“Financial alchemy” or a zero sum game? Real estate finance, securitisation and the UK property market

Following the US model, the UK has seen considerable innovation in the funding, finance and procurement of real estate in the last decade. In the growing CMBS market asset backed securitisations have included $2.25billion secured on the Broadgate office development and issues secured on Canary Wharf and the Trafford Centre regional mall. Major occupiers (retailer Sainsbury’s, retail bank Abbey National) have engaged in innovative sale & leaseback and outsourcing schemes. Strong claims are made concerning the benefits of such schemes – e.g. British Land were reported to have reduced their weighted cost of debt by 150bp as a result of the Broadgate issue. The paper reports preliminary findings from a project funded by the Corporation of London and the RICS Research Foundation examining a number of innovative schemes to identify, within a formal finance framework, sources of added value and hidden costs. The analysis indicates that many of the gains claimed conceal costs – in terms of market value of debt or flexibility of management – while others result from unusual firm or market conditions (for example utilising the UK long lease and the unusual shape of the yield curve). Nonetheless, there are real gains resulting from the innovations, reflecting arbitrage and institutional constraints in the direct (private) real estate market

Hell, Heaven and Alchemy in Hawthorne’s “Scarlet Letter" according to Gnosticism

According to Gnosticism, the original sin which prompted man to be expelled from Heaven was the sin against the Holy Spirit. This offence would be strictly connected to sexuality, consisting mainly on fornication and adultery. The disobedient behavior towards the Lord’s Laws, then, made God banish sinners to a place where they should suffer until they could be redeemed by their own good deeds and saintly conduct. In The Scarlet Letter, by Nathaniel Hawthorne, the main characters have to suffer the consequences of their sin and struggle against their own nature to achieve redemption and be purified.

Numerical software, science or alchemy? /

Bibliography: p. 23-34.

Modern alchemy,

Mode of access: Internet.

Alchemy the turba philosophorum; or, Assembly of the sages, called also the book of truth in the art and the third Pythagorical synod; /

Mode of access: Internet.

The alchemy of entrepreneurial business growth

Two forces that fuel entrepreneurial grown and sustainable change

Alchemy and Symbolism in the Work of Carlos Estevez

The purpose of this thesis was to explore how alchemy has influenced Carlos Estevez’s work through a study of the symbolic repertoire and the philosophical concepts associated with it in his art, particularly how these are expressed in his artworks and how alchemy has evolved thematically in his oeuvre. The study of alchemy influenced this artist so deeply that even pieces that were not primarily inspired by this philosophical system show traces of it, essentially by representing the concept of transformation, crucial to understanding the alchemical process. This thesis is based on Carl Gustav Jung’s idea of metaphysical transformation as one of the main aspects of alchemy, and on his theory of active imagination as a tool to represent thoughts through artworks. Alchemy transformed Estevez’s art, and by extension the way he approaches life, making him conscious of the importance of transmutation and alchemical concepts.

Nature in the books of seven metals – Ǧābirian corpus in dialogue with ancient Greek philosophy and Byzantine alchemy –

The Ǧābirian corpus was a receiver of ancient Greek ideas and, at the same time, a source of knowledge for the later Greek-speaking world, in particular for medieval Byzantine alchemy. Both aspects are explored in the dissertation with respect to the notion of nature. After a general introduction to the Corpus and the sciences described in it, particular attention is devoted to a Byzantine anonymous text, The Work of Four Elements, which was probably influenced by the Ǧābirian Books of Seventy. These texts exemplify how, in the theory of the Ǧābirian science, things are constructed from four natures (hot, cold, moist and dry), the balance of which defines what a thing is. By changing the balance of natures, one can transmute any metals into gold that is perfectly proportioned in terms of natures. Ǧābir presents the art of dyeing metals gold in the Books of Seven Metals which, along with chrysopoetic recipes, also include medical recipes and theoretical contents such as the theories of four humours, properties, and talismans. Moreover, Ǧābir postulated a substrate that does not change in itself and continues to exist when natures move in and out of things. Such primary existence is called the fifth nature as an additional principle to the four natures. This key concept for the Ǧābirian theory, which has been underexplored so far, is discussed through the textual and critical analysis of various unedited sources: the Books of Seven Metals and the Book of the Fifth Nature. This study confirms that the fifth nature was probably derived from ancient Greek philosophical concepts such as the Empedoclean particles, the Aristotelian fifth element and the Stoic pneuma. Thus, this research indicates the importance of the Ǧābirian corpus both in the history of alchemy and the history of philosophy.