Funding Best Quotes

Ladies and gentlemen of the class of '97: Wear sunscreen. If I could offer you only one tip for the future, sunscreen would be it. The long-term benefits of sunscreen have been proved by scientists, whereas the rest of my advice has no basis more reliable than my own meandering experience. I will dispense this advice now. Enjoy the power and beauty of your youth. Oh, never mind. You will not understand the power and beauty of your youth until they've faded. But trust me, in 20 years, you'll look back at photos of yourself and recall in a way you can't grasp now how much possibility lay before you and how fabulous you really looked. You are not as fat as you imagine. Don't worry about the future. Or worry, but know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum. The real troubles in your life are apt to be things that never crossed your worried mind, the kind that blindside you at 4 pm on some idle Tuesday. Do one thing everyday that scares you. Sing. Don't be reckless with other people's hearts. Don't put up with people who are reckless with yours. Floss. Don't waste your time on jealousy. Sometimes you're ahead, sometimes you're behind. The race is long and, in the end, it's only with yourself. Remember compliments you receive. Forget the insults. If you succeed in doing this, tell me how. Keep your old love letters. Throw away your old bank statements. Stretch. Don't feel guilty if you don't know what you want to do with your life. The most interesting people I know didn't know at 22 what they wanted to do with their lives. Some of the most interesting 40-year-olds I know still don't. Get plenty of calcium. Be kind to your knees. You'll miss them when they're gone. Maybe you'll marry, maybe you won't. Maybe you'll have children, maybe you won't. Maybe you'll divorce at 40, maybe you'll dance the funky chicken on your 75th wedding anniversary. Whatever you do, don't congratulate yourself too much, or berate yourself either. Your choices are half chance. So are everybody else's. Enjoy your body. Use it every way you can. Don't be afraid of it or of what other people think of it. It's the greatest instrument you'll ever own. Dance, even if you have nowhere to do it but your living room. Read the directions, even if you don't follow them. Do not read beauty magazines. They will only make you feel ugly. Get to know your parents. You never know when they'll be gone for good. Be nice to your siblings. They're your best link to your past and the people most likely to stick with you in the future. Understand that friends come and go, but with a precious few you should hold on. Work hard to bridge the gaps in geography and lifestyle, because the older you get, the more you need the people who knew you when you were young. Live in New York City once, but leave before it makes you hard. Live in Northern California once, but leave before it makes you soft. Travel. Accept certain inalienable truths: Prices will rise. Politicians will philander. You, too, will get old. And when you do, you'll fantasize that when you were young, prices were reasonable, politicians were noble, and children respected their elders. Respect your elders. Don't expect anyone else to support you. Maybe you have a trust fund. Maybe you'll have a wealthy spouse. But you never know when either one might run out. Don't mess too much with your hair or by the time you're 40 it will look 85. Be careful whose advice you buy, but be patient with those who supply it. Advice is a form of nostalgia. Dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it's worth. But trust me on the sunscreen.

Educate not Legislate Refusing to pass unnecessary laws requires a converse – encouraging education and understanding. We started by slashing the salaries of legislators (Dubbed “Bloodbath on the Beltway”). That move provided funds to instigate incentive programs for high school teachers – to attract the best and brightest. The result was a generation of bright, energetic 18-year-olds graduating high-school, equipped to tackle the future.

I don't want you to wake up at sixty-five and realize, 'I spend forty of my best years doing something that just funded my life.

Pick a leader who will make their citizens proud. One who will stir the hearts of the people, so that the sons and daughters of a given nation strive to emulate their leader's greatness. Only then will a nation be truly great, when a leader inspires and produces citizens worthy of becoming future leaders, honorable decision makers and peacemakers. And in these times, a great leader must be extremely brave. Their leadership must be steered only by their conscience, not a bribe.

Pick a leader who will keep jobs in your country by offering companies incentives to hire only within their borders, not one who allows corporations to outsource jobs for cheaper labor when there is a national employment crisis. Choose a leader who will invest in building bridges, not walls. Books, not weapons. Morality, not corruption. Intellectualism and wisdom, not ignorance. Stability, not fear and terror. Peace, not chaos. Love, not hate. Convergence, not segregation. Tolerance, not discrimination. Fairness, not hypocrisy. Substance, not superficiality. Character, not immaturity. Transparency, not secrecy. Justice, not lawlessness. Environmental improvement and preservation, not destruction. Truth, not lies.

A NATION'S GREATNESS DEPENDS ON ITS LEADER To vastly improve your country and truly make it great again, start by choosing a better leader. Do not let the media or the establishment make you pick from the people they choose, but instead choose from those they do not pick. Pick a leader from among the people who is heart-driven, one who identifies with the common man on the street and understands what the country needs on every level. Do not pick a leader who is only money-driven and does not understand or identify with the common man, but only what corporations need on every level. Pick a peacemaker. One who unites, not divides. A cultured leader who supports the arts and true freedom of speech, not censorship. Pick a leader who will not only bail out banks and airlines, but also families from losing their homes -- or jobs due to their companies moving to other countries. Pick a leader who will fund schools, not limit spending on education and allow libraries to close. Pick a leader who chooses diplomacy over war. An honest broker in foreign relations. A leader with integrity, one who says what they mean, keeps their word and does not lie to their people. Pick a leader who is strong and confident, yet humble. Intelligent, but not sly. A leader who encourages diversity, not racism. One who understands the needs of the farmer, the teacher, the doctor, and the environmentalist -- not only the banker, the oil tycoon, the weapons developer, or the insurance and pharmaceutical lobbyist. Pick a leader who will keep jobs in your country by offering companies incentives to hire only within their borders, not one who allows corporations to outsource jobs for cheaper labor when there is a national employment crisis. Choose a leader who will invest in building bridges, not walls. Books, not weapons. Morality, not corruption. Intellectualism and wisdom, not ignorance. Stability, not fear and terror. Peace, not chaos. Love, not hate. Convergence, not segregation. Tolerance, not discrimination. Fairness, not hypocrisy. Substance, not superficiality. Character, not immaturity. Transparency, not secrecy. Justice, not lawlessness. Environmental improvement and preservation, not destruction. Truth, not lies. Most importantly, a great leader must serve the best interests of the people first, not those of multinational corporations. Human life should never be sacrificed for monetary profit. There are no exceptions. In addition, a leader should always be open to criticism, not silencing dissent. Any leader who does not tolerate criticism from the public is afraid of their dirty hands to be revealed under heavy light. And such a leader is dangerous, because they only feel secure in the darkness. Only a leader who is free from corruption welcomes scrutiny; for scrutiny allows a good leader to be an even greater leader. And lastly, pick a leader who will make their citizens proud. One who will stir the hearts of the people, so that the sons and daughters of a given nation strive to emulate their leader's greatness. Only then will a nation be truly great, when a leader inspires and produces citizens worthy of becoming future leaders, honorable decision makers and peacemakers. And in these times, a great leader must be extremely brave. Their leadership must be steered only by their conscience, not a bribe.

It’s not possible for investors to consistently outperform the market. Therefore you’re best served investing in a diversified portfolio of low-cost index funds [or exchange-traded funds].

Pick a leader who will not only bail out banks and airlines, but also families from losing their homes -- or jobs due to their companies moving to other countries. Pick a leader who will fund schools, not limit spending on education and allow libraries to close. Pick a leader who chooses diplomacy over war. An honest broker in foreign relations. A leader with integrity, one who says what they mean, keeps their word and does not lie to their people. Pick a leader who is strong and confident, yet humble. Intelligent, but not sly. A leader who encourages diversity, not racism. One who understands the needs of the farmer, the teacher, the doctor, and the environmentalist -- not only the banker, the oil tycoon, the weapons developer, or the insurance and pharmaceutical lobbyist.

Outside the walls of the Circle, all was noise and struggle, failure and filth. But here, all had been perfected. The best people had made the best systems and the best systems had reaped funds, unlimited funds,

She has a fund of good sense and observation which, as a companion, makes her infinitely superior to thousands of those who having only received 'the best education in the world,' know nothing worth attending to.

Some Americans appear to believe that there would be no arts in America were it not for the National Endowment for the Arts (NEA), an institution created in 1965. They cannot imagine things being done any other way, even though they were done another way throughout our country's existence, and throughout most of mankind's history. While the government requested $121 million for the NEA in 2006, private donations to the arts totaled $2.5 billion that year, dwarfing the NEA budget. The NEA represents a tiny fraction of all arts funding, a fact few Americans realize. Freedom works after all. And that money is almost certainly better spent than government money: NEA funds go not necessarily to the best artists, but to people who happen to be good at filling out government grant applications. I have my doubts that the same people populate both categories.

Hold an index fund for 20 years or more, adding new money every month, and you are all but certain to outper-forms the vast majority of professional and individual investors alike. Late in his life, Graham praised index funds as the best choice for individual investors, as does Warren Buffett.6

To summarize what I have said: Aim for the highest; never enter a bar-room; do not touch liquor, or if at all only at meals; never speculate; never indorse beyond your surplus cash fund; make the firm’s interest yours; break orders always to save owners; concentrate; put all your eggs in one basket, and watch that basket; expenditure always within revenue; lastly, be not impatient, for, as Emerson says, “no one can cheat you out of ultimate success but yourselves.” I congratulate poor young men upon being born to that ancient and honourable degree which renders it necessary that they should devote themselves to hard work. A basketful of bonds is the heaviest basket a young man ever had to carry. He generally gets to staggering under it. We have in this city creditable instances of such young men, who have pressed to the front rank of our best and most useful citizens. These deserve great credit. But the vast majority of the sons of rich men are unable to resist the temptations to which wealth subjects them, and sink to unworthy lives. I would almost as soon leave a young man a curse, as burden him with the almighty dollar. It is not from this class you have rivalry to fear. The partner’s sons will not trouble you much, but look out that some boys poorer, much poorer than yourselves, whose parents cannot afford to give them the advantages of a course in this institute, advantages which should give you a decided lead in the race–look out that such boys do not challenge you at the post and pass you at the grand stand. Look out for the boy who has to plunge into work direct from the common school and who begins by sweeping out the office. He is the probable dark horse that you had better watch.

From what I could tell, Dad was on track to become the best-funded lunatic in the Mountain West.

The best summary of Trumpism is “billionaire-funded racial grievance politics.” It’s plutocracy in populist clothing.

This, then, is held to be the duty of the man of wealth: To set an example of modest, unostentatious living, shunning display or extravagance; to provide moderately for the legitimate wants of those dependent on him; and, after doing so, to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer, and strictly bound as a matter of duty to administer in the manner which, in his judgement, is best calculated to produce the most beneficial results for the community--the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience, and ability to administer, doing for them better than they would or could do for themselves.

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.

By the time Stalin died on 5 March 1953, the Soviet Union boasted the largest and best-funded scientific establishment in history. It was at once the glory and the laughing stock of the intellectual world.

If life is a movie most people would consider themselves the star of their own feature. Guys might imagine they're living some action adventure epic. Chicks maybe are in a rose-colored fantasy romance. And homosexuals are living la vida loca in a fabulous musical. Still others may take the indie approach and think of themselves as an anti-hero in a coming of age flick. Or a retro badass in an exploitation B movie. Or the cable man in a very steamy adult picture. Some people's lives are experimental student art films that don't make any sense. Some are screwball comedies. Others resemble a documentary, all serious and educational. A few lives achieve blockbuster status and are hailed as a tribute to the human spirit. Some gain a small following and enjoy cult status. And some never got off the ground due to insufficient funding. I don't know what my life is but I do know that I'm constantly squabbling with the director over creative control, throwing prima donna tantrums and pouting in my personal trailor when things don't go my way. Much of our lives is spent on marketing. Make-up, exercise, dieting, clothes, hair, money, charm, attitude, the strut, the pose, the Blue Steel look. We're like walking billboards advertising ourselves. A sneak peek of upcoming attractions. Meanwhile our actual production is in disarray--we're over budget, doing poorly at private test screenings and focus groups, creatively stagnant, morale low. So we're endlessly tinkering, touching up, editing, rewriting, tailoring ourselves to best suit a mass audience. There's like this studio executive in our heads telling us to cut certain things out, make it "lighter," give it a happy ending, and put some explosions in there too. Kids love explosions. And the uncompromising artist within protests: "But that's not life!" Thus the inner conflict of our movie life: To be a palatable crowd-pleaser catering to the mainstream... or something true to life no matter what they say?

Illustrative of this long-term funding gap is the fact that in 2013 the best maps of our own seafloor had a resolution of three miles. The best maps of Mars had a resolution of 330 feet.

And it is all the more extraordinary when you reflect that despite perpetually modest funding Britain still has three of the world’s top ten universities and eleven of the top one hundred. Put another way, Britain has 1 percent of the world’s population, but 11 percent of its best universities, and accounts for nearly 12 percent of total academic citations and 16 percent of the most highly cited studies. I

Historically one of the main defects of constitutional government has been the failure to insure the fair value of political liberty. The necessary corrective steps have not been taken, indeed, they never seem to have been seriously entertained. Disparities in the distribution of property and wealth that far exceed what is compatible with political equality have generally been tolerated by the legal system. Public resources have not been devoted to maintaining the institutions required for the fair value of political liberty. Essentially the fault lies in the fact that the democratic political process is at best regulated rivalry; it does not even in theory have the desirable properties that price theory ascribes to truly competitive markets. Moreover, the effects of injustices in the political system are much more grave and long lasting than market imperfections. Political power rapidly accumulates and becomes unequal; and making use of the coercive apparatus of the state and its law, those who gain the advantage can often assure themselves of a favored position. Thus inequities in the economic and social system may soon undermine whatever political equality might have existed under fortunate historical conditions. Universal suffrage is an insufficient counterpoise; for when parties and elections are financed not by public funds but by private contributions, the political forum is so constrained by the wishes of the dominant interests that the basic measures needed to establish just constitutional rule are seldom properly presented. These questions, however, belong to political sociology. 116 I mention them here as a way of emphasizing that our discussion is part of the theory of justice and must not be mistaken for a theory of the political system. We are in the way of describing an ideal arrangement, comparison with which defines a standard for judging actual institutions, and indicates what must be maintained to justify departures from it.

Thoughts and habits not conducive to the work: Believing you’re not good enough. Feeling you don’t have the energy it takes. Mistaking adopted rules for absolute truths. Not wanting to do the work (laziness). Not taking the work to its highest expression (settling). Having goals so ambitious that you can’t begin. Thinking you can only do your best work in certain conditions. Requiring specific tools or equipment to do the work. Abandoning a project as soon as it gets difficult. Feeling like you need permission to start or move forward. Letting a perceived need for funding, equipment, or support get in the way. Having too many ideas and not knowing where to start. Never finishing projects. Blaming circumstances or other people for interfering with your process. Romanticizing negative behaviors or addictions. Believing a certain mood or state is necessary to do your best work. Prioritizing other activities and responsibilities over your commitment to making art. Distractibility and procrastination. Impatience. Thinking anything that’s out of your control is in your way.

The capital ... shall form a fund, the interest of which shall be distributed annually as prizes to those persons who shall have rendered humanity the best services during the past year. ... One-fifth to the person having made the most important discovery or invention in the science of physics, one-fifth to the person who has made the most eminent discovery or improvement in chemistry, one-fifth to the one having made the most important discovery with regard to physiology or medicine, one-fifth to the person who has produced the most distinguished idealistic work of literature, and one-fifth to the person who has worked the most or best for advancing the fraternization of all nations and for abolishing or diminishing the standing armies as well as for the forming or propagation of committees of peace.

The end result is spirituality without dogma, religion without God, argument without substance, rationalization without rationality, and tranquillity by transfer of funds from the seeker’s bank account to the company that makes the best offer of nirvana, at the same time producing dogmatism about relativism in matters of ultimate meaning.

The enemy of success isn’t failure, it’s inaction.

The best long-term results come from buying a big, well-diversified portfolio of financial securities, and trading as little as possible.

Midlife crises are the best-funded stage of rebellion, because, finally, the rebel himself can lavish the amount of money he feels befits the depth of his self-pity.

Always believe you are great and that you are the best

Money managers tend to make irrational decisions just to protect their calendar year performances, even if they believe that decision is not in the best interest of investors.

The best predictor of wanting to slash funding for welfare recipients is racial prejudice.

The best way to own common stocks is through an index fund.3

Disabled Cherokee scholar Qwo-Li Driskill has remarked that in precontact Cherokee, there are many words for people with different kinds of bodies, illnesses, and what would be seen as impairments; none of those words are negative or view those sick or disabled people as defective or not as good as normatively bodied people.9 With the arrival of white settler colonialism, things changed, and not in a good way. For many sick and disabled Black, Indigenous, and brown people under transatlantic enslavement, colonial invasion, and forced labor, there was no such thing as state-funded care. Instead, if we were too sick or disabled to work, we were often killed, sold, or left to die, because we were not making factory or plantation owners money. Sick, disabled, Mad, Deaf, and neurodivergent people’s care and treatment varied according to our race, class, gender, and location, but for the most part, at best, we were able to evade capture and find ways of caring for ourselves or being cared for by our families, nations, or communities—from our Black and brown communities to disabled communities.

Stocks are the things to own over time. Productivity will increase and stocks will increase with it. There are only a few things you can do wrong. One is to buy or sell at the wrong time. Paying high fees is the other way to get killed. The best way to avoid both of these is to buy a low-cost index fund, and buy it over time. Be greedy when others are fearful, and fearful when others are greedy, but don’t think you can outsmart the market. “If a cross-section of American industry is going to do well over time, then why try to pick the little beauties and think you can do better? Very few people should be active investors.

On both occasions Fred had felt confident that he should meet the bill himself, having ample funds at disposal in his own hopefulness. You will hardly demand that his confidence should have a basis in external facts; such confidence, we know, is something less coarse and materialistic: it is a comfortable disposition leading us to expect that the wisdom of providence or the folly of our friends, the mysteries of luck or the still greater mystery of our high individual value in the universe, will bring about agreeable issues, such as are consistent with our good taste in costume, and our general preference for the best style of thing.

The work I do is not exactly respectable. But I want to explain how it works without any of the negatives associated with my infamous clients. I’ll show how I manipulated the media for a good cause. A friend of mine recently used some of my advice on trading up the chain for the benefit of the charity he runs. This friend needed to raise money to cover the costs of a community art project, and chose to do it through Kickstarter, the crowdsourced fund-raising platform. With just a few days’ work, he turned an obscure cause into a popular Internet meme and raised nearly ten thousand dollars to expand the charity internationally. Following my instructions, he made a YouTube video for the Kickstarter page showing off his charity’s work. Not a video of the charity’s best work, or even its most important work, but the work that exaggerated certain elements aimed at helping the video spread. (In this case, two or three examples in exotic locations that actually had the least amount of community benefit.) Next, he wrote a short article for a small local blog in Brooklyn and embedded the video. This site was chosen because its stories were often used or picked up by the New York section of the Huffington Post. As expected, the Huffington Post did bite, and ultimately featured the story as local news in both New York City and Los Angeles. Following my advice, he sent an e-mail from a fake address with these links to a reporter at CBS in Los Angeles, who then did a television piece on it—using mostly clips from my friend’s heavily edited video. In anticipation of all of this he’d been active on a channel of the social news site Reddit (where users vote on stories and topics they like) during the weeks leading up to his campaign launch in order to build up some connections on the site. When the CBS News piece came out and the video was up, he was ready to post it all on Reddit. It made the front page almost immediately. This score on Reddit (now bolstered by other press as well) put the story on the radar of what I call the major “cool stuff” blogs—sites like BoingBoing, Laughing Squid, FFFFOUND!, and others—since they get post ideas from Reddit. From this final burst of coverage, money began pouring in, as did volunteers, recognition, and new ideas. With no advertising budget, no publicist, and no experience, his little video did nearly a half million views, and funded his project for the next two years. It went from nothing to something. This may have all been for charity, but it still raises a critical question: What exactly happened? How was it so easy for him to manipulate the media, even for a good cause? He turned one exaggerated amateur video into a news story that was written about independently by dozens of outlets in dozens of markets and did millions of media impressions. It even registered nationally. He had created and then manipulated this attention entirely by himself.

You should focus relentlessly on something you’re good at doing, but before that you must think hard about whether it will be valuable in the future. For the startup world, this means you should not necessarily start your own company, even if you are extraordinarily talented. If anything, too many people are starting their own companies today. People who understand the power law will hesitate more than others when it comes to founding a new venture: they know how tremendously successful they could become by joining the very best company while it’s growing fast. The power law means that differences between companies will dwarf the differences in roles inside companies. You could have 100% of the equity if you fully fund your own venture, but if it fails you’ll have 100% of nothing. Owning just 0.01% of Google, by contrast, is incredibly valuable (more than $35 million as of this writing).

On behalf of those you killed, imprisoned, tortured, you are not welcome, Erdogan! No, Erdogan, you’re not welcome in Algeria. We are a country which has already paid its price of blood and tears to those who wanted to impose their caliphate on us, those who put their ideas before our bodies, those who took our children hostage and who attempted to kill our hopes for a better future. The notorious family that claims to act in the name of the God and religion—you’re a member of it—you fund it, you support it, you desire to become its international leader. Islamism is your livelihood Islamism, which is your livelihood, is our misfortune. We will not forget about it, and you are a reminder of it today. You offer your shadow and your wings to those who work to make our country kneel down before your “Sublime Door.” You embody and represent what we loathe. You hate freedom, the free spirit. But you love parades. You use religion for business. You dream of a caliphate and hope to return to our lands. But you do it behind the closed doors, by supporting Islamist parties, by offering gifts through your companies, by infiltrating the life of the community, by controlling the mosques. These are the old methods of your “Muslim Brothers” in this country, who used to show us God’s Heaven with one hand while digging our graves with the other. No, Mr. Erdogan, you are not a man of help; you do not fight for freedom or principles; you do not defend the right of peoples to self-determination. You know only how to subject the Kurds to the fires of death; you know only how to subject your opponents to your dictatorship. You cry with the victims in the Middle East, yet sign contracts with their executioners. You do not dream of a dignified future for us, but of a caliphate for yourself. We are aware of your institutionalized persecution, your list of Turks to track down, your sinister prisons filled with the innocent, your dictatorial justice palaces, your insolence and boastful nature. You do not dream of a humanity that shares common values and principles, but are interested only in the remaking of the Ottoman Empire and its bloodthirsty warlords. Islam, for you, is a footstool; God is a business sign; modernity is an enemy; Palestine is a showcase; and local Islamists are your stunned courtesans. Humanity will not remember you with good deeds Humanity will remember you for your machinations, your secret coups d’état, and your manhunts. History will remember you for your bombings, your vengeful wars, and your inability to engage in constructive dialogue with others. The UN vote for Al-Quds is only an instrument in your service. Let us laugh at this with the Palestinians. We know that the Palestinian issue is your political capital, as it is for many others. You know well how to make a political fortune by exploiting others’ emotions. In Algeria, we suffered, and still suffer, from those who pretend to be God and act as takers and givers of life. They applaud your coming, but not us. You are the idol of Algerian Islamists and Populists, those who are unable to imagine a political structure beyond a caliphate for Muslim-majority societies. We aspire to become a country of freedom and dignity. This is not your ambition, nor your virtue. You are an illusion You have made beautiful Turkey an open prison and a bazaar for your business and loved ones. I hope that this beautiful nation rises above your ambitions. I hope that justice will be restored and flourish there once again, at least for those who have been imprisoned, tortured, bombed, and killed. You are an illusion, Erdogan—you know it and we know it. You play on the history of our humiliation, on our emotions, on our beliefs, and introduce yourself as a savior. However, you are a gravedigger, both for your own country and for your neighbors. Turkey is a political miracle, but it owes you nothing. The best thing you can do

Our returns in 2010 were the best ever—nearly 45 and 28 percent in our two Pure Alpha funds and close to 18 percent in All Weather—almost exclusively because the systems we had programmed to take in information and process it were doing it superbly.

Hers is a line for seeing human nature; and she has a fund of good sense and observation, which as a companion, make her infinitely superior to thousands of those who having only received 'the best education in the world,' know nothing worth attending to.

It’s not easy to feel good about yourself when you are constantly being told you’re rubbish and/or part of the problem. That’s often the situation for people working in the public sector, whether these be nurses, civil servants or teachers. The static metrics used to measure the contribution of the public sector, and the influence of Public Choice theory on making governments more ‘efficient’, has convinced many civil-sector workers they are second-best. It’s enough to depress any bureaucrat and induce him or her to get up, leave and join the private sector, where there is often more money to be made. So public actors are forced to emulate private ones, with their almost exclusive interest in projects with fast paybacks. After all, price determines value. You, the civil servant, won’t dare to propose that your agency could take charge, bring a helpful long-term perspective to a problem, consider all sides of an issue (not just profitability), spend the necessary funds (borrow if required) and – whisper it softly – add public value. You leave the big ideas to the private sector which you are told to simply ‘facilitate’ and enable. And when Apple or whichever private company makes billions of dollars for shareholders and many millions for top executives, you probably won’t think that these gains actually come largely from leveraging the work done by others – whether these be government agencies, not-for-profit institutions, or achievements fought for by civil society organizations including trade unions that have been critical for fighting for workers’ training programmes.

The same people who say they’re against organized religion are all card-carrying members of the Church of Universal Human Equality, which is perhaps the best organized, most well-funded, and least tolerant mythological system on Earth. I don’t even think Islam can compete.

So I will commit to showing up with deep humility and doing the best I can. I will keep getting it wrong, which is the closest I can come to getting it right. When I am corrected, I will stay open and keep learning. Not because I want to be the wokest woke who ever woked. But because people’s children are dying of racism, and there is no such thing as other people’s children. Hidden racism is destroying and ending lives. It’s making police officers kill black men at three times the rate of white men. It’s making lawmakers limit funding for clean water and poison children. It’s making doctors allow black women to die during or after childbirth at three to four times the rate of white women. It’s making school officials suspend and expel black students at three times the rate of white students. It’s making judges incarcerate black drug users at nearly six times the rate of white drug users. And—because of my complicity in this system that dehumanizes others—it is dehumanizing me. The fact that the programmed poison of racism was pumped into us may not be our fault, but getting it out is sure as hell our responsibility.

Trumpism is a somewhat ambiguous concept. Trump is not a philosopher. He doesn’t have a political theory or any underlying beliefs. The only -isms that he has ever been associated with are racism and narcissism. The best summary of Trumpism is “billionaire-funded racial grievance politics.

One of the problems with a 529 plan is that you must give up an element of control. The best 529 plans available, and my second choice to an ESA, is a “flexible” plan. This type of plan allows you to move your investment around periodically within a certain family of funds. A family of funds is a brand name of mutual fund. You could pick from virtually any mutual fund in the American Funds Group or Vanguard or Fidelity. You are stuck in one brand, but you can choose the type of fund, the amount in each, and move it around if you want. This is the only type of 529 I recommend.

Suppose you are particularly rich and well-to-do, and say on that last day, 'I am very rich; I am tolerably well known; I have lived all my life in the best society, and, thank Heaven, come of a most respectable family. I have served my King and country with honour. I was in Parliament for several years, where, I may say, my speeches were listened to, and pretty well received. I don't owe any man a shilling: on the contrary, I lent my old college friend, Jack Lazarus, fifty pounds, for which my executors will not press him. I leave my daughters with ten thousand pounds a piece--very good portions for girls: I bequeath my plate and furniture, my house in Baker Street, with a handsome jointure, to my widow for her life; and my landed property, besides money in the Funds, and my cellar of well-selected wine in Baker Street, to my son. I leave twenty pound a year to my valet; and I defy any man after I am gone to find anything against my character.' Or suppose, on the other hand, your swan sings quite a different sort of dirge, and you say, 'I am a poor, blighted, disappointed old fellow, and have made an utter failure through life. I was not endowed either with brains or with good fortune: and confess that I have committed a hundred mistakes and blunders. I own to having forgotten my duty many a time. I can't pay what I owe. On my last bed I lie utterly helpless and humble: and I pray forgiveness for my weakness, and throw myself with a contrite heart at the feet of the Divine Mercy.' Which of these two speeches, think you, would be the best oration for your own funeral? Old Sedley made the last; and in that humble frame of mind, and holding by the hand of his daughter, life and disappointment and vanity sank away from under him.

The net result is a deadlocked public sphere, with the actual exercise of power being relegated to the interlocking complex of corporations and institutions of governance that has come to be known as the “deep state.” From the point of view of corporations and other establishment entities, a deadlocked public is, of course, the best possible outcome, which, no doubt, is why they frequently strive to produce it: the funding of climate change “denial” in the United States and elsewhere, by corporations like Exxon—which have long known about the consequences of carbon emissions—is a perfect example of this.

That’s the UBI. A cash grant, with a surtax, funded by eliminating the transfers that currently exist. I require that $3,000 be devoted to health care, but otherwise I will argue that many of the best effects of the UBI are fostered by the least direction: “Here’s the money. Use it as you see fit. Your life is in your hands.

Investors often make the mistake of equating manager performance in a given year with manager skill. In some instances, more skilled managers will underperform because they refuse to participate in market bubbles. In fact, during market bubbles, the best performers are often the most imprudent rather than the most skilled managers.

Most experts agree that treatment with medication and psychotherapy combined is best, but very little research is being conducted on combined treatment because in the U.S. drug companies fund research, and they’re not interested in supporting that conclusion. So psychotherapy for depression became the exception, and a scrip from your GP became the norm.

My best friends in the Third World, with families of 4 to 8 children, lament that they have heard of the benign forms of contraception widespread in the First World, and they want those measures desperately for themselves, but they can’t afford or obtain them, due in part to the refusal of the U.S. government to fund family planning in its foreign aid programs.

Our children see how they are allowed in the best colleges, but only if they live in a neighborhood that has enough public school funding to help them get there. Our children see how once they get into that college the curriculum will still teach and promote the history, culture, and politics that keep them oppressed. Our children are seeing their parents lose the homes they worked so hard to afford due to racist lending practices of banks who will never face consequences for their illegal deeds. Our children see how no matter how hard they work, no matter what they accomplish, they could still be in the next viral video as they are gunned down by a cop at a traffic stop. Our children see that, as the world is now, they have nothing to lose.

to have a physical body and to work with it and to work with the forces of nature to mold it into the highest expression of joy, and to keep it always by using it to learn how to overcome disease, impairment and as today’s cutting edge, non-funded, objective, purposeful science says, one day, even death?   What if short-term excitement and intensity created by the overblown desire to win at all cost could be replaced by a more durable excitement in an intensity springing from the heart of the physical athletic experience itself?  It would soon be discovered that sports and physical activities reformed and refurbished with integrity, not buy-offs are the best possible path to personal enlightenment and social transformation for this new millennium.

Warren Buffett, chairman of Berkshire Hathaway and investor of legendary repute: "Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals.

As for me, I’m not duped by his misfortunes; he doesn’t look like a man who fails to get the best of things! Somebody finds him a good place, and there he is, leading the life of a Sardanapalus with a ballet-girl, and guzzling the funds of his journal; that costs the mother another twelve thousand francs! I don’t care two straws for myself, but Philippe will bring that poor woman to beggary.

THE BUTCHER AND THE DIETITIAN A good friend of mine recently forwarded me a YouTube video entitled The Butcher vs. the Dietitian, a two-minute cartoon that effectively and succinctly highlighted the major difference between a broker and a legal fiduciary. The video made the glaringly obvious point that when you walk into a butcher shop, you are always encouraged to buy meat. Ask a butcher what’s for dinner, and the answer is always “Meat!” But a dietitian, on the other hand, will advise you to eat what’s best for your health. She has no interest in selling you meat if fish is better for you. Brokers are butchers, while fiduciaries are dietitians. They have no “dog in the race” to sell you a specific product or fund. This simple distinction gives you a position of power! Insiders know the difference.

Mutual funds are run by highly experienced and hardworking professionals who buy and sell stocks to achieve the best possible results for their clients. Nevertheless, the evidence from more than fifty years of research is conclusive: for a large majority of fund managers, the selection of stocks is more like rolling dice than like playing poker. Typically at least two out of every three mutual funds underperform the overall market in any given year.

But fear best thrives in the present tense. That is why experts rely on it; in a world that is increasingly impatient with long-term processes, fear is a potent short-term play. Imagine that you are a government official charged with procuring the funds to fight one of two proven killers: terrorist attacks and heart disease. Which cause do you think the members of Congress will open up the coffers for? The likelihood of any given person being killed in a terrorist attack is far smaller than the likelihood that the same person will clog up his arteries with fatty food and die of heart disease. But a terrorist attack happens now; death by heart disease is some distant, quiet catastrophe. Terrorist acts lie beyond our control; french fries do not. Just as important as the control factor is what Peter Sandman calls the dread factor. Death by terrorist attack (or mad-cow disease) is considered wholly dreadful; death by heart disease is, for some reason, not.

When a brilliant critic and a beautiful woman (that’s my order of priorities, not necessarily those of the men who teach her) puts on black suede spike heels and a ruby mouth before asking an influential professor to be her thesis advisor, is she a slut? Or is she doing her duty to herself, in a clear-eyed appraisal of a hostile or indifferent milieu, by taking care to nourish her real gift under the protection of her incidental one? Does her hand shape the lipstick into a cupid’s bow in a gesture of free will? She doesn’t have to do it. That is the response the beauty myth would like a woman to have, because then the Other Woman is the enemy. Does she in fact have to do it? The aspiring woman does not have to do it if she has a choice. She will have a choice when a plethora of faculties in her field, headed by women and endowed by generations of female magnates and robber baronesses, open their gates to her; when multinational corporations led by women clamor for the skills of young female graduates; when there are other universities, with bronze busts of the heroines of half a millennium’s classical learning; when there are other research-funding boards maintained by the deep coffers provided by the revenues of female inventors, where half the chairs are held by women scientists. She’ll have a choice when her application is evaluated blind. Women will have the choice never to stoop, and will deserve the full censure for stooping, to consider what the demands on their “beauty” of a board of power might be, the minute they know they can count on their fair share: that 52 percent of the seats of the highest achievement are open to them. They will deserve the blame that they now get anyway only when they know that the best dream of their one life will not be forcibly compressed into an inverted pyramid, slammed up against a glass ceiling, shunted off into a stifling pink-collar ghetto, shoved back dead down a dead-end street.

The chances of having a successful career in fashion journalism are so slim, but you don’t let that dissuade you. You know the odds aren’t in your favor, but you’re giving it your best shot anyway. The other interns have wealth, status, connections, trust funds. I mean, even I have those things—they’re practically table stakes for a career in journalism. Most people in your situation wouldn’t even bother, but you’re still giving it your all. I admire that. I wish I had your kind of courage.

They barely have time to fend off calls from angry creditors, let alone write letters to Congress. And most are profoundly, desperately ashamed of their situation. For many, the decision to file for bankruptcy proves to be the darkest secret of their entire lives. Politically speaking, they are almost invisible. And yet these families were up against what was already one of the best-organized, best-funded lobbies in America. (It would get even better organized and better funded in the years to come.)

I am profoundly antifeminist, because it's a phony movement. To begin with, it's Marxist-Leninist in origin. It wants to have its cake and eat it too. It wants "independence" for women―government-funded independence, supported by taxes. Extorted from whom? From men, whose equals they claim to be. But men did not get established in this country with the help of the government. If women want to be equal―and of course, potentially they are―then they should achieve it on their own, and not as a vicious parasitical pressure group.

EMDR is a bizarre and wondrous treatment and anybody who first hears about it, myself included, thinks this is pretty hokey and strange. It's something invented by Francine Shapiro who found that, if you move your eyes from side to side as you think about distressing memories, that the memories lose their power. And because of some experiences, both with myself, but even more with the patients of mine who told me about their experiences, I took a training in it. It turned out to be incredibly helpful. Then I did what's probably the largest NIH-funded study on EMDR. And we found that, of people with adult-onset traumas, a one-time trauma as an adult, that it had the best outcome of any treatment that has been published. What's intriguing about EMDR is both how well it works and the question is how it works and that got me into this dream stuff that I talked about earlier, and how it does not work through figuring things out and understanding things. But it activates some natural processes in the brain that's helped you to integrate these past memories.

The impotence of liberal humanism is a symptom of its essentially contradictory relationship to modern capitalism. For although it forms part of the ‘official’ ideology of such society, and the ‘humanities’ exist to reproduce it, the social order within which it exists has in one sense very little time for it at all. Who is concerned with the uniqueness of the individual, the imperishable truths of the human condition or the sensuous textures of lived experience in the Foreign Office or the boardroom of Standard Oil? Capitalism’s reverential hat-tipping to the arts is obvious hypocrisy, except when it can hang them on its walls as a sound investment. Yet capitalist states have continued to direct funds into higher education humanities departments, and though such departments are usually the first in line for savage cutting when capitalism enters on one of its periodic crises, it is doubtful that it is only hypocrisy, a fear of appearing in its true philistine colours, which compels this grudging support. The truth is that liberal humanism is at once largely ineffectual, and the best ideology of the ‘human’ that present bourgeois society can muster. The ‘unique individual’ is indeed important when it comes to defending the business entrepreneur’s right to make profit while throwing men and women out of work; the individual must at all costs have the ‘right to choose’, provided this means the right to buy one’s child an expensive private education while other children are deprived of their school meals, rather than the rights of women to decide whether to have children in the first place.

in Boston, arriving there with ample funds, she purchased in the best quarter of the city, on Columbus Avenue, a three-storied mansion, built of stone, and handsomely furnished. The lecture theater was especially sumptuous, for in Boston she expected audiences of the well-to-do, of “refined people,” instead of the poor proletarians who had been her first disciples in Lynn, and this wealthy clientele must be attracted by keeping up a good appearance. A fine silver plate on the door was a further indication of the change of circumstances, of the rise in social level.

The average household income in America is right around $50,000 per year, according to the Census Bureau. Joe and Suzy Average would invest $7,500 (15 percent) per year or $625 per month. If you make $50,000 per year and have no payments except the house mortgage and live on a budget, can you invest $625 per month? Follow me here. If Joe and Suzy invest $625 per month with no match into Roth IRAs from age thirty to age seventy, they will have $7,588,545 tax-FREE! That is almost $8 million. What if I’m half-wrong? What if you end up with only $4 million? What if I’m six times wrong? Sure beats the 97 out of 100 sixty-five-year-olds who can’t write a check for $600! I would submit to you that Joe and Suzy are well below average. Why? In our example they started at the average household income in America, and in forty years of work never got a raise. They saved 15 percent of income and never increased it by one dollar. There is no excuse to retire without financial dignity in the United States today. Most of you will have well over $2 million pass through your hands in your working lifetime, so do something about catching some of that money. Gayle asked me one day if it was too late for her to start saving. Gayle wasn’t twenty-seven like Joe and Suzy. She was fifty-seven years old, but with her attitude you would have thought this lady was 107. Harold Fisher had a much better outlook at age one hundred than Gayle did at age fifty-seven. Life had dealt her some blows and had knocked most of the hope out of her. A Total Money Makeover is not a magic show. You start where you are, and you do the steps. These steps work if you are twenty-seven or fifty-seven, and they don’t change. Gayle might be starting the retirement investing step at sixty that Joe and Suzy start at thirty years old. Gayle was unwise to enter her sixties without an emergency fund and with credit-card debt and a car payment. She, like all of us, couldn’t save when she has debt and no umbrella for when it rains. Would it have been better for Gayle to start when she was twenty-seven or even forty-seven? Obviously. But once she was done with the pity party, she still needed to start with Baby Step One and follow The Total Money Makeover step-by-step to put herself in the best position possible.

In a 2008 retrospective paper on the 1975 Asilomar conference that he co-organized—the conference that led to a moratorium on genetic modification of humans—the biologist Paul Berg wrote,16 There is a lesson in Asilomar for all of science: the best way to respond to concerns created by emerging knowledge or early-stage technologies is for scientists from publicly funded institutions to find common cause with the wider public about the best way to regulate—as early as possible. Once scientists from corporations begin to dominate the research enterprise, it will simply be too late.

So the women around here will have to give birth in their cars, but the council always seems to have enough money to support Beartown Ice Hockey?’ Hospitals and hockey aren’t funded from the same budget, those decisions aren’t even made by the same politicians, but if you ask a difficult enough question, there will always be a receptive audience for the simplest answer. So day after day, in different comment sections, Richard Theo has been doing what he does best: creating conflict, setting one thing against another. Countryside against big city. Hospital against hockey. Hed against

What advice would you give to a smart, driven college student about to enter the “real world”? What advice should they ignore? [My advice:] Pursue every project, idea, or industry that genuinely lights you up, regardless of how unrelated each idea is, or how unrealistic a long-term career in that field might now seem. You’ll connect the dots later. Work your fucking ass off and develop a reputation for going above and beyond in all situations. Do whatever it takes to earn enough money, so that you can go all in on experiences or learning opportunities that put you in close proximity to people you admire, because proximity is power. Show up in every moment like you’re meant to be there, because your energy precedes anything you could possibly say. Ignore the advice to specialize in one thing, unless you’re certain that’s how you want to roll. Ignore giving a shit about what other people think about your career choices or what you do for a living—especially if what you do for a living funds your career choices. Ignore the impulse to dial down your enthusiasm for fear it’ll be perceived as unprofessional. And especially for women, ignore societal and familial pressures to get married and have kids.

The absence of models, in literature as in life, to say nothing of painting, is an occupational hazard for the artist, simply because models in art, in behavior, in growth of spirit and intellect--even if rejected--enrich and enlarge one's view of existence. Deadlier still, to the artist who lacks models, is the curse of ridicule, the bringing to bear on an artist's best work, especially his or her most original, most strikingly deviant, only a fund of ignorance and the presumption that as an artist's critic one's judgement is free of the restrictions imposed by prejudice, and is well informed, indeed, about all the art in the world that really matters.

FUND-RAISER: Hello, can I speak with Mr. Smith? MR. SMITH: Yes, this is he. FUND-RAISER: I’m calling from the XYZ Committee, and I wanted to ask you a few important questions about your views on our economy today. Do you feel that if things stay the way they are, America’s best days are ahead of it? MR. SMITH: No, things will only get worse. FUND-RAISER: Are you going to sit and watch President Obama take the White House in November without putting up a fight? MR. SMITH: No, I’m going to do anything I can to make sure that doesn’t happen. FUND-RAISER: If you want do something today to make sure that doesn’t happen, you can give to XYZ Committee, which is working hard to fight for you.

Some have estimated that the pharmaceutical industry overall spends about twice as much on marketing and promotion as it does on research and development. Regardless of how those two figures compare to each other, the fact that they are in the same ballpark gives one pause, and this is worth mulling over in various contexts. For example, when a drug company refuses to let a developing country have affordable access to a new AIDS drug it’s because – the company says – it needs the money from sales to fund research and development on other new AIDS drugs for the future. If R&D is a fraction of the company’s outgoings, and it spends a similar amount on promotion, then this moral and practical argument doesn’t hold water quite so well. The scale of this spend is fascinating in itself, when you put it in the context of what we all expect from evidence-based medicine, which is that people will simply use the best treatment for the patient. Because when you pull away from the industry’s carefully fostered belief that this marketing activity is all completely normal, and stop thinking of drugs as being a consumer product like clothes or cosmetics, you suddenly realise that medicines marketing only exists for one reason. In medicine, brand identities are irrelevant, and there’s a factual, objective answer to whether one drug is the most likely to improve a patient’s pain, suffering and longevity. Marketing, therefore, one might argue, exists for no reason other than to pervert evidence-based decision-making in medicine.

What have I earned for all that work,’ I said, ‘For all that I have done at my own charge? The daily spite of this unmannerly town, Where who has served the most is most defamed, The reputation of his lifetime lost Between the night and morning. I might have lived, And you know well how great the longing has been, Where every day my footfall should have lit In the green shadow of Ferrara wall; Or climbed among the images of the past – The unperturbed and courtly images – Evening and morning, the steep street of Urbino To where the Duchess and her people talked The stately midnight through until they stood In their great window looking at the dawn; I might have had no friend that could not mix Courtesy and passion into one like those That saw the wicks grow yellow in the dawn; I might have used the one substantial right My trade allows: chosen my company, And chosen what scenery had pleased me best.’ Thereon my phoenix answered in reproof, ‘The drunkards, pilferers of public funds, All the dishonest crowd I had driven away, When my luck changed and they dared meet my face, Crawled from obscurity, and set upon me Those I had served and some that I had fed; Yet never have I, now nor any time, Complained of the people.’ All I could reply Was: ‘You, that have not lived in thought but deed, Can have the purity of a natural force, But I, whose virtues are the definitions Of the analytic mind, can neither close The eye of the mind nor keep my tongue from speech.’ And yet, because my heart leaped at her words, I was abashed, and now they come to mind After nine years, I sink my head abashed.

If you listen to financial TV, or read most market columnists, you’d think that investing is some kind of sport, or a war, or a struggle for survival in a hostile wilderness. But investing isn’t about beating others at their game. It’s about controlling yourself at your own game. The challenge for the intelligent investor is not to find the stocks that will go up the most and down the least, but rather to prevent yourself from being your own worst enemy—from buying high just because Mr. Market says “Buy!” and from selling low just because Mr. Market says “Sell!” If your investment horizon is long—at least 25 or 30 years—there is only one sensible approach: Buy every month, automatically, and whenever else you can spare some money. The single best choice for this lifelong holding is a total stock-market index fund. Sell only when you need the cash

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The first concerns how an investor should choose among different types of broad-based index funds. The best-known of the broad stock market mutual funds and ETFs in the United States track the S&P 500 index of the largest stocks. We prefer using a broader index that includes more smaller-company stocks, such as the Russell 3000 index or the Dow-Wilshire 5000 index. Funds that track these broader indexes are often referred to as “total stock market” index funds. More than 80 years of stock market history confirm that portfolios of smaller stocks have produced a higher rate of return than the return of the S&P 500 large-company index. While smaller companies are undoubtedly less stable and riskier than large firms, they are likely—on average—to produce somewhat higher future returns. Total stock market index funds are the better way for investors to benefit from the long-run growth of economic activity.

Take the New York–based Lemonade, arguably the best funded of today’s crowdsurance startups. Via an app, Lemonade brings together small groups of policyholders who pay premiums into a central “claim pool.” Artificial intelligence does the rest. The entire experience is mobile, simple, and fast. Ninety seconds to get insured, three minutes to get a claim paid, and zero paperwork. Adding more technology to this arrangement, companies like the Swiss firm Etherisc sell “bespoke insurance products” on the Ethereum blockchain. Because smart contracts remove the need for employees, paperwork, and all the rest, all sorts of new insurance products are being created. Etherisc’s first offering is something not covered by traditional insurers: flight delays and cancellations. Individuals sign up via credit card, and if their plane is more than forty-five minutes late, they’re paid instantly, automatically, and without the need for any paperwork.

Have you ever been in a place where history becomes tangible? Where you stand motionless, feeling time and importance press around you, press into you? That was how I felt the first time I stood in the astronaut garden at OCA PNW. Is it still there? Do you know it? Every OCA campus had – has, please let it be has – one: a circular enclave, walled by smooth white stone that towered up and up until it abruptly cut off, definitive as the end of an atmosphere, making room for the sky above. Stretching up from the ground, standing in neat rows and with an equally neat carpet of microclover in between, were trees, one for every person who’d taken a trip off Earth on an OCA rocket. It didn’t matter where you from, where you trained, where your spacecraft launched. When someone went up, every OCA campus planted a sapling. The trees are an awesome sight, but bear in mind: the forest above is not the garden’s entry point. You enter from underground. I remember walking through a short tunnel and into a low-lit domed chamber that possessed nothing but a spiral staircase leading upward. The walls were made of thick glass, and behind it was the dense network you find below every forest. Roots interlocking like fingers, with gossamer fungus sprawled symbiotically between, allowing for the peaceful exchange of carbon and nutrients. Worms traversed roads of their own making. Pockets of water and pebbles decorated the scene. This is what a forest is, after all. Don’t believe the lie of individual trees, each a monument to its own self-made success. A forest is an interdependent community. Resources are shared, and life in isolation is a death sentence. As I stood contemplating the roots, a hidden timer triggered, and the lights faded out. My breath went with it. The glass was etched with some kind of luminescent colourant, invisible when the lights were on, but glowing boldly in the dark. I moved closer, and I saw names – thousands upon thousands of names, printed as small as possible. I understood what I was seeing without being told. The idea behind Open Cluster Astronautics was simple: citizen-funded spaceflight. Exploration for exploration’s sake. Apolitical, international, non-profit. Donations accepted from anyone, with no kickbacks or concessions or promises of anything beyond a fervent attempt to bring astronauts back from extinction. It began in a post thread kicked off in 2052, a literal moonshot by a collective of frustrated friends from all corners – former thinkers for big names gone bankrupt, starry-eyed academics who wanted to do more than teach the past, government bureau members whose governments no longer existed. If you want to do good science with clean money and clean hands, they argued, if you want to keep the fire burning even as flags and logos came down, if you understand that space exploration is best when it’s done in the name of the people, then the people are the ones who have to make it happen.

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.

New Rule: Democrats must get in touch with their inner asshole. I refer to the case of Van Jones, the man the Obama administration hired to find jobs for Americans in the new green industries. Seems like a smart thing to do in a recession, but Van Jones got fired because he got caught on tape saying Republicans are assholes. And they call it news! Now, I know I'm supposed to be all reinjected with yes-we-can-fever after the big health-care speech, and it was a great speech--when Black Elvis gets jiggy with his teleprompter, there is none better. But here's the thing: Muhammad Ali also had a way with words, but it helped enormously that he could also punch guys in the face. It bothers me that Obama didn't say a word in defense of Jones and basically fired him when Glenn Beck told him to. Just like dropped "end-of-life counseling" from health-care reform because Sarah Palin said it meant "death panels" on her Facebook page. Crazy morons make up things for Obama to do, and he does it. Same thing with the speech to schools this week, where the president attempted merely to tell children to work hard and wash their hands, and Cracker Nation reacted as if he was trying to hire the Black Panthers to hand out grenades in homeroom. Of course, the White House immediately capitulated. "No students will be forced to view the speech" a White House spokesperson assured a panicked nation. Isn't that like admitting that the president might be doing something unseemly? What a bunch of cowards. If the White House had any balls, they'd say, "He's giving a speech on the importance of staying in school, and if you jackasses don't show it to every damn kid, we're cutting off your federal education funding tomorrow." The Democrats just never learn: Americans don't really care which side of an issue you're on as long as you don't act like pussies When Van Jones called the Republicans assholes, he was paying them a compliment. He was talking about how they can get things done even when they're in the minority, as opposed to the Democrats , who can't seem to get anything done even when they control both houses of Congress, the presidency, and Bruce Springsteen. I love Obama's civility, his desire to work with his enemies; it's positively Christlike. In college, he was probably the guy at the dorm parties who made sure the stoners shared their pot with the jocks. But we don't need that guy now. We need an asshole. Mr. President, there are some people who are never going to like you. That's why they voted for the old guy and Carrie's mom. You're not going to win them over. Stand up for the seventy percent of Americans who aren't crazy. And speaking of that seventy percent, when are we going to actually show up in all this? Tomorrow Glenn Beck's army of zombie retirees descending on Washington. It's the Million Moron March, although they won't get a million, of course, because many will be confused and drive to Washington state--but they will make news. Because people who take to the streets always do. They're at the town hall screaming at the congressman; we're on the couch screaming at the TV. Especially in this age of Twitters and blogs and Snuggies, it's a statement to just leave the house. But leave the house we must, because this is our last best shot for a long time to get the sort of serious health-care reform that would make the United States the envy of several African nations.

Chang came in five minutes later, in the same jeans but a fresh T-shirt, her hair still inky with water from the shower. Her own jacket was pulled down on one side, by her own Smith. Like any ex-cop she looked around, the full 360, seven or eight separate snapshots, and then she moved through the room with plenty of energy, powered by what looked like enthusiasm, or maybe some kind of shared euphoria at their mutual survival through the night. She slid in alongside him. He said, “Did you sleep?” She said, “I must have. I didn’t think I was going to.” “You didn’t go meet the train.” “He’s a prisoner, according to you. And that’s the best-case scenario.” “I’m only guessing.” “It’s a reasonable assumption.” “Did you see the woman in 203?” “I thought she was hard to explain. Dressed in black, she could have been an investor or a fund manager or something else deserving of the junior executive routine. Her face and hair were right. And she has a key to the company gym. That’s for sure. But dressed in white? She looked like she was going to a garden party in Monte Carlo. At seven o’clock in the morning. Who does that?” “Is it a fashion thing? Someone’s idea of summer clothes?” “I sincerely hope not.

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As an aside, Sheldon Rovin in his first draft of a guide to Systems Thinking, repeated this old chestnut: The often-quoted tribal wisdom of the Dakota Indians, passed on from generation to generation, says that, ‘When you discover that you are riding a dead horse, the best strategy is to dismount.’ However, in government more advanced strategies are often employed, such as: 1. Buying a stronger whip. 2. Changing riders. 29 3. Appointing a committee to study the horse. 4.    Arranging to visit other countries to see how other cultures ride horses. 5. Lowering the standards so that dead horses can be included. 6. Reclassifying the dead horse as living impaired. 7. Hiring outside contractors to ride the dead horse. 82 8. Harnessing several dead horses together to increase speed. 9. Providing extra funding/training to increase the dead horse’s performance. 10.  Doing a productivity study to see if lighter riders would improve the dead horse’s performance. 3 11.  Declaring that as the dead horse does not have to be fed, it is less costly, carries lower overhead and therefore contributes substantially more to the bottom line of the economy than live horses. 12.  Rewriting the expected performance requirements for all horses. And, of course… 13.  Promoting the dead horse to a supervisory position.

The evidence for the cognitive interpretation of the above-average effect is that when people are asked about a task they find difficult (for many of us this could be “Are you better than average in starting conversations with strangers?”), they readily rate themselves as below average. The upshot is that people tend to be overly optimistic about their relative standing on any activity in which they do moderately well. I have had several occasions to ask founders and participants in innovative start-ups a question: To what extent will the outcome of your effort depend on what you do in your firm? This is evidently an easy question; the answer comes quickly and in my small sample it has never been less than 80%. Even when they are not sure they will succeed, these bold people think their fate is almost entirely in their own hands. They are surely wrong: the outcome of a start-up depends as much on the achievements of its competitors and on changes in the market as on its own efforts. However, WYSIATI plays its part, and entrepreneurs naturally focus on what they know best—their plans and actions and the most immediate threats and opportunities, such as the availability of funding. They know less about their competitors and therefore find it natural to imagine a future in which the competition plays little part.

Daily work in the field of online advertising, as Jack Goldenberg sees it, is still significantly different from what the trends are propagated by online promotions. Defining online budget According to Jack Goldenberg a vast majority of the budget for online advertising does not exceed $2,000 on a monthly basis, depending on the perception of the company as they can bring effects "online adventure", established budgets for online advertising move in value from $200 to $2,000 per month (with highest proportion of $200-$500). This does not mean that a number of companies gives less advertising - but even then it can not be called "creating the campaign." Goldenberg believes that in order to create an online advertising campaign there should be a budget of at least $500 for the use of different types of online advertising. Goldenberg explains this as: In an environment of such budget is not simply distribute the money "wisely" and that since it has obvious benefits through a variety of online advertising systems. Jack Goldenberg found out how most companies in the world and USA are oriented towards effects in relation to the funds that are made for advertising. In this type of company, regardless of what everyone knows to be used types of brand advertising (advertising through banners - display advertising) to create recognizable firms in certain target groups, the effects of such advertising are not directly comparable with respect to the effects of (price per click - CPC - Cost per click) with contextual advertising, which for years has given much more efficient (measurable) results in relation to advertising banners, concludes Mr. Goldenberg. According to Yoel Goldenberg it is good when there is an understanding in companies that brand advertising has a different type of effects in relation to the PPC (contextual) advertising, and that would be it "documented" in a certain way, it is necessary to constantly explore and find those web sites that deliver the best effects for optimum need of assets. The process of creating an online advertising campaigns, explained by Goldenberg, usually starts (or should start) finding individual Web sites on which to advertise a company could, possibly longer term. Unfortunately, says Goldenberg, in our country is not in all sectors (industries) simply find diverse Web sites from which to choose "pretenders" for online advertising. An even greater problem is the fact that long-term advertising on a Web site does not bring the desired effect, unless it is constantly not working to the content of advertising often changes with an emphasis on meeting the needs of potential clients.

FOLKSBIENE, an impoverished, frail Yiddish theater company in constant danger of annihilation, had outlasted all the giants. The year of Schwartz's death the little troupe moved into the Forward building, guaranteeing it a permanent home with four walls and a roof, plus heat in the winter, fans in the summer, and best of all, continuing subsidies from the newspaper and the Workmen's Circle. Sporadically, other Yiddish productions would take place in New York, but they were one-shots, musicals, and charity fund-raisers. Ensconced in their new place, Folksbiene managers claimed that theirs was the oldest continuously operating Yiddish theater in the world. As proof, all past productions were listed year by year, ranging all the way back to 1915. It was an impressive roster. Among the authors included were Sholem Aleichem, Leon Kobrin, and both Singer brothers, Israel Joshua and Isaac Bashevis; also the Russians Alexander Pushkin and Maxim Gorki; and such American authors as Theodore Dreiser, Eugene O'Neill, Sherwood Anderson, and Clifford Odets. It didn't matter how well attended those shows were, or how well acted, or the duration of their runs. The point was that the Folksbiene had survived, just as the Jewish people had survived. Together, they were the keepers of the flame. It was a very small candle in a very big city.

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The founders feared that the central government, once it had united the states, would become too powerful and would impose its will upon the people—or the individual states—without regard to their wishes. This “government knows best” model was one that they were quite familiar with from their extensive studies of other governmental models as well as from their personal experience with the British monarchy. They felt that their best defense against a tyrannical government was to divide the power three ways, with each branch of government having the power to check the other two. They also listed the powers that the federal government would have, being sure to leave the balance of power in the hands of the states and the people. They wisely concluded that the states would not be eager to give additional power to the federal government and limited its power accordingly. Unfortunately, the founders did not realize that the time would come when the federal government would approve a federal taxation system that could control the states by giving or withholding financial resources. Such an arrangement significantly upsets the balance of power between the states and the federal government. As a result, today there are numerous social issues, such as the legalization of marijuana, gay marriage, and welfare reform, that could probably be more efficiently handled at the state level but with which the federal government keeps interfering. The states, instead of standing up for their rights, comply with the interference because they want federal funds. It will require noble leaders at the federal level and courageous leaders at the state level to restore the balance of power, but it is essential that such balance be restored for the sake of the people.

John Doerr, the legendary venture capitalist who backed Netscape, Google, and Amazon, doesn’t remember the exact day anymore; all he remembers is that it was shortly before Steve Jobs took the stage at the Moscone Center in San Francisco on January 9, 2007, to announce that Apple had reinvented the mobile phone. Doerr will never forget, though, the moment he first laid eyes on that phone. He and Jobs, his friend and neighbor, were watching a soccer match that Jobs’s daughter was playing in at a school near their homes in Palo Alto. As play dragged on, Jobs told Doerr that he wanted to show him something. “Steve reached into the top pocket of his jeans and pulled out the first iPhone,” Doerr recalled for me, “and he said, ‘John, this device nearly broke the company. It is the hardest thing we’ve ever done.’ So I asked for the specs. Steve said that it had five radios in different bands, it had so much processing power, so much RAM [random access memory], and so many gigabits of flash memory. I had never heard of so much flash memory in such a small device. He also said it had no buttons—it would use software to do everything—and that in one device ‘we will have the world’s best media player, world’s best telephone, and world’s best way to get to the Web—all three in one.’” Doerr immediately volunteered to start a fund that would support creation of applications for this device by third-party developers, but Jobs wasn’t interested at the time. He didn’t want outsiders messing with his elegant phone. Apple would do the apps. A year later, though, he changed his mind; that fund was launched, and the mobile phone app industry exploded. The moment that Steve Jobs introduced the iPhone turns out to have been a pivotal junction in the history of technology—and the world.

This is why, from this point on, no debt will be paid off. It can at best be bought back at a knock-down price and put back on to a debt market — the public sector borrowing requirement, the national debt, th e world deb t — having once again become an exchange value. It is unlikely the debt will ever be called in, and this is what gives it its incalculable value. For, suspended as it is in this way, it is our only insurance against time. Unlike the countdown, whic h signifies th e exhaustion of time, the indefinitely deferred debt is our guarantee that time itself is inexhaustible. Now, we very much need assuring about time in this way at the very poin t whe n the future itself is tendin g to be wholly consume d in real time . Clearing the debt, balancing up the books, writing off Third World debt — these are things not even to be contemplated. It is only the disequilibrium of the debt, its proliferation, its promise of infinity, which keeps us going. The global, planetary debt clearly has no meaning in traditional terms of obligation and credit. On the other hand, it is our true collective claim on each other — a symbolic claim, by whic h persons, companies and nations find themselves bound to one another through lack. Each is bound to the other (even the banks) by their virtual bankruptcy , as accomplices are bound by their crime. All assured of existing for each other in the shade of a debt which cannot be settled or written off, since the repayment of the accumulated world debt would take far more than the funds available. The only sense of it, then, is to bind all civilized human beings into the same destiny as creditors. Just as nuclear weapons, stockpiled across the world to a point of considerable planetary overkill, have no other meaning than to bind all human beings into a single destiny of threat and deterrence.

Everybody’s Free (To Wear Sunscreen)” Ladies and Gentlemen of the class of '99: Wear sunscreen. If I could offer you only one tip for the future, sunscreen would be it. The long term benefits of sunscreen have been proved by scientists, whereas the rest of my advice has no basis more reliable than my own meandering experience. I will dispense this advice now. Enjoy the power and beauty of your youth; oh never mind; you will not understand the power and beauty of your youth until they've faded. But trust me, in 20 years you’ll look back at photos of yourself and recall in a way you can’t grasp now how much possibility lay before you and how fabulous you really looked. You are not as fat as you imagine. Don’t worry about the future; or worry, but know that worrying is as effective as trying to solve an algebra equation by chewing bubblegum. The real troubles in your life are apt to be things that never crossed your worried mind; the kind that blindside you at 4:00 pm on some idle Tuesday. Do one thing everyday that scares you. Sing. Don’t be reckless with other people’s hearts; don’t put up with people who are reckless with yours. Floss. Don’t waste your time on jealousy; sometimes you’re ahead; sometimes you’re behind; the race is long, and in the end it’s only with yourself. Remember compliments you receive; forget the insults. If you succeed in doing this, tell me how. Keep your old love letters; throw away your old bank statements. Stretch. Don’t feel guilty if you don’t know what you wanna do with your life; the most interesting people I know didn’t know at 22 what they wanted to do with their lives; some of the most interesting 40 year olds I know still don’t. Get plenty of calcium. Be kind to your knees; you’ll miss them when they’re gone. Maybe you’ll marry -- maybe you won’t. Maybe you’ll have children -- maybe you won’t. Maybe you’ll divorce at 40 -- maybe you’ll dance the funky chicken on your 75th wedding anniversary. Whatever you do, don’t congratulate yourself too much or berate yourself either -- your choices are half chance; so are everybody else’s. Enjoy your body; use it every way you can. Don’t be afraid of it, or what other people think of it. It’s the greatest instrument you’ll ever own. Dance. even if you have nowhere to do it but in your own living room. Read the directions, even if you don’t follow them. Do not read beauty magazines; they will only make you feel ugly. Get to know your parents; you never know when they’ll be gone for good. Be nice to your siblings; they're your best link to your past and the people most likely to stick with you in the future. Understand that friends come and go, but for the precious few you should hold on. Work hard to bridge the gaps in geography, in lifestyle, because the older you get the more you need the people you knew when you were young. Live in New York City once, but leave before it makes you hard. Live in Northern California once, but leave before it makes you soft. Travel. Accept certain inalienable truths: prices will rise; politicians will philander; you too will get old, and when you do you’ll fantasize that when you were young prices were reasonable, politicians were noble, and children respected their elders. Respect your elders. Don’t expect anyone else to support you. Maybe you have a trust fund; maybe you'll have a wealthy spouse; but you never know when either one might run out. Don’t mess too much with your hair, or by the time you're 40, it will look 85. Be careful whose advice you buy, but be patient with those who supply it. Advice is a form of nostalgia: dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts, and recycling it for more than it’s worth. But trust me on the sunscreen. Baz Luhrmannk, William Shakespeare's Romeo & Juliet (1996)

In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy. From 1966 through late 2001, one study claimed, $1 held continuously in stocks would have grown to $11.71. But if you had gotten out of stocks right before the five worst days of each year, your original $1 would have grown to $987.12.1 Like most magical market ideas, this one is based on sleight of hand. How, exactly, would you (or anyone) figure out which days will be the worst days—before they arrive? On January 7, 1973, the New York Times featured an interview with one of the nation’s top financial forecasters, who urged investors to buy stocks without hesitation: “It’s very rare that you can be as unqualifiedly bullish as you can now.” That forecaster was named Alan Greenspan, and it’s very rare that anyone has ever been so unqualifiedly wrong as the future Federal Reserve chairman was that day: 1973 and 1974 turned out to be the worst years for economic growth and the stock market since the Great Depression.2 Can professionals time the market any better than Alan Green-span? “I see no reason not to think the majority of the decline is behind us,” declared Kate Leary Lee, president of the market-timing firm of R. M. Leary & Co., on December 3, 2001. “This is when you want to be in the market,” she added, predicting that stocks “look good” for the first quarter of 2002.3 Over the next three months, stocks earned a measly 0.28% return, underperforming cash by 1.5 percentage points. Leary is not alone. A study by two finance professors at Duke University found that if you had followed the recommendations of the best 10% of all market-timing newsletters, you would have earned a 12.6% annualized return from 1991 through 1995. But if you had ignored them and kept your money in a stock index fund, you would have earned 16.4%.

The goal was ambitious. Public interest was high. Experts were eager to contribute. Money was readily available. Armed with every ingredient for success, Samuel Pierpont Langley set out in the early 1900s to be the first man to pilot an airplane. Highly regarded, he was a senior officer at the Smithsonian Institution, a mathematics professor who had also worked at Harvard. His friends included some of the most powerful men in government and business, including Andrew Carnegie and Alexander Graham Bell. Langley was given a $50,000 grant from the War Department to fund his project, a tremendous amount of money for the time. He pulled together the best minds of the day, a veritable dream team of talent and know-how. Langley and his team used the finest materials, and the press followed him everywhere. People all over the country were riveted to the story, waiting to read that he had achieved his goal. With the team he had gathered and ample resources, his success was guaranteed. Or was it? A few hundred miles away, Wilbur and Orville Wright were working on their own flying machine. Their passion to fly was so intense that it inspired the enthusiasm and commitment of a dedicated group in their hometown of Dayton, Ohio. There was no funding for their venture. No government grants. No high-level connections. Not a single person on the team had an advanced degree or even a college education, not even Wilbur or Orville. But the team banded together in a humble bicycle shop and made their vision real. On December 17, 1903, a small group witnessed a man take flight for the first time in history. How did the Wright brothers succeed where a better-equipped, better-funded and better-educated team could not? It wasn’t luck. Both the Wright brothers and Langley were highly motivated. Both had a strong work ethic. Both had keen scientific minds. They were pursuing exactly the same goal, but only the Wright brothers were able to inspire those around them and truly lead their team to develop a technology that would change the world. Only the Wright brothers started with Why. 2.

Still, when Harvard said I wasn’t eligible for financial aid, and another university offered me a full scholarship, I thought I should go there. My mother became furious and said I was always sabotaging myself. She was proud of being able to borrow money at a loss from her own retirement fund, and give it to Harvard. I felt proud of her, too. But I did not feel proud of myself. It made the college application process feel, in retrospect, somehow hurtful and insulting: all the essays and interviews and supplements and letters seemed to be about you, about your specialness—but actually it was all about shaking your parents down for money. — Harvard seemed really proud of its own attitude toward financial aid. You were always hearing about how “merit-based aid,” which was fine for other schools, didn’t work here, where everyone was so full of merit. When your parents paid full tuition, part of what they were paying for was the benefit you derived from being exposed to people who were more diverse than you. “My parents are paying for him to be here, so I can learn from him,” my friend Leora said once, about a homeschooled guy from Arkansas in her history section who started talking about how the Jews killed Jesus. Leora had been my best friend when we were little, and then we went to different middle schools and high schools, but now we were at college together. She already thought every single person on earth was anti-Semitic, so she definitely hadn’t learned anything from that guy. To me, the part of financial aid that made the least sense was that all the international students got full scholarships, regardless of how much money their parents had. The son of the prince of Nepal was in our class, and didn’t pay tuition. Ivan had once caused me pain by saying something deprecating about “people whose parents paid a hundred thousand dollars for them to be here.” Did he not know that my parents were paying a hundred thousand dollars for me to be there? The thought that really made me crazy was that my parents had paid for Ivan to be there. It was another experience they had paid for me to have.

For me, that translated into fund-raising. I knew that I could and I would raise any amount of money to get that job done. Fund-raising to end hunger wasn’t just a job or a fad or a political statement for me. It was an expression of my own soulful commitment, and as such, I could only do it in a way that would call on people to reconnect with their own higher calling, or soulful longing, to be the kind of people they wanted to be, the kind of difference they wanted to make, and see how they could express that with their money. So rather than feeling that fund-raising was a matter of twisting arms for a donation or playing on emotions to manipulate money from contributors, it became for me an arena in which I was able to create an opportunity for people to engage in their greatness. It was in this soul-searching dimension of fund-raising, in these intimate conversations, that I discovered deep wounds and conflicts in the way people related to their money. Many people felt they had sold out and become someone they didn’t like anymore. Some were forcing themselves to do work that wasn’t meaningful. Many felt enslaved by their experience of being overtaxed by their government, or felt beaten down by their boss or by the burden of running a family business or employing others. Their relationship with money was dead—or, more accurately, dread—and there was hurt there. There was resentment. There were painful compromises, a kind of rawness. People were bruised and battered there. Not everyone, but many people were very unsettled and uncomfortable and just not their best selves in their relationship with money. They felt little or no freedom with money, no matter how much they had. This lackluster relationship with money wasn’t for lack of expert advice or practical tips. Money-management strategies were plentiful, but the concept of personal transformation was a stranger there. What became clear was that when people were able to align their money with their deepest, most soulful interests and commitments, their relationship with money became a place where profound and lasting transformation could occur.

WHY DIVERSIFY? During the bull market of the 1990s, one of the most common criticisms of diversification was that it lowers your potential for high returns. After all, if you could identify the next Microsoft, wouldn’t it make sense for you to put all your eggs into that one basket? Well, sure. As the humorist Will Rogers once said, “Don’t gamble. Take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.” However, as Rogers knew, 20/20 foresight is not a gift granted to most investors. No matter how confident we feel, there’s no way to find out whether a stock will go up until after we buy it. Therefore, the stock you think is “the next Microsoft” may well turn out to be the next MicroStrategy instead. (That former market star went from $3,130 per share in March 2000 to $15.10 at year-end 2002, an apocalyptic loss of 99.5%).1 Keeping your money spread across many stocks and industries is the only reliable insurance against the risk of being wrong. But diversification doesn’t just minimize your odds of being wrong. It also maximizes your chances of being right. Over long periods of time, a handful of stocks turn into “superstocks” that go up 10,000% or more. Money Magazine identified the 30 best-performing stocks over the 30 years ending in 2002—and, even with 20/20 hindsight, the list is startlingly unpredictable. Rather than lots of technology or health-care stocks, it includes Southwest Airlines, Worthington Steel, Dollar General discount stores, and snuff-tobacco maker UST Inc.2 If you think you would have been willing to bet big on any of those stocks back in 1972, you are kidding yourself. Think of it this way: In the huge market haystack, only a few needles ever go on to generate truly gigantic gains. The more of the haystack you own, the higher the odds go that you will end up finding at least one of those needles. By owning the entire haystack (ideally through an index fund that tracks the total U.S. stock market) you can be sure to find every needle, thus capturing the returns of all the superstocks. Especially if you are a defensive investor, why look for the needles when you can own the whole haystack?

recalled Stephen Crocker, a graduate student on the UCLA team who had driven up with his best friend and colleague, Vint Cerf. So they decided to meet regularly, rotating among their sites. The polite and deferential Crocker, with his big face and bigger smile, had just the right personality to be the coordinator of what became one of the digital age’s archetypical collaborative processes. Unlike Kleinrock, Crocker rarely used the pronoun I; he was more interested in distributing credit than claiming it. His sensitivity toward others gave him an intuitive feel for how to coordinate a group without trying to centralize control or authority, which was well suited to the network model they were trying to invent. Months passed, and the graduate students kept meeting and sharing ideas while they waited for some Powerful Official to descend upon them and give them marching orders. They assumed that at some point the authorities from the East Coast would appear with the rules and regulations and protocols engraved on tablets to be obeyed by the mere managers of the host computer sites. “We were nothing more than a self-appointed bunch of graduate students, and I was convinced that a corps of authority figures or grownups from Washington or Cambridge would descend at any moment and tell us what the rules were,” Crocker recalled. But this was a new age. The network was supposed to be distributed, and so was the authority over it. Its invention and rules would be user-generated. The process would be open. Though it was funded partly to facilitate military command and control, it would do so by being resistant to centralized command and control. The colonels had ceded authority to the hackers and academics. So after an especially fun gathering in Utah in early April 1967, this gaggle of graduate students, having named itself the Network Working Group, decided that it would be useful to write down some of what they had conjured up.95 And Crocker, who with his polite lack of pretense could charm a herd of hackers into consensus, was tapped for the task. He was anxious to find an approach that did not seem presumptuous. “I realized that the mere act of writing down what we were talking about could be seen as a presumption of authority and someone was going to come and yell at us—presumably some adult out of the east.

Everyone knew there had never been a cowardly Confederate soldier and they found this statement peculiarly irritating. He always referred to the soldiers as “our brave boys” or “our heroes in gray” and did it in such a way as to convey the utmost in insult. When daring young ladies, hoping for a flirtation, thanked him for being one of the heroes who fought for them, he bowed and declared that such was not the case, for he would do the same thing for Yankee women if the same amount of money were involved. Since Scarlett’s first meeting with him in Atlanta on the night of the bazaar, he had talked with her in this manner, but now there was a thinly veiled note of mockery in his conversations with everyone. When praised for his services to the Confederacy, he unfailingly replied that blockading was a business with him. If he could make as much money out of government contracts, he would say, picking out with his eyes those who had government contracts, then he would certainly abandon the hazards of blockading and take to selling shoddy cloth, sanded sugar, spoiled flour and rotten leather to the Confederacy. Most of his remarks were unanswerable, which made them all the worse. There had already been minor scandals about those holding government contracts. Letters from men at the front complained constantly of shoes that wore out in a week, gunpowder that would not ignite, harness that snapped at any strain, meat that was rotten and flour that was full of weevils. Atlanta people tried to think that the men who sold such stuff to the government must be contract holders from Alabama or Virginia or Tennessee, and not Georgians. For did not the Georgia contract holders include men from the very best families? Were they not the first to contribute to hospital funds and to the aid of soldiers’ orphans? Were they not the first to cheer at “Dixie” and the most rampant seekers, in oratory at least, for Yankee blood? The full tide of fury against those profiteering on government contracts had not yet risen, and Rhett’s words were taken merely as evidence of his own bad breeding. He not only affronted the town with insinuations of venality on the part of men in high places and slurs on the courage of the men in the field, but he took pleasure in tricking the dignified citizenry into embarrassing situations. He could no more resist pricking the conceits, the hypocrisies and the flamboyant patriotism of those about him than a small boy can resist putting a pin into a balloon. He neatly deflated the pompous and exposed the ignorant and the bigoted, and he did it in such subtle ways, drawing his victims out by his seemingly courteous interest, that they never were quite certain what had happened until they stood exposed as windy, high flown and slightly ridiculous.

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gave up on the idea of creating “socialist men and women” who would work without monetary incentives. In a famous speech he criticized “equality mongering,” and thereafter not only did different jobs get paid different wages but also a bonus system was introduced. It is instructive to understand how this worked. Typically a firm under central planning had to meet an output target set under the plan, though such plans were often renegotiated and changed. From the 1930s, workers were paid bonuses if the output levels were attained. These could be quite high—for instance, as much as 37 percent of the wage for management or senior engineers. But paying such bonuses created all sorts of disincentives to technological change. For one thing, innovation, which took resources away from current production, risked the output targets not being met and the bonuses not being paid. For another, output targets were usually based on previous production levels. This created a huge incentive never to expand output, since this only meant having to produce more in the future, since future targets would be “ratcheted up.” Underachievement was always the best way to meet targets and get the bonus. The fact that bonuses were paid monthly also kept everyone focused on the present, while innovation is about making sacrifices today in order to have more tomorrow. Even when bonuses and incentives were effective in changing behavior, they often created other problems. Central planning was just not good at replacing what the great eighteenth-century economist Adam Smith called the “invisible hand” of the market. When the plan was formulated in tons of steel sheet, the sheet was made too heavy. When it was formulated in terms of area of steel sheet, the sheet was made too thin. When the plan for chandeliers was made in tons, they were so heavy, they could hardly hang from ceilings. By the 1940s, the leaders of the Soviet Union, even if not their admirers in the West, were well aware of these perverse incentives. The Soviet leaders acted as if they were due to technical problems, which could be fixed. For example, they moved away from paying bonuses based on output targets to allowing firms to set aside portions of profits to pay bonuses. But a “profit motive” was no more encouraging to innovation than one based on output targets. The system of prices used to calculate profits was almost completely unconnected to the value of new innovations or technology. Unlike in a market economy, prices in the Soviet Union were set by the government, and thus bore little relation to value. To more specifically create incentives for innovation, the Soviet Union introduced explicit innovation bonuses in 1946. As early as 1918, the principle had been recognized that an innovator should receive monetary rewards for his innovation, but the rewards set were small and unrelated to the value of the new technology. This changed only in 1956, when it was stipulated that the bonus should be proportional to the productivity of the innovation. However, since productivity was calculated in terms of economic benefits measured using the existing system of prices, this was again not much of an incentive to innovate. One could fill many pages with examples of the perverse incentives these schemes generated. For example, because the size of the innovation bonus fund was limited by the wage bill of a firm, this immediately reduced the incentive to produce or adopt any innovation that might have economized on labor.