Convincing Investment Quotes

Is it possible, in the final analysis, for one human being to achieve perfect understanding of another? We can invest enormous time and energy in serious efforts to know another person, but in the end, how close can we come to that person's essence? We convince ourselves that we know the other person well, but do we really know anything important about anyone?

Convincing all nations in the civilized world to agree that any investments into these corporations should be tax-free was not an easy task. Tea with the Queen didn’t quite cut it. Saki with the Japanese Prime Minister was pleasant, but not quite enough. We had to offer major trade concessions to our partner nations to bring them to the negotiating table. In retrospect, it was a small price to pay. The talks earned me the title of “The Great Negotiator.” I didn't mind.

But you know if God should stamp eternity or even judgment on our eyeballs, or if you’d like on the fleshy table of our hearts I am quite convinced we’d be a very, very different tribe of people, God’s people, in the world today. We live too much in time, we’re too earth bound. We see as other men see, we think as other men think. We invest our time as the world invests it. We're supposed to be a different breed of people. I believe that the church of Jesus Christ needs a new revelation of the majesty of God. We’re all going to stand one day, can you imagine it- at the judgment seat of Christ to give an account for the deeds done in the body. This is what- this is the King of kings, and He’s the Judge of judges, and it’s the Tribunal of tribunals, and there’s no court of appeal after it. The verdict is final.

The fact that a thesis is flawed does not mean that we should not invest in it as long as other people believe in it and there is a large group of people left to be convinced. The point was made by John Maynard Keynes when he compared the stock market to a beauty contest where the winner is not the most beautiful contestant but the one whom the greatest number of people consider beautiful. Where I have something significant to add is in pointing out that it pays to look for the flaws; if we find them, we are ahead of the game because we can limit our losses when the market also discovers what we already know. It is when we are unaware of what could go wrong that we have to worry.

There’s only one way to describe most investors: trend followers. Superior investors are the exact opposite. Superior investing, as I hope I’ve convinced you by now, requires second-level thinking—a way of thinking that’s different from that of others, more complex and more insightful.

We can invest enormous time and energy in serious efforts to know another person, but in the end, how close can we come to that person’s essence? We convince ourselves that we know the other person well, but do we really know anything important about anyone?

We can invest enormous time and energy in serious efforts to know another person, but in the end, how close are we able to come to that person’s essence? We convince ourselves that we know the other person well, but do we really know anything important about anyone?

WHEN YOU INVEST, your mind has a mind of its own. At the very moment when you are most convinced of your own rationality, you may be feeling rather than thinking your way toward a decision.

Repeat after me: I only invest my energy into people who invest in me. I only date people who intentionally want to get to know me. I do not chase people and try to convince them to like me.

A man with a conviction is a hard man to change. Tell him you disagree and he turns away. Show him facts or figures and he questions your sources. Appeal to logic and he fails to see your point. We have all experienced the futility of trying to change a strong conviction, especially if the convinced person has some investment in his belief. We are familiar with the variety of ingenious defenses with which people protect their convictions, managing to keep them unscathed through the most devastating attacks. But man’s resourcefulness goes beyond simply protecting a belief. Suppose an individual believes something with his whole heart; suppose further that he has a commitment to this belief, that he has taken irrevocable actions because of it; finally, suppose that he is presented with evidence, unequivocal and undeniable evidence, that his belief is wrong: what will happen? The individual will frequently emerge, not only unshaken, but even more convinced of the truth of his beliefs than ever before. Indeed, he may even show a new fervor about convincing and converting other people to his view.

My years inside the Skunk Works, for example, convinced me of the tremendous value of building prototypes. I am a true believer. The beauty of a prototype is that it can be evaluated and its uses clarified before costly investments for large numbers are made.

Here is a key insight for any startup: You may think yourself a puny midget among giants when you stride out into a marketplace, and suddenly confront such a giant via litigation or direct competition. But the reality is that larger companies often have much more to fear from you than you from them. For starters, their will to fight is less than yours. Their employees are mercenaries who don’t deeply care, and suffer from the diffuse responsibility and weak emotional investment of a larger organization. What’s an existential struggle to you is merely one more set of tasks to a tuned-out engineer bored of his own product, or another legal hassle to an already overworked legal counsel thinking more about her next stock-vesting date than your suit. Also, large companies have valuable public brands they must delicately preserve, and which can be assailed by even small companies such as yours, particularly in a tight-knit, appearances-conscious ecosystem like that of Silicon Valley. America still loves an underdog, and you’ll be surprised at how many allies come out of the woodwork when some obnoxious incumbent is challenged by a scrappy startup with a convincing story. So long as you maintain unit cohesion and a shared sense of purpose, and have the basic rudiments of living, you will outlast, outfight, and out-rage any company that sets out to destroy you. Men with nothing to lose will stop at nothing to win.

I first met Winston Churchill in the early summer of 1906 at a dinner party to which I went as a very young girl. Our hostess was Lady Wemyss and I remember that Arthur Balfour, George Wyndman, Hilaire Belloc and Charles Whibley were among the guests… I found myself sitting next to this young man who seemed to me quite different from any other young man I had ever met. For a long time he seemed sunk in abstraction. Then he appeared to become suddenly aware of my existence. He turned on me a lowering gaze and asked me abruptly how old I was. I replied that I was nineteen. “And I,” he said despairingly, “am thirty-two already. Younger than anyone else who counts, though, “he added, as if to comfort himself. Then savagely: “Curse ruthless time! Curse our mortality. How cruelly short is this allotted span for all we must cram into it!” And he burst forth into an eloquent diatribe on the shortness of human life, the immensity of possible human accomplishment—a theme so well exploited by the poets, prophets, and philosophers of all ages that it might seem difficult to invest it with new and startling significance. Yet for me he did so, in a torrent of magnificent language which appeared to be both effortless and inexhaustible and ended up with the words I shall always remember: “We are all worms. But I do believe that I am a glow worm.” By this time I was convinced of it—and my conviction remained unshaken throughout the years that followed. Later he asked me whether I thought that words had a magic and music quite independent of their meaning. I said I certainly thought so, and I quoted as a classic though familiar instance the first lines that came into my head. Charm’d magic casements, opening on the foam Of perilous seas, in faery lands forlorn. His eyes blazed with excitement. “Say that again,” he said, “say it again—it is marvelous!” “But I objected, “You know these lines. You know the ‘Ode to a Nightengale.’ ” He had apparently never read or heard of it before (I must, however, add that next time I met him he had not learned not merely this but all of the odes to Keats by heart—and he recited them quite mercilessly from start to finish, not sparing me a syllable). Finding that he liked poetry, I quoted to him from one of my own favorite poets, Blake. He listened avidly, repeating some lines to himself with varying emphases and stresses, then added meditatively: “I never knew that old Admiral had found so much time to write such good poetry.” I was astounded that he, with his acute susceptibility to words and power of using them, should have left such tracts of English literature entirely unexplored. But however it happened he had lost nothing by it, when he approached books it was “with a hungry, empty mind and with fairly srong jaws, and what I got I *bit*.” And his ear for the beauty of language needed no tuning fork. Until the end of dinner I listened to him spellbound. I can remember thinking: This is what people mean when they talk of seeing stars. That is what I am doing now. I do not to this day know who was on my other side. Good manners, social obligation, duty—all had gone with the wind. I was transfixed, transported into a new element. I knew only that I had seen a great light. I recognized it as the light of genius… I cannot attempt to analyze, still less transmit, the light of genius. But I will try to set down, as I remember them, some of the differences which struck me between him and all the others, young and old, whom I have known. First and foremost he was incalculable. He ran true to no form. There lurked in his every thought and world the ambush of the unexpected. I felt also that the impact of life, ideas and even words upon his mind, was not only vivid and immediate, but direct. Between him and them there was no shock absorber of vicarious thought or precedent gleaned either from books or other minds. His relationship wit

the International Monetary Fund basically acted as the world’s debt enforcers—“You might say, the high-finance equivalent of the guys who come to break your legs.” I launched into historical background, explaining how, during the ’70s oil crisis, OPEC countries ended up pouring so much of their newfound riches into Western banks that the banks couldn’t figure out where to invest the money; how Citibank and Chase therefore began sending agents around the world trying to convince Third World dictators and politicians to take out loans (at the time, this was called “go-go banking”); how they started out at extremely low rates of interest that almost immediately skyrocketed to 20 percent or so due to tight U.S. money policies in the early ’80s; how, during the ’80s and ’90s, this led to the Third World debt crisis; how the IMF then stepped in to insist that, in order to obtain refinancing, poor countries would be obliged to abandon price supports on

The largest animal in the ocean and the largest living land animal were no more than a hundred yards apart, and I was convinced that they were communicating! In infrasound, in concert, sharing big brains and long lives, understanding the pain of high investment in a few precious offspring, aware of the importance and the pleasure of complex sociality, these rare and lovely great ladies were commiserating over the back fence of this rocky Cape shore, woman to woman, matriarch to matriarch,

For many of us, trying to outguess the market is a game that is much too much fun to give up. Even if you were convinced you would not do any better than average, I'm sure that most of you with speculative temperaments would still want to keep on playing the game of selecting individual stocks with at least some portion of the money you invest.

I was convinced that I was totally incompetent in predicting market prices - but that others were generally incompetent also but did not know it, or did not know they were taking massive risks. Most traders were just "picking pennies in front of a steamroller," exposing themselves to the high-impact rare event yet sleeping like babies, unaware of it.

Haskell had needed convincing, but Inej was one of the best investments Kaz had ever made.

The engineer’s ready capitulation, however, did not hide from the poet’s mother the sad realization that the adventure into which she had plunged so impulsively--and which had seemed so intoxicatingly beautiful--had no turned out to be the great, mutually fulfilling love she was convinced she had a full right to expect. Her father was the owner of two prosperous Prague pharmacies, and her morality was based on strict give-and-take. For her part, she had invested everything in love (she had even been willing to sacrifice her parents and their peaceful existence); in turn, she had expected her partner to invest an equal amount of capital of feelings in the common account. To redress the imbalance, she gradually withdrew her emotional deposit and after the wedding presented a proud, severe face to her husband.

He invested heavily in a company that bought perishable foods and shipped them in the latest refrigerated cars to far-off cities. It was a fine, forward-looking business. But the Pullman strike halted all train traffic through Chicago, and the perishable foods rotted in their train-cars. He was ruined. He was still young, however, and still Bloom. He used his remaining funds to buy two expensive suits, on the theory that whatever he did next, he had to look convincing. “But one thing was quite clear…” he wrote. “[B]eing broke didn’t disturb me in the least. I had started with nothing, and if I now found myself with nothing, I was at least even. Actually, I was much better than even: I had had a wonderful time.” Bloom went on to become a congressman and one of the crafters of the charter that founded the United Nations.

When the NSSF fights against legislation designed to prevent mass shootings because it “won’t work and is a violation of rights,” we understand that many people agree with that argument. But that’s not, at all, even a little bit why the organization lobbies so hard. It works hand in hand with the NRA and certain senators, and spends millions of dollars per year for one reason and one reason only: to make more money. And every time a shooting happens, it makes even more money. Yes. For real. When a mass shooting makes national headlines, the gun lobby purposefully stokes up fear and paranoia over proposed new gun laws so that scared citizens get out their checkbooks and buy a new AR-15 (or sporting rifle). So why would the NSSF have any interest in stopping mass shootings? Why would it engage politically and invest in compromise, a reform plan that attempts to make all Americans safer, or any sort of reckoning of the role guns play in gun violence? It won’t. However you feel about guns and their place in America—whether we’re talking about rifles for hunting or assault rifles, or anything in between—it’s undeniable that the gun lobby has refused to acknowledge or entertain any sort of regulation or reform aimed at making us a safer and saner nation. The reason why: because that does not make it more money. A customer base kept terrified at all times that this will be “the last chance before the government bans” whatever gun manufacturers are peddling is much more valuable. A customer base absolutely convinced that the just-about-anyone-can-buy culture we have is politically necessary without seeing that it serves those companies is what they’re after. They have achieved it.

Countless aid organizations and governments are convinced that they know what poor people need, and invest in schools, solar panels, or cattle. And, granted, better a cow than no cow. But at what cost? A Rwandan study estimated that donating one pregnant cow costs around $3,000 (including a milking workshop). That’s five years’ wages for a Rwandan.17 Or take the patchwork of courses offered to the poor: Study after study has shown that they cost a lot but achieve little, whether the objective is learning to fish, read, or run a business.18 “Poverty is fundamentally about a lack of cash. It’s not about stupidity,” stresses the economist Joseph Hanlon. “You can’t pull yourself up by your bootstraps if you have no boots.”19 The great thing about money is that people can use it to buy things they need instead of things that self-appointed experts think they need. And, as it happens, there is one category of product which poor people do not spend their free money on, and that’s alcohol and tobacco. In fact, a major study by the World Bank demonstrated that in 82% of all researched cases in Africa, Latin America, and Asia, alcohol and tobacco consumption actually declined.20

Ghafari points out that when an online guru uses too much “absolutist language,” that’s New Age scammer red flag number one. “Anyone who talks about the concept of feeling our past, our inner trauma, in a universal, oversimplified way,” she clarifies. “For example, statements like, ‘All of us are traumatized as kids, which is why we need to x, y, z,’ or, ‘All of us are from the cosmos and we’re just floating in a quantum field, blah blah blah.’” If simple quantifiers and qualifiers are absent from a guru’s messaging, that’s a sign they are likely unqualified to speak as a mental health authority, and are less interested in actually helping people than they are in convincing as many followers as possible to invest in their prophetic gifts.

We can invest enormous time and energy in serious efforts to know another person, but in the end, how close can we come to that person’s essence? We convince ourselves that we know the other person well, but do we really know anything important about a

Mother Nature convincingly suggests that those who stay scared and run with the herd are more likely to stay alive. As investors around you behave irrationally and the news describes a miasma that will last for years, it’s easy to lose sight of your well-laid plans. It’s tempting to join the herd…

Increasingly, by choice or by accident, this is the role our nation has taken: the role of those who make peaceful revolution impossible by refusing to give up the privileges and the pleasures that come from the immense profits of overseas investments. I am convinced that if we are to get on the right side of the world revolution, we as a nation must undergo a radical revolution of values. We must rapidly begin the shift from a thing-oriented society to a person-oriented society. When machines and computers, profit motives and property rights, are considered more important than people, the giant triplets of racism, extreme materialism, and militarism are incapable of being conquered.

Is it possible, finally, for one human being to achieve perfect understanding of another? We can invest enormous time and energy in serious efforts to know another person, but in the end, how close are we able to come to that person’s essence? We convince ourselves that we know the other person well, but do we really know anything important about anyone?

He invested heavily in a company that bought perishable foods and shipped them in the latest refrigerated cars to far-off cities. It was a fine, forward-looking business. But the Pullman strike halted all train traffic through Chicago, and the perishable foods rotted in their train-cars. He was ruined. He was still young, however, and still Bloom. He used his remaining funds to buy two expensive suits, on the theory that whatever he did next, he had to look convincing. “But one thing was quite clear…” he wrote. “[B]eing broke didn’t disturb me in the least. I had started with nothing, and if I now found myself with nothing, I was at least even. Actually, I was much better than even: I had had a wonderful time.

Is it possible, in the final analysis, for one human being to achieve perfect understanding of another? We can Invest enormous time and energy in serious efforts to know another person, but in the end, how close can we come to that person's essence? We convince ourselves that we know the other person well, but do we really know anything important about anyone.

His days were light beer: lacking potency and barely intoxicating. Hardly worth investing in and perhaps that was why he barely ever spent anything on them. He was a shipwreck at the bottom of the sea. Something useless and long forgotten about, only to treasure hunters still of worth. Maybe that was what Helen was: a treasure hunter and therefore convinced that she had use for him. ~ As the moon began to rust

Sometimes, trust is something born only out of necessity. A curtain we draw to hide the ugly truth in order to convince ourselves that everything is fine, when deep down, we know nothing is fine. Crazy logic, I know. But take it from someone who knows. I trust people just enough to keep my head above water, but never completely. No matter how much you invest in a person, no matter how much think you can trust them, you can always be fooled.

They had forced Obama to play their budget game. Instead of talking about jobs and spending, he was talking about the deficit and bargaining with them over how many trillions to cut. “We led. They reacted to us,” exulted Kevin McCarthy, the House Republican whip. The donors were excited, too. Just the fact that Obama had been thrown on the defensive convinced those whose fortunes had helped pay for the Ryan plan that their investment was worth it.

Sol Bloom, chief of the Midway, emerged from the fair a rich young man. He invested heavily in a company that bought perishable foods and shipped them in the latest refrigerated cars to far-off cities. It was a fine, forward-looking business. But the Pullman strike halted all train traffic through Chicago, and the perishable foods rotted in their traincars. He was ruined. He was still young, however, and still Bloom. He used his remaining funds to buy two expensive suits, on the theory that whatever he did next, he had to look convincing. “But one thing was quite clear. . . .” he wrote. “[B]eing broke didn’t disturb me in the least. I had started with nothing, and if I now found myself with nothing, I was at least even. Actually, I was much better than even: I had had a wonderful time.” Bloom went on to become a congressman and one of the crafters of the charter that founded the United Nations.

I have found a church in art, a form of work that is also a form of worship—it is a means of understanding myself, all my past selves, and all of you as beloved. This is why I will never stop doing it, even if no publisher ever again wants to share the results. Ironically, this kind of investment in the process is a boon to those who seek publication. Tenacity is often cited as the most common characteristic of successful authors. Of the many talented people I’ve met—classmates, students, friends—many of them no longer write.18 The ones who have kept doing so have made it central to their lives both external and internal. Writing is hard. It is not the most apparently useful kind of work to do in the world. Most of us are not out here saving any lives but our own, though its power to do that (at least in my case) is uncontestable. The older I get, the less convinced I am about most things, but this is one of the great facts of my life.

Alan and his wife had worked all their lives, and managed to sock away a million dollars for retirement. But four months earlier he’d gotten the idea that, despite having no experience in the markets, he should buy a hundred thousand dollars’ worth of GM stock, based on reports that the U.S. government might bail out the auto industry. He was convinced it was a no-lose investment. After his trade went through, the media reported that the bailout might not happen after all. The market sold off GM and the stock price fell. But Alan imagined the thrill of winning big. It felt so real he could taste it. He held firm. The stock fell again, and again, and kept dropping until finally Alan decided to sell, at a big loss. There was worse to come. When the next news cycle suggested that the bailout would happen after all, Alan got excited all over again and invested another hundred thousand dollars, buying more stock at the lower price. But the same thing happened: the bailout started looking uncertain.

Common phrases narcissists use and what they actually mean: 1. I love you. Translation: I love owning you. I love controlling you. I love using you. It feels so good to love-bomb you, to sweet-talk you, to pull you in and to discard you whenever I please. When I flatter you, I can have anything I want. You trust me. You open up so easily, even after you’ve already been mistreated. Once you’re hooked and invested, I’ll pull the rug beneath your feet just to watch you fall. 2. I am sorry you feel that way. Translation: Sorry, not sorry. Let’s get this argument over with already so I can continue my abusive behavior in peace. I am not sorry that I did what I did, I am sorry I got caught. I am sorry you’re calling me out. I am sorry that I am being held accountable. I am sorry you have the emotions that you do. To me, they’re not valid because I am entitled to have everything I want – regardless of how you feel about it. 3. You’re oversensitive/overreacting. Translation: You’re having a perfectly normal reaction to an immense amount of bullshit, but all I see is that you’re catching on. Let me gaslight you some more so you second-guess yourself. Emotionally invalidating you is the key to keeping you compliant. So long as you don’t trust yourself, you’ll work that much harder to rationalize, minimize and deny my abuse. 4. You’re crazy. Translation: I am a master of creating chaos to provoke you. I love it when you react. That way, I can point the finger and say you’re the crazy one. After all, no one would listen to what you say about me if they thought you were just bitter or unstable. 5. No one would believe you. Translation: I’ve isolated you to the point where you feel you have no support. I’ve smeared your name to others ahead of time so people already suspect the lies I’ve told about you. There are still others who might believe you, though, and I can’t risk being caught. Making you feel alienated and alone is the best way for me to protect my image. It’s the best way to convince you to remain silent and never speak the truth about who I really am.

She’d flown in at his old job up north, which had been gradually reduced from analysis and management to a more reactive and administrative role. Due to his own baggage, he guessed. Due to the fact it always started out well, but then, if he stayed too long … sometimes something happened, something he couldn’t quite define. He became too invested. He became too empathic, or less so. It confused him when it all went to shit because he couldn’t remember the point at which it had started to go bad—was still convinced he could get the formula right.

Wicked problems demand people who are creative, pragmatic, flexible, and collaborative. They never invest too much in their ideas, because they know they will have to alter them. They know there’s no right place to start, so they simply start somewhere and see what happens. They accept the fact that they’re more likely to understand the problem after it’s solved than before. They don’t expect to get a good solution; they keep working until they’ve found something that’s good enough. They’re never convinced they know enough to solve the problem, so they’re constantly testing their ideas on different stakeholders.

It’s a demonic feedback loop. Let me see if I can get this straight. Pharmaceutical companies sell mountains of drugs to factory farms, which depend on them to maintain their abnormally intensive systems. The animals develop antibiotic resistance that spreads to humans. Humans need stronger drugs. In the meantime, the animal industries flood the government with cash in exchange for subsidies. The government, invested in keeping the generous animal food lobbies flush, runs federal programs pushing people to eat increasing amounts of animal-based foods. People oblige. People get sick, requiring medication for the rest of their lives, along with expensive medical procedures. The drugs and procedures falsely assure them that they can continue to eat the food that made them sick in the first place. People continue to support the animal agriculture industry by buying their products, which pay for studies to further convince the public that animal products are an essential part of a healthy diet. People continue to support the pharmaceutical companies because they are tethered to their prescription drugs. This allows drug companies to pay for the “education” of our doctors who prescribe more drugs to us. Then pharmaceutical companies sell mountains of drugs to factory farms…

Interesting Avil, the priests and the acolytes of the various religions and temples of Torea build their whole lives on a lie. At first, as children they believe it. Maybe as they grow older and more wise they see the absurdness of their beliefs, but by that time they have invested time and emotional energy into those beliefs, then seeing them crumble and fall apart would be too hard for them to bear. So the protect the lie, they shore it up with more lies and they ebb out their short lives, knowing what they preach is untrue, but preaching it all the same... Almost as if preaching it hard enough will make it true... Are they trying to convince their congregation? Or themselves? You are wiser than you look Avil.

Once a competitor’s move has occurred, the denial of an adequate base for the competitor to meet its goals, coupled with the expectation that this state of affairs will continue, can cause the competitor to withdraw. New entrants, for example, usually have some targets for growth, market share, and ROI, and some time horizon for achieving them. If a new entrant is denied its targets and becomes convinced that it will be a long time before they are met, then it may withdraw or deescalate. Tactics for denying a base include strong price competition, heavy expenditures on research, and so on. Attacking new products in the test-market phase can be an effective way to foretell a firm’s future willingness to fight and can be less expensive than waiting for the introduction to actually occur. Another tactic is using special deals to load customers up with inventory, thereby removing the market for the product and raising the short-run cost of entry. It can be worth paying a substantial short-run price to deny a base if a firm’s market position is threatened. Essential to such a strategy, however, is a good hypothesis about what a competitor’s performance targets and time horizon are. An example of such a situation may be Gillette’s withdrawal from digital watches. Although claiming it had won significant market shares in test markets, Gillette bowed out, citing the substantial investments required to develop technology and margins lower than those available in other areas of its business. Texas Instruments’ strategy of aggressive pricing and rapid technological development in digital watches probably had a substantial impact on this decision.

In the West we are brainwashed into thinking that clinging to our personal rights and freedoms, while striving after things, is our ticket to happiness. In reality, it’s making us miserable. Several studies have revealed that, statistically speaking, America has one of the highest rates of depression (and other mental health disorders) in the world. On the other hand, these mental health studies suggest that Nigeria has one of the lowest rates of depression. Despite the fact that the average standard of living in America is roughly four times that of Nigeria, and despite the fact that Nigeria is a country with a multitude of social problems—including dehumanizing poverty, a serious AIDS epidemic, and ongoing civil strife—Nigeria has far less depression, per capita, than America. What do Nigerians have that Americans lack? Judging from the Nigerians I know, I’m convinced the main thing is a sense of community. Nigerians generally know they need one another. They don’t have the luxury of trying to do life solo, even if they had the inclination to do so. Consequently, Nigerians tend to have a sense of belonging that most Americans lack, and this provides them with a sense of general satisfaction in life, despite the hardships they endure. Many studies have shown that personal happiness is more closely associated with one’s depth of relationships and the amount one invests in others than it is with the comforts one “enjoys.” And this is exactly what we’d expect given that we’re created in the image of a God whose very nature is communal. It’s against our nature to be isolated. It makes us miserable, dehumanizes us, and ultimately destroys us.

I was shocked to have to admit to myself that not only had I accepted a complex theory somewhat uncritically, but that I had also actually noticed quite a bit of what was wrong, in the theory as well as in the practice of communism. But I had repressed this -partly out of loyalty to my friends, partly out of loyalty to "the cause", and partly because there is a mechanism of getting oneself more and more deeply involved: once one has sacrificed one's intellectual conscience over a minor point one doesn't wish to give in too easily; one wishes to justify the self-sacrifice by convincing oneself of the fundamental goodness of the cause, which is seen to outweigh any little moral or intellectual compromise that maybe required. With every such moral or intellectual sacrifice one gets more deeply involved. One becomes ready to back one's moral or intellectual investments in the cause with further investments. It's like being eager to throw good money after bad.

I enjoyed practicing corporate law, and for a while I convinced myself that I was an attorney at heart. I badly wanted to believe it, since I had already invested years in law school and on-the-job training, and much about Wall Street law was alluring. My colleagues were intellectual, kind, and considerate (mostly). I made a good living. I had an oce on the forty-second oor of a skyscraper with views of the Statue of Liberty. I enjoyed the idea that I could ourish in such a high-powered environment. And I was pretty good at asking the “but” and “what if” questions that are central to the thought processes of most lawyers. It took me almost a decade to understand that the law was never my personal project, not even close. Today I can tell you unhesitatingly what is: my husband and sons; writing; promoting the values of this book. Once I realized this, I had to make a change. I look back on my years as a Wall Street lawyer as time spent in a foreign country. It was absorbing, it was exciting, and I got to meet a lot of interesting people whom I never would have known otherwise. But I was always an expatriate.

It is only because military men are invested with pomp and power and crowds of sychophants flatter power, attributing to it qualities of genius it does not possess. The best generals I have known were, on the contrary, stupid or absent-minded men. Bagratión was the best, Napoleon himself admitted that. And Bonaparte himself! I remember his limited, self-satisfied face on the field of Austerlitz. Not only does a good army commander not need any special qualities, on the contrary he needs the absence of the highest and best human attributes—love, poetry, tenderness, and philosophic inquiring doubt. He should be limited, firmly convinced that what he is doing is very important (otherwise he will not have sufficient patience), and only then will he be a brave leader. God forbid that he should be humane, should love, or pity, or think of what is just and unjust. It is understandable that a theory of their ‘genius’ was invented for them long ago because they have power! The success of a military action depends not on them, but on the man in the ranks who shouts, ‘We are lost!’ or who shouts, ‘Hurrah!’ And only in the ranks can one serve with assurance of being useful.

And why do they all speak of a 'military genius'? Is a man a genius who can order bread to be brought up at the right time and say who is to go to the right and who to the left? It is only because military men are invested with pomp and power and crowds of sychophants flatter power, attributing to it qualities of genius it does not possess. The best generals I have known were, on the contrary, stupid or absent-minded men. Bagration was the best, Napoleon himself admitted that. And of Bonaparte himself! I remember his limited, self-satisfied face on the field of Austerlitz. Not only does a good army commander not need any special qualities, on the contrary he needs the absence of the highest and best human attributes—love, poetry, tenderness, and philosophic inquiring doubt. He should be limited, firmly convinced that what he is doing is very important (otherwise he will not have sufficient patience), and only then will he be a brave leader. God forbid that he should be humane, should love, or pity, or think of what is just and unjust. It is understandable that a theory of their 'genius' was invented for them long ago because they have power! The success of a military action depends not on them, but on the man in the ranks who shouts, 'We are lost!' or who shouts, 'Hurrah!' And only in the ranks can one serve with assurance of being useful.

What’s an IPO, exactly? A company decides it wants to “float” part of its equity on the public markets, allowing employees and founders to sell private shares to pay them off for years of service, as well as sell shares out of the corporate treasury to have some money in the bank. Large investment banks (such as my former employer Goldman Sachs) form what’s called a “syndicate” (“mafia” might be a better term) wherein they offer to effectively buy those shares from Facebook, and then sell them into the capital markets, usually by pushing it via their sales force onto wealthy clients or institutional investors. That syndicate either guarantees a price (“firm commitment”) or promises to get the best price it can (“best effort”). In the former case, the bank is taking real execution risk, and stands to lose money if it doesn’t engineer a “pop” in the stock on opening day. To mitigate the risk, the bank convinces the offering company to expect a lower price, while simultaneously jacking up what real price the market will bear with a zealous sales pitch to the market’s deepest pockets. Thus, it is absolutely jejune to think that a stock’s rise on opening day is due to clamoring and unexpected interest. Similar to Captain Renault in Casablanca, Wall Street bankers are shocked—shocked!—that there should be such a large and positive price dislocation in the market they just rigged.

The government doesn’t care if our kids learn to think or learn for the sake of learning, as long they learn to love their country, and grow up and pay taxes. How much of what we learnt in 10 years of our schooling actually comes handy in our day-to-day lives? Why can’t we learn useful skills, like cooking, in school that actually come in handy when it comes to survival? Does schooling need to last for 10 years? Is it possible to complete schooling in 7 years? Nobody knows and schools have done a great job at not letting us ask questions. We live in times where we cautiously invest 4 years in undergrad schools or 2 years in B-schools in the hope that we acquire strong skills or at least secure a job. Schooling, as it exists, is a 10-year course that neither helps us get a job nor imparts a skill and unfortunately, it is compulsory. Half the jobs that exist today won’t even exist 10 years from now. That’s how fast the world is progressing. We still ask our kids to learn when Shah Jahan was born. It is a joke that at the end of these 10 years, we are expected to choose a career in science, commerce, or arts when school education hardly helped us explore ourselves. Some of the world’s greatest artists, athletes, inventors and scientists are from India. Unfortunately, they are all engineers and tragically none of them know about their talents. The biggest reason for this tragedy isn’t the society, parenting, coaching or anything else. The school is the reason and they too are all eventually victims of the same century-old schooling system. In the legendary words of Kevin Spacey from Usual Suspects, “The greatest trick the devil ever pulled was convincing the world he didn’t exist.” and our school is our society’s biggest devil.

Looking back on getting fired from Apple in 1985, Steve Jobs said, “It was awful-tasting medicine, but I guess the patient needed it. Sometimes life hits you in the head with a brick. Don’t lose faith. I’m convinced that the only thing that kept me going was that I loved what I did.” I saw that to do exceptionally well you have to push your limits and that, if you push your limits, you will crash and it will hurt a lot. You will think you have failed—but that won’t be true unless you give up. Believe it or not, your pain will fade and you will have many other opportunities ahead of you, though you might not see them at the time. The most important thing you can do is to gather the lessons these failures provide and gain humility and radical open-mindedness in order to increase your chances of success. Then you press on. My final lesson was perhaps the most important one, because it has applied again and again throughout my life. At first, it seemed to me that I faced an all-or-nothing choice: I could either take on a lot of risk in pursuit of high returns (and occasionally find myself ruined) or I could lower my risk and settle for lower returns. But I needed to have both low risk and high returns, and by setting out on a mission to discover how I could, I learned to go slowly when faced with the choice between two things that you need that are seemingly at odds. That way you can figure out how to have as much of both as possible. There is almost always a good path that you just haven’t discovered yet, so look for it until you find it rather than settle for the choice that is then apparent to you. As difficult as this was, I eventually found a way to have my cake and eat it too. I call it the “Holy Grail of Investing,” and it’s the secret behind Bridgewater’s success.

My own observations had by now convinced me that the mind of the average Westerner held an utterly distorted image of Islam. What I saw in the pages of the Koran was not a ‘crudely materialistic’ world-view but, on the contrary, an intense God-consciousness that expressed itself in a rational acceptance of all God-created nature: a harmonious side-by-side of intellect and sensual urge, spiritual need and social demand. It was obvious to me that the decline of the Muslims was not due to any shortcomings in Islam but rather to their own failure to live up to it. For, indeed, it was Islam that had carried the early Muslims to tremendous cultural heights by directing all their energies toward conscious thought as the only means to understanding the nature of God’s creation and, thus, of His will. No demand had been made of them to believe in dogmas difficult or even impossible of intellectual comprehension; in fact, no dogma whatsoever was to be found in the Prophet’s message: and, thus, the thirst after knowledge which distinguished early Muslim history had not been forced, as elsewhere in the world, to assert itself in a painful struggle against the traditional faith. On the contrary, it had stemmed exclusively from that faith. The Arabian Prophet had declared that ‘Striving after knowledge is a most sacred duty for every Muslim man and woman’: and his followers were led to understand that only by acquiring knowledge could they fully worship the Lord. When they pondered the Prophet’s saying, ‘God creates no disease without creating a cure for it as well’, they realised that by searching for unknown cures they would contribute to a fulfilment of God’s will on earth: and so medical research became invested with the holiness of a religious duty. They read the Koran verse, ‘We create every living thing out of water’ - and in their endeavour to penetrate to the meaning of these words, they began to study living organisms and the laws of their development: and thus they established the science of biology. The Koran pointed to the harmony of the stars and their movements as witnesses of their Creator’s glory: and thereupon the sciences of astronomy and mathematics were taken up by the Muslims with a fervour which in other religions was reserved for prayer alone. The Copernican system, which established the earth’s rotation around its axis and the revolution of the planet’s around the sun, was evolved in Europe at the beginning of the sixteenth century (only to be met by the fury of the ecclesiastics, who read in it a contradiction of the literal teachings of the Bible): but the foundations of this system had actually been laid six hundred years earlier, in Muslim countries - for already in the ninth and tenth centuries Muslim astronomers had reached the conclusion that the earth was globular and that it rotated around its axis, and had made accurate calculations of latitudes and longitudes; and many of them maintained - without ever being accused of hearsay - that the earth rotated around the sun. And in the same way they took to chemistry and physics and physiology, and to all the other sciences in which the Muslim genius was to find its most lasting monument. In building that monument they did no more than follow the admonition of their Prophet that ‘If anybody proceeds on his way in search of knowledge, God will make easy for him the way to Paradise’; that ‘The scientist walks in the path of God’; that ‘The superiority of the learned man over the mere pious is like the superiority of the moon when it is full over all other stars’; and that ‘The ink of the scholars is more precious that the blood of martyrs’. Throughout the whole creative period of Muslim history - that is to say, during the first five centuries after the Prophet’s time - science and learning had no greater champion than Muslim civilisation and no home more secure than the lands in which Islam was supreme.

Construction finally began that winter, and by early 1974 Syncrude’s Mildred Lake site bustled with 1,500 construction workers. But the deal remained tentative as cost estimates grew beyond the initial $1.5 billion to $2 billion or more and the federal government’s new budget arrived with punitive new taxes for oil and gas exports. Then, in the first week of December, one of the Syncrude partners, Atlantic Richfield, summarily quit the consortium, leaving a 30 percent hole in its financing. A mad scramble ensued in search of a solution. Phone calls pinged back and forth between government officials in Edmonton and Ottawa. Finally, on the morning of February 3, 1975, executives from the Syn-crude partner companies and cabinet ministers from the Alberta, Ontario and federal governments met without fanfare and outside the media’s brightest spotlights at an airport hotel in Winnipeg to negotiate a deal to save the project. Lougheed and Ontario premier Bill Davis both attended, along with their energy ministers. Federal mines minister Donald Macdonald represented Pierre Trudeau’s government, accompanied by Trudeau’s ambitious Treasury Board president, Jean Chrétien. Macdonald and Davis, both Upper Canadian patricians in the classic mould, were put off by Lougheed’s blunt style. By midday, the Albertans were convinced Macdonald would not be willing to compromise enough to reach a deal. Rumours in Lougheed’s camp after the fact had it that over lunch, Chrétien persuaded the mines minister to accept the offer on the table. Two days later, Chrétien rose in the House of Commons to announce that the federal government would be taking a 15 percent equity stake in the Syn-crude project, with Alberta owning 10 percent and Ontario the remaining 5 percent. In the coming years, it would be Lougheed, with his steadfast support and multimillion-dollar investments in SAGD, who would be seen as the Patch’s great public sector champion. But it was Chrétien, “the little guy from Shawinigan,” whose backroom deal-making skills had saved Syncrude

Wheat did it by manipulating Homo sapiens to its advantage. This ape had been living a fairly comfortable life hunting and gathering until about 10,000 years ago, but then began to invest more and more effort in cultivating wheat. Within a couple of millennia, humans in many parts of the world were doing little from dawn to dusk other than taking care of wheat plants. It wasn’t easy. Wheat demanded a lot of them. Wheat didn’t like rocks and pebbles, so Sapiens broke their backs clearing fields. Wheat didn’t like sharing its space, water and nutrients with other plants, so men and women laboured long days weeding under the scorching sun. Wheat got sick, so Sapiens had to keep a watch out for worms and blight. Wheat was attacked by rabbits and locust swarms, so the farmers built fences and stood guard over the fields. Wheat was thirsty, so humans dug irrigation canals or lugged heavy buckets from the well to water it. Sapiens even collected animal faeces to nourish the ground in which wheat grew. The body of Homo sapiens had not evolved for such tasks. It was adapted to climbing apple trees and running after gazelles, not to clearing rocks and carrying water buckets. Human spines, knees, necks and arches paid the price. Studies of ancient skeletons indicate that the transition to agriculture brought about a plethora of ailments, such as slipped discs, arthritis and hernias. Moreover, the new agricultural tasks demanded so much time that people were forced to settle permanently next to their wheat fields. This completely changed their way of life. We did not domesticate wheat. It domesticated us. The word ‘domesticate’ comes from the Latin domus, which means ‘house’. Who’s the one living in a house? Not the wheat. It’s the Sapiens. How did wheat convince Homo sapiens to exchange a rather good life for a more miserable existence? What did it offer in return? It did not offer a better diet. Remember, humans are omnivorous apes who thrive on a wide variety of foods. Grains made up only a small fraction of the human diet before the Agricultural Revolution. A diet based on cereals is poor in minerals and vitamins, hard to digest, and really bad for your teeth and gums.

The scheme began to unravel following the Panic of 1873 when railroad investments failed. The bank experienced several runs at the height of the panic. The panic would not have affected the bank if it had been a savings bank, but by 1866, the business of the bank had become…reckless speculation, over-capitalization, stock manipulation, intrigue and bribery, and downright plundering…. In a last ditch effort to save the bank, the Trustees appointed Frederick Douglas as Bank President in March of 1874. Douglass did not ask to be nominated and the Bank Board knew that Douglass had no experience in banking, but they felt that his reputation and popularity would restore confidence to fleeing depositors….Douglas lent the bank $10,000 of his own money to cover the bank’s illiquid assets….Douglass quickly discovered that the bank was full of dead men’s bones, rottenness and corruption. As soon as Douglass realized that the bank was headed towards certain failure, he imposed drastic spending cuts to limit depositors’ losses. He then relayed this information to Congress, underscoring the bank’s insolvency, and declaring that he could no longer ask his people to deposit their money in it. Despite the other Trustees’ attempts to convince Congress otherwise, Congress sided with Douglass, and on June 20, 1874, Congress amended the Charter to authorize the Trustees to end operations. Within a few weeks’ time, the bank’s doors were shut for good on June 29, 1874, leaving 61,131 depositors without access to nearly $3 million dollars in deposits. More than half of accumulated black wealth disappeared through the mismanagement of the Freedman’s Savings Bank. And what is most lamentable…is the fact that only a few of those who embezzled and defrauded the one-time liquid assets of this bank were ever prosecuted….Congress did appoint a commission led by John AJ Cresswell to look into the failure and to recover as much of the deposits as possible. In 1880, Henry Cook testified about the bank failure and said that bank’s depositors were victims of a widespread universal sweeping financial disaster. In other words, it was the Market’s fault, not his. The misdeeds of the bank’s management never came to light.

By pointing to the captain’s foolhardy departure from standard procedure, the officials shielded themselves from the disturbing image of slaves overpowering their captors and relieved themselves of the uncomfortable obligation to explain how and why the events had deviated from the prescribed pattern. But assigning blame to the captain for his carelessness afforded only partial comfort, for by seizing their opportunity, the Africans aboard the Cape Coast had done more than liberate themselves (temporarily at least) from the slave ship. Their action reminded any European who heard news of the event of what all preferred not to contemplate too closely; that their ‘accountable’ history was only as real as the violence and racial fiction at its foundation. Only by ceaseless replication of the system’s violence did African sellers and European buyers render captives in the distorted guise of human commodities to market. Only by imagining that whiteness could render seven men more powerful than a group of twice their number did European investors produce an account naturalizing social relations that had as their starting point an act of violence. Successful African uprisings against European captors were of course moments at which the undeniable free agency of the captives most disturbed Europeans—for it was in these moments that African captives invalidated the vision of the history being written in this corner of the Atlantic world and articulated their own version of a history that was ‘accountable.’ Other moments in which the agency and irrepressible humanity of the captives manifested themselves were more tragic than heroic: instances of illness and death, thwarted efforts to escape from the various settings of saltwater slavery, removal of slaves from the market by reason of ‘madness.’ In negotiating the narrow isthmus between illness and recovery, death and survival, mental coherence and insanity, captives provided the answers the slave traders needed: the Africans revealed the boundaries of the middle ground between life and death where human commodification was possible. Turning people into slaves entailed more than the completion of a market transaction. In addition, the economic exchange had to transform independent beings into human commodities whose most ‘socially relevant feature’ was their ‘exchangeability’ . . . The shore was the stage for a range of activities and practices designed to promote the pretense that human beings could convincingly play the part of their antithesis—bodies animated only by others’ calculated investment in their physical capacities.

How exactly the debt should be funded was to be the most inflammatory political issue. During the Revolution, many affluent citizens had invested in bonds, and many war veterans had been paid with IOUs that then plummeted in price under the confederation. In many cases, these upright patriots, either needing cash or convinced they would never be repaid, had sold their securities to speculators for as little as fifteen cents on the dollar. Under the influence of his funding scheme, with government repayment guaranteed, Hamilton expected these bonds to soar from their depressed levels and regain their full face value. This pleasing prospect, however, presented a political quandary. If the bonds appreciated, should speculators pocket the windfall? Or should the money go to the original holders—many of them brave soldiers—who had sold their depressed government paper years earlier? The answer to this perplexing question, Hamilton knew, would define the future character of American capital markets. Doubtless taking a deep breath, he wrote that “after the most mature reflection” about whether to reward original holders and punish current speculators, he had decided against this approach as “ruinous to public credit.”25 The problem was partly that such “discrimination” in favor of former debt holders was unworkable. The government would have to track them down, ascertain their sale prices, then trace all intermediate investors who had held the debt before it was bought by the current owners—an administrative nightmare. Hamilton could have left it at that, ducking the political issue and taking refuge in technical jargon. Instead, he shifted the terms of the debate. He said that the first holders were not simply noble victims, nor were the current buyers simply predatory speculators. The original investors had gotten cash when they wanted it and had shown little faith in the country’s future. Speculators, meanwhile, had hazarded their money and should be rewarded for the risk. In this manner, Hamilton stole the moral high ground from opponents and established the legal and moral basis for securities trading in America: the notion that securities are freely transferable and that buyers assume all rights to profit or loss in transactions. The knowledge that government could not interfere retroactively with a financial transaction was so vital, Hamilton thought, as to outweigh any short-term expediency. To establish the concept of the “security of transfer,” Hamilton was willing, if necessary, to reward mercenary scoundrels and penalize patriotic citizens. With this huge gamble, Hamilton laid the foundations for America’s future financial preeminence.

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It’s not always so easy, it turns out, to identify your core personal projects. And it can be especially tough for introverts, who have spent so much of their lives conforming to extroverted norms that by the time they choose a career, or a calling, it feels perfectly normal to ignore their own preferences. They may be uncomfortable in law school or nursing school or in the marketing department, but no more so than they were back in middle school or summer camp. I, too, was once in this position. I enjoyed practicing corporate law, and for a while I convinced myself that I was an attorney at heart. I badly wanted to believe it, since I had already invested years in law school and on-the-job training, and much about Wall Street law was alluring. My colleagues were intellectual, kind, and considerate (mostly). I made a good living. I had an office on the forty-second floor of a skyscraper with views of the Statue of Liberty. I enjoyed the idea that I could flourish in such a high-powered environment. And I was pretty good at asking the “but” and “what if” questions that are central to the thought processes of most lawyers. It took me almost a decade to understand that the law was never my personal project, not even close. Today I can tell you unhesitatingly what is: my husband and sons; writing; promoting the values of this book. Once I realized this, I had to make a change. I look back on my years as a Wall Street lawyer as time spent in a foreign country. It was absorbing, it was exciting, and I got to meet a lot of interesting people whom I never would have known otherwise. But I was always an expatriate. Having spent so much time navigating my own career transition and counseling others through theirs, I have found that there are three key steps to identifying your own core personal projects. First, think back to what you loved to do when you were a child. How did you answer the question of what you wanted to be when you grew up? The specific answer you gave may have been off the mark, but the underlying impulse was not. If you wanted to be a fireman, what did a fireman mean to you? A good man who rescued people in distress? A daredevil? Or the simple pleasure of operating a truck? If you wanted to be a dancer, was it because you got to wear a costume, or because you craved applause, or was it the pure joy of twirling around at lightning speed? You may have known more about who you were then than you do now. Second, pay attention to the work you gravitate to. At my law firm I never once volunteered to take on an extra corporate legal assignment, but I did spend a lot of time doing pro bono work for a nonprofit women’s leadership organization. I also sat on several law firm committees dedicated to mentoring, training, and personal development for young lawyers in the firm. Now, as you can probably tell from this book, I am not the committee type. But the goals of those committees lit me up, so that’s what I did. Finally, pay attention to what you envy. Jealousy is an ugly emotion, but it tells the truth. You mostly envy those who have what you desire. I met my own envy after some of my former law school classmates got together and compared notes on alumni career tracks. They spoke with admiration and, yes, jealousy, of a classmate who argued regularly before the Supreme Court. At first I felt critical. More power to that classmate! I thought, congratulating myself on my magnanimity. Then I realized that my largesse came cheap, because I didn’t aspire to argue a case before the Supreme Court, or to any of the other accolades of lawyering. When I asked myself whom I did envy, the answer came back instantly. My college classmates who’d grown up to be writers or psychologists. Today I’m pursuing my own version of both those roles.

Indian Express (Indian Express) - Clip This Article at Location 721 | Added on Sunday, 30 November 2014 20:28:42 Fifth column: Hope and audacity Ministers, high officials, clerks and peons now report for duty on time and are no longer to be seen taking long lunch breaks to soak in winter sunshine in Delhi’s parks. Reform is needed not just in economic matters but in every area of governance. Does the Prime Minister know how hard it is to get a passport? Tavleen Singh | 807 words At the end of six months of the Modi sarkar are we seeing signs that it is confusing efficiency with reform? I ask the question because so far there is no sign of real reform in any area of governance. And, because some of Narendra Modi’s most ardent supporters are now beginning to get worried. Last week I met a man who dedicated a whole year to helping Modi become Prime Minister and he seemed despondent. When I asked how he thought the government was doing, he said he would answer in the words of the management guru Peter Drucker, “There is nothing quite so useless as doing with great efficiency something that should not be done at all.” We can certainly not fault this government on efficiency. Ministers, high officials, clerks and peons now report for duty on time and are no longer to be seen taking long lunch breaks to soak in winter sunshine in Delhi’s parks. The Prime Minister’s Office hums with more noise and activity than we have seen in a decade but, despite this, there are no signs of the policy changes that are vital if we are to see real reform. The Planning Commission has been abolished but there are many, many other leftovers from socialist times that must go. Do we need a Ministry of Information & Broadcasting in an age when the Internet has made propaganda futile? Do we need a meddlesome University Grants Commission? Do we need the government to continue wasting our money on a hopeless airline and badly run hotels? We do not. What we do need is for the government to make policies that will convince investors that India is a safe bet once more. We do not need a new government that simply implements more efficiently bad policies that it inherited from the last government. It was because of those policies that investors fled and the economy stopped growing. Unless this changes through better policies, the jobs that the Prime Minister promises young people at election rallies will not come. So far signals are so mixed that investors continue to shy away. The Finance Minister promises to end tax terrorism but in the next breath orders tax inspectors to go forth in search of black money. Vodafone has been given temporary relief by the courts but the retroactive tax remains valid. And, although we hear that the government has grandiose plans to improve the decrepit transport systems, power stations and ports it inherited, it continues to refuse to pay those who have to build them. The infrastructure industry is owed more than Rs 1.5 lakh continued... crore in government dues and this has crippled major companies. No amount of efficiency in announcing new projects will make a difference unless old dues are cleared. Reform is needed not just in economic matters but in every area of governance. Does the Prime Minister know how hard it is to get a passport? Does he know that a police check is required even if you just want to get a few pages added to your passport? Does he know how hard it is to do routine things like registering property? Does he know that no amount of efficiency will improve healthcare services that are broken? No amount of efficiency will improve educational services that have long been in terminal decline because of bad policies and interfering officials. At the same time, the licence raj that strangles private investment in schools and colleges remains in place. Modi’s popularity with ordinary people has increased since he became Prime Minister, as we saw from his rallies in Kashmir last week, but it will not la

If you want people to download your game – and especially if you want them to pay for it – you will need to convince people that it is worth the investment both in terms of time and money.

I have what it takes to make Chris World Outreach knock the Pope out of business. I can convince my parents to invest in your company until it’s in every nation of the earth

A company might be an extremely efficient manufacturer or an inventor might have a product with breathtaking possibilities, but this was never enough for a healthy business. Unless that business contained people capable of convincing others as to the worth of their product, such a business would never really control its own destiny. It was later that I was to build on this base to conclude that even a strong sales arm is not enough. For a company to be a truly worthwhile investment, it must not only be able to sell its products, but also be able to ​appraise changing needs and desires of its customers; in other words, to master all that is implied in a true concept of marketing.

If a business idea isn’t good enough to convince others to invest in it, it isn’t good enough.

clergyman, delivered in some other place, however distant. In the same manner any picture, character, drawing, or print can be transferred from one to another place. Millions of such instruments can be operated from but one plant of this kind. More important than all of this, however, will be the transmission of power, without wires, which will be shown on a scale large enough to carry conviction.” Last-minute design changes were required, however, necessitating more money. Tesla had already obtained a second loan from Morgan, and when those funds ran out, he again approached the financier for additional capital. In an attempt to convince the powerful Morgan to invest another large sum, Tesla explained that the tower could be used for more than transmitting radio signals—it could be used to saturate the entire globe with electricity harmless to living things so that everyone could obtain usable power by simply sticking wires in the soil.

The tech start-up world from which Musk hails embraces disruption as one of its organizing principles, encouraged in part by the influential blog TechCrunch, which named its flagship conference, TechCrunch Disrupt, for the concept. Silicon Valley’s budding capitalists have long been encouraged to use their software prowess and processes to disrupt existing industries, and hence we have Facebook, which disrupted the news media industry, Airbnb, which disrupted hotels, and crowdfunding, which disrupted traditional investing. When Ted Craver asked Musk to share his thoughts on disruption with an audience of old-school electricity providers, you could see why the chairman might nervously fiddle with his pen. Could Tesla, with its emerging energy-storage business, disrupt the utilities? It might have come as some comfort to those at the conference that Musk is no fan of disruption. Indeed, he and Straubel were probably there to convince utilities to work with Tesla on energy storage projects that could benefit both parties. But the industry’s fear that it might have been on the wrong side of history would not have dissipated completely. The same was true for at least one auto industry leader. The man who, until May 2017, was CEO of the Ford Motor Company is one person who does appear to be a fan of disruption. Mark Fields, a Harvard business grad and Clayton Christensen follower, was fifty-three when he was appointed to succeed outgoing CEO Alan Mulally.

Economics is a notoriously complicated subject. To make things easier, let’s imagine a simple example. Samuel Greedy, a shrewd financier, founds a bank in El Dorado, California. A. A. Stone, an up-and-coming contractor in El Dorado, finishes his first big job, receiving payment in cash to the tune of $1 million. He deposits this sum in Mr Greedy’s bank. The bank now has $1 million in capital. In the meantime, Jane McDoughnut, an experienced but impecunious El Dorado chef, thinks she sees a business opportunity – there’s no really good bakery in her part of town. But she doesn’t have enough money of her own to buy a proper facility complete with industrial ovens, sinks, knives and pots. She goes to the bank, presents her business plan to Greedy, and persuades him that it’s a worthwhile investment. He issues her a $1 million loan, by crediting her account in the bank with that sum. McDoughnut now hires Stone, the contractor, to build and furnish her bakery. His price is $1,000,000. When she pays him, with a cheque drawn on her account, Stone deposits it in his account in the Greedy bank. So how much money does Stone have in his bank account? Right, $2 million. How much money, cash, is actually located in the bank’s safe? Yes, $1 million. It doesn’t stop there. As contractors are wont to do, two months into the job Stone informs McDoughnut that, due to unforeseen problems and expenses, the bill for constructing the bakery will actually be $2 million. Mrs McDoughnut is not pleased, but she can hardly stop the job in the middle. So she pays another visit to the bank, convinces Mr Greedy to give her an additional loan, and he puts another $1 million in her account. She transfers the money to the contractor’s account. How much money does Stone have in his account now? He’s got $3 million. But how much money is actually sitting in the bank? Still just $1 million. In fact, the same $1 million that’s been in the bank all along. Current US banking law permits the bank to repeat this exercise seven more times. The contractor would eventually have $10 million in his account, even though the bank still has but $1 million in its vaults. Banks are allowed to loan $10 for every dollar they actually possess, which means that 90 per cent of all the money in our bank accounts is not covered by actual coins and notes.2 If all of the account holders at Barclays Bank suddenly demand their money, Barclays will promptly collapse (unless the government steps in to save it). The same is true of Lloyds, Deutsche Bank, Citibank, and all other banks in the world. It sounds like a giant Ponzi scheme, doesn’t it? But if it’s a fraud, then the entire modern economy is a fraud. The fact is, it’s not a deception, but rather a tribute to the amazing abilities of the human imagination. What enables banks – and the entire economy – to survive and flourish is our trust in the future. This trust is the sole backing for most of the money in the world.

As compelling as it may be to try and convince our friends to stop investing in that ‘bubble’ real estate market, or get your parents to move overseas with you, they have to make the decision on their own.

Faith does not operate on ultimatums of providing pre-markers to convince you to be courageous on pursuing something; all you have are choices, and its up to you to choose where to invest your faith.

how to make money in a day?' I am completely convinced that any person who has an answer for this question won't need to make money by selling his 'tips'.

The decision to partner the government was clearly a top-down decision taken by Suzuki himself, based on Nakanishi’s positive report. The speed of decision making was a result of the pressure from the Indian side as well as the dynamism and ability of Suzuki to take truly entrepreneurial risks. When asked as to why he took what appeared to most people, including the Japanese embassy in India, as an unwarranted risk, Suzuki explained that he always believed that it was people who determined how any project performed, and everything else was secondary. He said that at the time of the first meeting with Krishnamurthy and me, he was convinced that he could work with us and ensure success. If he did not have this feeling, he would not have asked the Maruti team to stay back till he returned from the United States. I wonder how many people in the world could take a decision to invest $25 million on this ground. Suzuki showed that his faith in the importance of people as the basis for doing business was better than the technical evaluations which companies made and which showed that India was not a good place to invest money.

The sensation I was feeling on the clifftop was some sort of reverberation in the air itself.… The whale had submerged and I was still feeling something. The strange rhythm seemed now to be coming from behind me, from the land, so I turned to look across the gorge … where my heart stopped.… Standing there in the shade of the tree was an elephant … staring out to sea!… A female with a left tusk broken off near the base.… I knew who she was, who she had to be. I recognized her from a color photograph put out by the Department of Water Affairs and Forestry under the title “The Last Remaining Knysna Elephant.” This was the Matriarch herself.… She was here because she no longer had anyone to talk to in the forest. She was standing here on the edge of the ocean because it was the next, nearest, and most powerful source of infrasound. The underrumble of the surf would have been well within her range, a soothing balm for an animal used to being surrounded by low and comforting frequencies, by the lifesounds of a herd, and now this was the next-best thing. My heart went out to her. The whole idea of this grandmother of many being alone for the first time in her life was tragic, conjuring up the vision of countless other old and lonely souls. But just as I was about to be consumed by helpless sorrow, something even more extraordinary took place.… The throbbing was back in the air. I could feel it, and I began to understand why. The blue whale was on the surface again, pointed inshore, resting, her blowhole clearly visible. The Matriarch was here for the whale! The largest animal in the ocean and the largest living land animal were no more than a hundred yards apart, and I was convinced that they were communicating! In infrasound, in concert, sharing big brains and long lives, understanding the pain of high investment in a few precious offspring, aware of the importance and the pleasure of complex sociality, these rare and lovely great ladies were commiserating over the back fence of this rocky Cape shore, woman to woman, matriarch to matriarch, almost the last of their kind. I turned, blinking away the tears, and left them to it. This was no place for a mere man.

War could cause a rise in oil prices, but not scheduled war—since prices adjust to expectations. It has to be “in the price,” as he said. Indeed, on the news of war, oil collapsed from around $39 a barrel to almost half that value, and Tony turned his investment of three hundred thousand into eighteen million dollars. “There are so few occasions in one’s life, you can’t miss them,” he later told Nero during one of their lunches as he was convincing his non–New Jersey friend to bet on a collapse of the financial system. “Good speculative bets come to you, you don’t get them by just staying focused on the news.

Most buyers will go in aloof and reserved. They’ll shoot down ideas and inject cautionary responses at opportune times. They act like a conservative investor who must be convinced to be brought to the table, and if they do, their actions warn, it’s going to be hardball. This is not a trust but verify approach. It’s a prove it and then I’ll consider trusting you approach. There is a time to be a conservative investor during this process. This book, however, is not about how to become a conservative investor; it’s about acquisition entrepreneurship. Any acquisition will obviously include volumes of cautious investing analysis. Buying your first business is usually the largest investment you’ve ever made in your life and you will research accordingly. If there are snakes in the bushes, you will simply walk away later. The best buyers, however, understand that they too are entrepreneurs, just like the seller. The transaction will be completed within a few months after meeting the seller and then the buyer will be in the driver’s seat for the next four to forty years. Acting like an entrepreneur and not a venture capitalist during the interactions with the seller is the key to winning the seller over, getting the best deal outcome later, and behaving like the new CEO of the company—which you may or may not be, but that will be up to you and not them if you play your cards right.

Ocean, the future center of global trade. Why should it not prosper? Nobody can predict the future with 100 percent certainty. I’m not convinced it will happen. But I am a possibilist and these facts convince me: it is possible. The destiny instinct makes it difficult for us to accept that Africa can catch up with the West. Africa’s progress, if it is noticed at all, is seen as an improbable stroke of good fortune, a temporary break from its impoverished and war-torn destiny. The same destiny instinct also seems to make us take continuing Western progress for granted, with the West’s current economic stagnation portrayed as a temporary accident from which it will soon recover. For years after the global crash of 2008, the International Monetary Fund continued to forecast 3 percent annual economic growth for countries on Level 4. Each year, for five years, countries on Level 4 failed to meet this forecast. Each year, for five years, the IMF said, “Next year it will get back on track.” Finally, the IMF realized that there was no “normal” to go back to, and it downgraded its future growth expectations to 2 percent. At the same time the IMF acknowledged that the fast growth (above 5 percent) during those years had instead happened in countries on Level 2, like Ghana, Nigeria, Ethiopia, and Kenya in Africa, and Bangladesh in Asia. Why does this matter? One reason is this: the IMF forecasters’ worldview had a strong influence on where your retirement funds were invested. Countries in Europe and North America were expected to experience fast and reliable growth, which made them attractive to investors. When these forecasts turned out to be wrong, and when these countries did not in fact grow fast, the retirement funds did not grow either. Supposedly low-risk/high-return countries turned out to be high-risk/low-return countries. And at the same time African countries with great growth potential were being starved of investment. Another reason it matters, if you work for a company based in the old “West,” is that you are probably missing opportunities in the largest expansion of the middle-income consumer market in history, which is taking place right now in Africa and Asia. Other, local brands are already establishing a foothold, gaining brand recognition, and spreading throughout these continents, while you are still waking up to what is going on. The Western consumer market was just a teaser for what is coming next.

After twelve months of going nowhere, the investment committee loses patience and takes over the deal more directly. Organic is sold to a special-purpose acquisition company (or SPAC) listed on local stock exchanges. A SPAC is a cash box with a blank check raised from investors to buy a business within a set timeframe as determined by the executives who run the vehicle. Often, as the vehicle is publicly listed, a SPAC can strike a deal at a higher purchase price than a private equity firm would be willing to pay. Its investors will accept a lower return than they would from a private equity fund, often because the investment is marketed to them as a safer or more straightforward bet. In this case, the SPAC is run by a former senior executive of a French food retail chain and a major hedge fund seeking to expand into the private equity industry. Their joint sector and finance experience is convincing enough for the SPAC’s investors to agree that the transaction is likely to be worthwhile. The

He was a financial titan who had built a powerful and lucrative investment firm before a lengthy ban from the securities industry for insider trading and a short prison sentence ended his career. He emerged from incarceration to devote the rest of his life to philanthropy and politics, a transformation that did not convince some of his critics. He was perhaps not the ideal role model, but his advice was always crisp and helpful to recall at the right moment.

If you've convinced yourself that a market correction is likely (your belief) to justify holding cash rather than investing (your action), you may be under the influence of cognitive dissonance.

As a Christian, I am not trying to convince you of anything. However, when everything that you’ve invested your life in finally fails you, you might wish to take a moment and remember that what you thought I was trying to convince you of will not.

The key to this matrix is the symmetry or asymmetry of the performance. Investors who lack skill simply earn the return of the market and the dictates of their style. Without skill, aggressive investors move a lot in both directions, and defensive investors move little in either direction. These investors contribute nothing beyond their choice of style. Each does well when his or her style is in favor but poorly when it isn’t. On the other hand, the performance of investors who add value is asymmetrical. The percentage of the market’s gain they capture is higher than the percentage of loss they suffer. Aggressive investors with skill do well in bull markets but don’t give it all back in corresponding bear markets, while defensive investors with skill lose relatively little in bear markets but participate reasonably in bull markets. Everything in investing is a two-edged sword and operates symmetrically, with the exception of superior skill. Only skill can be counted on to add more in propitious environments than it costs in hostile ones. This is the investment asymmetry we seek. Superior skill is the prerequisite for it. Here’s how I describe Oaktree’s performance aspirations: In good years in the market, it’s good enough to be average. Everyone makes money in the good years, and I have yet to hear anyone explain convincingly why it’s important to beat the market when the market does well. No, in the good years average is good enough. There is a time, however, when we consider it essential to beat the market, and that’s in the bad years. Our clients don’t expect to bear the full brunt of market losses when they occur, and neither do we. Thus, it’s our goal to do as well as the market when it does well and better than the market when it does poorly. At first blush that may sound like a modest goal, but it’s really quite ambitious. In order to stay up with the market when it does well, a portfolio has to incorporate good measures of beta and correlation with the market. But if we’re aided by beta and correlation on the way up, shouldn’t they be expected to hurt us on the way down? If we’re consistently able to decline less when the market declines and also participate fully when the market rises, this can be attributable to only one thing: alpha, or skill. That’s an example of value-added investing, and if demonstrated over a period of decades, it has to come from investment skill. Asymmetry—better performance on the upside than on the downside relative to what your style alone would produce—should be every investor’s goal.

Another recent event is the almost-instant bankruptcy, in 1998, of a financial investment company (hedge fund) called Long-Term Capital Management (LTCM), which used the methods and risk expertise of two “Nobel economists,” who were called “geniuses” but were in fact using phony, bell curve–style mathematics while managing to convince themselves that it was great science and thus turning the entire financial establishment into suckers.

I’m convinced that everything that’s important in investing is counterintuitive, and everything that’s obvious is wrong.

Syridex Bio was founded on the belief that everyone deserves the opportunity to live a healthy life. For too long, deep inequities have persisted across our pharmaceutical, biotechnology, and medical systems. Despite increased public attention on the problem in recent years, progress remains far too slow. At Syridex Bio, we are addressing this gap in the market by strategically investing in therapies that treat diseases disproportionately affecting underserved communities. By financing the development of drugs and treatments addressing the world’s greatest health disparities, we are convinced that we can accelerate health equity globally and achieve strong financial returns for our investors.

Among the most painful of the stock market’s many ironies is this: One of the clearest signals that you are wrong about an investment is having a hunch that you’re right about it. Often, the more convinced you are that your hunch will pay off big, the more money you are likely to lose.

Nicholas Humphrey argues that placebos work by prompting the body to invest more resources in its recovery.fn2 He believes that evolution has calibrated our immune system to suit a harsher environment than the current one, so we need to convince our unconscious that the conditions for recovery are especially favourable in order for our immune system to work at full tilt.

Principles are the first thing dictators attack. Various “Putins” around the world are undermining principles in their societies through propaganda and repression so that people cannot stand up for what they believe in. And then, when the dictatorship gains strength and resources, it tries to export its lack of principles, creating gray zones devoid of values. Europe has had to face this many times. Now we are experiencing another defining moment. Russia is trying to convince nations that it is easy to compromise principles—that they can ignore international law and turn a blind eye to injustice if it will supposedly bring stability. This is Moscow's main message - Putin invites everyone to forget about their principles, to show no resolve, to give up Ukrainian land and people, and then, he says, Russian bombing will stop. But throughout history, every time such agreements have been made, the threat has returned even stronger. Today, we have a chance to win in Eastern Europe so that we don't have to fight on the northern or other eastern fronts—in the Baltic states and Poland, or in the south—in the Balkans, where it is easy to ignite a conflict, or in African countries, whose problems are much closer to European societies than it may seem. We have to stand up for international law and the values on which our societies are built. We must be decisive. People matter. The law matters. State borders and the right of every nation to determine its own future matters. And while we know that Putin is threatening leaders and countries who can help us force Russia to peace, we must not give in. I thank you for every package of defense assistance to Ukraine. Every weapon you have provided helps to defend normal life—the kind of life you live here in Iceland or in any of your other countries, a life that no longer exists in Russia, where basic human rights have been taken away. We are now in the third year of a full-scale war, and our soldiers on the front lines need fresh strength. That is why we are working to equip our brigades. This is an urgent need. We are already cooperating with others—France has helped to equip one brigade, and we have an agreement on another. We invite you to join us in creating brigades, Scandinavian brigades, and demonstrate your continued commitment to the defense of Europe. I am grateful to Denmark and other partners who invest in arms production in Ukraine. Artillery, shells, drones—everything that allows Ukraine to defend itself despite any logistical delays on the part of partners or changing political moods in world capitals. We see that Putin is increasing weapons production, and rogue regimes like Pyongyang are helping him with this. Next year, Putin intends to catch up with the EU in munitions production. We can only prevent this now (...). - Translated from Ukrainian

We are convinced that the public generally will derive far better results from fixed-value investments, if selected with exceeding care, than from speculative operations, even though these may be aided by considerable education in financial matters.

The sensation I was feeling on the clifftop was some sort of reverberation in the air itself.… The whale had submerged and I was still feeling something. The strange rhythm seemed now to be coming from behind me, from the land, so I turned to look across the gorge … where my heart stopped.… Standing there in the shade of the tree was an elephant … staring out to sea!… A female with a left tusk broken off near the base.… I knew who she was, who she had to be. I recognized her from a color photograph put out by the Department of Water Affairs and Forestry under the title “The Last Remaining Knysna Elephant.” This was the Matriarch herself.… She was here because she no longer had anyone to talk to in the forest. She was standing here on the edge of the ocean because it was the next, nearest, and most powerful source of infrasound. The underrumble of the surf would have been well within her range, a soothing balm for an animal used to being surrounded by low and comforting frequencies, by the lifesounds of a herd, and now this was the next-best thing. My heart went out to her. The whole idea of this grandmother of many being alone for the first time in her life was tragic, conjuring up the vision of countless other old and lonely souls. But just as I was about to be consumed by helpless sorrow, something even more extraordinary took place.… The throbbing was back in the air. I could feel it, and I began to understand why. The blue whale was on the surface again, pointed inshore, resting, her blowhole clearly visible. The Matriarch was here for the whale! The largest animal in the ocean and the largest living land animal were no more than a hundred yards apart, and I was convinced that they were communicating! In infrasound, in concert, sharing big brains and long lives, understanding the pain of high investment in a few precious offspring, aware of the importance and the pleasure of complex sociality, these rare and lovely great ladies were commiserating over the back fence of this rocky Cape shore, woman to woman, matriarch to matriarch, almost the last of their kind. I turned, blinking away the tears, and left them to it. This was no place for a mere man.… Early afternoon. They were coming to this place, to this tall grass, all along. They will feed here for a while and then, because there’s no water right here, go down to where those egrets are. There’s water there. After they’ve had a good drink, they might make a big loop and come back here again later to feed some more. It will be a one-family-at-a-time choice as the adults decide when to drink and bathe. When elephants are finally ready to make a significant move, everyone points in the same direction. But they do wait until the matriarch decides. “I’ve seen families cued up waiting for half an hour,” comments Vicki, “waiting for the matriarch to signal, ‘Okay.’” And now they go. Makelele, eleven years old, walks with a deep limp. Five years ago he showed up with a broken right rear leg. It must have been agony, and it’s healed at a horrible angle, almost as if his knee faces backward, shaping that leg like the hock on a horse. Yet he is here, surviving with a little help from his friends. “He’s slow,” Vicki acknowledges. “It’s remarkable that he’s managing, but his family seems to wait for him.” Another Amboseli elephant, named Tito, broke a leg when he was a year old, probably from falling into a garbage pit.

He couldn’t spot them, and the minor foot traffic on the sidewalk was not enough to hide. They must have entered a building or alley. Rather than searching all of them, he let his nose do its job. Big breath in. Filter the smells. Aha. There, up the sidewalk a few more storefronts then into an arcade. The wolves that dragged her probably hoped to hide their scent and sneak out the back. Except Hayder knew this place. He knew where the door to the alley was, thus, when the steel door swung open, he stood there, arms crossed waiting for them. “Shit, he’s here. Get back inside,” the chubby one grunted. “Oh, don’t leave on my account. I insist you stay.” And to make sure they did, he kicked the door shut. The two thugs backed away from him, the one who needed to invest in a treadmill holding Arabella, who hung limp in his grasp, before him as a shield. She was alive. However, her eyes bore a resigned expression Hayder didn’t like at all. “Baby, are you all right? Did they hurt you?” The answer was moot. At this point, he was going to punish them no matter what, violently. They’d done the unforgivable when they’d taken Arabella and scared her. However, if they’d actually hurt her, or if she cried… We’ll make them wish their mother had a headache the night they were conceived. Rawr. Her reply emerged so soft he almost missed it. “I told you this would happen. They’ll never let me be free.” How utterly convinced she seemed and miserable. Totally unacceptable. “Don’t you dare take this without a fight,” he growled. The chubby one should have spent more time on expanding his mind instead of his waistline because he showed no sense at all when he said, “Bella here knows her place, and after the next full moon, it will be on her knees, serving the new alpha of the pack.” Hell no. Hayder didn’t even think twice about it. His fist shot out, and it connected to the idiot’s nose with a satisfying crunch, and that left one wolf. An even dumber wolf that seemed to think the switchblade he’d pulled out of a pocket and waved around would really make a difference. “Are you stupid enough to think you can take me with that puny knife?” Hayder couldn’t stem the incredulity in his query. “Stay back, cat, or else. It’s silver.” Silver, which meant painful if he got sliced with it. Harder to heal, too. But a three-inch blade wasn’t going to keep Hayder away from his woman. As beta, though, he did try to give the idiot a chance. Show patience before acting, or so he’d been taught as part of those anger management courses Leo made him take. Hayder employed one of the tricks to control impulsive acts. He counted. “Three.” “I’ll cut you.” Slash. Slash. The knifeman sketched lines in the air. “Two.” “I mean it.” “One. You’re dead.” Hayder took a step forward even as the last dumb wolf took a step back, one hand clamped around Arabella’s arm. Lightning fast, Hayder shot a hand out to grab the wrist of the guy wielding the knife. This fellow had slightly faster reflexes than his pack brothers and actually managed to score a line of red across his palm. The blood didn’t bother Hayder. ’Twas but a scratch. However, the coppery scent did something to Arabella. Up snapped her head. Her nostrils flared. Her brown eyes took on a wildness. Her lips pulled back in a snarl. “Don’t. Touch. Him!” With a screech, she turned on her captor and then proceeded to go rabid on his ass. How cool.

set up an innovative unit called First Community Bank (FCB), the first comprehensive banking initiative to focus on inner-city markets. FCB struggled to convince mainstream managers in Bank of Boston’s retail-banking group that the usual performance metrics, such as transaction time and profitability per customer, were not appropriate for this market—which required customer education, among other things—or for a new venture that still needed investment. Mainstream managers argued that “underperforming” branches should be closed. In order to save the innovation, FCB leaders had to invent their own metrics, based on customer satisfaction and loyalty, and find creative ways to show results by clusters of branches. The venture later proved both profitable and important to the parent bank as it embarked on a series of acquisitions.

The essence of proper bond selection consists, ... in obtaining specific and convincing factors of safety in compensation for the surrender of participation in profits.

Peter Thiel, one of the founders of PayPal, has launched a movement to convince people to not go to college.3 It’s a waste of money. The return on investment isn’t there anymore. School has gotten too expensive. . . If writing [computer] code is your deal and you’re able to go to a trade school that enables you to write code, that’s far better than a computer science degree from a four-year college or university that looks great on paper, but doesn’t give you the skills you need when you graduate.

Relational ministry isn’t free. But I’m convinced every dollar we spend on it is worth it the investment. (Especially compared to what you probably spent at Oriental Trading or the Dollar Store last year.)

When the legendary Steve Schwarzman's firm went public in 2007, I was convinced that this was merely an opportunity to take advantage of a huge spike in the stock market for the partners in Blackstone to cash out and ultimately call it a day. I saw the public offering then as an unworthy investment, which could only serve to fill the partners' pockets while they proceeded to 'mail it in' for their new shareholders. But I have been proven completely wrong. Blackstone's history since its public offering is a continued history of success stories, and I believe the current energy restructuring opportunity will be no different. Elsewhere in this book, I talk a bit about the deal it made with Linn Energy, with very advantageous terms for Blackstone. As a long-term hold, I can find no better (public) PE firm to invest in.

When I began reflecting on this law, I saw that it applied again and again to examples of people successfully acquiring more control in their careers. To understand this, notice that the definition of “willing to pay” varies. In some cases, it literally means customers paying you money for a product or a service. But it can also mean getting approved for a loan, receiving an outside investment, or, more commonly, convincing an employer to either hire you or keep writing you paychecks. Once you adopt this flexible definition of “pay for it,” this law starts popping up all over. Consider,

This notion—that material investment is somehow more important to life than personal investment—is exactly what leads so many of us to believe we could never afford to go vagabonding. The more our life options get paraded around as consumer options, the more we forget that there’s a difference between the two. Thus, having convinced ourselves that buying things is the only way to play an active role in the world, we fatalistically conclude that we’ll never be rich enough to purchase a long-term travel experience.

History has shown that an investment in the collective creativity of human beings, as represented by a piece of all the publicly traded companies in an unmanaged stock index mutual fund, is much more profitable over time than an investment with a mutual fund manager who tries to “beat” the stock market average, even though mutual fund managers try with all their might to convince us otherwise.   I

In the past year, a new divestment campaign has caught on, faster than any other such campaign in history, according to a recent Oxford university study. Investors representing more than $2.5tn in assets under management, including the Rockefeller Brothers Fund, Norway’s giant oil fund and the Church of England (whose archbishop is a former oil executive) have all joined the chorus saying sayonara to their dirtiest fossil fuel investments. They reason this is not about biting the hand that fed them; rather, it is about morality and economics. It is about the morality of not standing on the sidelines of climate change, “the most pressing moral issue in our world” in the words of the lead bishop on the environment for the Church of England. It is also about the economics of not getting stuck holding a bag of stranded fossil fuel assets that cannot be burnt if the world is to adhere to a given carbon budget, a topic on which Mark Carney, governor of the Bank of England, has expressed concerns. And it is about not missing out on the transition from a high-carbon to a low-carbon economy. The president of Harvard University, whose endowment is estimated to have a carbon footprint as big as that of Jamaica, is not convinced. As Drew Faust argues, constraining investment options risks significantly constraining investment returns, while divestment is unlikely to have a financial impact on the affected companies. It also raises the troubling problem of boycotting a whole class of companies whose products and services we rely on.

On the day it was announced that Boesky was going down, I was negotiating with USX lawyers about the terms of a possible agreement that would give Carl the opportunity to have access to USX’s financial information,” Steve Jacobs recalls. “This presumably would facilitate Carl’s ability to make a bid because Drexel needed the information. But when the announcement came about Boesky, you knew the transaction was not going to fly.”   In the past, Icahn had succeeded in intimidating his adversaries by convincing them that he had the resources to make good on his threats. In most cases, that meant buying stock until he controlled or appeared capable of controlling the companies he attacked. But once Drexel was laid low and the pipeline of takeover capital had run dry, Icahn’s options were limited. In a critical transition, USX’s lawyers and investment bankers started treating Icahn as a major stockholder rather than as a raider capable of acquiring the business.

This tendency to defend a belief structure is true in all cases, even the rational. Never underestimate our ability to convince ourselves of what we wish to be true, especially if we have invested time and money in our beliefs.

If the organization doesn't invest resources in the development of the team, it will be more difficult to convince the team that their task really is relevant.