Romain Wacziarg airs it out near the top of P.I.H., at the Fortress.

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Romain Wacziarg airs it out near the top of P.I.H., at the Fortress.

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Romain Wacziarg high above Hwy.33 on the upper portion of "Permanent Income Hypothesis."

Romain & Alberto, two economists, on "Permanent Income Hypothesis," at the Fortress.

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Matthew Fienup

May 1, 2008

“Romain Wacziarg airs it out near the top of P.I.H., at the Fortress.”

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Romain Wacziarg airs it out near the top of P.I.H., at the Fortress.

Romain & Alberto, two economists, on "Permanent Income Hypothesis," at the Fortress.

A) Free to Choose (5.8)<br>
B) Permanent Income Hypothesis (5.9+)

Romain Wacziarg on P.I.H., at the Fortress

Matthew Fienup nears the top of "Permanent Income Hypothesis" during the route's first ascent.

Permanent Income Hypothesis and the related rappel line.

Belay on Permanent Income Hypothesis

Romain Wacziarg enjoys stunning arete climbing on "Permanent Income Hypothesis" during the route's first ascent.

Maidy at the belay at the top of pitch 1.

Rest spot on PIH

Pitch 2 of Permanent Income Hypothesis

Richard Duncan topping out on Permanent Income Hypothesis.

From the summit looking down at the route. It follows the eret all the way up to a small ceiling then move out on to the face.

Permanent Income Hypothesis, the Fortress

Romain Wacziarg climbs through the first crux of "Permanent Income Hypothesis" during the route's first ascent.

The top portion of PIH seen from the anchors at the top of the second pitch of Free to Choose.

Rap route for PIH, some opportunities for a stuck rope.

View of the arete of Permanent Income Hypothesis, taken from a point high on the South-East, or climber's left, side of the gully. The route follows the skyline.

Romain Wacziarg on the upper reaches of Permanent Income Hypothesis, on the route's second lead ascent, January 23, 2007.

Richard Shore at the summit block of Permanent Income Hypothesis

Pulling my buddy up one of the best 5.9's in SoCal IMHO. Photo courtesy of Hagan Timmons, from "Capitalism and Freedom"

Romain Wacziarg high above Hwy.33 on the upper portion of "Permanent Income Hypothesis."