The end of Gourmet

As reported by multiple news outlets, Conde Nast, the publisher of Gourmet magazine, has decided to shutter printing of the famed magazine, effective with November issue. Needless to say, the print readership, supported by advertising revenue is not what it used to be. Its magazines have lost more than 8,000 ad pages, excluding its bridal titles, so far this year.

As CNN article noted: "The magazine industry is in a difficult position generally speaking, it's losing revenue to online advertising and it's a tough business right now," said Richard Dorfman, managing director of Richard Alan Inc., a financial advisory and investment company focusing on the media industry." A bit of a truism statement, if you ask me.

This was by no means a sudden decision. Conde Nast was well aware back in January of this year, that there were problems with Gourmet media buys and was reviewing its options, according to financial media company 24/7 Wall St. :

Gourmet will probably not see the end of the year. Its parent company, Condé Nast, can no longer rely on the huge profits of the newspaper portion of the Newhouse family business.

The magazine operation needs to go on a diet. Condé Nast . . . owns Gourmet, Bon Appétit, and epicurious.com. Condé Nast simply owns too many titles in this category. From 2004 to 2008, Gourmet's ad pages have dropped from 1,364 to 955, with a 24 percent drop last year. January's ad pages were down another 32 percent according to MIN. Gourmet can survive since it has a competitive audience of web visitors to its food site, but it will have to migrate totally to its website.

The CEO's of Conde Nast, Charles H. Townsend, in his interview to the New York Times has made the point quite clear. Gourmet wasn't making money and it's sister publication, Bon Appétit was. With its wider circulation and more diverse readership, its the survivor of the foodie magazine rack along with, Saveur, Food & Wine and Cook's Illustrated amongst others. Sadly, Gourmet's editor-in-chief, famed food writer and critic, Ruth Reichl, whom I an enormous fan of, seemed stunned by the developments at the parent company.

According to nj.com "The Gourmet brand will live on in cookbooks (Reichl was in the midst of a promotional tour for “Gourmet Today” when she got the news — awkward!) and television programming, including “Gourmet’s Adventures With Ruth,” which premieres Oct. 17 on public television. "

Menage a trois, provencal

“"Well," said Pooh, "what I like best -- " and then he had to stop and think. Because although Eating Honey was a very good thing to do, there was a moment just before you began to eat it which was better than when you were, but he didn't know what it was called”

A.A. Milne

Said quote of Winnie the Pooh appropriately level set tonights events. Miel restaurant at Intercontinental Hotel Boston bills itself as "Boston’s first Provence themed brasserie, Miel "Brasserie Provençale" celebrates the organic wonders and intoxicating flavors of France’s fascinating Côte d’Azur region, focusing on aromatic herbs, lavender, honey and olive oil."

Speaking of olive oil, the chandelier below is constructed from hundreds of mini-bottles of olive oil.

The menu was:

Smoked Salmon Tartare with Buckwheat Crêpe

Paired with Three Rosé Wines

Swordfish, Golden Raisin-Caper Relish, Tomato Water & Basil Olive Oil

Paired with Three Olive Oils

Peach Tart with Olive Oil Cream and Acacia Honey Sabayon

Paired with Three Honeys

Impressions: Smoked Salmon was as expected, smoky and salty sweet, served napoleon style with layers of crepe separating the salmon tartare. The smoked salmon roe was a nice addition and made me crave it more. The three briny eggs were too lonesome and needed more company.

Swordfish was served carpaccio style and tomato water was like a consome served hot and cooking the thinly sliced swordfish. The raisin-caper stuffing had toasted pine nuts, but the sweetness of the raisins overpowered the delicate flavor of the swordfish and tomato. Interesting idea though.

The peach tart was nice and surprising addition of honey ice cream was a bonus. Shame that the restaurant/hotel does not make its own ice creams and has them made to order.

The surprise came from the honey. I've tasted acacia and clover honeys before, but never chestnut honey. The flavor was intense and reminded me of burnt sugar and bourbon together. Amazing! All in all , thanks to Miel for hosting this taste of Provence.

Got oysters?

It's early Sunday afternoon and I am having a slow start. The events of the day before are haunting me. Picture this: howling, unrelenting rain and wind, briny smell of the ocean, and the cacophony of three thousand hungry revelers all after one thing: the cull of the quahog. I am talking about what has been become an annual tradition in the town of Duxbury, a short 40 mile drive from downtown Boston, known as the Island Creek Oyster Festival.

This year, folks at Island Creek Oysters have come to celebrate and share what they live and breathe every day of the year: the glory of the bivalve. Despite the weather, this was a truly awesome night. The line up included the who's who of Boston food scene, representatives of wine and spirits world and everything in between.

I will admit that I have despite my attempts to focus on culinary creations of the likes of Jody Adams / Chef & Owner, Rialto or Chris Schlesinger / Chef & Owner, East Coast Grill and Jasper White / Chef & Owner, Summer Shack and Seth and Angela Raynor / Chef & Owners, The Pearl the focus was squarely honed on the day boats and the star of the show, the aforementioned mollusc, of which 40,000 were set aside for the event.

I've discovered that despite it's raw, briny goodness it's amazing what a few sauces do to bring out the raw flavor of this creature. My favorite, simply referred to as "crack" was a combination of fish sauce, cilantro, lime juice, and fresh chili pepper, garlic and ginger?. Married with a dash of yuzu the combination was simply orgasmic. I have never in my life experienced such flavor explosion that had me hooked from the get go. No wonder they call it crack ! Paired with Kim Crawford Sauvignon Blanc, it was divine experience. Needless to say, I was mentally chained to the shuckers' every word and was eager to spread the gospel of "crack" to anyone who would listen. How many oysters did i eat? More than I care to mention but enough to feel somewhat sealionlike. Thank you again to my partner in crime, Christine Liu of Citysearch Boston, who made my attendance possible and accompanied me throughout. You are a formidable reveler!!!

Confessions of a chocoholic

This past Saturday, Ive had the pleasure of being invited to the relaunch of the Chocolate Bar at the Langham Boston with representatives of the media, Twitter and blogosphere. The idea is decadently simple. Who doesn't love dessert and especially chocolate? For the exception of dieters and diabetics out there, most will raise both hands, smile with glee, and will trample over each other for a chance in the sinful indulgence. But herein lies the caveat in all of its chocolate goodness. How much dessert can one stomach first hand in the morning, sans the usual savory treats of eggs, bacon, toast, etc? Yes, that's right. The only eggs were of the pastry cream variety, sugar and all.

The selection was simply mind blowing. Circa 85 different desserts are displayed in all their glory on multiple stations in the cavernous space of Cafe Fleuri. Chocolate covered bacon? No, you've asked too much. Traditional and somewhat, dare I say overly chocolaty interpretations smile and wink at you from every angle, though a few unusual creations were to be had, if you found them in the sea of dozens of well known creations such as whoopee pie, creme brule or chocolate mousse in all of its forms. Eat me, eat me!

The venue has taken a summer hiatus from its well known seafood buffet brunch, which incidentally relaunched this Sunday. I love the space and firmly believe it speaks of the grandeur of the hotel and reminds me of opulent surrounding that many English hotels are known for. "The Langham Hotel Boston blends the legendary hospitality of the original Langham grand hotel with the classic architectural elegance of Boston's former Federal Reserve Bank building."

With all the pomp and circumstance, dozens of chocolate and caramel balloons draped the columns of Cafe Fleuri, along with the customary white linen covered tables. We were introduced to the pastry chef among other hotel staff who joined us at the table by Julie Shamrock, Communications Manager at the Langham. Julie graciously explained that this year the theme for the Chocolate Bar is Boston neighborhoods. The multi directional post at the entry, pointed to Beacon Hill, Back Bay, Chinatown, North End and the like to showcase desserts representative of those enclaves.

Needless to say, we were all ravenous and ready for dessert exploits. Though I love chocolate and crave it in its cocoa nib purity, I must confess I am not a dessert person per se. I'll take a sweet and savory dish over dessert any day, Pad Thai for instance. My fellow table mates had mixed reactions. Some were happy to dive in to plate after plate of beautifully presented creations, while others, including yours truly were more cautious in their plan of attack. Simply put, it is virtually impossible to try everything. I attempted to try those creations that were unusual and untested. Egg and lotus seed buns, as well as fruit sushi and chocolate soup were my picks as well as mint and chocolate macaroons, which deceptively looked like pistachio flavored ones.

I'll cut to the chase. Though voluminous, the experience underwhelmed and overwhelmed at the same time. Underwhelming was the lack of savory options. Any. Chocolate pasta and pizza and chocolate stuffed crepes simply don't cut it as alternatives. I craved bacon and eggs, in their simplest form, badly. Overwhelming was the plethora of choices, with many selections, frankly too rich, too dense or too sweet were simply overdone. Which is a shame. The theme of Boston neighborhoods worked somewhat but was not representative in each display table, which was confusing. The mood lacked whimsy, harking back to the joys of childhood. A clown, brightly colored balloons perhaps? The hushed music piped over hotel speakers and the chocolate and caramel balloons created a somber mood, lost in the sea of black, brown and mocha. I wish Cafe Fleuri and the Chocolate Bar well, but at $38 per person + tip, you better be prepared for a dessert orgy and dare not ask for a salt shaker.

Spumoni

Carelessly browsing through the frozen ice cream isle at my neighborhood Shaws, I noticed something... It was not the usual pint of Ben & Jerry's which yours truly doesnt pass up when it's it's 2 for $5 deal, but something entirely different. What stared at me was a white tricolored container that simply read: Spumoni!

I suddenly flashbacked to the episode of American Dad where the wife of Stan, Francine declares: Spumoni! I know it's tri colored ice cream but it sounds like pasta! But I can't get around that!

According to Wikipedia:

Spumoni, or spumone, is a molded Italian ice cream made with layers of different colors and flavors, usually containing candied fruits and nuts. Typically it is of three flavors, with a fruit/nut layer between them. The ice cream layers are often mixed with whipped cream. Chocolate and pistachio are the typical flavors of the ice cream layers, and the fruit/nut layer often contains cherry bits—causing the traditional red/pink, brown, and green color combination. This dish comes from Naples, and the three-flavored Neapolitan ice cream evolved from it.[1] Spumoni is virtually unknown in Italy today, but it is popular in places with large Italian immigrant populations such as the United States and Argentina.

So here it is folks: ice cream, fruit, nuts = deeeeeeeeeeeeeelicious

My commentary on Taleb's Ten principles for a Black Swan-proof world

on 7 Apr 2009, Nassim Taleb published the following in the Financial Times.

The writer is a veteran trader, a distinguished professor at New York University's Polytechnic Institute and the author of The Black Swan: The Impact of the Highly Improbable.

Below is my commentary on his observations. I welcome your feedback as this is great debate.

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1. What is fragile should break early while it is still small. Nothing should ever become too big to fail. Evolution in economic life helps those with the maximum amount of hidden risks – and hence the most fragile – become the biggest.

I think this speaks to the cat and mouse game that private enterprise plays under the guise of the state. effectively multiple governance layers exist across the organizations irrespective of size, but the government to date has used both stick and carrot approach, where self regulatory organizations. i.e. enterprises policing themselves through best practices, etc, work with existing laws and regulations on the books passed by government entities who also enforce them.

2. No socialisation of losses and privatisation of gains. Whatever may need to be bailed out should be nationalised; whatever does not need a bail-out should be free, small and risk-bearing. We have managed to combine the worst of capitalism and socialism. In France in the 1980s, the socialists took over the banks. In the US in the 2000s, the banks took over the government. This is surreal.

Agreed to a point. Partial bailouts and nationalization is a messy sport. This debate began with point 1. Who is too big to fail? Whats the threshold? What to do with multiple failures? The real story, there was no plan. The panic and chaos ensuing from bankruptcy of Lehman started this whole mess. Aside from the auto industry, we dont have a cross industrystory here. It's the Financial Services Industry that needed an action plan. TARP has failed.

3. People who were driving a school bus blindfolded (and crashed it) should never be given a new bus. The economics establishment (universities, regulators, central bankers, government officials, various organisations staffed with economists) lost its legitimacy with the failure of the system. It is irresponsible and foolish to put our trust in the ability of such experts to get us out of this mess. Instead, find the smart people whose hands are clean.

This implies there are enough willing and able "smart people" to replace "not so smart people". This strategy didn't work so well in Iraq, when the government and the Army were disbanded in favor of untrained and inexperienced. We know now how well that worked.

4. Do not let someone making an "incentive" bonus manage a nuclear plant – or your financial risks. Odds are he would cut every corner on safety to show "profits" while claiming to be "conservative". Bonuses do not accommodate the hidden risks of blow-ups. It is the asymmetry of the bonus system that got us here. No incentives without disincentives: capitalism is about rewards and punishments, not just rewards.

Agreed. Huge disparity in compensation at the C-level vs. lower echelons. It is already part of the agenda in the Obama administration: compensation reform.

5. Counter-balance complexity with simplicity. Complexity from globalisation and highly networked economic life needs to be countered by simplicity in financial products. The complex economy is already a form of leverage: the leverage of efficiency. Such systems survive thanks to slack and redundancy; adding debt produces wild and dangerous gyrations and leaves no room for error. Capitalism cannot avoid fads and bubbles: equity bubbles (as in 2000) have proved to be mild; debt bubbles are vicious.

I translate the above as, let's simplify debt products. The nature of the Financial Services industry, specifically the trading business/brokerage is all about creating new instruments and ways to trade them. At that point, the government is invited to learn about these instruments and generally has played side lines or catch up game until something breaks, someone gets too greedy, etc. So what's new, right? You can't outlaw creativity or greed.

6. Do not give children sticks of dynamite, even if they come with a warning . Complex derivatives need to be banned because nobody understands them and few are rational enough to know it. Citizens must be protected from themselves, from bankers selling them "hedging" products, and from gullible regulators who listen to economic theorists.

As I said above, complexity is inherent in the business model designed to outdo the competition, or to exploit loopholes in trading, timing, etc.. which point the finger back at regulation. Are regulators not as smart as bankers? You bet. Regulators write laws, bankers make ways to play by them as long as they make money.

7. Only Ponzi schemes should depend on confidence. Governments should never need to "restore confidence". Cascading rumours are a product of complex systems. Governments cannot stop the rumours. Simply, we need to be in a position to shrug off rumours, be robust in the face of them.

Irrespective whether you have been voted into office or hired to create regulation as part of a government entity, you are a politician. The difference is degree of spotlight. Shrugging off rumours doesnt win elections, or persuade the public to stand behind those that create policy. As mass populace is uneducated about the complexity of what insiders do, ie..wall street, so does the public need reassuring sound bites like "restore confidence" as they watch their 401K disappear the way of the Dodo.

8. Do not give an addict more drugs if he has withdrawal pains. Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.

Agreed. Too much leverage has caused the current crisis.

9. Citizens should not depend on financial assets or fallible "expert" advice for their retirement. Economic life should be definancialised. We should learn not to use markets as storehouses of value: they do not harbour the certainties that normal citizens require. Citizens should experience anxiety about their own businesses (which they control), not their investments (which they do not control).

This goes to fundamental question of how do you create wealth, for the purpose of sound retirement. At the core of this, 99% of investors are not professionals nor educated enough to understand investment theory. Retirement planning with the advent of mutual funds (thank you Fidelity and Mass Financial) have allowed millions to seek excess returns through investing their money in the markets (across all asset classes). The Nirvana is creating a model that allows limited downside risk as well as limiting returns enough to meet retirement goals. That already exists in modern asset allocation theory. Question is, what reform do 401k plans and the like, as well as the "experts" that support them need to create more transparent investment vehicles that wont bring the house down.

10. Make an omelette with the broken eggs. Finally, this crisis cannot be fixed with makeshift repairs, no more than a boat with a rotten hull can be fixed with ad-hoc patches. We need to rebuild the hull with new (stronger) materials; we will have to remake the system before it does so itself. Let us move voluntarily into Capitalism 2.0 by helping what needs to be broken break on its own, converting debt into equity, marginalising the economics and business school establishments, shutting down the "Nobel" in economics, banning leveraged buyouts, putting bankers where they belong, clawing back the bonuses of those who got us here, and teaching people to navigate a world with fewer certainties.

Then we will see an economic life closer to our biological environment: smaller companies, richer ecology, no leverage. A world in which entrepreneurs, not bankers, take the risks and companies are born and die every day without making the news.

In other words, a place more resistant to black swans.

Agreed. The Capitalism 2.0 needs to bring the best of the past and the present. The propensity of the failed is dragging us down.

In defence of Foie Gras

I recently came into a heated debate with a friend of a friend, who happens to be from California and a health nut, over the subject of foie gras. Immediately, the debate grew heated over news that San Francisco is looking to voluntarily impose a ban on the delicacy in its restaurants. As the article mentions, California is looking for an outright ban of foie gras effective 2012. Chicago already has a ban in place. Others are considering it or have in the past. The debate comes down to force feeding of the animals which naturally is considering cruel, since the forcefeeding makes the liver grow large.

Fans of Top Chef, will recognize Dan Barber, who hosted the 4 finalists of Top Chef at his restaurant and farm. He's the chef and co-owner of Blue Hill, in NY. He recently gave a refreshing presentation on the subject, about the sustainable foie gras farming in Spain, which runs counter to practices in France, and ruffled a few feathers in French/Spanish relations. :)

If you want to read a wonderful book on the subject as well, click away to Amazon.

Coming this summer

I cant wait to see this...

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Bitch is back

Eagerly anticipated sequel to "YOU SAY I'M A BITCH LIKE IT'S A BAD THING, is a no worse title, That's queen Bitch to you!

Ok, Ok.. I actually wasn't going to review this marvel of literary writing, which my loyal fans gave me for my birthday. Love you bastards, you know who you are. I am tap, tapping away at the keyboard since I had an inclination again to write a new post! Marvelous isn't it?

So, to catch my loyal fans up... since the ghastly days of August, 2008 when I naively thought... Recession is for pussies! I chugged along spending my last pile of cash on a needless but pretty pile of clothes and shoes. A fortune earned making operations staff at a large trust bank in Boston (who shall remain nameless to protect the innocent assholes that work there).

Then October came, Halloween: pumpkins, ghouls and all. Boy and girls, it was a scary time. Coz the world was coming to an end! Yeah, the world of finance as we knew hit a brick wall. And every bastard that was making hand over fist selling shit to the other happy asshole that had no idea what he was buying all of a sudden found themselves with no more shit to sell, since it all became, worthless. Markets worldwide cratered.

I can go into detail how it really happened, but I don't want you to slit your wrists. You need those wrists for doing handstands or extend-a-palm for those of you asking for money in one way shape or form, since your job went bye bye, thanks to the aforementioned assholes.

While waiting for the day of Thanks to arrive and anoint our saviour, Barack Hussain Obama, I actually was hopeful that the year will bring more than a change to highest office in the land, but also to me, your humble writer. But that would be too easy, now would it. Life is a suffering journey, and only those privy to a deep bank account, trust fund, or a job secured by the government can walk on water while the rest of us mortals sink like lead balloons.

Fast forward past New Years and a brief holiday in the sunny Caribbean, i.e. Aruba, where I quickly forgot my worries as I lay on the beach, working on my tan. Reality caught up quickly when the credit freeze in the markets, saw no signs of thaw. The chimp from Texas grimaced, grinned and waved the Nixon-like goodbye. Fuck you back! The nation waived and we all turned attention to what's next with the nebular, hope and change.

March came, and brought me closer to feeling older. At 34, I felt no older than 33. Or 30 for that matter. Celebration was subdued with a small gathering of close friends, while countless well wishers sent their messages through email and texts. The flowers were especially touching. Michael, you moved me. Thank you.

Today, your humble servant was again reminded of the meaning of life and death. I sat motionless, at a funeral home, attending a service for the father of one of my dear friends, who sadly passed of advanced Alzheimer's. As the rabbi eloquently eulogized, i was reminded that despite my present career woes, life is indeed precious and at the very least, I am capable of making a contribution to the world with the time I've been given.

So from now on, I solicit the wisdom and know-how of those near me, to put our minds together, help each other when in need, come closer together, to help bring each other above the torrent of misery, loneliness, failure, anxiety, insecurity and the like.

I'll end this post on a happy note. Though packing for my upcoming apartment move, I fired up my wok and did wonders with hot oil, in the form of frying. I made: tempura tofu (agedashi tofu), then fried onion, followed by fried baby bananas. All first time attempts, and might I say, turned out yummy. That was followed by Thai red curry, with Chinese chives and ground pork, which i mixed with the aforementioned tofu and onions. 'Nough said.