 4 hours to spare. DW

I am happy to announce that there are quite a few cherries on our old cherry tree this year and the apple tree looks as if it might be festooned with apples. The plum tree didn't blossom at all this year and the second cherry tree blossomed but it doesn't look as if there is going to be any fruit this year: we moved the plum tree and the second cherry tree is new this year. The pear tree has fruit on it, more than last year too by the look of it. There are birds in my garden that have taken a dislike to the marigolds I transplanted at the weekend: they've eaten or destroyed them, the bleeders! As a matter of interest, bark chippings are a great way of keeping the weeds down and keeping the soil most. They are also a great way for birds to want to throw them all over the place as they move them around in search of insects and larvae. Messy bleeders they are! DW

Paul wrote this over at AccountingWeb I have created an Excel file, but everytime I open it, 2 identical files are opened. They are shown as .xls:1 and .xls:2. Why is this happening, and how do I stop it? In Explorer, only one file is shown, as .xls Paul Sanderson Jim added I think that you have managed to set up two different views of the sames files (hence, why only one file in Explorer). I have accidently done that before and never been able to figure out how to get back to just one view. Mark told Paul and Jim how to get rid of it: You've opened a new window within a spreadsheet. Easiest way to get rid of the extra window is to open the file and close one of the windows by clicking on the "x" box on the top right hand side. Not the "x" to close Excel but the one below that. This closes the extra window. Then save the file. This will get rid of the extra window permanantly. I piled right in with how they got it in the first place and then confirmed how to get rid of it: One really useful feature of Excel is that it allows us to take a file, any file, and open two or even more views of it and have those two or more views on screen at the same time. This is useful where you are working with a large and/or complex file and need to see what is happening here and there at the same time. It's also useful when developing complex formulae and so on. However, you don't want it so here's how to get it and here's how to get rid of it: to get it: Open a file in Excel click Window in the menu bar at the top of the screen select New Window click Window again select Arrange choose Tiled (choose any of them but just choose Tiled for now!) hey presto what do you see but TWO views of the same file: one called book1:1 and book1:2 to get rid of it: close the one you don't want, and it doesn't matter which one, by clicking on the X in the top left of its screen and it will disappear like magic and you will be left with little old book1 on its own. So there you are! DW

Yesterday in Oxford I came across a sign in Longwall Lane (or is it Street?) that announced, appropriately for this august city I felt: Advanced Warning ... this road will be closed ... Now, plebs like you and I have to make do with Advance Warnings but in the city of dreaming spires they are just that cut above! In the consulting room of one of Oxford's hospitals was a measuring scale for measuring people's heights ... vertical, attached to the wall ... but at the top, the slidey down bit was a child's plastic rule that was hanging on to the thing by a scabby piece of sellotape (Scotch tape if you must). I wish I'd had my camera. More seriously, the doctor began the consultation by having us sit in silence as he read Mrs W's notes (for the first time by the look of it) and then announced he'd like to have seen Mrs W's X ray plates to help with his consultation but they were "lost in the system" somewhere: she'd never seen this man before and since she's only weeks away from a major operation, we felt it was laughable that he tried to make such light work of such a major omission. That's Modern Britain for you and yet people are fighting Tony Blair's NHS reforms! DW

Nick asked about an update to my easyJet case study and whether there is one. There isn't yet but following on from today's annojncement from the company of their pre and post tax loss for the 6 months to 31 March 2003, there soon will be. Here is what I said to Nick: Dear Nick, Whilst I am intrigued to review easyJet again since they are about to post a LOSS this morning for the first time ever, I don’t have anything in the pipeline today but could well have within the week. I said in my original assessment, or when I was introducing it, that I didn’t like the way that easyJet’s pricing policy was really just a scam and having researched some of their prices recently I have been proven correct! From their web site this morning: easyJet plc generated a loss before tax, goodwill and non-recurring items for the six month period [to 31 March 2003] of £24m which compares to a reported profit of £8.3m for the same period in the prior year. The loss after tax for the period was £46.9m, which compares to a reported profit of £0.8 million in the same period of the prior year. They have posted a PDF file of their interim results and a very quick look through them shows that their Operating Costs are all drifting upwards, contributing significantly to their loss. I really don’t like the way this company operates and never have. They sacked their founder Stelios a while ago and my prediction is that this company with either close relatively shortly or they will have to revise their mode of operation despite their Chairman’s claim in their latest review that easyJet continues to demonstrate that its business model is robust and that there continues to be strong demand for low fare, point-to-point services between major European airports. Their model may be robust; but their ability to manage that model is open to doubt! Anyway, go and take a look at the ratio analysis section that I recently wrote for Biz/ed: there as you will see that I use easyJet together with British Airways for some of my analysis. Then click on this and scroll down the list of companies in the database that I put together and you can do lots of calculations on the data relatively easily from there … for some reason easyJet is out of alphabetical order in that list. Do you know www.tutor2u.net? They recently put together a couple of case studies in PDF format and the report on the European Airline Industry although rather weak could be useful for you. Best wishes DW

I have now finished a new section for my commercial arm: introduction to bookkeeping and accounting: four PDF files, four Excel files. This is a general introduction that assumes some knowledge of bookkeeping but takes you through the ideas step by step with loads of exmples and the Excel files help to confirm uour learning and provide you with infinite practise: honest, you've got to see it to believe it. Only £10 ... designed to help you with your ACCA exams (Paper 1.1 eg), CIMA exams, University exams, A level exams ... and real life! Go to my eShop Window and see what it's all about. The best on the web at the price: you really would pay a vast amount more elsewhere. DW

Katie wanted to know where she could find out about absorption and marginal costing. Yours truly provided the following listing: Dear Katie, Here are a few links to get you started on absorption and marginal costing. This page compares process costing and absorption and marginal costing Here's an article from the examiner of ACCA Paper 1.2 that's worth a look A PowerPoint Presentation ... it starts with a spelling mistake! Rather a childish look at the topic, from Cambridge University, surprisingly: it's a PowerPoint Presentation. Test your knowledge with Drury on line ... an MCQ test on this topic A very short overview The ever brilliant Biz/ed has a worksheet with links to their virtual factory that might be of use A reasonably extensive and useful looking introduction An exam paper from the University of Teesside that will help you with your revision at least! I have a page on this topic, of course! Finally, this looks useful There you are Katie, a review of some of the basic sites that can help with absorption and marginal costing. Best wishes DW

Is all ecommerce this difficult? Trying to get a client up and running with PayPal has turned into a challenge for her! ecommerce is based on brilliant and simple ideas but I have found the reality to be a real struggle. Everything's click, click but the final hurdles are sometimes so huge! I've been in the ecommerce game for around 6 weeks now and already I have stories to make your hair curl!! DW

Mario's a deep thinking lad from Italy and this is what we talked about. Dear Mr. Duncan I am an Italian student from Rome university and I am doing my final dissertation on cost of capital for telecoms and on the different approaches in calculating WACC. I was wondering if it was possible to have some research on the differences between the different CAPM's models (linear, non-linear and multifactors models). I found a study done by Wright, Mason and Miles on the subject but it seems to have a very statistic view about the CAPM's models. Could you please, if possible send me any presentation (power point) or study that explains in a more economic way why we should use a model rather then an other to better calculate the cost of capital for telecoms? Thank you in advance for all your patience and help Best Regards Mario I asked for a bit of time! Dear Duncan, I think that the only parameters that can vary are beta, risk free and ERP. What evidence can I use to make these parameters vary? Is it possible? Which are the latest methods for estimating the risk-free rate and ERP? There's some debate on-going as to what both have been doing recently, after a long period over which the ERP appeared to be stable. There's considerable room for disagreement about betas, related to the standard criticisms of the CAPM, and also disagreements about what frequency of data to use, whether to include parts of firms that are overseas or regulated, and so on. In contrast to all this, the debt-based component of the WACC is relatively straightforward to calculate; although regulators are suggesting that optimal rather than actual capital structure should be used for calculating the WACC for regulatory purposes. Thank you again Best Regards Mario Here's what I found: Dear Mario, I am sorry to be late but I have had a web site crisis! Anyway, I don’t know how much I can help but here are a few resources I have found on the CAPM: Revisiting The Capital Asset Pricing Model by Jonathan Burton looks non statistical at least but it is a bit old now! Aimed at investors so it is general but it has some graphs and basic formulae. Again for investors but with some additional links to people who seem to be important in this area business.com has a fair number of articles that you can access and I think at least some of them will be useful. Here’s a rather cheesy CAPM calculator but take a look at the links on the right hand side of the page! This is probably too basic for you but ... A mighty PDF file from Canada called The Capital Asset Pricing Model: Equity Risk Premiums and the Privately held Business. Another one from Canada This might be a useful link for you: to someone’s Blog! Worth a try: strike up a conversation with him at least! Specifically for telecoms, I found one, two (this is just a summary, though), three (79 pages from London!), four (Australian) and five , a whopping 154 pages from OFTEL in the UK I hope that’s enough to get you started, Mario. Let me know if you think I can help in any other way. Best wishes DW

Wow! A week has flown since I last communicated! Had a problem with my very first online payment via PayPal that is as yet unresolved and that could scupper everything I'm trying to do to earn a living. Bleeders! DW

Which animal will invade a garden over night and launch itself at some pots that contain potting compost replete with seeds that are germinating but that have yet to show their leafy heads and proceed to dig out the middle of every single pot? Well, when I find that animal, it's for it. I had a tray of 30 pots all so filled that were all so emptied on Wednesday night. Bleeder! I'll spiflicate it if I get it. DW