Archive for the ‘In the News’ Category

Global Meltdown and The Nile

Tuesday, October 21st, 2008

I’ve been reading and watching a lot of media recently about the implications of the global meltdown, credit crisis, apocolypse etc. and have been fielding a number of questions about what this means for us here at The Nile.

On balance I think there will be a significant slowdown in consumer spending both in Australia and NZ. Harvey Norman’s announcement earlier today of slower year on year sales is a good indicator of this. However, I don’t believe this is likely to have as big an impact on online retail. In fact, if anything I believe more consumers will now choose to buy online.

As a rule we price to undercut the high street bricks and mortar retailers, on all their books except loss-leaders. Moreover, we aim to be competitive or price better than most of our online competitors, especially those overseas companies who are not offering any benefit to Australian buyers. A lower Australian dollar means it makes more sense to buy locally. Simply put, we think our customers deserve as much value as we can give them.

Do the results support this? To date they do. We have grown 700% in the past year, and aim to continue delivering the value that underpins this growth. We are consistently investing in our IT and infrastructure to provide a better shopping experience and will step this up to ensure that crisis or no crisis, our customers are getting great value.

May you live in interesting times

Friday, October 17th, 2008

The ancient Chinese are said to have cursed their enemies by wishing that they “…live in interesting times”. With the dramatic changes in the world’s financial markets, our days are certainly interesting and more than a few people feel cursed.

With the stock market plummeting, banks closing & investments being lost by the billions, the once proud Wall Street leaders maintain silence about their part in the sub-prime crisis and have quietly disappeared from the arena.  Wasn’t this to be expected?

Every second decade we seem to experience such an event. I found an easy explanation for that phenomenon. Generation change! Employees who have experienced a recession, crash or similar leave the industry and retire. New workers enter the industry - youngsters - inflated with self-confidence and a desire to make big bucks. It is similar to the relationship between my parents and I. Even after several warnings
I always seem to make the same mistakes they have warned me about. It just seems to be natural.

The book Subprime Financial Shock by Dr. Mark Zandi was published this year. Dr Zandi predicts the next financial panic will involve the U.S government debt with all their under funded liabilities. He describes the process of the growth of the sub prime crisis, the failure of the regulators to act, how rating agencies missed to recognize how risky the financial instruments were and gives recommendations how to avoid another one.

I found the book a fascinating & informative read where the author offers indispensable advice for investors. I only wish that someone recommended the book to me months ago….

Nevertheless let’s keep an optimistic outlook. After this subprime crisis we won’t have to worry for the next twenty years.

Happy reading

Politics aplenty

Tuesday, September 16th, 2008

The past few weeks have been most interesting in the local political scene: WA has moved to a Liberal government, NSW has lost its Premier and today the Liberals changed leader.  While this isn’t a political blog I thought it a topical time to introduce this month’s big release, The Costello Memoirs.  The book was released today, and I predict will be a bestseller by this time next week. It’s highly topical, has been well marketed and the author has had the benefit of constant media attention for the past few weeks over the leadership challenge. This was a perfect storm of free publicity.

As for the content, I haven’t had the benefit of reading it yet, but it does promise intrigue, Machiavellian behaviour and the ever constant theme of what could have been…I look forward to reading your reviews.

Truth or Fiction? The Conflation of Genre

Monday, July 7th, 2008

Some of the most powerful books I have read over the past years surf the uneasy line between fiction and fact. These are books whose fame results precisely from their ambiguous trajectory. Books around which controversy has spun a web of intrigue so thick that the authors involved have been lucky to emerge relatively unscathed, personal and professional lives irrevocably changed but nonetheless intact.

Not long ago a strange thing happened in my workplace. Out of nowhere a pile of dog-eared paperbacks appeared in our ‘break-out’ space, lining the windowsills of our law firm in a decidedly non-legal manner. Correctly surmising that these were on their way out, headed for the tip unless someone rescued them, I pounced immediately, picking from the rabble at least one treasure – a well-thumbed copy of James Frey’s A Million Little Pieces.

I had heard of this book. Notably, in an earlier life, a freer life, a life in which I had the time and inclination to watch daytime TV, I had watched an Oprah episode during which James Frey appeared to promote his memoir. I have since learnt that the Oprah episode I watched was the first of two featuring Frey. The second would be very different from the first.

On the episode I watched, Oprah – and her audience – purported to be blown away by the raw authenticity of Frey’s writing. A Million Little Pieces is the story of a 23-year-old man whose out-of-control drug and alcohol addictions have destroyed his life and his body, potentially irrevocably. He enters a rehab centre in the knowledge that a relapse will mean almost certain death. His journey towards redemption is fraught with gut-wrenching pain, the development of intense personal relationships, and an unflinching honesty which draws the readers in, totally absorbed. And part of the book’s drawcard is the fact that the protagonist is Frey himself.

I couldn’t put the book down. Apparently, neither could Oprah.

Frey won great accolades for his book. The editors at Amazon.com picked it as their favourite book of 2003. The New York Times gave it a rave review. Readers all over America and the globe spoke in awe of this most truthful account of drug addiction and rehabilitation. Frey’s genuine confrontation with pain lent awareness to an issue affecting thousands, millions of people the world over.

In late 2005 / early 2006 investigators discovered that significant elements of Frey’s memoir were untrue. Controversy erupted like wildfire. Readers felt duped. Frey’s literary manager dropped him. Oprah invited him back on her show in order to ask him a series of accusatorial questions. During the show she told him – point blank – that she felt betrayed. In front of a live-TV audience and hundreds of thousands of at-home viewers, Frey was forced to list the inaccuracies in his book, and to justify every departure from the truth.

Readers subsequently launched a lawsuit against Frey’s publishing house, seeking a refund because the book was not what it had claimed to be. They were outraged.

I knew all of this when I started reading A Million Little Pieces, and I picked up the book as a result of the controversy, not in spite of it. What blew me away while I was reading it was Frey’s ability to write in a manner so honest that the story appeared to be unerringly true. Had I not known of the controversy, I would have been utterly convinced the book was indeed a memoir. Surely, I thought to myself, the power of writing so convincing is itself an extraordinary gift to the literary community? The book is fast-paced, gripping, exciting – the alteration of various facts makes no difference to the authenticity of Frey’s writing. I was 100% hooked. There can be no question that Frey is a great writer.

A couple of years ago I read another book, equally honest, equally controversial. Nikki Gemmel’s The Bride Stripped Bare is erotic fiction at its best. A bored housewife turns to adulterous liaisons with various strangers - including a beautiful virgin - in an effort to re-invigorate her monotonous (but outwardly satisfactory) suburban life.

The novel was published anonymously. Only after publication did the British press unearth Nikki Gemmel as the author. The frankness of her treatise on women’s sexuality became, with her identification, all at once a controversy of the strangest kind – readers across the world were convinced, once she was found out, that Gemmel’s book was not, after all, a novel, but a memoir. Surely, critics reasoned, there would be no need for anonymity unless Gemmel had something real to hide. And she was, after all, married, a housewife, a mother. Just like her protagonist.

The authenticity sought by Frey’s readers, Gemmel’s readers projected onto her writing, even though her book was classified as fiction. Such perversity. Are we so much more willing to believe the worst of our writers, our entertainers?

In explaining her wish to write anonymously, Gemmel has said that it is very difficult for women to write honestly about sexuality, even in our post-feminist world. She says she views anonymity as liberation, particularly for women writers, and cites Virginia Woolf as saying about women that “anonymity runs in their blood – the desire to be veiled still possesses them.” Gemmel has also said that honesty is the most shocking thing of all – a truth she has experienced first-hand since her own unveiling as author of The Bride.

If honesty is so shocking, why was it more shocking for readers to discover that James Frey was not entirely honest? Why is it so astonishing to find that writers – whose role, one could argue, is precisely to spark controversy, discussion, debate in society – have subverted traditional notions of genre, blurring the line between fact and fiction, in order to provoke? Isn’t that precisely what we should be asking of them?