Regular features from May 2005 113th Issue

It may be complicated but it can make your money grow

Man Investments the World's largest hedge fund provider is continually looking to evolve and develop products to meet the needs of their global client base.

Client feedback has indicated the desire for products with shorter maturity dates and the choice of whether or not to opt for a capital guarantee.

MSG Diversified Opportunities Ltd. has been structured to meet these needs within one product while providing access to a range of complimentary investment styles.

It is not easy for the layman to understand these strategies but a little effort may prove profitable, if you have the wherewithal. From past experience when Man become innovative they become really interesting for every investor and for that reason I will try and explain this new product.

This product is open for investment from 2nd.May until13June and. has a minimum contribution of US$/ Euro of 50,000.

To put it in an investment context normally closed end products like this with Man attract at least 800 Million Dollars to add to the 20 Billion dollars under management.

The key to Man's success is that they continue to deliver attractive risk-adjusted returns for conservative levels of risk by allocations to a range of complimentary hedge fund styles.

This is the difficult bit to understand.

Generally speaking there are five broad hedge fund styles: arbitrage, directional, equity hedge, long/short equities and managed futures.

MSGDiversified Opportunities Ltd, aim to harness the complimentary risk/return profiles of the five broad styles, with a particular focus on arbitrage and managed futures.

Arbitrage strategies seek to exploit pricing anomalies in a range of event driven, fixed income, credit and convertible bond markets and are designed to produce stable positive returns with low volatility even in volatile market conditions.

The managed futures style encompasses a predominantly trend following approach that exploits a range of derivatives across stock index, fixed income, foreign exchange and commodities markets and can offer (relative to arbitrage), higher returns with commensurate higher volatility. The inclusion of equity hedge, long/short equities and directional styles brings additional exposure to a variety of equity trading strategies, including relative value and market neutral, and predominantly global macro approaches.

After a mouthful like that we should look at the performance of hedge fund styles that model these portfolio characteristics.

Man has three products launched over the past 10 years that are closest to these strategies.

The Man –IP 220 Ltd Launched Dec 1996 Total return 251.04%

Man AP Stratum Ltd. .. Oct 1999 .. .. 103%

Man Multi Strategy Ltd .. Jul 2000 .. .. 56.4%

So these figures appear to suggest that the strategies have been successful.

The new MGS product as stated offers the choice of two investment choices using the detailed portfolio optimization techniques.

The first is the Bond class denominated in USD-/EUR-/CHF .which carries a capital guarantee and a bond profit lock in feature. Target returns are 11-14% annually and bond matures after 12.5 years with early redemption penalties in the first five years.

The second choice is the Share Class. Denominated in USD-/EUR only has a fixed dividend payment of 4% for the first four years with potential for discretionary dividends over the remaining years of the product. Maturity is in Eight years and target returns are 12-15% annually

When trumpeting a product from any provider I am always aware that financial advice should never be product led. Also a few words on Man

Man Investments is an independent and global leader in alternative investments providing

Tailor made solutions for private and institutional clients. It has launched around 450 products many benefiting from partnerships with leading financial institutions.

Man Investments is part of Man Group plc., an international financial services business that is listed on the London Stock Exchange and is a constituent of the FTSE100 index of major UK listed companies.

Normally they launch four new products every year. This is the second product this year.

For further information on this article please contact Jerry at info@swissinvestcenter.net or visit his website www.swissinvestcenter.net

MAG'S PAGE THE PINK PERSPECTIVE

The UK Perspective?

Here goes....

Responses to the March page show that many Ex-pats are - as I was - generally unaware of the extent of the Habitual Residence Test and the problems it can cause. Some people have also asked about any potential pitfalls with their State Retirement Pension, so it may be worthwhile trying to clarify things a little more.

Welfare Benefits in the U.K. are a minefield, not helped at all by constant changes in the terminology used, and to the names of various Government agencies involved. Most people though will be familiar with the old terms “means tested” and “non means tested” benefits, so lets stick with what we know. In fact the basic principals of means tested and non means tested have changed little over the past 50 odd years. Means tested benefits are designed to provide a subsistence level of income - either by payment in full, or by “topping up” a low income to a standard minimum level. Hence the term “ Income Support”

As well as Income Support, other means tested benefits include Housing and Council Tax Benefit. The Habitual Residence Test affects ONLY these benefits, with potentially disasterous effects. Not least because if you need to claim them you will have little or no income/savings to fall back on anyway. Secondly because without Income Support you are unlikely to get any help with the costs of prescription medicines,dental and optical charges. (There are exceptions for people with certain long term illnesses and disabilities.) The other main group of benefits - non means tested - include Jobseekers Allowance (previously Unemployment Benefit) and Incapacity Benefit. The majority of Ex-pats can disregard these, because they will only be able to claim them if they have paid National Insurance contributions during the last two full and complete Income Tax years. If you fall into the HRT trap it follows that you will have been abroad for too long to fulfill this condition anyway. A third group of benefits are paid on the basis of special additional needs, regardless of income or National Insurance contributions. These include Disability Living Allowance and Child Benefit. The State Retirement Pension (SRP) however is a “one off” in that the amount due is calculated on the amount of National Insurance paid during your working life, subject to a common limit. As with all other state benefits the SRP increases annually along with the cost of living, usually in April. BUT although you are entitled to claim your SRP from anywhere in the World, if you give your address as Thailand when making your claim these annual increases will NOT be paid. This peculiar ruling also applies to Ex-pats in Australia and a few other countries, and is a British Government law. Another point to watch is that any shortfalls in your National Insurance contributions whilst working can result in a lower rate of SRP. For people living in the U.K. this is not a problem. Our friend Income Support kicks in and tops up pension income where necessary. Do you sense a little pitfall here? Right - back to square one. Quite apart from the fact that you clearly cannot top up your SRP with Income Support while in Thailand , you would also have to face the HRT minefield before being able to top it up back in the U.K.

Fortunately there are some ways to help avoid or reduce problems with Pensions and the HRT.

1) Try to maintain a property and bank account in the U.K. A property can of course be rented out to provide additional income, but try to let it on the shortest possible lease renewal terms.

2) Try to visit the U.K. at least once a year if you can, and keep in touch with family/friends there.

3) Maintaining an address in the U.K. is advisable, and keeping your name on the Register of Electors is an added bonus. Be aware though that using someone elses address for official purposes can affect that persons liability for Council Tax payments or benefits.

4) If you are still below State Pension age you can request a ‘Pension forecast' which will show

the amount of SRP you can expect to receive on retirement.

Finally folks - never listen to Helpfull Joe Soap, who always gets more pension than anyone else and always knows how to beat the system. The fact is that there are so many anomalies in the

U.K. benefits system that he may well be right! For example, the now defunct SERPS scheme DID provide a little extra SRP, and will continue to do so for those who contributed to it. But if you didn't pay into it you won't qualify.

Some Ex-pats might also receive Incapacity Benefit or Disability Living Allowance legitimately whilst abroad, although it is more likely that the Powers That Be simply don't know their whereabouts. Heated Bar Debates on these subjects are best avoided!

Back to normal girly subjects next month, and Best Wishes to All for 2548.

An appeal from Hua Hin Dog Rescue Center

Hua Hin Dog Rescue Center has had a harrowing time lately. The area where we are located (Khao Pitak/Bon Kai area) has become increasingly built up of late and we are becoming less popular with our neighbours (many of them new). On 18 th March 2005, Dawn had a visit from Tessadban officials. They had received complaints about noise & smell from the dog center. They gave us 15 days to move or shut down. We explained that we took care of sick and injured strays and did not have the funds to move. We also invited them to inspect the premises so they could assess the situation themselves, an offer which they categorically refused. Where we would never claim that the dogs make no noise or smell; they are surprisingly quiet for most of the day & night, unless something upsets them like glass bottles being thrown into their pens – something that has happened this year. As for smell, we try & keep the pens really clean. Dawn lives directly adjoining the dog center and notices no smell, and noise levels aren't as bad as she expected when she moved there.

However, having said that, we do understand that most people would not want to live next to a dog center & understand their concerns. We have the same concerns, & if funds permitted, would have moved to a more isolated area long ago. Luckily, intervention by Khun Pym of Dogchance and her friends in Bangkok , and Khun Thep and his friends in Hua Hin have persuaded the Tessadban to give us longer to find somewhere. Thank you to them.

Three days later, a neighbour poisoned one of our dogs in her pen. Sadly she died. Panda was a lovely young dog, about 5 months old and obviously found a tasty treat dropped through the ornamental brickwork too much to resist. She died in agony – a victim of rat poison. This highlighted to us how urgently we need to move from our present location.

Lack of funds is the main problem though. We have 67 dogs in our care now – more than at any time in HHDRC history and it is a daily struggle to find the money to feed and medicate them all. We have NO money to move to a new location. So, we're appealing to you all; if you can help, please, please do. If you have land to rent cheaply (or donate!!) which is not in a built up area, please call. If you can donate building materials or labour, please call. If any property or construction company helped us we would be happy to put their logo and details on our website and would be willing to let them use our logo on any advertisements or website of theirs. If you can donate money towards our moving fund, or things for us to sell in the shop to raise money, please get in touch. If you have any ideas, which could help, please call. We would be so grateful for any and all help received.

OPEN DAY

In the unhappy event that we cannot find a new location, we will need to shut down Hua Hin Dog Rescue Center . Not only will that mean no continuing care for sick and injured street, beach and temple dogs – it will also mean that 67 dogs are homeless. We will be holding another Adoption Open Day at our center on Sunday 8 th May 2005. If you are considering getting a dog, please, please visit us first. It is literally a matter of life or death to these dogs

at this time. They desperately need new homes. We understand that many people in Thailand prefer pedigree dogs, but many of these, sold on market stalls or by unscrupulous pet stores, are sick when you buy them. The only way to be sure you're getting a healthy pedigree dog is to visit a reputable breeder or private individual and see the parents and the puppy together in their home environment. While we at HHDRC cannot usually show you a dog's parents, we can guarantee their physical and mental health. The dog will be vaccinated and healthy and

we will be able to tell you of his history. Thai dogs are extremely intelligent, adaptable and loving, and in many cases, beautiful. They are hardy dogs and ideal companions. Also, people often worry about taking a dog that originally came from the street into their homes.

Maureen & Dawn have nursed many of these dogs in their own homes, and it seems that they are virtually all very clean in the house and not destructive. The only exception to this would be puppies, which you would expect to have to housetrain anyway, wherever they came from. And, of course, a former street dog would be very happy living outside in your garden, provided he had good shelter from the elements. We at HHDRC have dogs of all ages, from puppies to old men and ladies. With a couple of exceptions (which are not available for adoption), they are all loving, friendly dogs, deserving of a home and the love of a family or individual. If you are thinking of getting a dog, please come along on the 8 th and meet ours. You could literally be saving a life and you would gain a faithful and loving companion.

All of our dogs are free of charge.

For information on the Open Day or to help with our moving fund, please call 01-9814406 or 01-8534586 or email info@dogrescuecenter.org

Thank you.

IN THE CAN

I was recently asked by one of my readers about the song ‘Bohemian Rhapsody', and whether I was planning to write about it. I had been thinking about it, because as a spotty teenager Queen had been one of my favourite groups, and for me were the natural follow on from the glam rock of Sweet, Slade and even David Bowie and Marc Bolan/ T. Rex. They shared the same notion of music being a show rather than just a nice collection of notes and words. Queen had already been successful with previous singles, namely ‘Seven Seas Of Rhye' and ‘Killer Queen' but the second single released off the ‘Sheer Heart Attack' album, ‘Now I'm Here' had flopped. They were already in the studio recording their fourth album, ‘A Night At The Opera' and there was a certain amount of pressure on the band to not only record a successful album, but more immediately a single with which to promote it.

If someone was to listen to the completed album for the first time, they would very likely come to the same conclusion that the EMI executives, and (secretly) the bass player John Deacon came to; that to release ‘Bohemian Rhapsody' as a single without editing it to a more radio friendly length would be commercial suicide. After all, the track is nearly six minutes long, and this was twice as long as any ‘normal' single release of the time. In fact there are several other tracks on that album which were preferred, but the other three band members were insistent that ‘Bohemian Rhapsody' was the single and that it not be cut. Studio tape operator Gary Langhan remembers, Mercury, May and Taylor were firm: “They dug in their heels. There was a touch of arrogance, I suppose, but it was more like sheer belief in the song.”

This insistence is likely to have been partly driven by the lengthy recording process that went into the track. The song sessions lasted nearly three weeks. Freddie Mercury told producer Roy Thomas Baker that the opera section would last only 30 seconds, yet it required seven days of work. “It got longer and longer, and we kept adding blank tape,” Baker says. “Every day we'd think we were done, and Freddie would come in and say, ‘I've added a few more “Galileos,” dear.' ” Queen harmonized those “Galileos” and “Figaros” for up to 12 hours a day, using a technique called multi-tracking, enabling them to achieve the full choir sound with only the four of them. Brian May pointed out that the multi-tracking — a staggering 180 vocal overdubs alone — stretched mid-'70s studio technology to breaking point. “We held the tape up to the light one day — we'd been wondering where all the top end was going — and discovered a virtually transparent piece of tape. All the oxide had been rubbed off. It was time to hurriedly make a copy and get on with it.”

Queen's then-manager, John Reid, was also wary about the commercial potential of the song, but when the still unfinished track was played for Queen-friendly London radio DJ Kenny Everett, he loved it but felt it could never be a single. “Despite which,” May notes, “he walked out of the studio with the tape without anyone realizing. The next morning, I'm woken up by the sound of ‘Bohemian Rhapsody' blaring through the ceiling from my upstairs neighbour's apartment. I thought I was going mad. It was like the song was following me, because, as far as I knew, no one except us had the tapes.” Everett played it a reported fourteen times during his two weekend shows on Capital Radio. The following Monday morning, EMI were inundated with enquiries.

Armed with clear evidence of radio's willingness to play the song, and an audience demanding to hear it, Queen now had the leverage to force EMI to release the single in its full baroque splendour. Released on October 31, 1975, “Bohemian Rhapsody” entered the U.K. chart the following week at number 47, but it was far from universally acclaimed. Melody Maker critic Allan Jones heard only a “superficially impressive pastiche” of operatic styles.

Three weeks later, however, the song hit number 1, where it took up residence for an incredible nine weeks, assisted by a groundbreaking TV promo clip often credited with ushering in the video age. “It was done on a shoestring budget,” May says. “We realized we'd look odd trying to mime such a hugely complex thing on TV. It had to be presented in some other way.” The song was not quite as successful in the US , where the band had the same battles over it's release, but it still became their first ever top ten single, peaking at number 9 in July 1976. However, following Freddie Mercury's death in November 1991, and the use of the song in ‘ Wayne 's World', in February 1992 it reached number 2 in the US . It was also re-released in the UK after Mercury's death, and reached number 1 for the second time, remaining there for a further five weeks, becoming the only single to be number 1 twice over the Christmas period, as well as establishing a record as the UK's fastest selling single ever, eclipsing even the original Band Aid single.

So much for the history then – but what is ‘Bohemian Rhapsody' all about? Many younger fans seem convinced that it is about Mercury's battle with AIDS, but this is, I'm afraid to inform them, complete nonsense, as the disease wasn't even named until 5 years after the song was recorded, and Mercury was not diagnosed with it until much later. A more realistic interpretation is that the song is about Mercury coming to terms with being gay. Within the verses 'Mama just killed a man etc', he has killed someone, his former self, and is now adopting his new homosexual life. In the middle operatic section of the song it as though a trial is being conducted, and even in 1975 being gay was still quite a taboo subject, so it could be seen that this is a struggle within himself, to allow himself to come out as gay or not. This would also fit with the notion of a devil being put aside for him, and for anyone who admitted being gay, as it was and is still seen by many people and religions as a sin. This theory seems to be partially confirmed by Mercury's former personal assistant, Peter Freestone, who claimed in the Uncut Magazine of March 2005 that "the seemingly incomprehensible lyrics of Bohemian Rhapsody are a thinly disguised attempt to resolve his personal situation at the time: still living with Mary Austin, he had a regular boyfriend in music publisher David Minns, and an escalating interest in casual gay pick ups". The final section of the song with the heavy rock guitar could well refer to the people around him, such as Mary Austin, not being able to accept his sexuality, or Mercury's fear that they would not.

Another very credible theory is that the song is based on the famous novel by Albert Camus called ‘The Stranger'. A very brief précis of the book (apologies to the author!) is that it is about a man who no longer finds anything meaningful in life. It starts off with the death of his mother, and his relationship with her is a major motif throughout the book. Half way through the book, he shoots and kills a man for no really good reason. Since he has no meaning in his life, he doesn't seem to have that much remorse for what he did. The remainder of the book is him getting caught (which he doesn't try to avoid), waiting for his trial and the emotions he goes through. In the end, he still cannot find any meaning in life, so he doesn't really care what happens to him. I can easily believe that Mercury read and was inspired by this book, and the use of ‘Bizmillah' (the opening word of the Qu'ran, or Koran, meaning ‘In the name of Allah') also fits as the novel is set in Algeria .

To help readers understand more, here is a definition of some of the other obscure words used in the song;

“Bohemian” is a person with artistic or literary interests who disregards conventional standards of behaviour

“Rhapsody” has several similar meanings but essentially is a composition that is often irregular in form, emotional in effect, and improvisational in nature.

"Scaramouch" means "a boastful and cowardly man."

"Beelzebub" is one of the many names given to the Devil.

"Fandango" is a Spanish dance done in triple time.

“Gallileo” was a famous 16 th century mathematician,astronomer and scientist (however properly spelled as Galileo), and “Figaro” is the name of the main character in the opera ‘The Marriage Of Figaro', written by Mozart, and also is the barber in ‘The Barber Of Seville' by Rossini, both operas inspired by a trilogy of plays by the 18th-century French playwright Beaumarchais.

However no definition or meaning has ever been forthcoming from any of the band. The only quote attributable to Mercury was something he apparently said to Kenny Everett - "Freddie once told me that 'Bohemian Rhapsody' was just 'random, rhyming nonsense'!" This seems to be supported by the use of ‘Gallileo' and ‘Figaro' as defined above. May, however, confirms suggestions that the song contained veiled references to Mercury's personal traumas. “Freddie was a very complex person: flippant and funny on the surface, but he concealed insecurities and problems in squaring up his life with his childhood. He never explained the lyrics, but I think he put a lot of himself into that song.”

As with many ‘classic' songs, the real meaning behind ‘Bohemian Rhapsody' remains hidden – it could be any of the theories postulated, or none of them, but more likely a combination of influences which are left unexplained so that each listener can take what they want from the song. There is no doubt that the song is a ‘Rhapsody', and the words were exclusively Freddie Mercury's, and that he could certainly be described as ‘Bohemian'!

Is this the real life -

Is this just fantasy -

Caught in a landslide -

No escape from reality -

Open your eyes,

Look up to the skies and see -

I'm just a poor boy, I need no sympathy

Because I'm easy come, easy go,

A little high, little low

Anyway the wind blows doesn't really matter to me

- to me -

Mama, just killed a man,

Put a gun against his head.

Pulled my trigger, now he's dead,

Mama, life had just begun,

But now I've gone and thrown it all away -

Mama, ooo,

Didn't mean to make you cry -

If I'm not back again this time tomorrow -

Carry on, carry on, as if nothing really matters.

Too late, my time has come,

Sends shivers down my spine -

Body's aching all the time,

Goodbye everybody - I've got to go -

Gotta leave you all behind and face the truth -

Mama, ooo -

I don't wanna die,

I sometimes wish I'd never been born at all -

I see a little silhouetto of a man

Scaramouch, Scaramouch, will you do the Fandango -

Thunderbolt and lightning - very, very frightening me -

Gallileo, Gallileo,

Gallileo, Gallileo

Gallileo figaro - Magnifico -

But I'm just a poor boy and nobody loves me -

He's just a poor boy from a poor family -

Spare him his life from this monstrosity -

Easy come, easy go, will you let me go -

Bismillah! No -, we will not let you go - let him go -

Bismillah! We will not let you go - let him go

Bismillah! We will not let you go - let him go

Will not let you go - let me go

Will not let you go - let me go

No, no, no, no, no, no, no -

Mama mia, mama mia, mama mia let me go.

Beelzebub has a devil put aside for me, for me -

for me -

So you think you can stone me and spit in my eye -

So you think you can love me and leave me to die -

Oh, Baby - Can't do this to me, baby -

Just gotta get out - just gotta get right outta here -

Nothing really matters,

Anyone can see,

Nothing really matters - nothing really matters to me,

Anyway the wind blows...

Terry celebrates in Johnnie Walker.

Happy Birthday Kevin, celebrated with Noi at Sabai.

"Shes mine" Says Fairways Roy.

"Nah! She’s not mine!" Says Sol.

Happy birthday Ying!

Useful Telephone Numbers for Hua Hin

Railway station
032-512 770, 032-511 073

Bus station of Hua Hin
032-511 654, 032-512 543

Bus station of Prachuabkirikhan
032-601 901

Bus station of Pranburi
032-621 443

Hua Hin Hospital
032-520 401

Dog Rescue Center
0-1981 4406

Wild life Rescue Center (Tayang)
032-458 135

Department of Land Cha-am office:
032- 430 846-7

Department of Land Hua Hin office:
032-536 164, 032-512 407

Department of Land Prachuabkirikhan:
032-611 211

Department of Land Pranburi
032-622 199

Local Government (Hua Hin)
032-521 340, 532 471

Local water supply
032-511 677

The Power Board of Hua Hin
032-512 215, 032 513 165

Observer office:
032-531 078

Red Cross.
032-512 567

San Paolo Hospital
032-532 576-85

Polyclinic International
032-516 424, 032-516 425

Shell Cooking Gas
032-511 144, 032- 515 620

The Communication Authority of Thailand
(Hua Hin)
032-511 351

Rotary Club of Hua Hin
0-1916 6637
Meeting every Thursday 8.pm
at Hua Hin Grand Hotel & Plaza

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