Fund Management Quotes

Misuse of budget happens when business owners are not able to see far ahead in the future or don’t take the budget seriously.

Securing funds is the first step but managing those funds efficiently and effectively is the most crucial step for your business’ survival as well as growth.

We’ll have to figure out a way to spend our money,” said Kaz. “What money?” said Jesper. “It all got poured into the Shu coffers. Like they needed it.” “Did it?” Nina’s eyes narrowed and Jesper saw a bit of her spirit return. “Stop playing around, Brekker, or I’ll send my unholy army of the dead after you.” Kaz shrugged. “I felt the Shu could manage with forty million.” “The thirty million Van Eck owed us—” murmured Jesper. “Four million kruge each. I’m giving Per Haskell’s share to Rotty and Specht. It will be laundered through one of the Dregs’ businesses before it passes back through the Gemensbank, but the funds should be in separate accounts for you by the end of the month.” He paused. “Matthias’ share will go to Nina. I know money doesn’t matter to—” “It matters,” said Nina. “I’ll find a way to make it matter. What will you do with your shares?” “Find a ship,” said Inej. “Put together a crew.” “Help run an empire,” said Jesper. “Try not to run it into the ground,” said Wylan. “And you, Kaz?” Nina asked. “Build something new,” he said with a shrug. “Watch it burn.

At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. Heller responds, “Yes, but I have something he will never have … enough.” Enough. I was stunned by the simple eloquence of that word—stunned for two reasons: first, because I have been given so much in my own life and, second, because Joseph Heller couldn’t have been more accurate. For a critical element of our society, including many of the wealthiest and most powerful among us, there seems to be no limit today on what enough entails.

For this reason the gentleman will employ a man on a distant mission and observe his degree of loyalty, will employ him close at hand and observe his degree of respect. He will hand him troublesome affairs and observe how well he manages them, will suddenly ask his advice and observe how wisely he answers. He will exact some difficult promise from him and see how well he keeps it, turn over funds to him and see with what benevolence he dispenses them, inform him of the danger he is in and note how faithful he is to his duties. He will get him drunk with wine and observe how well he handles himself, place him in mixed company and see what effect beauty has upon him. By applying these nine tests, you may determine who is the unworthy man.

At Mayflower-Plymouth, we believe that active capital management is the responsible way to invest. Even passive funds should be actively managed.

Nature is great at hedging investments. Nature doesn’t hedge by betting for and against the same things. Nature hedges by cultivating resilience.

The wise study the numbers and their ways. The wise count their movements and their stays.

I try to be a good investment to God. All the good things he’s given me, I aim to multiply and return to him and his purposes a maximum ROI. I’m just a tree in his fruit garden aiming to produce good fruit.

At Mayflower-Plymouth we aim to employ capital and maximize ROI for central banks, sovereign wealth funds, pension funds, corporations, foundations and endowments, and individual investors around the world.

Half of all U.S. mutual fund portfolio managers do not invest a cent of their own money in their funds, according to Morningstar.69 This might seem atrocious, and surely the statistic uncovers some hypocrisy.

Gratitude multiplies things to be grateful for. Faith multiplies proof of faithfulness. Love multiplies circumstances that facilitate love.

Lynch called these two mistakes, which often go together, “watering the weeds and cutting out the flowers.

At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. Heller responds,“Yes, but I have something he will never have — enough.

When a national government needs to raise funds for its various activities—be it building infrastructure, funding social programs, or managing its debt—it turns to the bond market. It issues government bonds, essentially borrowing money from investors in exchange for regular interest payments and the promise to repay the principal. at maturity.

And of course Brian was far more upset about separation from those two blond moppets than about leaving Louise. There shouldn't be any problem loving both, but for some reason certain men choose; like good mutual-fund managers minimizing risk while maximizing portfolio yield, they take everything they once invested in their wives and sink it into their children instead. What is it? Do they seem safer, because they need you? Because you can never become their ex-father, as I think I might become your ex-wife?

How did Homo sapiens manage to cross this critical threshold, eventually founding cities comprising tens of thousands of inhabitants and empires ruling hundreds of millions? The secret was probably the appearance of fiction. Large numbers of strangers can cooperate successfully by believing in common myths. Any large-scale human cooperation – whether a modern state, a medieval church, an ancient city or an archaic tribe – is rooted in common myths that exist only in people’s collective imagination. Churches are rooted in common religious myths. Two Catholics who have never met can nevertheless go together on crusade or pool funds to build a hospital because they both believe that God was incarnated in human flesh and allowed Himself to be crucified to redeem our sins. States are rooted in common national myths. Two Serbs who have never met might risk their lives to save one another because both believe in the existence of the Serbian nation, the Serbian homeland and the Serbian flag. Judicial systems are rooted in common legal myths. Two lawyers who have never met can nevertheless combine efforts to defend a complete stranger because they both believe in the existence of laws, justice, human rights – and the money paid out in fees.

But the simple truth is this: the more complex an investment is, the less likely it is to be profitable. Index funds outperform actively managed funds in large part simply because actively managed funds require expensive active managers. Not only are they prone to making investing mistakes, their fees are a continual performance drag on the portfolio.

A business can drift aimlessly if it is efficient but not effective. A business can lose money excessively if it is effective but not efficient.

When a national government needs to raise funds for its various activities—be it building infrastructure, funding social programs, or managing its debt—it turns to the bond market.

After adjusting the comparison of index funds to actively managed funds for survivorship bias, taxes, and loads, the dominance of index funds reaches insurmountable proportions. Once

Negotiation is a fundamental skill for board members. Whether it's negotiating with management over strategic direction, with investors over funding terms, or with stakeholders over environmental impact, the ability to negotiate effectively is essential for achieving the best possible outcomes for all parties involved.

The assault on education began more than a century ago by industrialists and capitalists such as Andrew Carnegie. In 1891, Carnegie congratulated the graduates of the Pierce College of Business for being “fully occupied in obtaining a knowledge of shorthand and typewriting” rather than wasting time “upon dead languages.” The industrialist Richard Teller Crane was even more pointed in his 1911 dismissal of what humanists call the “life of the mind.” No one who has “a taste for literature has a right to be happy” because “the only men entitled to happiness… is those who are useful.” The arrival of industrialists on university boards of trustees began as early as the 1870s and the University of Pennsylvania’s Wharton School of Business offered the first academic credential in business administration in 1881. The capitalists, from the start, complained that universities were unprofitable. These early twentieth century capitalists, like heads of investment houses and hedge-fund managers, were, as Donoghue writes “motivated by an ethically based anti-intellectualism that transcended interest in the financial bottom line. Their distrust of the ideal of intellectual inquiry for its own sake, led them to insist that if universities were to be preserved at all, they must operate on a different set of principles from those governing the liberal arts.

Things go wrong more often than they go right. Failure is actually a natural—even crucial—element of a healthy economy. And the people who are willing to acknowledge that fact can make a hell of a lot of money.

If my targets seem to skew “left,” it is for a reason. The left makes huge claims about government and its capabilities. Those who manage the government and other publicly funded social services all too often persuade themselves of their virtuousness, even if their virtue is subsidized with other people’s money. Given their idealism, they refuse to cast judgment on their mission and tolerate almost no judgment from others.

Nature doesn’t have puts on one side and calls on the other side of the same things, nor does it waste energy betting against the same life it works to cultivate. Nature doesn’t insure high risk gambles by trying to be both the casino and the player. Instead, nature insures capital and profits through a variety of complimentary approaches. At Mayflower-Plymouth we aim to emulate nature in this way with how we approach investing and asset management.

A small stock trader is like a small hedge fund manager, zen monk, psychologist, intelligence officer, sniper, sportsman, poker player, risk manager, analyst, and economist, all in one.

Whether you're the manager of a restaurant, a bar, a school, a construction company, an investment fund or a real estate management firm - leadership is critical to moving the business forward.

Two-thirds of professionally managed funds are regularly outperformed by a broad capitalization-weighted index fund with equivalent risk, and those that do appear to produce excess returns in one period are not likely to do so in the next. The record of professionals does not suggest that sufficient predictability exists in the stock market to produce exploitable arbitrage opportunities.

I was learning an important and fascinating lesson about business and human nature: Failure terrifies people. They’ll do whatever they have to do to downplay it, wish it away, and just plain pretend it doesn’t exist. Most of the time, they’ll go on living in denial long after the truth of their predicament becomes obvious.

The [carried-interest] loophole was in essence an accounting trick that enabled hedge fund and private equity managers to categorize huge portions of their income as ‘interest,’ which was taxed at the 15 percent rate then applied to long-term capital gains. This was less than half the income tax rate paid by other top-bracket wage earners. Critics called the loophole a gigantic subsidy to millionaires and billionaires at the expense of ordinary taxpayers. The Economic Policy Institute, a progressive think tank, estimated that the hedge fund loophole cost the government over $6 billion a year—the cost of providing health care to three million children. Of that total, it said, almost $2 billion a year from the tax break went to just twenty-five individuals.

Here is the crux of the strategy: Instead of hiring an expert, or spending a lot of time trying to decide which stocks or actively managed funds are likely to be top performers, just invest in index funds and forget about it!

In the mutual fund industry, for example, the annual rate of portfolio turnover for the average actively managed equity fund runs to almost 100 percent, ranging from a hardly minimal 25 percent for the lowest turnover quintile to an astonishing 230 percent for the highest quintile. (The turnover of all-stock-market index funds is about 7 percent.)

As well as a shared mentality, the Establishment is cemented by financial links and a 'revolving door' culture: that is, powerful individuals gliding between the political, corporate and media worlds - or who manage to inhabit these various worlds at the same time. The terms of political debate are in large part dictated by a media controlled by a small number of exceptionally rich owners, while think tanks and political parties are funded by wealthy individuals and corporate interests.

By weaponizing the discourse of human rights to justify the use of force against governments that resisted the Washington consensus, this group of well-connected liberals was able to stir support where the neocons could not. Their brand of interventionism appealed directly to the sensibility of the Democratic Party's metropolitan base, large swaths of academia, the foundation-funded human rights NGO complex, and the New York Times editorial board. The xhibition of atrocities allegedly committed by adversarial governments, either by Western-funded civil society groups, major human rights organizations or the mainstream press, was the military humanists' stock in trade, enabling them to mask imperial designs behind a patina of "genocide prevention." With this neat tactic, they effectively neutralized progressive antiwar elements and tarred those who dared to protest their wars as dictator apologists.

thought then that decent, intelligent, and experienced managers would automatically make rational business decisions. But I learned over time that isn’t so. Instead, rationality frequently wilts when the institutional imperative comes into play. For example: (1) As if governed by Newton’s First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.

If you get sacrificed do I get your trust fund or does your dad take it back?” she asks, giggling when I dig my fingers into her side. “Also, do I have your blessing to marry Henry?” “No and no,” I say as sternly as I can manage. “I want you to wear black for the rest of your life and never move on.

Where once universities, corporations, movie studios, and the like had been governed by a combination of relatively simple chains of command and informal patronage networks, we now have a world of funding proposals, strategic vision documents, and development team pitches—allowing for the endless elaborations of new and ever more pointless levels of managerial hierarchy, staffed by men and women with elaborate titles, fluent in corporate jargon, but who either have no firsthand experience of what it's like to do the work they are supposed to be managing, or who have done everything in their power to forget it.

How do you manage for money?’ I asked. I was given two simultaneous replies of ‘We get by’ from Ian and ‘Don’t ask’ from Neil. I favoured Ian’s reply because it had less-sinister connotations. ‘Don’t ask’ left open the possibility that they raised funds by selling hitch-hikers into slavery. I changed the subject.

As the manager of my hedge fund, I’ve shorted the stocks of over two hundred companies that have eventually gone bankrupt. Many of these businesses started out with promising, even inspired ideas: natural cures for common diseases, for example, or a cool new kind of sporting goods product. Others were once-thriving organizations trying to rebound from hard times. Despite their differences, they all failed because their leaders made one or more of six common mistakes that I look for: They learned from only the recent past. They relied too heavily on a formula for success. They misread or alienated their customers. They fell victim to a mania. They failed to adapt to tectonic shifts in their industries. They were physically or emotionally removed from their companies’ operations.

Buffett being penalized for underperforming versus managers riding the long side of the dot-com bubble is a perfect illustration of a common investor mistake—failing to realize that often the managers with the highest returns achieve those results because they’re taking the most risk, not because they have the greatest skill.

I see companies these days where thoughts of “exits” are foremost in the minds of top management and board, and it is so clear that this value will infect the decision making down to the smallest choice by the most junior employee. Do we create something that is good, or just that seems good and might get us acquired or funded?

An active manager must overcome the drag of about 3.25 percent in annual operating costs. If the fund manager is only to match the market’s historical 9 percent return, he or she must return 12.25 percent before all those costs. In other words, to do merely as well as the market, an active fund manager must be able to outperform the market return by over one-third or 34.1 percent!5

They worried ballot management in some areas was privately funded by corporate oligarchs overtly hostile to the Republican Party. Didn’t that give at least the appearance of impropriety? And they worried that failing to remove the deceased and those who moved out of state from voter rolls would cause worse problems in an election in which mail-in balloting would feature so prevalently.

The index fund is a most unlikely hero for the typical investor. It is no more (nor less) than a broadly diversified portfolio, typically run at rock-bottom costs, without the putative benefit of a brilliant, resourceful, and highly skilled portfolio manager. The index fund simply buys and holds the securities in a particular index, in proportion to their weight in the index. The concept is simplicity writ large.

There was a Dana Phelps with a son named Brandon, but they didn’t live on the Upper East Side of Manhattan. The Phelpses resided in a rather tony section of Greenwich, Connecticut. Brandon’s father had been a big-time hedge fund manager. Beaucoup bucks. He died when he was forty-one. The obituary gave no cause of death. Kat looked for a charity—people often requested donations made to a heart disease or cancer or whatever cause—but there was nothing listed.

One reason nature is efficient is because there is no waste. Everything produced creates value for others and is consumed by others on the basis of value. What one life may discard as not valuable is consumed by another life because of its valuable. And all things produced and consumed are continually upcycled, becoming more valuable each cycle. Perhaps it’s because nature has a capital-centric view of things; everything in nature is capital and produces capital which to varying degrees provides value to all other things in nature. Imagine if economies worked like this. Imagine if investment portfolios worked like this. Imagine if businesses worked like this. What a beautiful world it would be.

Haven’t you figured it out? Giving money away doesn’t solve anything. Asking the zottarich to redeem themselves by giving money away acknowledges that they deserve it all, should be in charge of deciding where it goes. It’s pretending that you can get rich without being a bandit. Letting them decide what gets funded declares the planet to be a giant corporation that the major shareholders get to direct. It says that government is just middle-management, hired or fired on the whim of the directors.

Donald was to my grandfather what the border wall has been for Donald: a vanity project funded at the expense of more worthy pursuits. Fred didn’t groom Donald to succeed him; when he was in his right mind, he wouldn’t trust Trump Management to anybody. Instead, he used Donald, despite his failures and poor judgment, as the public face of his own thwarted ambition. Fred kept propping up Donald’s false sense of accomplishment until the only asset Donald had was the ease with which he could be duped by more powerful men.

Over the last 30 odd years, Democrats have moved to the right and the right has moved into the mental hospital. So what we have is one perfectly good party for hedge fund managers, credit card companies, banks, defense contractors, big agriculture and the pharmaceutical lobby... That's the Democrats. And they sit across the aisle from a small group of religious lunatics, flat-earthers and civil war re-enactors who mostly communicate by AM radio and call themselves the Republicans and who actually worry that Obama is a socialist. Socialist? He's not even a liberal.

people in management positions, even very senior management positions, are often completely wrong about the fortunes of their own companies. More important, in making these misjudgments, they almost always err on the side of excessive optimism. They think their businesses are in much better shape than they actually are. Jerry’s rig utilization chart at Global Marine and our own CFO’s boasts about Joe DiMaggio only underscored this lesson for me at the time. And, three decades and over 1,400 meetings with other executives later, I can say this tendency is as pronounced as ever.

Cixi’s lack of formal education was more than made up for by her intuitive intelligence, which she liked to use from her earliest years. In 1843, when she was seven, the empire had just finished its first war with the West, the Opium War, which had been started by Britain in reaction to Beijing clamping down on the illegal opium trade conducted by British merchants. China was defeated and had to pay a hefty indemnity. Desperate for funds, Emperor Daoguang (father of Cixi’s future husband) held back the traditional presents for his sons’ brides – gold necklaces with corals and pearls – and vetoed elaborate banquets for their weddings. New Year and birthday celebrations were scaled down, even cancelled, and minor royal concubines had to subsidise their reduced allowances by selling their embroidery on the market through eunuchs. The emperor himself even went on surprise raids of his concubines’ wardrobes, to check whether they were hiding extravagant clothes against his orders. As part of a determined drive to stamp out theft by officials, an investigation was conducted of the state coffer, which revealed that more “than nine million taels of silver had gone missing. Furious, the emperor ordered all the senior keepers and inspectors of the silver reserve for the previous forty-four years to pay fines to make up the loss – whether or not they were guilty. Cixi’s great-grandfather had served as one of the keepers and his share of the fine amounted to 43,200 taels – a colossal sum, next to which his official salary had been a pittance. As he had died a long time ago, his son, Cixi’s grandfather, was obliged to pay half the sum, even though he worked in the Ministry of Punishments and had nothing to do with the state coffer. After three years of futile struggle to raise money, he only managed to hand over 1,800 taels, and an edict signed by the emperor confined him to prison, only to be released if and when his son, Cixi’s father, delivered the balance. The life of the family was turned upside down. Cixi, then eleven years old, had to take in sewing jobs to earn extra money – which she would remember all her life and would later talk about to her ladies-in-waiting in the court. “As she was the eldest of two daughters and three sons, her father discussed the matter with her, and she rose to the occasion. Her ideas were carefully considered and practical: what possessions to sell, what valuables to pawn, whom to turn to for loans and how to approach them. Finally, the family raised 60 per cent of the sum, enough to get her grandfather out of prison. The young Cixi’s contribution to solving the crisis became a family legend, and her father paid her the ultimate compliment: ‘This daughter of mine is really more like a son!’ Treated like a son, Cixi was able to talk to her father about things that were normally closed areas for women. Inevitably their conversations touched on official business and state affairs, which helped form Cixi’s lifelong interest. Being consulted and having her views acted on, she acquired self-confidence and never accepted the com“common assumption that women’s brains were inferior to men’s. The crisis also helped shape her future method of rule. Having tasted the bitterness of arbitrary punishment, she would make an effort to be fair to her officials.

Another example is the modern political order. Ever since the French Revolution, people throughout the world have gradually come to see both equality and individual freedom as fundamental values. Yet the two values contradict each other. Equality can be ensured only by curtailing the freedoms of those who are better off. Guaranteeing that every individual will be free to do as he wishes inevitably short-changes equality. The entire political history of the world since 1789 can be seen as a series of attempts to reconcile this contradiction. Anyone who has read a novel by Charles Dickens knows that the liberal regimes of nineteenth-century Europe gave priority to individual freedom even if it meant throwing insolvent poor families in prison and giving orphans little choice but to join schools for pickpockets. Anyone who has read a novel by Alexander Solzhenitsyn knows how Communism’s egalitarian ideal produced brutal tyrannies that tried to control every aspect of daily life. Contemporary American politics also revolve around this contradiction. Democrats want a more equitable society, even if it means raising taxes to fund programmes to help the poor, elderly and infirm. But that infringes on the freedom of individuals to spend their money as they wish. Why should the government force me to buy health insurance if I prefer using the money to put my kids through college? Republicans, on the other hand, want to maximise individual freedom, even if it means that the income gap between rich and poor will grow wider and that many Americans will not be able to afford health care. Just as medieval culture did not manage to square chivalry with Christianity, so the modern world fails to square liberty with equality. But this is no defect. Such contradictions are an inseparable part of every human culture. In fact, they are culture’s engines, responsible for the creativity and dynamism of our species. Just

At the time of the Frank Sheeran job interview by long-distance phone call, Jimmy Hoffa was coming off a period full of accomplishment and notoriety. In the mid- to late fifties Jimmy Hoffa had bulldogged and bluffed his way through the McClellan Committee hearings. He had become president of the International Brotherhood of Teamsters. And he had survived several criminal indictments. More significantly for his future and that of his rank and file, in 1955 Jimmy Hoffa had created a pension fund whereby management made regular contributions toward the retirement of their Teamsters employees. Before the creation of the Central States Pension Fund, many truckers merely had their Social Security to fall back on when they retired.

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This state of affairs, which bodes ill for the future, causes Us great distress and anguish. But We cherish this hope: that distrust and selfishness among nations will eventually be overcome by a stronger desire for mutual collaboration and a heightened sense of solidarity. We hope that the developing nations will take advantage of their geographical proximity to one another to organize on a broader territorial base and to pool their efforts for the development of a given region. We hope that they will draw up joint programs, coordinate investment funds wisely, divide production quotas fairly, and exercise management over the marketing of these products. We also hope that multilateral and broad international associations will undertake the necessary work of organization to find ways of helping needy nations, so that these nations may escape from the fetters now binding them; so that they themselves may discover the road to cultural and social progress, while remaining faithful to the native genius of their land.

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You’re as beautiful as you were the night we made our son,” she whispered, bending to kiss him tenderly. His fingers traced her dark eyebrows, her cheeks, her mouth. “I wish we could have another baby,” he said heavily. “So do I. But I’m too old,” she said sadly. She lay her cheek against his broad, damp chest and stroked the silver-tipped hair that covered it. “We’ll have to hope for grandchildren, if he ever forgives us.” He held her tightly, as if by holding her he could keep her safe. What he felt for her was ferociously protective. She misunderstood the tightening of his arms. She smiled and sighed. “We can’t, again. Cecily will think we’ve deserted her.” His hand smoothed her long hair. “She probably knows exactly what we’re doing,” he said on a chuckle. “She loves you.” “She likes you. Maybe we could adopt her.” “Better if our son marries her.” She grinned. “We can hope.” She sat up and stretched, liking the way he watched her still-firm breasts. “The last time I felt like this was thirty-six years ago,” she confided. “The same is true for me,” he replied. She searched his eyes, already facing her departure. She would have to go back to the reservation, home. He could still read her better than she knew. He drew her hand to his mouth. “It’s too late, but I want to marry you. This week. As soon as possible.” She was surprised. She didn’t know what to say. “I love you,” he said. “I never stopped. Forgive me and say yes.” She considered the enormity of what she would be agreeing to do. Be his hostess. Meet his friends. Go to fund-raising events. Wear fancy clothes. Act sophisticated. “Your life is so different from mine,” she began. “Don’t you start,” he murmured. “I’ve seen what it did to Cecily when Tate used that same argument with her about all the differences. It won’t work with me. We love each other too much to worry about trivial things. Say yes. We’ll work out all the details later.” “There will be parties, benefits…” He pulled her down into his arms and kissed her tenderly. “I don’t know much about etiquette,” she tried again. He rolled her over, pinning her gently. One long leg inserted itself between both of hers as he kissed her. “Oh, what the hell,” she murmured, and wrapped her legs around his, groaning as the joints protested. “Arthritis?” he asked. “Osteoarthritis.” “Me, too.” He shifted, groaning a little himself as he eased down. “We’ll work on new positions one day. But it’s…too late…now. Leta…!” he gasped. She didn’t have enough breath to answer him. He didn’t seem to notice that she hadn’t. Bad joints notwithstanding, they managed to do quite a few things that weren’t recommended for people their ages. And some that weren’t in the book at all.

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Pointsman is the only one here maintaining his calm. He appears unruffled and strong. His lab coats have even begun lately to take on a Savile Row serenity, suppressed waist, flaring vents, finer material, rather rakishly notched lapels. In this parched and fallow time, he gushes affluence. After the baying has quieted down at last, he speaks, soothing: “There’s no danger.” “No danger?” screams Aaron Throwster, and the lot of them are off again muttering and growling. “Slothrop’s knocked out Dodson-Truck and the girl in one day!” “The whole thing’s falling apart, Pointsman!” “Since Sir Stephen came back, Fitzmaurice House has dropped out of our scheme, and there’ve been embarrassing inquires down from Duncan Sandys—“ “That’s the P.M.’s son-in-law, Pointsman, not good, not good!” “We’ve already begun to run into a deficit—“ “Funding,” IF you can keep your head, “is available, and will be coming in before long… certainly before we run into any serious trouble. Sir Stephen, far from being ‘knocked out,’ is quite happily at work at Fitzmaurice House, and is At Home there should any of you wish to confirm. Miss Borgesius is still active in the program, and Mr. Duncan Sandys is having all his questions answered. But best of all, we are budgeted well into fiscal ’46 before anything like a deficit begins to rear its head.” “Your Interested Parties again?” sez Rollo Groast. “Ah, I noticed Clive Mossmoon from Imperial Chemicals closeted with you day before yesterday,” Edwin Treacle mentions now. “Clive Mossmoon and I took an organic chemistry course or two together back at Manchester. Is ICI one of our, ah, sponsors, Pointsman?” “No,” smoothly, “Mossmoon, actually, is working out of Malet Street these days. I’m afraid we were up to nothing more sinister than a bit of routine coordination over the Schwarzkommando business.” “The hell you were. I happen to know Clive’s at ICI, managing some sort of polymer research.” They stare at each other. One is lying, or bluffing, or both are, or all of the above. But whatever it is Pointsman has a slight advantage. By facing squarely the extinction of his program, he has gained a great of bit of Wisdom: that if there is a life force operating in Nature, still there is nothing so analogous in a bureaucracy. Nothing so mystical. It all comes down, as it must, to the desires of men. Oh, and women too of course, bless their empty little heads. But survival depends on having strong enough desires—on knowing the System better than the other chap, and how to use it. It’s work, that’s all it is, and there’s no room for any extrahuman anxieties—they only weaken, effeminize the will: a man either indulges them, or fights to win, und so weiter. “I do wish ICI would finance part of this,” Pointsman smiles. “Lame, lame,” mutters the younger Dr. Groast. “What’s it matter?” cries Aaron Throwster. “If the old man gets moody at the wrong time this whole show can prang.” “Brigadier Pudding will not go back on any of his commitments,” Pointsman very steady, calm, “we have made arrangements with him. The details aren’t important.” They never are, in these meetings of his.

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