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WSJ - Bubbles

Published on May 19, 2008 in business and stocks.

Here’s a great article on bubbles from Friday’s WSJ. I think this is a great definition of just exactly what a bubble is, whether tulip bubble or dotcom bubble:

Bubbles emerge at times when investors profoundly disagree about the significance of a big economic development, such as the birth of the Internet. Because it’s so much harder to bet on prices going down than up, the bullish investors dominate.

So you need uncertainty, but more of the talk needs to be optimistic than pessimistic. The optimists really play on the uncertainty as a reason for the valuations, and the pessimists are silenced by the lack of evidence.

Once they get going, financial bubbles are marked by huge increases in trading, making them easier to identify.

Also:

“The two most important characteristics of a bubble,” says Wei Xiong, are: “People pay a crazy price and people trade like crazy.”

I don’t think anyone watching the dotcom’s in the 90’s, china in the 03-06, and dare I say commodities in the last few years would deny this. I would argue that bubbles are easier to spot than we think. If you are removed from greed, and able to stay somewhat rational, bubbles are usually very obvious. Was it really reasonable to say that the value of your home would never go down? Of course not. Was it reasonable to say that pets.com was worth $10B with no revenues? No way. But the problem is no one wants to be left behind. When your cab driver tells you about how much money he made in internet stocks, it’s officially a bubble. So if people are able to call a bubble, why can’t they trade it effectively?

Manias can persist even though many smart people suspect a bubble, because no one of them has the firepower to successfully attack it. Only when skeptical investors act simultaneously — a moment impossible to predict — does the bubble pop

It is only when prices start to fall heavily that bears can really start to come out and play, further accelerating the sell-off. This, according to the article, explains why things seem to go down so much faster than they go up. It’s really a rapid switch from greed to fear. People start looking to get out at any cost because the fear of losing their money is overwhelming. So are there any bubbles today?

I think so, although nothing is quite at that mania level…yet. I do believe that for the moment some commodities have gotten ahead of themselves in terms of price. I think that oil, for example, seems to fit the definition of a bubble…solid fundamentals (can anyone really argue the fact that there is dramatically increased demand on a finite supply?), rapid trading, and incredible gains. On top of all that it seems just about every “expert” out there will tell you that oil is going higher. Based on the little I know, this seems like a bubble to me. The article says:

Today, there’s disagreement over commodity prices: to what extent do they reflect fundamentals like Chinese demand, and to what extent investment mania? Trading points toward a bubble: Daily volume on crude-oil contracts is running 50% above last year. Yet the initial findings of work Mr. Hong has done with Motohiro Yogo of the Wharton School — comparing cash prices and futures prices — suggest that “prices for commodities are expensive,” but not a bubble, Mr. Hong says.

I guess another bit of evidence that suggests a bubble is that there some bears out there who would like to short oil (at least in the short term…myself included) but are simply afraid. They (we) believe the price is a little ahead of itself and is due for a pullback, but the bulls are just piling on to quickly. It really seems to be running out of control.

Anyway, for me the most the interesting thing about all of this is that you can talk numbers, charts, pe’s, trends, etc all you want but at the end of the day the market moves because of people, and people act in a very predictable, yet irrational, way. The stocks change, the success metrics change, the valuations change, and the businesses change, but people still are people…driven by greed and fear. If you can figure out how to read these signals objectively in the market, you can really become an expert investor. I’m trying to develop a better system here.

My Starbucks Idea

Published on March 20, 2008 in business and stocks.

My Starbucks Idea

The reviews are not good, but I have to say like where they are going here. Not so much for the consumer side of things (all of the ideas on there are fairly obvious…free drink on my birthday, free drinks for every 10 coffees, etc), but because of the new Partner only idea section. As a starbucks shareholder (don’t worry, I am a recent shareholder so I missed out on the -50% performance over the last 12 months), I’ve been reading Starbucks Gossip for the last few weeks to get an inside glimpse at operations. The site is basically a Starbucks Barista community and through the comments I have see countless good ideas from employees on how to cut down on waste, increase customer satisfaction and quality, as well as improve sales. I, for one, think the potential benefits of tapping the wisdom of frontline people far outweighs the costs of setting up the site. I’m a big believer in Howard Schultz, and I think he’s made the right move here.

Buffett’s Words of Wisdom…

Published on March 20, 2008 in Links, books, business and stocks.

(on flickr from trackrecord)

I finally sat down and took some time to read through Warren Buffett’s annual letter to shareholders for 2007 (released a few weeks ago). As always Warren teaches and shares so much about life and business. I’ve really become a big fan of his after reading R0ger Lowenstein’s book: Buffett: The making of an American Capitalist. Warren is not perfect, but his passion for what he does really excites and inspires me. He’s been quoted so many times as saying that he “tap dances to work.” It may sound too good to be true, but just do a youtube search for Warren Buffett, and you’ll see the man truly loves what he does. He always seems like a kid in a candy store, whether talking to shareholders or meeting a high ranking government official. I really admire people who have found and chosen to follow their internal compass. Buffett is one of those people.

Anyway, his 2007 letter is full of good info and I’d highly recommend you read it yourself. I’ve included some good bits of info and quotes below.

My favorite quote:

At 84 and 77, Charlie and I remain lucky beyond our dreams. We were born in America; had
terrific parents who saw that we got good educations; have enjoyed wonderful families and great health;
and came equipped with a “business” gene that allows us to prosper in a manner hugely disproportionate to
that experienced by many people who contribute as much or more to our society’s well-being. Moreover,
we have long had jobs that we love, in which we are helped in countless ways by talented and cheerful
associates. Every day is exciting to us; no wonder we tap-dance to work.

Others:

on protective moats:
A truly great business must have an enduring “moat” that protects excellent returns on invested
capital. The dynamics of capitalism guarantee that competitors will repeatedly assault any business
“castle” that is earning high returns. Therefore a formidable barrier such as a company’s being the low-
cost producer (GEICO, Costco) or possessing a powerful world-wide brand (Coca-Cola, Gillette, American
Express) is essential for sustained success. Business history is filled with “Roman Candles,” companies
whose moats proved illusory and were soon crossed.

Our criterion of “enduring” causes us to rule out companies in industries prone to rapid and
continuous change. Though capitalism’s “creative destruction” is highly beneficial for society, it precludes
investment certainty. A moat that must be continuously rebuilt will eventually be no moat at all.

Additionally, this criterion eliminates the business whose success depends on having a great
manager. Of course, a terrific CEO is a huge asset for any enterprise, and at Berkshire we have an
abundance of these managers. Their abilities have created billions of dollars of value that would never
have materialized if typical CEOs had been running their businesses.

But if a business requires a superstar to produce great results, the business itself cannot be deemed
great. A medical partnership led by your area’s premier brain surgeon may enjoy outsized and growing
earnings, but that tells little about its future. The partnership’s moat will go when the surgeon goes. You
can count, though, on the moat of the Mayo Clinic to endure, even though you can’t name its CEO.

***on reinvesting profits:
There’s no rule that you have to invest money where you’ve earned it. Indeed, it’s often a mistake to do so: Truly great businesses, earning huge returns on tangible assets, can’t for any extended period reinvest a large
portion of their earnings internally at high rates of return.

**capital stream
It’s far better to have an ever-increasing stream of earnings with virtually no
major capital requirements. Ask Microsoft or Google.

**worst sort of businesses:
The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

** three types of businesses:
To sum up, think of three types of “savings accounts.” The great one pays an extraordinarily high
interest rate that will rise as the years pass. The good one pays an attractive rate of interest that will be
earned also on deposits that are added. Finally, the gruesome account both pays an inadequate interest rate
and requires you to keep adding money at those disappointing returns.
-I like option 1

***Admit and analyze your mistakes for future growth opportunities. Mistakes are part of success and they are a certainty: To date, Dexter is the worst deal that I’ve made. But I’ll make more mistakes in the future – you
can bet on that. A line from Bobby Bare’s country song explains what too often happens with acquisitions:
“I’ve never gone to bed with an ugly woman, but I’ve sure woke up with a few.”

***On hiring:
An aside: Charlie and I are not big fans of resumes. Instead, we focus on brains, passion and
integrity. Another of our great managers is Cathy Baron Tamraz, who has significantly increased
Business Wire’s earnings since we purchased it early in 2006. She is an owner’s dream. It is
positively dangerous to stand between Cathy and a business prospect. Cathy, it should be noted,
began her career as a cab driver.

***on investing
it is interesting that he doesn’t really care about the stock price of where the company is trading or where he bought it. He is actually concerned with his % ownership of the business and what the business is worth. He is not concerned about share price growth, but instead on company earnings growth (per share). How he evaluates them:
I should emphasize that we do not measure the progress of our investments by what their market
prices do during any given year. Rather, we evaluate their performance by the two methods we apply to the
businesses we own. The first test is improvement in earnings, with our making due allowance for industry
conditions. The second test, more subjective, is whether their “moats” – a metaphor for the superiorities
they possess that make life difficult for their competitors – have widened during the year. All of the “big
four” scored positively on that test.

***On US dollar:
The U.S. dollar weakened further in 2007 against major currencies, and it’s no mystery why:
Americans like buying products made elsewhere more than the rest of the world likes buying products
made in the U.S. Inevitably, that causes America to ship about $2 billion of IOUs and assets daily to the
rest of the world. And over time, that puts pressure on the dollar.

**currencies
At Berkshire we held only one direct currency position during 2007. That was in – hold your
breath – the Brazilian real.

**on expected returns
I should mention that people who expect to earn 10% annually from equities during this century –
envisioning that 2% of that will come from dividends and 8% from price appreciation – are implicitly
forecasting a level of about 24,000,000 on the Dow by 2100. If your adviser talks to you about double-
digit returns from equities, explain this math to him – not that it will faze him. Many helpers are apparently
direct descendants of the queen in Alice in Wonderland, who said: “Why, sometimes I’ve believed as many
as six impossible things before breakfast.” Beware the glib helper who fills your head with fantasies while
he fills his pockets with fees.

Macbook vs Motorola Q

Published on July 9, 2007 in business, stocks and tech.

Well I never thought I would say this, but apparently the Motorola Q is a more durable device than my once trusty Macbook. Last Friday my macbook’s hard drive crashed complelety, rendering the computer useless and wiping all my data clean in the process. (fortunately I’ve backed up most important items in one way or another) My Motorola Q on the other hand, despite all sorts of crappy design flaws, continues to work properly. Motorola 1, Apple Macbook 0. I guess beauty and good design doesn’t always win.

If you aren’t backing up your important data, do it now. Crashes do happen and they suck.

useful link:

Jungle Disk

Financial Infrastructure

Published on April 4, 2007 in business, goals, personal and stocks.

Ok as promised here is a glimpse at my personal financial infrastructure inspired by Ben Casnocha’s post awhile back. I am still working on it, and it’s difficult to truly stick to due to my current work situation which involves spurts of income instead of a consistent monthly flow, but it is at least a framework for how I manage my money.

Short Term Cash needs-

1. Combo of a HSBC and Chase Checking account- I just opened an HSBC checking account for reasons listed below, but for the time being I’m keeping my Chase Checking account open because it has atm’s just about anywhere I go, but most of my checking account activities will be conducted through HSBC going forward. I keep less than $1000 in my checking account at anytime (except when paying rent).

Medium Cash Needs -

I love my HSBC savings account (which is paying 6% on new money until April 30th(?), especially linked with my HSBC checking account. This is a no brainer, and if you don’t have one you need to get one. I really have been happy with their services, but just do a google search for “online savings,” to see the hundreds of others that offer a similar service.

How to use it: Your online savings account should really be the place where you keep the majority of your short term money, or money you’ll need access to say in the next year. Because you’ll earn interest on any money in the account, you’ll want to make sure your paychecks or direct deposits get in there asap. My goal is to keep my checking account as empty as possible because I don’t earn anything in there. I actually just added an HSBC checking account so I can withdraw money at HSBC ATMs (which are everywhere here in NYC) directly from my savings. I also can make instant transfers between my HSBC savings and checking ensuring that the only time money comes out of savings is when I need to pay bills or write checks. More time in savings = more FREE money made on interest. Even if you don’t have an HSBC checking account, you can still can transfer money between your own checking account and a savings account in under 4 days for free (usually, but make sure your bank doesn’t charge).

My goal is to keep 4-6 months worth of expenses in my HSBC savings account where I have easy access to it in case of an emergency. Once I have more than 4-6 month’s of savings (more like 4 months lately) then I move money into my personal investment account (below).

Long Term (1-10 years)
Any money that I don’t need access to for at least one year but under 10 I’ll keep in my scottrade account. In this account, my investments will be limited to stocks based on the Hidden Gems picks and a few of my own personal picks. I limit my holdings so that no stock at one time makes up more than 10% of the portfolio. I do keep about $1k in cash on hand at any one time to do short term options trades.

Long term retirement
I have some inheritance money from my mother in a managed investment account and I don’t plan on touching it for any reason except for a real estate investment and/or seed capital. I also will be open to investment opportunities in the next 5 years. The goal for that money is to let it grow and leave that money with my kids for them to have for college and adulthood. I’ll also continue to contribute to my own IRA.

Healthcare:
I consistently contribute the max allowed for HSA’s while young and healthy with minimal health care costs. This way I can build up a nice tax free savings to spend on health care in the future when they will be more expensive. This has been extremely dififcult to setup thus far in NYC, but I am very close to getting this all setup. I’m in the process of setting up an HSA with my broker so that I can minimize fees and maximize the returns on my healthcare savings.

Credit Cards:

I’m a big fan of credit cards. I know they are extremely dangerous if you are not watching them carefully, but you can really take advantage of them. I have 2 personal credit cards and 1 business. I only use 1 of my personal credit cards consistently, a Chase Rewards card that I have 0% interest on until April of 08. I earn rewards for the this card AND I earn interest on money I spend.

Here’s how:

I only spend within my monthly budget ( I try), so I always have the money on hand to pay off my credit card in full but because I have 0% interest on it for so long I don’t. Instead I put the difference between what I paid and what I owe into my HSBC savings account where I earn between 5-6% interest. As long as I keep a close watch on what I owe, and make sure I continually maintain that amount in my HSBC savings account I’ll have no problem paying off the card in a year, all while making money on THEIR money. Again, credit cards can be dangerous if you slip up on payments , but if you are careful you can use them to your advantage. The float can work for you even on a monthly basis. Just make sure you never carry a balance that is charged interest.

Spending..
I budget my spending for 4-6 months at a time using quicken for PC and adjust my holdings accordingly. I spend as much as my monthly spending on credit card as possible (as mentioned), but also always withdraw cash from ATM in $100 increments within my budget. Once a month I’ll spend a Sunday evaluating my spending, my contributions to hsa, medium term cash, long term investments, and staying within my budgets.

So there it is for now. It’s not perfect by any means, but it works for me right now. The real key is to at least spend some time thinking about your money and different ways you could manage it, otherwise you’ll just spend it until it’s gone. I’d recommend a personal money management software such as Quicken or Microsoft Money (even though they both are crappy in my opinion) which can automatically download your financial statements and categorize your spending.

Take a closer look at your own finances, you’d be amazed at where your money is going.

Starbucks here, Starbucks there

Published on April 3, 2007 in business, nyc and stocks.

One of the very first things I noticed when I moved to New York City was the unbelievable amount of Starbucks. I can, right now, think of roughly 7 Starbucks that are within a reasonable walking distance of me, 4 that are within 5 minutes of walking. You know what? They are ALL busy most of the time.

In this morning’s WSJ, there’s an interesting article about why Starbucks are popping up everywhere, when it seems there isn’t room anymore (there are currently 13,000 and they plan on adding another 10,000 over the next 4 years). The reason for so many? It’s simple:

“Where a lot of our growth is, is driving that incremental cup that someone may not have planned to buy,” he said.

They know that, especially in a walking city like New York, the difference between you buying a Starbucks coffee and not is whether or not you have to cross the street. So the more corners they can get on, the more coffee buyers they’ll get, and the more they can grow. For Starbucks 1+1=3:

The new store might take some sales away from the original location, but it could lead to far more sales overall. Jim Donald, Starbucks’ CEO, said one Texas store manager complained that his store’s sales of $1 million a year had flattened because of a new store across the street. But the new store, which had a drive-through, was on track to bring in $3 million its first year. So in the same vicinity, Starbucks was now pulling in $4 million a year from two spots rather than $1 million or $3 million from a single store.

The article also gave a glimpse into what kind of return a Starbucks location can generate for the owner, with sales to investment ratio sitting in the 2.3 to 1 ratio. That’s sales 2.3 times the initial investment within year 1, and sales typically improve in the following years generating even better returns. It’s no wonder that Starbucks’ are popping up off highway exits, inside hotels, and part of gas stations…this name brand addictive beverage thing is one heck of a business.

It’s fascinating to get a behind the scenes glimpse of something you see all the time, everyday, once in awhile..or at least I think. Check out the article.

Jetblue responds

Published on February 20, 2007 in business, customer service and stocks.

After an absolutely painful 5 days for Jetblue, they apparently have their act together. They announced a customer bill of rights today, which I think is a good idea at heart but really doesn’t quite get it done. I will say it is a step in the right direction, and is certainly more than I’ve seen other airlines do, but they’ve ruined the whole list with a dirty phrase called “Controllable Irregularity,” which I assume means only events that are within Jetblue’s control. So if that is the case, than these whole new “Customer Bill of Rights,” would not be applicable to their most recent fiasco, the very event they were created in response to.

Some highlights:
The airline announced a new reimbursement program for delayed passengers, retroactive to last Thursday, February 15.

• Delays 1-2 hours: $25 off a future flight
• Delays 2-4 hours: $50 off a future flight
• Delays 6+ hours: Free round-trip ticket
Also:
• Increasing number phone lines open for changing reservations (key for me)
(via consumerist)

I will say I’m a big fan of David Neeleman’s (founder / ceo) move to make this video apology and post it to both youtube and jetblue.com. It’s not the most eloquent presentation, but it’s gutsy and personable, and more direct than the typical CEO speak you see out there. This was a good move.

[youtube]-r_PIg7EAUw[/youtube]

Despite being somewhat uncomfortable with the “uncontrollable irregularity,” I will say I’m pleased with Jetblue’s response and I will continue to fly them. They’re cheap with free live tv, can’t beat that!

My final Jetblue thought has to do with their stock price. I told a good friend after leaving the airport on Thursday to short JBLU. The stock actually traded up on Thursday (after an upgrade) only to come down Friday, and way down today (about 5% off of it’s Thursday highs, but only 1% off Weds close). All in all the stock has performed fairly well (most likely a result of Jetblue’s recent quarter), and I think that it will bounce back. That is why I bought some March 12.50 (in the money) calls this afternoon at the bottom of its fall. I’ve already made a nice return, and plan on catching this thing as it rebounds a little. I think Jetblue is a good company and most likely will come out of this thing better, so if you’re long I’d buy now.

Ok NO more Jetblue posts.

Disaster at JFK

Published on February 15, 2007 in customer service, nyc, personal and stocks.

(4 of Jetblue’s 6 baggage carousels were like this at JFK today…a baggage wasteland)

I had a fun full day at JFK airport today courtesy of Jetblue and the winter storm from yesterday. In the past I’ve been a Jetblue champion, often bragging about it to people as the best airline to fly. It has great fares (I can get to Columbus for $80 round trip), is usually on time, and of course it has live tv in every seat. But today I saw a different side of the Jetblue experience, complete chaos.

JFK was complete anarchy. There were people everywhere. People sleeping on the floor. People in every corner, seat, table, even the restrooms were filled to capacity.

There was little hope, if you were in the lucky minority, of even making your way to your gate for departure without being bumped around or stepping on sleeping, waiting passengers. I’ve really never seen anything like it. It seems that Jetblue after being backed up in yesterdays storm completely collapsed.

My biggest complaint in this whole scenario was their flight status system. I understand they are backed up, and even though I don’t like it, I would’ve been OK knowing my flight was cancelled this morning. The problem is, I didn’t know. According to their website my flight was not only still flying, but it was on time. Now I didn’t really believe it, but I didn’t want to risk missing my flight, so I went to the airport. Even after checking in, my flight was still listed as on time. It wasn’t until we were scheduled to board did they mention our flight had been delayed by 3 hours. Now call me crazy, but isn’t the point of the flight status (and presumably the technology investment behind it) to let people know AHEAD of time or PRIOR to arriving at the airport whether or not their flight was on time? If my flight was delayed 3 hours, didn’t they know umm 3 hours prior to departure that my flight was going to be delayed?

Ultimately after 3 hours of waiting for my flight was cancelled. Instead of letting me know, and keeping me fairly happy at home they let me spend $50 on a cab and come in to an already overcrowded airport with NO place to sit (even on the floor). By at least communicating the truth to me, they could’ve made the situation easier by telling me to stay away from JFK. They didn’t.

After my flight was cancelled, I had to go down to the baggage claim area, now known as the Jungle and wait another hour for my bag. It was not clear where or when my bags would show up because there were no announcements and even the nice Jetblue staff on hand were able to answer my questions. All I knew I was not leaving without my bag, because I knew I would never see it again.

I still love Jetblue as an airline, but they really need to get their act together, make this right for EVERYONE involved (everyone thinks they are the ones getting screwed), and make sure it never happens again. It’s clear to me that this situation was never planned for, and they are scrambling to fix things the best they can. Their employees were incredibly nice, and obviously overwhelmed. I was told that the only thing I could do was to call into their customer service center at 1800Jetblue. I called that number, and “due to high call volume, they can’t handle my call at this time.” Another screw up.

I also think the flight status system needs to mean something from now on. For now, I will not trust Jetblue’s flight status until they prove to me it’s accurate.

This is going to really be painful and costly for them to overcome. As one former customer interviewed by CNBC at JFK on Thursday said, “I’ve had many good experiences with this airline, but this one is bad enough that I’ll never fly them again.”

UPDATE 6pm EST: Jetblue’s 800 number is still down and I’m unable to get a hold of anyone.

Prosper Arbitrage

Published on February 4, 2007 in business and stocks.

I remember first reading about the peer to peer lending site, prosper.com a year or so ago and was immediately impressed. I really believe that peer to peer lending will be huge made. For the first time in history people can loan money directly to others (instead of basically doing it through a bank) without ever seeing or speaking to them. Anyone can ask for a loan by pleading their case, and submitting to a credit check. And on the other side, anyone can lend money by creating an account and choosing who to lend to based on their profile, story, and credit score. Prosper takes a little off the top, and manages the loan payments. It’s really an amazing system, you can read more about it here.

But being the true aribtrageur I am, I had an immediate thought about this site the second I heard about it. Because there’s an opportunity for people with better credit to get loans from banks or elsewhere for most likely under 10% and there are some higher risk borrowers on prosper willing to pay upwards of 30% APR, there’s an opportunity to do some lending arbitrage. Of course lending to all the high risk, high apr borrowers is definitely risky, but the nature of prosper allows you to spread your risk just like banks do. So you could borrow say $100k at 7-8% APR with good credit, then lend it out at no more than $1k per borrower. By choosing the right situations to lend with good APR’s it could be possible to generate a risk adjusted ROI of 18% or more. After you pay off your loan the rest goes into your pocket (of course there are taxes to deal with as well), but it seems to be an opportunity to generate some nice fairly low risk returns.

It appears that some people may already be doing this. Take a look at the top lenders on the site:

Rank	Screen Name	$ Invested	Est ROI
1	pensioner (details)	$794941.10	18.76%
3	L5 (details)	$547230.73	14.26%
5	MuleShoes (details)	$367585.44	3.13%
7	Sneezie (details)	$190234.69	10.49%
9	reguyncali (details)	$161437.06	9.34%

(via Eric’s Credit Community)

If you have good credit, it may be something interesting to investigate further. I would definitely recommend checking out Eric’s Credit Community for more info on Prosper lenders.

Video Post…

Published on February 2, 2007 in business, stocks and tech.

Today I came across a few interesting videos in my normal blog reading that I thought were interesting…

One of my favorite bloggers, Fred Wilson, gave a keynote speech at the Software and Information Industry Association Summit where he talked about the future of information services. I really agree with Fred’s points about information becoming free, while attention is becoming scarce. The real future of information services will create value by capturing, filtering and delivering information at the most relevant time and place. The sea of data has become so vast, that there is no way for us all to stay up to date. There’s a tremedous opportunity in building out a service that can consantly monitor the data from all corners of the web, and alert customers when new, extremely relevant infromation become available. That’s what services like Monitor110 do for companies on Wall St, and I would imagine we’ll see more like them popping up over the next few yaers.

The speech and the Q&A session are worth watching.
Fred Wilson’s keynote
(via Darren Herman)

Get a glimpse at life inside Google from the work environment to the food. I’m really curious about Sergey’s shoes at the end called zcoils, they look comfortable but man are they dorky.
Google Recruiting video