A reader asks:

We own a cash-flowing rental property with a sub-3% mortgage with 28 years remaining. On the Aug 18th episode of Portfolio Rescue, Barry said Real estate more or less returns zero net of inflation. However, does this statement take into account the leverage provided by a mortgage? Return comparisons between stocks and real estate seem to favor stocks, but its not clear whether these comparisons ever take into account mortgage leverage. Also, how does one factor a mortgage rate that is below current inflation into the calculus? On a 20-year time horizon, would it really theoretically be better to sell the property and invest the proceeds into some combination of stocks/bonds? -Nick

Robert Shiller painstakingly created an index of U.S. home prices going back to 1890.

When he produced it, Shiller mentioned, Oddly, it appears that no such long series of home prices for any country has ever been published. No real estate professor I talked to could refer me to one.

No one really knew how the housing market performed over the long run until Shiller put together his Real Home Price Index.

Here are the number updated through the latest 2022 data:

Its important to note that this series uses real, after-inflation, data for returns.

Lets dig into the numbers.

From 1890-2022 the U.S. housing market is up a total of just 122%.Thats 0.6% per year over the rate of inflation.

And the majority of that return has come in the past 3 decades or so.

From 1890-1989, the U.S. housing market appreciated just 30% in total or less than 0.3% per year. It basically went nowhere for 100 years after inflation. Since 1989, its now up more than 70% which is more than 1.6% per year above inflation.

Some people may look at these numbers and think theyre terrible. The stock markets long-term return over the rate of inflation is more like 6-7% per year.

How could housing be so much lower?

Personally, I think beating the rate of inflation while holding onto fixed-rate debt in the form of a mortgage and providing a roof over your head is a pretty good deal.

Its also important to note that Shillers data here doesnt take into account the actual experience of someone owning a home. This is just prices.

Lets say you purchased a home 10 years ago for $300,000 and you put 10% down ($30,000).

Now lets say sell that house for $500,000 right now.

Whats your return on investment?

Well, you made $200,000 on the purchase price so it has to be a 67% return right?

Yeah but what about the leverage involved?

You only put $30,000 down so was your return more like 6x?

Wrong again.

Each month you paid your mortgage, home insurance and property taxes. Plus you shelled our cash for upkeep, maintenance and landscaping. You probably bought some furniture, decorated the interior and made some home improvements.

When you purchased the house you would have had to pay closing costs. When you sell it there is a realtor fee and more closing costs. Then you have to pay for movers and such to get out.

Theres also the fact that you have to live somewhere. So do younet out your mortgage payments for what you would have paid in rent?

Im not sure anyone knows what their actual all-in costs are when owning a home because housing is a form of consumption. Plus, its the most emotional of all financial assets in that its where you live, sleep, eat and put down roots.

Thats why its so difficult to compare it to investments in the financial markets. You dont simply buy a house from a broker and pay an all-in expense ratio each year.

Housing is a complicated investment where the return calculation is often unclear.

Now, this reader is talking about a rental property so maybe its a little easier to figure out the return but there are still a lot of unknowns involved. That 3% mortgage rate is a huge asset for sure.

But the answer to this question will really come down to your tolerance for complexity.

Rental houses can offer a decent return on your investment. You have the ability to raise rents over time and your monthly payment is fixed so there is a nice inflation hedge there.

Plus you would hope the house price rises over time. Even if its only a little over the inflation rate like Shillers figures show, you would be building equity through both appreciation and principal payments.

There are also different risks involved when investing in rental properties:

It comes down to how comfortable you are with those risks versus simply investing your money in low-cost ETFs and not having to worry about anything beyond market volatility.

Your index funds are never going to call you in the middle of the night to complain that the AC is broken in your rental unit.

On the other hand, there are benefits to owning real estate. The biggest one is that youre not getting a price quote five days a week like you do in the stock market. That makes it way easier to think and act for the long-term.

The lack of volatility might allow you to sleep better at night too.

As with every investment, there are trade-offs involved.

Even if housing provides lower returns than the stock market, if it makes it easier for you to be a long-term investor, that might be worth the trade-offs.

We covered this question on the latest edition of Portfolio Rescue:

Your favorite tax expert, Bill Sweet, was back on the show as well covering questions about tax loss harvesting, decreasing your tax bill and how taxes change when your spouse exits the workforce.

Further Reading:Why Housing is More Important Than the Stock Market

Here is the podcast version of this episode:

Read this article:
Is Real Estate a Better Investment Than the Stock Market? - A Wealth of Common Sense

Technology giant Apple Inc AAPL has had several CEOs leading the company over the years, including co-founder Steve Jobs heading the company through a period of innovative products like the iPod, iPhone and iPad. With big shoes to fill, Tim Cook took over for Jobs in 2011. Heres a look at how the stock has since performed.

What Happened: Jobs led Apple from 1997 to 2011 and helped push the company into new territory with a focus on new products and innovation. Jobs announced in August 2011 that he was stepping down as the Apple CEO. Jobs was replaced by Apple Chief Operating Officer Tim Cook. Jobs recommended the Board of Directors to select Cook for the role.

Jobs would die two months later in October 2011 from complications related to pancreatic cancer. Jobs left behind an iconic legacy and is widely believed to be one of the most innovative CEOs of all time.

With former experience at IBM and Compaq along with being the Chief Operating Officer of Apple prior to becoming CEO, Cook brought new leadership to the role. While some investors and analysts were skeptical of Cook taking the post, he pushed the company forward to become the first public company valued at $2 trillion.

Cook has been the CEO of Apple since August 2011 and has turned in one of the best-performing stock returns over the same time period.

Related Link: 5 Things You Might Not Know About Apple CEO Tim Cook

Investing $1,000 in Apple Stock: Apple shares traded at $373.52 on Aug. 23, 2011, Jobs last day leading the company.

A $1,000 investment at the time of Cook taking over could have purchased 2.68 shares of Apple.

Apple shares split 7-to-1 on June 9, 2014, turning the investment into 18.76 shares. Apple shares split 4-to-1 in August 2020 turning the investment into 75.04 shares.

The $1,000 investment would now be worth $11,091.66 today, based on a share price of $147.81 at the time of writing. This figure does not take into account any dividends paid over the years as well.

A $1,000 investment in Apple when Cook took over would be up 1,009.2% over the last 11 years and 3 months. This represents an average annual return of 89.7% for investors who bet on Cook as the new CEO.

Read Next: Tim Cook Now Follows Elon Musk On Twitter, Ironically Ruining The Social Media CEO's Favorite Number

Photo: Courtesy ofACC Districton flickr

See original here:
If You Invested $1,000 In Apple Stock When Tim Cook Became CEO, Here's How Much You'd Have Today - Apple - Benzinga

What happened

AGNC Investment (AGNC -0.60%) surged 2.6% shortly after the opening bell today and then settled back down during morning trading. As of 12:30 p.m. ET, the stock was up 1.6% to $10.15 per share.

The major indexes were down slightly on Thursday, led by the Dow Jones Industrial Average, which was off about 250 points, or 0.7%, as of the same time.

AGNC Investment, a mortgage real estate investment trust (REIT), got a bump from some good news on Wednesday that was spiked with a little not-so-good news. The good news is that mortgage rates dropped again last week, as the 30-year fixed mortgage rate decreased to 6.49%, from 6.67% the previous week. Over the past four weeks, it has dropped 57 basis points.

The speech by Federal Reserve Chair Jerome Powell on Wednesday at the Brookings Institution, where he indicated the Fed would be looking to slow the pace of rate hikes, could certainly help push mortgage rates even lower.

Investors may have seen the mortgage rate drop as a positive trend for AGNC Investment, which generates revenue by buying mortgage-backed securities and collecting the interest. Ideally, lower rates should improve purchasing power for prospective homebuyers and spur more mortgage activity.

However, now for the not-so-good news: Mortgage applications decreased last week, according to the Mortgage Bankers Associations weekly survey.

From the previous week, mortgage applications decreased 0.8% on a seasonally adjusted basis and 33% on an unadjusted basis. Refinance activity dropped 13% from the previous week and was 86% lower than the same week a year ago. The one positive was a 4% seasonally adjusted increase in purchase activity.

This remains a very difficult market for homebuyers and the mortgage industry in general, and things likely won't start to improve until late 2023 of 2024.

As for AGNC Investment, spreads between mortgage-backed securities and Treasury bonds have widened to historically wide levels and the company's book value has plummeted. But as CEO Peter Federico said on the third-quarter earnings call, there are bright spots on the horizon.

"First, as spreads widen the book value of our existing portfolio declines, as has been the case this year. On the positive side, however, wider spreads also enhance the future value of our business by improving the go-forward return on our portfolio," Federico said.

AGNC pays out a monthly dividend of $0.12 at a yield of 14.1% -- so it is a good dividend stock, as REITs are required to pay out a certain percentage of earnings in dividends. But be cautioned that AGNC has had to cut its dividend twice since 2016, typically when yields get too high, so that is something to watch.

Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

See the original post:
Why AGNC Investment Stock Was Rising Today - The Motley Fool

HOUSTON, Nov 30 (Reuters) - Brazil's state-controlled oil producer Petrobras (PETR4.SA) on Wednesday disclosed a 15% increase in its five-year spending plan to $78 billion, with little change to the company's strategy of focusing on fossil fuel production.

The last Petrobras business plan approved under President Jair Bolsonaro could be scrapped next year, as a newly elected government that takes office on Jan. 1 has signaled it will change the company's top management and review its strategy.

Petroleo Brasileiro SA, as the firm is formally known, expanded planned investments between 2023 and 2027 by $10 billion compared with the 2022-2026 plan, it said in a filing.

The spending increase comes despite a reduction in the production target for 2023 of 100,000 barrels of equivalent oil per day (boed) to 2.6 million boed, the same it produced in 2015. Higher costs for drilling wells partially explains the added investments.

The company has also approved additional short-term drilling for existing projects above the company's long-term break-even of $35 per barrel.

Exploration and production will make up 83% of the spending, with production set to increase to 3.1 million boed by 2027.

Petrobras expanded investments to curb carbon emissions to 6% of the total from 4% before. It also more than doubled its decarbonization fund to about $600 million.

The company set a higher price for carbon - $90 per tonne, from $50 before - which expands the list of projects viable for approval.

President elect Luiz Inacio Lula da Silva, who takes over from Bolsonaro on Jan. 1, has said Petrobras should invest beyond fossil fuels and return to being the energy giant it was during his first two terms, from 2003 to 2010.

Lula's energy team said on Wednesday the business plan might be reviewed next year. Representatives of the president-elect met with Petrobras' CEO Caio Paes de Andrade this week and asked him to suspend the sale of Petrobras' Manaus refinery, which has been signed but is pending closing.

Petrobras' management plans to go ahead with the sale, people close to the information said. Divestments were estimated to be between $10 billion and $20 billion until 2027.

Lula is expected to decide on Petrobras' next CEO in mid-December. However, current CEO Andrade, appointed by Bolsonaro last June, is prepared to stay in the position until the end of his term in April, according to people familiar with the matter.

(This story has been refiled to fix typos in paragraphs 1 and 2)

Reporting by Sabrina Valle; Editing by Chris Reese, Grant McCool and Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.

See original here:
Petrobras boosts five-year investment plan to $78 billion - Reuters

(Photo by Elsa/Getty Images)

The New York Mets are no strangers to paying up for elite players.

They did it last year with pitcher Max Scherzer, and they did it for shortstop Francisco Lindor.

After acquiring the shortstop from Cleveland in 2021, the Mets knew they needed to pay him.

That is exactly what they did, signing Lindor to a massive 10-year $341 million contract.

That deal made him one of the highest-paid players in baseball.

It seemed necessary though as Lindor was a four-time all-star in Clevland and coming off three top-10 MVP finishes.

But, his first season in New York did not go well.

Not only did the Mets fail to make the playoffs, but Lindor was an average player at best.

He hit .230 with 20 home runs, 63 RBIs, and a career-low OPS+ of 100 in 125 games.

Was it the pressure of playing in a big city that got to Lindor?

Well, he answered those questions with a bounce-back 2022 season.

In 2022, Lindor was back to his elite self, putting together a monster statistical season for the Mets.

He hit .270 with 26 home runs, and 107 RBIs, and scored 98 runs while missing only one game.

One of the biggest differences between 2021 and 2022 for Francisco Lindor was his performance in the first two months of the season. #Mets #LGM https://t.co/R65ziqz9FT

Matt Musico (@mmusico8) December 2, 2022

His efforts allowed him to finish ninth in NL MVP voting for the year.

It is hard to argue with the production of Lindor this past season, and with the contract, he signed in 2021.

The 29-year-old remains one of the top shortstops in the league and has been worth the lofty investment.

After a failure of a postseason run by the Mets that saw them get upset in the first round.

All eyes will be on this team to see how they respond in 2023.

Lindor needs another monster season to erase all doubts about the struggles he had in 2021.

More here:
Has Francisco Lindor Been Worth The Investment For The Mets? - The Cold Wire

People use umbrellas to shield themselves from the sun on a hot day in Mumbai, India on Oct. 14, 2022. Niharika Kulkarni / NurPhoto via Getty Images

A new report by the World Bank has found that as climate change continues to cause Indias temperatures to rise, there is the possibility of a $1.6 trillion investment opportunity in progressive green energy technologies by 2040.

Alternative cooling technologies could lower greenhouse gas (GHG) emissions considerably, as well as create almost 3.7 million jobs, a press release from the World Bank said.

As temperatures in India get hotter each year, more than 160 to 200 million people could be exposed to deadly annual heat waves by 2030. Additionally, a decline in productivity caused by heat stress could cause about 34 million people in the country to lose their jobs.

It is likely that the need for cooling in India will increase to eight times the current levels by 2037, which will lead to a 435 percent projected surge in greenhouse gas emissions each year for the next 20 years.

We need to ensure that the countrys cooling plans do not cause more GHG emissions, leading to greater warming, the World Banks Country Director in India Auguste Tano Kouam said, as Down to Earth reported.

New plans to help people in India adjust to climbing temperatures are in the works, the press release said. The country started the India Cooling Action Plan (ICAP) in 2019, which brings sustainable cooling procedures to different sectors like air-conditioning for transportation, refrigeration and a cold temperature-controlled supply chain network for pharmaceuticals and agriculture and cooling for buildings. The hope is that by 2037 to 2038, cooling demand will be lowered by as much as 25 percent.

Indias cooling strategy can help save lives and livelihoods, reduce carbon emissions and simultaneously position India as a global hub for green cooling manufacturing, Kouam said in the press release. The report suggests a sustainable roadmap for cooling that has the potential to reduce 300 million tons of carbon dioxide annually by 2040.

If cooling strategies are adopted as standard for constructions that are financed by private and government funds, it will ensure that increasing temperatures dont unfairly affect those who are poorest.

The report, Climate Investment Opportunities in Indias Cooling Sector, indicated that the Pradhan Mantri Awas Yojana the affordable housing program in India could proportionally adopt these changes, which could help more than 29 million rural residences and 11 million urban homes that the government wants to build.

Funding through private investments in cooling technologies for districts which use a central plant to produce chilled water and underground pipes to distribute it to numerous buildings was recommended by the report. The technique can lower energy bills by 20 to 30 percent by lowering the cost of having to cool individual buildings.

The report suggested repairing gaps in cold chain systems in order to bring the increasing amount of food and pharmaceuticals that is wasted during transport to a minimum. Food loss can be reduced by around 76 percent and carbon emissions can be lowered by 16 percent by investing in refrigerated and pre-cooling transportation.

Almost $13 billion in food is lost during transport each year due to heat.

India also plans to phase out hydrochlorofluorocarbons, which are used as refrigerator and air conditioner coolants and deplete the ozone layer, by 2047. Improving the maintenance, servicing and disposal of machinery that uses hydrochlorofluorocarbons, as well as changing to alternatives that have a lower carbon footprint, has the potential to create two million jobs over the next twenty years and lower the need for refrigerants by about 31 percent, the report said.

The right set of policy actions and public investments can help leverage large scale private investment in this sector. We recommend that these moves be accelerated by creating a flagship government mission to address the challenges and opportunities from rising temperatures in India, the authors of the report Abhas K. Jha, Practice Manager, Climate and Disaster Risk Management, South Asia, and World Bank Climate Change Specialist Mehul Jain said in the press release.

By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from EcoWatch Media Group, which may include marketing promotions, advertisements and sponsored content.

Cristen is a writer of fiction and nonfiction. She holds a JD and an Ocean & Coastal Law Certificate from University of Oregon School of Law and an MA in Creative Writing from Birkbeck, University of London. She is the author of the short story collection The Smallest of Entryways, as well as the travel biography, Ernests Way: An International Journey Through Hemingways Life.

Original post:
Cooling India Could Be a $1.6 Trillion Investment Opportunity - EcoWatch

JOHNS CREEK, Ga., Dec. 02, 2022 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: Ebix), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare, and e-learning industries, today announced that it has engaged Jefferies LLC and Jefferies Finance LLC (together referenced as Jefferies), a reputed global investment bank, to serve as its banker in connection with the refinancing of the Companys existing credit facilities. As a part of the engagement, Jefferies will exclusively assist the Company in exploring public and private debt and equity options.

Ebix also announced that it has engaged the services of Sidley Austin LLP, a multinational law firm, to assist the Company in the above endeavors.

About Ebix, Inc.

With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand software and e-commerce services to the insurance, financial services, travel, healthcare and e-learning industries. In the Insurance sector, Ebixs main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.

Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Companys website at http://www.ebix.com

With a "Phygital strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021, to an Omni-channel online digital platform, the Companys Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services and technologies for insurance, bus information systems, lending and wealth management across 75+ countries including India. EbixCash has Forex operations in approximately 16 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata. EbixCash is a leader in the international remittance business based on gross transactional value. EbixCash, through its travel portfolio (Via.com and EbixCash.com), is one of the leading travel exchanges based in India and catering to Southeast Asian markets, with over 517,000 agents and approximately 17,900 registered corporate clients. EbixCash's financial technologies business offers software solutions to various clients in the areas of wealth, asset and lending management, insurance and bus information systems. EbixCash's business process outsourcing services provide information technology and call center services to a variety of industries. For more information, visit the Companys website at http://www.ebixcash.com

SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS

As used herein, the terms Ebix, the Company, we, our, and us refer to Ebix, Inc., a Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Ebix, Inc.

The information contained in this Press Release contains forward-looking statements and information within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Companys products by the market, and managements plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission (SEC), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact, are forward-looking statements. Words such as may, could, should, would, believe, expect, anticipate, estimate, intend, seeks, plan, project, continue, predict, will, and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.

Our actual results may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference, include, but are not limited to those discussed in our Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent reports filed with the SEC, as well as: the ongoing effects of the Covid-19 global pandemic, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; pricing and other competitive pressures and the Companys ability to gain or maintain share of sales as a result of actions by competitors and others; changes in estimates in critical accounting judgments; changes in or failure to comply with laws and regulations, including accounting standards, taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions; exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in India, Australia and Asia, Latin America and Europe wherein we have significant and/or growing operations); fluctuations in the equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; ability refinance or payoff our existing credit facility and to secure additional financing to support capital requirements; credit facility provisions that could materially restrict our business; costs and effects of litigation, investigations or similar matters that could affect our business, operating results and financial condition; and international conflict, including terrorist acts and wars.

Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason. Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto.

You may obtain our SEC filings at our website, http://www.ebix.com under the Investor Information section, or over the Internet at the SECs web site, http://www.sec.gov

Disclaimer:

EbixCash Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. The DRHP is available on the website of the SEBI at http://www.sebi.gov.in as well as on the websites of the book running lead managers, Motilal Oswal Investment Advisors Limited at http://www.motilaloswalgroup.com, Equirus Capital Private Limited at http://www.equirus.com, ICICI Securities Limited at http://www.icicisecurities.com, SBI Capital Markets Limited at http://www.sbicaps.com and YES Securities (India) Limited at http://www.yesinvest.in, respectively, and the websites of the stock exchange(s) at http://www.bseindia.com and http://www.nseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.

CONTACT:

Darren Joseph

678 -281-2027 or IR@ebix.com

David Collins or Chris Eddy

Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com

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Ebix Engages Jefferies as its Exclusive Investment Bank - GlobeNewswire

It wasnt difficult to see the light when besieged by such resplendence. What hits you at first is the smell of the spray you can only feel but not skim yet; the gap seems tempting but distant enough to the touch. It was difficult to tell where Rock Beach ended and the city of Pondicherry began. It wasnt difficult, however, to take a stroll on the Promenade under the moonlight slanting through the crevasses of the clouds overhead.

Life appeared ravishing, and it took me all my strength to not be lured into the enticement that the waves offered it would have taken a man of stronger character to walk away from all of that without batting an eyelid.

Sunrise at Rock Beach

The Adyar Bhavan on the road that connects the temple of Manikula Vinayagar raises its head in veneration, but it is not easy to give up on the prospect of a piping hot masala dosa served with a dollop of butter on top and the hint of unease at what it forbade an uninterested appetite washed down with the sweetest of coffees sourced from the Western Ghats in Karnataka. The Indian Coffee House, located a hundred metres down Jawaharlal Nehru Street, prefers to let this pass as an outswinger pitched on off-stump, but chooses not to curl its lips in derision.

One could not walk down these roads without passing a tinge of admiration for the exalted ashram that Sri Aurobindo set up in 1926; the last vestige of pride that overshadowed the sun setting in the west diametrically opposite to where Rock Beach was troubled you enough as you shook your head in vexation with what the town had presented to you so far.

Also read:A Return to Travel After COVID-19 Lockdown: Adventures in Norway

It was not unpleasant to see clusters of castaways and tramps throng the sacred porticoes of the Basilica of the Sacred Heart of Jesus, knowing well that man was more considerate and charitable when in the presence of God. Life made no distinction between Hyderabad and Pondicherry in both places, it is felt to be more desirable to live on the alms of others than work for a living as the strong-bodied among the beggars attest.

***

It takes a lot of will to wake up early and see the sunrise at Serenity Beach a few kilometres down the East Coast Road after a big night in; the backpackers hostels catering to the horde of solo travellers make good business at this time of the year. The monsoon has just set in, and although the humidity appeals to ones senses and asks to be set free, summer has departed. That is more than what one can ask for on the coastlines of India; of such small victories are ones days here made.

Fellow travellers those outlandish enough to wake up and chase the sunrise anyway make good use of the waspish hues that the pre-dawn gifts to the fortunate at this beach. Seen in the dark, the sky changes from a fantastic deep shade of late purple to mauve within minutes; you blink and you miss it. Shifting from a papaya whip to a deep atomic tangerine, one could be forgiven for not knowing that the northern lights were a million miles away from where one stood.

Rock Beach, with the Lighthouse prominent

The stars disappear one after the other, the Moon bids a hasty goodbye (but still lurks like a naughty schoolboy behind the curtains of the western caprices) and the star of the show the fiery-red ball we call the provider of life on Earth the Sun, makes a fashionably late appearance. It is not difficult to perceive that the world outside where men are cruel to each other has stopped existing; that this is all there is, and that this is the Truth one has spent all their life seeking. Nothing holds more significance than the moment when the sun rises from the horizon, bathed in celestial light. One feels lost in the vacuum created by time in space.

Staying true to its name, this beach ensures that contact from the world outside of its peripheries remains closed; the fishing hamlet that surrounds it and closes it in a vice-like grip deserves accord of the highest order. No middle-class tourist with disposable income freshly minted off the press can remain steadfast to what this beach signifies, and the idea of sanctity it represents.

***

No beach could match up to what one experienced at Serenity; certainly not the urban bazaar that is called Paradise (another reference to Hyderabad) and masquerades as a shoreline. The ferry ride taken across the gentle creek subterfuge as a backwater holds well until the pilot opens his mouth in stupefaction at the reality being pointed out; no wonder people feel betrayed when cruelly put face to face with the Truth. Living in delusions seems a much simpler, and often easier choice.

Sunrise at Serenity Beach

The visit to Auroville is timed with the bloom of frangipani; it is no coincidence that the jasmine that greets me on the many walks I am compelled to take in the inner confines of the commune smells of distaste yet a peculiar kind of freedom. The lassitude of the inmates mixed with the torpor that the afternoon invariably brings is overly seductive; it seems captivating yet far away from where I stand. It is that inner centring that mystics all over the world speak of that distinguishes us, beings of the same creed though we are.

Also read:Mumbais Eternal Voyage

The giant Banyans branches have twisted in a death-like grimace beyond recognition. It does not bow as I pay my respects to it for simply showing up, merely for being there, yet I sense that it appreciates the advances made appropriate or not. There is no place for dogma in Auroville, and it is not surprising to see that the ideas it preaches find little mention on the brochures supplied by travel agents in and around the hotels of Pondicherry.

The Matri Mandir or Golden Dome at Auroville

***

It seems apt to end ones sojourn here with a dish of well-made Ratatouille at Madame Shanthes sprinkled quite liberally with condiments found nowhere near the French Riviera. I spot a French family of five from Lyon sitting near the balustrade but lack the courage to inquire as to what they make of this. Memphis Depay, quite naturally, dominates our conversation. This pilgrimage of the heart would have been incomplete without a trip to Baker Street across from MG Road; it seems too tantalising a proposal to pass up the quiche and croissants calling out my name and asking for nothing in return save a few inches off the waistline.

Mohul Bhowmickis a national-level cricketer, poet, essayist, travel writer and sports journalist from Hyderabad, India. His latest collection of poems They Were My Heroes is now out.

All images provided by the author.

Link:
Travel Diary: The Resplendence of Pondicherry - LiveWire

Checkmate is the essence of chess. It ends the game, providing a satisfying closure to a long struggle.

Checkmates can also be incredibly beautiful. By definition, checkmate involves coordination and teamwork between your pieces. No single piece can ever deliver checkmate alone. Even the mighty queen must, at a minimum, have support from one other piece from its side, or possibly some traitorous opposing pieces that block their monarch's escape squares. The coordination of the supporting and opposing forces can create thousands of checkmating combinations, some that happen daily and some that have yet to ever be played over the board.

We've broken down our promised top 10 most beautiful checkmates in our video below. If you want, check it out now! Otherwise, scroll on for the full list here as well as thoughts on what makes a checkmate particularly beautiful.

What makes a checkmate beautiful? Certainly, beauty is in the eye of the beholder, and there are some mates that may be particularly delightful to you and less so to others. That said, there are elements that we can identify that are often found in "beautiful checkmates."

The following are 10 of the most beautiful checkmates ever played, as selected by the author with contributions from Chess.com's content team. Each meets multiple of the above criteria, and taken as a whole, these 10 represent a wide range of beautiful patterns.

There is one other criterion I have added: All of these checkmates are from actual games. Composed positions often feature incredibly beautiful checkmates, and perhaps I should make a list of the most beautiful composed checkmates later, but for now, I have stuck to checkmates played in games between two human chess players.

We begin with nearly the oldest checkmate on our list. Donisthorpe's delightful checkmate is hardly the most complex we'll see, but its wonder is in how impossible the initial move seems as well as the delightful pair of checkmates it leads to.

In another pretty but not overly complex checkmate, Neugebauer must have shocked Degenkolbe as he reverses a seemingly losing position with a thunderbolt. This idea has been seen in a few games, but this is the earliest example I have seen. If you know a prior example, please share it in the comments!

In the only checkmate from the 21st century on this list, IM Lev Milman finds a dazzling and unique sequence to achieve a checkmate that is hard to believe at first. Can the black king really have no escape here?!

Bauer's masterpiece has been published in countless checkmating anthologies, and with good reason, it's a pristine combination with multiple aesthetic lines leading to checkmate.

Genrikh Kasparian may not have ascended to the heights of the competitive chess world, but his chess compositions are among the very best ever created. Here he created magic over the board with a violent combination that concludes with a resistance-crushing quiet move.

While findable in a puzzle, Vaccaroni's combination (older than Donisthorpe's by just one year) seems nearly impossible to find over the board. It strikes like lightning from a clear blue sky and converts seeming chaos into clear checkmate.

This combination inspired GM Magnus Carlsen in the final tiebreak game of the 2016 World Chess Championship match. What more can be said?

Our final three checkmates see the difficulty truly ramp up. Engels's checkmate deserves a place here in the top three because of the incredible array of variations and possible checkmates. It's amazing how many different checkmates emerge from the combination and ALL of them are beautiful, unique, and forced.

Subtlety is the order of the day in our #2 checkmate as Jung crafts a true zugzwang with a lone bishop battling a queen. If Black needn't move, no win could be forcedbut Black must move, and even with a massive material advantage, every single move leads to catastrophe.

Our #1 most beautiful checkmate combines the complexity of Engels vs. Cardoso with the subtlety of Jung vs. Szabados. Rossolimo offers a stunning set of sacrifices to drag the black king into a net that is miraculously closed by White's own attacking king and a deadly quiet move by the rook.

There you have it10 incredible checkmates! What do you think of this list? Which amazing checkmates have been left off that you think desperately deserve inclusion? Leave your suggestions and comments below, and I hope that these checkmates have made your day just a little bit better.

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The 10 Most Beautiful Checkmates Of All Time - Chess.com

As we approach the year 2023, the same distance from the year 2000 as the original theatrical release of Star Wars, the chess world chugs forward to the next world championship and another year of fun, excitement, and growth.

They say that age is just a number, although the word "just" does a lot of work in that adage. If thatStar Wars fact didn't make you feel old, try these chess facts.

It's January 9, 2007. Apple CEO Steve Jobs steps onto a stage in San Francisco, California. He is about to unveil the most groundbreaking piece of technology in years: the iPhone. Three weeks later, Microsoft announces its next operating system: Vista. Somewhat less groundbreaking.

Through it all, three future chess grandmasters aren't even born yet: GMs Marc'Andria Maurizziand Bharath Subramaniyam were born later that year, and GM Abhimanyu Mishrain 2009.

At least no grandmaster is younger than the iPad. Well, yet. The first iPad came out on April 3, 2010, exactly five months before FM Tani Adewumi was born on September 3.

It's hardly more comforting to know that "just" six grandmasters are younger than Twitter, as Jack Dorsey sent the first tweet on March 21, 2006. Among these, GM Pranav V was also born the same day the world champion title was reunified. Maurizzi was born two years after fellow Frenchman GM Maxime Vachier-Lagrave earned his title in 2005. Or this: Anand became world champion on September 30, 2007; Bharath was born about two weeks later.

The last time Carlsen was not the world number-one was back in 2011. He regained the top spot from Anand on the July 2011 FIDE rating list and hasn't looked back yet. So what was going on in the world back on June 30, 2011, the last time Carlsen was outside the top spot?

Adele's21 was the number-one album in the U.S. for the week of June 25-July 1. Remember that Adele's albums are named for her age when production began (not upon release). She is now 34.

The last Harry Potter movie hadn't come out yet. Deathly Hallows Part 2 would finally be released on July 7. Daniel Radcliffe turned 22 about two weeks later and is now 33.

Derrick Rose of the Chicago Bulls was the reigning Most Valuable Player in the NBA, as announced back on May 3. Rose, also 22 then and now 34, has since played for five teams (including the Bulls) and required four knee surgeries.

Windows XP was still supported by Microsoft, as it would be until 2014. Apple's iPhone 4 was out, but not the 4S.

The planet Neptune had yet to complete an orbit since it was discovered in 1846It's got a long way to go out there! The orbit was finally completed on July 12.

Sudan was still one country, the largest in Africa. South Sudan seceded on July 9 and joined the United Nations on July 14, rendering Sudan the third-largest country in Africa.

And, finally, the U.S. Space Shuttle program was still active. It only ended on July 21 once Atlantis landed from its final voyage to space.

Whether you like movies, music, television, sports, or some combination of the four, there's something for you in this section.

GM Anatoly Karpov became world champion the same year that Jaws was released, while his bitter rival GM Garry Kasparov took his title when Back To The Future came out. GM Vladimir Kramnik became champion the same year as Gladiator and Cast Away (I could have sworn Cast Away was closer to 2005). And do you like Pixar films? Anand became champion the year Ratatouille came out while Magnus's reign began in the year of Frozen.

And Carlsen's reign is younger than several famous (although, in some of these cases, not exactly good) pop songs you might not expect, including "Friday," "Call Me Maybe," "Rolling in the Deep," "Thrift Shop," and "Wrecking Ball."

Karpov, who gained back the title of FIDE World Champion in the split in 1993, still held that position by the time Seinfeld ended on May 14, 1998. The world championship would remain split until 2006, meaning this 13-year period of chess history overlapped the entire original run of Friends, which debuted in 1994 and concluded in 2004.

Kasparov had retired by 2006, announcing the end of his professional chess career on March 10, 2005. It was only two weeks after this that the U.S. version of The Office began on March 24.

Finally, we go to sports, where Cristiano Ronaldo and Lionel Messi made their FIFA World Cup debuts in the summer of 2006 whenyou guessed itthe chess world championship was still split. Meanwhile, the last time a non-European country won the World Cup was Brazil on June 30, 2002, almost a full year before Firouzja was born on June 18, 2003. As for the other football? Well, Tom Brady was drafted when Kasparov was still world champion, on April 16, 2000. Kasparov finally lost his title on November 4 of that year.

Several star chess players reached a round-numbered age in 2022, and many more will in 2023.

In 2022, GM Andrey Esipenko turned 20, GMs Fabiano Caruana and Ding Liren turned 30, GMs Levon Aronian and Francisco Vallejo turned 40, and GMs Alexei Shirov and Loek Van Wely turned 50.

Next year? Well, Kasparov turns 60 years old. GMs Joel Lautier and Peter Heine Nielsen turn 50 while GMs Alexander Grischuk, Leinier Dominguez, and former youngest-GM-in-the-world Etienne Bacrot turn 40. GM Wesley So turns 30 while Firouzja, GM Arjun Erigaisi,and GM Hans Niemann turn 20.

If there's one person whodoesn't seem to age, it's Anand. He recently played at the European Club Cupwhere three of his 2700-rated teammatesGMs Richard Rapport, Bogdan-Daniel Deac, and Gukesh Dwere born after Anand's first world championship match back in 1995. Anand played first board as the highest-rated of all of them, scoring +1.

Anand also defeated Erigaisi in the event. In the time between their births (Anand on December 11, 1969, and Erigaisi on September 3, 2003), there were no fewer than five undisputed world champsGM Boris Spassky, GM Bobby Fischer, Karpov, Kasparov, and Kramnikand 10 prime ministers of India: Indira Gandhi (twice), Desai, Charan Singh, Rajiv Gandhi, V. P. Singh, Shekhar, Rao, Vajpayee (twice), Gowda, and Gujral.

The recently concluded Chess.com Global Championship had one early match, in particular, that is just a total time warp: GM Raunak Sadhwani, who was born in 2005, played and defeated GM Veselin Topalov, who was busy in 2005 becoming the FIDE world champion.

What do you think happened first: the development of the world's strongest chess engine or the U.S. electing its first Black president? Well, it's a virtual tie, but Stockfish 1.0 was released on November 2, 2008, two days before Barack Obama was elected president on November 4. Three months later, on February 5, 2009, Mishra became the first future grandmaster born during the Obama administration.

Well, I hope you feel as old as I do. Or older, if you are indeed older than I am (which is a number you'll have to guess).

Do you have any other amazing chess facts that take years from your life just thinking about them? Absolutely share them in the comments!

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Chess Facts That Will Make You Feel Old - Chess.com