Tag Archives: self-improvement

Books – Summer Reading Hit List (#reading #education #economics #philosophy #business)

The following is a list of books I’m trying to get through from now until Fall (July-September) in order of current priority. Strike through text indicates the book has been read and likely blogged:

  1. Becoming A Manager by Linda A. Hill
  2. Human Action by Ludwig von Mises
  3. The Great Deformation by David A. Stockman
  4. The Entrepreneurial Mindset by Rita Gunter McGrath
  5. Civilization & Capitalism, 15th-18th Century, vol. 1, The Structure of Everyday Life by Fernand Braudel
  6. Baby Catcher by Peggy Vincent
  7. The Six Pillars of Self-Esteem by Nathaniel Branden
  8. The Beginnings of Western Science by David C. Lindberg
  9. The Theory of Money and Credit by Ludwig von Mises
  10. An Introduction to Logic and Scientific Method by Morris R. Cohen
  11. The Generalissimo by Jay Taylor
  12. The Mystery of Capital by Hernando de Soto
  13. Max Stirner: His Life and His Work by John Henry Mackay
  14. Asian Godfathers by Joe Studwell

Hailing The New Year

In early 2013 I penned a personal reflection on what I had accomplished in 2012, and what I had hoped to see happen in the new year.

I didn’t actually accomplish much with regards to the specific goal I outlined for myself in that post, looking back on it now. My hope was to spend more time “practicing investing”, specifically in the sense of looking at lots of ideas and trying to value things.

In addition, while not a stated goal I did not make even half as much progress reading new material over the course of the year as compared to the year prior in 2012. In fact, I had planned not to in order to free up more time to spend on “doing” rather than “thinking about doing” investing.

My excuses were two. First, and this reason looms largest in my mind though it’s in objective actuality the least potent, the market continued to run up in 2013. Value dried up, the marginal effort expended yielded consequently less marginal return so I just threw in the towel and decided not to bother with it. We know this is a weak excuse because plenty of people, including value investors, managed to crank out stellar returns this year past, though some of this was on legacy positions made in 2012 and held through 2013 and I did notice my pen wasn’t the only dry one in 2013– many of my value blogger friends suddenly cut down on their blog output, while many others gave up blogging to get real jobs as money managers. From rags to riches, a sign of the times?

My second excuse is that while I had significant free time, even during the course of my “normal” daily professional responsibilities, to think about and act on my value investing interests and portfolio management duties, in 2013 the demands of my day job were much more significant as was the total opportunity to learn and grow as a businessman in the industry and more generally speaking. This dominated my time so that I did not grow as much as an investor, but I nonetheless grew as a businessperson and productive individual and ultimately I think what I learned in terms of the problems (and solutions) of a real operating business, as well as my ability to effect change, will have significant effects on my future investment returns. They clearly had significant effects on my short term investment returns this year! One small portfolio I tend to was essentially flat and uninvested, my personal portfolio grew by single digits, mostly uninvested and mostly through the churning of the JNet portfolio and the other larger portfolios I watch over grew mostly because legacy bond positions had increased in price and I decided it was time to take money off the table there (I traded some JNets around the margins, too).

I didn’t accomplish what I wanted to, but I did accomplish other things so all in all I was satisfied with how 2013 went.

Looking ahead, I’ve decided the most important thing I can accomplish in 2014 is to master the art of focus. To that end, I am going to look for a way to disabuse myself of the portfolio management responsibilities I so eagerly sought out in 2012-2013, in order to completely free my time, attention and anxiety to be applied to my daily professional opportunities. The enterprise is much greater in scope and I can have a much more leveraged effect here. This is a real opportunity to harness competitive advantage and the power of the division of labor to better myself and provide a meaningful chance for someone more talented to do better than I can.

I’ll content myself with “playing Buffett” in my personal portfolio and enjoy the satisfaction of cheering from the sidelines on everything else. That way I can be myself in everything else I do.

If I can accomplish this, I forecast 2014, and beyond, will be very good for me.

Concerns of Meaningless Peons (#poverty, #inadequacy, #values)

The following is a running list of observed concerns and conditions of individuals which would suggest they may be living the lives of meaningless peons, updated as observational faculties permit:

  1. Owning less than an acre of land
  2. Not contemplating life from an Eames chair
  3. Emotionally invested in professional sports
  4. Arguing economics on the internet with idiots trying to vouchsafe wanton criminality in sophistry
  5. Leasing everything, owning nothing
  6. Primary pastimes revolves around drinking with your friends and Facebooking your exploits
  7. Fretting about how to get your child into a “good” public school

Note: the composer of the above list may be guilty of some or even all of the infractions mentioned.

Quotes – The Risk Of Self-Improvement

If you want to improve, be content to be thought foolish and stupid.

~Epictetus

Observations On Expectations (#publicschool, #expectations, #psychology)

A story of expectations met and unmet, in two parts.

Part the first. I spoke in front of a group of students at a local continuation high school this morning. The original topic was my career (what do I do? what do I like/dislike about it? etc.) and my career path (what’s my background? education? how’d I get to where I am?) but I never quite got there. I mostly ended up talking about economics as I was speaking to an economics class, nominally, and the program coordinator kept prompting me on that subject.

I introduced two economic concepts to the assembled: TNSTAAFL/opportunity cost, and subjective value theory. I tried to apply them to “real life” to make them tangible and interesting to the audience. I talked about how everyone got suckered into the Housing Bubble, which cost a lot of people their homes, their personal finances, their jobs and sometimes more. I suggested that a person who understood that TNSTAAFL wouldn’t have gotten suckered in because he would’ve recognized the bubble for what it was and played it safe as he could. Subjective value theory I used to explain why we have an economy and why people work jobs, to serve each other’s subjective needs. I encouraged the class to think about their own values and to pursue them, and recognize that when people tell them what to do they’re simply telling them they should follow subjective values other than their own. I tried to highlight the role opportunity cost plays in pursuing subjective values, for example, people often get into traps such as pursuing money to provide for their families in such a way that they don’t get to spend time with their families. This opportunity cost is forgotten or ignored.

I also covered time value of money and the function of credit during a brief tangent, prompted by the program coordinator emphasizing the importance of personal finance principles.

The instructor goaded the students into applauding me before I had even spoke, as some kind of polite welcome for someone who had taken the time to stand before them and pontificate on a subject they cared little about. I said, “We’ll see if you still feel like applauding me at the end” and then began my talk. At the end of it, as the students rose to leave at the sound of the Pavlovian bell, one of the young men closest to me in the front of the room turned to his classmate and said in a quite intentionally audible way, “Thank GOD that is over!”

The morning’s events completely met my expectations and as a result, I was satisfied with myself when I myself left. I had entered a prison, whose inmates were being held against their will, by force of law, who had been assembled before me because they had no other choice save punishment and who had little to no interest in the subjects I had been invited to speak about before them. You certainly can’t blame a person in such circumstances for being disengaged, melodramatic and at times downright hostile.

If you put me in a cage I’d be uncomfortable and not in a friendly mood, either.

I didn’t expect to touch anyone, change a life or spark a fire or interest in anyone for the subjects I spoke about (economics, careers, my career, me) and if I happened to do that despite my intentions, that’s fine. I expected to go in there, treat the poor beasts with respect and maybe a bit of sympathy, having once been caged in a similar manner myself, and deliver my thoughts as articulately and coherently as I could. I expected to get practice speaking before an audience and trying, not necessarily succeeding, at making a foreign subject engaging or relatable for them.

In this, I met my expectations and so I believe I succeeded and thus I felt satisfied.

Part the second. For some time now I have watched in despair as a previously favorite blog of mine has gone into seemingly terminal decline. What was once a source of original thinking, unique coverage and respectable ideological consistency has in time become a haven for hacks and simpletons, its content hollowed-out and refocused on a few topics I just don’t have much interest in. The purveyor of the site has taken numerous opportunities, on his blog and his new webcast radio show, to demonstrate qualities of his personality I’ve found surprising, disappointing and at times reprehensible.

My distress with this reached a fever pitch early this week when a long-awaited debate on the subject of “intellectual property” was joined by the purveyor and another popular blogger on the subject. While the purveyor’s behavior leading up to the discussion gave me no reason to believe it’d be an intelligent, objective attempt at sussing out the truth by the two parties, but rather much evidence that it would be a battle of wills and ego characterized by willful blindness of reason and savage emotional assaults on each respective victim, the final product was so shockingly extreme in terms of all the undesirable qualities I suspected it would contain that I almost couldn’t believe these two adults had allowed themselves to be recorded, their outrage to be shared in front of a public audience of strangers.

I found myself so disappointed with the whole thing. It was anti-intellectual and truly uncivilized, the kind of stuff blood feuds at made of (gusto about sacred honor and the like that can never be satiated by way of reasonable argument). I knew both men were capable of a bit of underhandedness, but at least in the past the underhandedness seemed to have some kind of productive point. This time, after I finished sitting through two and a half hours of two middle-aged men calling each other names and screaming at one another, waiting for a point, I realized too late that there was none beyond sharing pure hate and distrust.

Who was to blame for my dissatisfaction in this instance? Initially, I found myself disgusted with these two people for subjecting me to this idiocy. “How dare they!” Then I thought about it some more. They are who they are. Their current skills and capabilities with regards to interpersonal communication and intellectual reasoning are aspects of their identity that exist as they do, whether I find them appealing or satisfying or not. I expected them to work hard to please me in their debating efforts (despite, I should add, much evidence that they were capable of no such thing) and when they didn’t live up to my expectations, I was disappointed.

Not by them, but by myself. For expecting people to live to serve my intellectual and emotional needs.

In the first part, I participated in something that could easily be seen as a disastrous waste of everybody’s time. Yet, I walked away from it in a positive state of mind. In the second part, I witnessed a true social tragedy and felt depressed and upset. Both circumstances were undesirable, but my reaction was different each time because my expectations were different.

Expectations can glorify our existence or cast the light of our lives down a dark abyss. I hope to remind myself of this fact more often.