Performance Marketing Quotes

He knows that a lot of the literary people in college see books primarily as a way of appearing cultured, It was culture as class performance, literature fetishised for its ability to take educated people on false emotional journeys, so that they might afterwards feel superior to the uneducated people whose emotional journeys they liked to read about. Even the writer himself was a good person, and even if his book really was insightful, all books were ultimately marketed as status symbols, and all writers participated to some degree in this marketing.

A business is a value creation and distribution process. Before you can sell value to your customers, you have to first create it.

In addition to building a strong team, you also have to motivate that team when their spirits are down, show your pride in them when they perform well, and be there when they make mistakes. You have to invest in their training and start treating them as partners in your business’ success.

They say it's the 'me' generation. It's not. The arrogance is taught, or it was cultivated. It's self-conscious. That's what it is. It's conscious of self. Social media - it's just the market's answer to a generation that demanded to perform, so the market said, here - perform. Perform everything to each other, all the time, for no reason. It's prison - it's horrific. It's performer and audience melded together. What do we want more than to lie in our bed at the end of the day and just watch our life as a satisfied audience member. I know very little about anything. But what I do know is that if you can live your life without an audience, you should do it.

A deep understanding of financial statements, accounting principles, and financial markets is crucial for overseeing the company's financial performance and making sound investment decisions.

Money is just something you need in case you do not die tomorrow. Let this is a reminder for you not to obsess over profits and losses. In whatever you do, strive for enjoyment, focus, contentment, humility, openness... Paradoxically (and as an unintended consequence) your trading performance will improve significantly.

Buying funds based purely on their past performance is one of the stupidest things an investor can do.

one cannot judge a performance in any given field (war, politics, medicine, investments) by the results, but by the costs of the alternative (i.e., if history played out in a different way).

The idealized market was supposed to deliver ‘friction free’ exchanges, in which the desires of consumers would be met directly, without the need for intervention or mediation by regulatory agencies. Yet the drive to assess the performance of workers and to measure forms of labor which, by their nature, are resistant to quantification, has inevitably required additional layers of management and bureaucracy. What we have is not a direct comparison of workers’ performance or output, but a comparison between the audited representation of that performance and output. Inevitably, a short-circuiting occurs, and work becomes geared towards the generation and massaging of representations rather than to the official goals of the work itself. Indeed, an anthropological study of local government in Britain argues that ‘More effort goes into ensuring that a local authority’s services are represented correctly than goes into actually improving those services’. This reversal of priorities is one of the hallmarks of a system which can be characterized without hyperbole as ‘market Stalinism’. What late capitalism repeats from Stalinism is just this valuing of symbols of achievement over actual achievement. […] It would be a mistake to regard this market Stalinism as some deviation from the ‘true spirit’ of capitalism. On the contrary, it would be better to say that an essential dimension of Stalinism was inhibited by its association with a social project like socialism and can only emerge in a late capitalist culture in which images acquire an autonomous force. The way value is generated on the stock exchange depends of course less on what a company ‘really does’, and more on perceptions of, and beliefs about, its (future) performance. In capitalism, that is to say, all that is solid melts into PR, and late capitalism is defined at least as much by this ubiquitous tendency towards PR-production as it is by the imposition of market mechanisms.

I spent the beginning of my focus on activism by doing what most everyone else was doing; blaming other people and institutions. Don’t like the war? Let’s blame the president, congress, or lobbyists. Don’t like ecological disregard? Let’s blame this or that corrupt corporation or some regulatory body for poor performance. Don’t like being poor and socially immobile? Let’s blame government coercion and interference in this free market utopia everyone keeps talking about. The sobering truth of the matter is that the only thing to blame is the dynamic, causal unfolding of system expression itself on the cultural level. In other words, none of us create or do anything in isolation – it’s impossible. We are system-bound both physically and psychologically; a continuum. Therefore our view of causality with respect to societal change can only be truly productive if we seek and source the most relevant sociological influences we can and begin to alter those effects from the root causes.

He knows that a lot of the literary people in college see books primarily as a way of appearing cultured. ... Connell's initial assessment of the reading was not disproven. It was culture as class performance, literature fetishized for its ability to take educated people on false emotional journeys, so that they might afterward feel superior to the uneducated people whose emotional journeys they liked to read about. Even if the writer himself was a good person, and even if his book really was insightful, all books were ultimately marketed as status symbols, and all writers participated to some degree in this marketing. Presumably this was how the industry made money. Literature, in the way it appeared at these public readings, had no potential as a form of resistance to anything. Still, Connell went home that night and read over some notes he had been making for a new story, and he felt the old beat of pleasure inside his body, like watching a perfect goal, like the rustling movement of light through leaves, a phrase of music from the window of a passing car. Life offers up these moments of joy despite everything.

I fear not the man that has practiced 10,000 kicks once, but I fear the man that has practiced one kick 10,000 times. —Bruce Lee

Growth comes at the expense of comfort.

Buffett charged no annual management fee but collected a performance fee of 25 percent of any profits over an annual “hurdle” of 6 percent. If he made a return of 6 percent or less, he didn’t get paid a dime.

More and more companies will choose to use Network Marketing because it fits the New Economy. They can provide all the corporate support and pay distributors on a purely performance basis to promote their products. It’s extremely efficient because in the New Economy, word-of-mouth advertising continues to work better than any other form of promotion. The company can just take the money they would have spent on advertising and promotion and pay it to their distributors to spread the word.

Most traders have absolutely no concept of what it means to be a risk-taker in the way a successful trader thinks about risk. The best traders not only take the risk, they have also learned to accept and embrace that risk. There is a huge psychological gap between assuming you are a risk-taker because you put on trades and fully accepting the risks inherent in each trade. When you fully accept the risks, it will have profound implications on your bottom-line performance.

Investors are people with more money than time. Employees are people with more time than money. Entrepreneurs are simply the seductive go-betweens. Startups are business experiments performed with other people’s money. Marketing is like sex: only losers pay for it.” “Company culture is what goes without saying. There are no real rules, only laws. Success forgives all sins. People who leak to you, leak about you. Meritocracy is the propaganda we use to bless the charade. Greed and vanity are the twin engines of bourgeois society. Most managers are incompetent and maintain their jobs via inertia and politics. Lawsuits are merely expensive feints in a well-scripted conflict narrative between corporate entities. Capitalism is an amoral farce in which every player—investor, employee, entrepreneur, consumer—is complicit.

If the management has not performed well in their bad times in the past, chances are they will not perform well in their good times in the future too.

If you want to be the best, you have to do things that other people are unwilling to do. —Michael Phelps, winner of 17 Olympic medals

The difference between interest and commitment is the will not to give up. When you truly commit to something, you have no alternative but success.

The USP is the nucleus around which you build your success, fame, and wealth. So you’d better be able to state it. If you can’t state it, your prospects won’t see it. Whenever a client needs the type of product or service you sell, your USP should bring you or your company immediately to mind. Clearly conveying the USP through your marketing and business performance will make business success inevitable. But you must boil down your USP to its bare essence.

Another way to determine the direction of the general market is to focus on how the leading stocks are performing. If the stocks that have been leading the bull market start breaking down, that is a major sign the market has topped. Another important factor to watch is the Federal Reserve discount rate. Usually, after the Fed raises the rate two or three times, the market runs into trouble.

In order to enter the art market and displace many human composers and performers, algorithms won’t have to begin by straightaway surpassing Tchaikovsky. It will be enough if they outperform Britney Spears.

feeling so far is that standardized testing and performance-based salaries are likely to push education from social norms to market norms. The United States already spends more money per student than any other Western society. Would it be wise to add more money? The same consideration applies to testing: we are already testing very frequently, and more testing is unlikely to improve the quality of education. I suspect that one answer lies in the realm of social norms. As we learned in our experiments, cash will take you only so far—social norms are the forces that can make a difference in the long run. Instead of focusing the attention of the teachers, parents, and kids on test scores, salaries, and competition, it might be better to instill in all of us a sense of purpose, mission, and pride in education. To do this we certainly can’t take the path of market norms. The Beatles proclaimed some time ago that you “Can’t Buy Me Love” and this also applies to the love of learning—you can’t buy it; and if you try, you might chase it away.

Virtually every superperformance phase in big, winning stocks occurred while the stock price was in a definite price uptrend. In almost every case, the trend was identifiable early in the superperformance advance.

One fundamental difference between American and Oriental culture is the individual’s position in society. In American culture an individual’s interest is primary. This makes American society more aggressively competitive, with a sharper edge and higher performance. In Singapore, the interests of the society take precedence over that of the individual. Nevertheless Singapore has to be competitive in the market for jobs, goods and services. On the other hand the government helps lower income groups to meet their needs for housing, health services and education so that their children will have more of an equal chance to rise through education.

Forward-thinking organizations seek hybrid professionals who are highly proficient writers, analytical, creative, and tech savvy, with strong competencies in business management, information technology (IT), and human behavior.

At this time we should take a brife moment to mention quacks: alternative therapists who sell vitamins and homeopathy sugar pills [the latter of which, by definition, contain no active ingredients], which perform no better than placebo in fair tests, and who use even cruder marketing tricks than the ones described in this book. In these people profit at all from the justified anger that people feel towards the pharmaceutical industry, then it comes at the expense of genuinely constructive activity. Selling ineffective sugar pills is not a meaningful policy response to the regulatory failure we have seen in this book

The accepted version of history is that the Federal Reserve was created to stabilize our economy. One of the most widely-used textbooks on this subject says: "It sprang from the panic of 1907, with its alarming epidemic of bank failures: the country was fed up once and for all with the anarchy of unstable private banking."23 Even the most naive student must sense a grave contradiction between this cherished view and the System's actual performance. Since its inception, it has presided over the crashes of 1921 and 1929; the Great Depression of '29 to '39; recessions in '53, '57, '69, '75, and '81; a stock market "Black Monday" in '87; and a 1000% inflation which has destroyed 90% of the dollar's purchasing power.24

The truth is, most people spend their lives doing everything within their power to seek success while simultaneously doing everything within their power to avoid failure—a recipe that virtually ensures average performance! Increasing your failure rate is the ultimate strategy for long-term, outstanding performance.

Big Brother has no interest in well-informed citizens capable of critical thinking. Big Brother wants you to shop at Wal-Mart, where He will control the media that influences your life. The media works with the government and with the large corporations to form mass culture, which is utilized to create public consent, and most folks aren’t even aware of this process as it goes on all around them. Big Brother is actively seeking the complacency of the wage-slaves. Big Brother doesn’t want you to know about the spoken word performances given by Henry Rollins, or Jello Biafra or Terrence McKenna- or a thousand other people- because they will crack your laminate of societal posturing. Big Brother doesn’t want you to know about Bill Hicks, because Brother Bill will provide you with the courage and impetus to spit in Big Brother’s face. The internet is but one facet of our mass-marketed popular culture, and everyone is plugged into it. If you’re reading this, you are a part of it, the internet, one large hive mind, a singular consciousness. And that can be a good thing, but too often, people let themselves slip into it, into this world, to the point where they are no longer able to differentiate between what they think, what they know, and what is thrust upon them. They have no access to their own point of view, or their own spiritual consciousness, for lack of a better way to phrase it. So, to answer your question, in a lengthy and circuitous fashion, I would say that disgust with intellectual sloth, puerile voyeurism and dissent are the primary proponents in my work.

Some readers are bound to want to take the techniques we’ve introduced here and try them on the problem of forecasting the future price of securities on the stock market (or currency exchange rates, and so on). Markets have very different statistical characteristics than natural phenomena such as weather patterns. Trying to use machine learning to beat markets, when you only have access to publicly available data, is a difficult endeavor, and you’re likely to waste your time and resources with nothing to show for it. Always remember that when it comes to markets, past performance is not a good predictor of future returns—looking in the rear-view mirror is a bad way to drive. Machine learning, on the other hand, is applicable to datasets where the past is a good predictor of the future.

Pervitin became a symptom of the developing performance society. Boxed chocolates spiked with methamphetamine were even put on the market. A good 14 milligrams of methamphetamine was included in each individual portion—almost five times the amount in a Pervitin pill. “Hildebrand chocolates are always a delight” was the slogan of this potent confectionery. The recommendation was to eat between three and nine of these, with the indication that they were, unlike caffeine, perfectly safe.

Fifty-five percent of consumers researching on mobile intend to purchase within one hour, and 83 percent want to purchase within one day.11

In the future, you’re only going to be paid for performance. You won’t be paid for your time anymore.

You want to get on board when institutional money is pouring into a stock and lifting it significantly higher.

Bad weather is associated with improved memory; judicial sentences tend to be more severe when it is hot outside; and stock market performance is affected by sunshine.

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.

In a nutshell, Blue Ocean Strategy is about creating completely new industries through fundamental differentiation as opposed to competing in existing industries by tweaking established models. Rather than outdoing competitors in terms of traditional performance metrics, Kim and Mauborgne advocate creating new, uncontested market space through what the authors call value innovation.

Another common mistake that tilts the odds against many unsuspecting investors is to pay lavish fees to mediocre fund managers, stockbrokers, and financial advisers whose performance doesn’t justify the expense.

One of the most irritating conversations I’ve had is with people who lecture me on how I should behave. Most of us know pretty much how we should behave. It is the execution that is the problem, not the absence of knowledge. I am tired of the moralizing slow-thinkers who pound me with platitudes like I should floss daily, eat my regular apple, and visit the gym outside of the New Year’s resolution. In the markets the recommendation would be to ignore the noise component in the performance. We need tricks to get us there but before that we need to accept the fact that we are mere animals in need of lower forms of tricks, not lectures.

From very early on, whenever I took a position in the markets, I wrote down the criteria I used to make my decision. Then, when I closed out a trade, I could reflect on how well these criteria had worked. It occurred to me that if I wrote those criteria into formulas (now more fashionably called algorithms) and then ran historical data through them, I could test how well my rules would have worked in the past. Here’s how it worked in practice: I would start out with my intuitions as I always did, but I would express them logically, as decision-making criteria, and capture them in a systematic way, creating a mental map of what I would do in each particular situation. Then I would run historical data through the systems to see how my decision would have performed in the past and, depending upon the results, modify the decision rules appropriately.

It was culture as class performance, literature fetishized for its ability to take educated people on false emotional journeys, so that they might afterward feel superior to the uneducated people whose emotional journeys they liked to read about. Even if the writer himself was a good person, and even if his book really was insightful, all books were ultimately marketed as status symbols, and all writers participated to some degree in this marketing.

Marketing, after all, is really theater,” Sculley wrote. “It’s like staging a performance. The way to motivate people is to get them interested in your product, to entertain them, and to turn your product into an incredibly important event.

You make plans and decisions assuming randomness and chaos are for chumps. The illusion of control is a peculiar thing because it often leads to high self-esteem and a belief your destiny is yours for the making more than it really is. This over-optimistic view can translate into actual action, rolling with the punches and moving ahead no matter what. Often, this attitude helps lead to success. Eventually, though, most people get punched in the stomach by life. Sometimes, the gut-punch doesn’t come until after a long chain of wins, until you’ve accumulated enough power to do some serious damage. This is when wars go awry, stock markets crash, and political scandals spill out into the media. Power breeds certainty, and certainty has no clout against the unpredictable, whether you are playing poker or running a country. Psychologists point out these findings do not suggest you should throw up your hands and give up. Those who are not grounded in reality, oddly enough, often achieve a lot in life simply because they believe they can and try harder than others. If you focus too long on your lack of power, you can slip into a state of learned helplessness that will whirl you into a negative feedback loop of depression. Some control is necessary or else you give up altogether. Langer proved this when studying nursing homes where some patients were allowed to arrange their furniture and water plants—they lived longer than those who had had those tasks performed by others. Knowing about the illusion of control shouldn’t discourage you from attempting to carve a space for yourself out of whatever field you want to tackle. After all, doing nothing guarantees no results. But as you do so, remember most of the future is unforeseeable. Learn to coexist with chaos. Factor it into your plans. Accept that failure is always a possibility, even if you are one of the good guys; those who believe failure is not an option never plan for it. Some things are predictable and manageable, but the farther away in time an event occurs, the less power you have over it. The farther away from your body and the more people involved, the less agency you wield. Like a billion rolls of a trillion dice, the factors at play are too complex, too random to truly manage. You can no more predict the course of your life than you could the shape of a cloud. So seek to control the small things, the things that matter, and let them pile up into a heap of happiness. In the bigger picture, control is an illusion anyway.

Generally, hypothesis statements use the format: We believe [this statement is true]. We will know we’re [right/wrong] when we see the following feedback from the market: [qualitative feedback] and/or [quantitative feedback] and/or [key performance indicator change].

Even though he had lived in Monroe County his whole life, Walter McMillian had never heard of Harper Lee or To Kill a Mockingbird. Monroeville, Alabama, celebrated its native daughter Lee shamelessly after her award-winning book became a national bestseller in the 1960s. She returned to Monroe County but secluded herself and was rarely seen in public. Her reclusiveness proved no barrier to the county’s continued efforts to market her literary classic—or to market itself by using the book’s celebrity. Production of the film adaptation brought Gregory Peck to town for the infamous courtroom scenes; his performance won him an Academy Award. Local leaders later turned the old courthouse into a “Mockingbird” museum. A group of locals formed “The Mockingbird Players of Monroeville” to present a stage version of the story. The production was so popular that national and international tours were organized to provide an authentic presentation of the fictional story to audiences everywhere. Sentimentality about Lee’s story grew even as the harder truths of the book took no root.

One conceit of economics is that markets as a whole can perform fairly rationally, even if many of the participants within them are irrational. But irrational behavior in the markets may result precisely because individuals are responding rationally according to their incentives.

AI is nowhere near human-like existence. But 99 per cent of human qualities and abilities are simply redundant for the performance of most modern jobs. For AI to squeeze humans out of the job market it needs only outperform us in the specific abilities a particular profession demands.

It was culture as class performance, literature fetishized for its ability to take educated people on false emotional journeys, so that they might afterward feel superior to the uneducated people whose emotional journeys they liked to read about. Even if the writer himself was a good person, and even if his book really was insightful, all books were ultimately marketed as status symbols, and all writers participated to some degree in this marketing. Presumably this was how the industry made money. Literature, in the way it appeared at these public readings, had no potential as a form of resistance to anything.

Warren Buffett, quoting Henry Ford, often talks about the importance of keeping all your eggs in one basket, then watching that basket very carefully. One thing that appalled me and that I’d seen too many times was the Wall Street practice of having many eggs in many baskets. Even the most reputable mutual fund companies have a practice of selling multiple funds. The ones that do well are those that then get the marketing dollars and raise more money from investors. The ones that do poorly are either shut down or merged into the better-performing funds. In the process, the failures are buried as if they’d never existed while

How does Kiran Mazumdar-Shaw choose one idea over another? She asks herself seven questions. Do I have a basic understanding of the area? Do I know something about what is happening in the larger space of that idea? How will I build differentiation, particularly if the idea is a common product? How do I make it affordable and at the same time, deliver high value? Wherever there is a collaborator involved in the ideation process, how do I create larger leverage through the relationship beyond just that one idea? Do I know upfront who will be a paying customer and how I will go about marketing my idea? Finally, do I have conviction about the idea?

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.

The black conservatives claim that the decline of values such as patience, deferred gratification, and self-reliance have resulted in the high crime rates, the increasing number of unwed mothers, and the relatively uncompetitive academic performances of black youth. And certainly these sad realities must be candidly confronted. But nowhere in their writings do the new black conservatives examine the pervasiveness of sexual and military images used by the mass media and deployed by the advertising industry in order to entice and titillate consumers. Black conservatives thus overlook the degree to which market forces of advanced capitalist processes thrive on sexual and military images.

Small-business leaders need all the friends we can get. It’s much better business to develop loyal associates and friends, and even develop exclusive relationships, when possible, so the best performers won’t provide services or supplies to your competitors. Make enemies of them, and they’ll want to help your competitors. They’ll even be driven to do so.

The place to start is with a true history of capitalism and globalization, which I examine in the next two chapters (chapters 1 and 2). In these chapters, I will show how many things that the reader may have accepted as ‘historical facts’ are either wrong or partial truths. Britain and the US are not the homes of free trade; in fact, for a long time they were the most protectionist countries in the world. Not all countries have succeeded through protection and subsidies, but few have done so without them. For developing countries, free trade has rarely been a matter of choice; it was often an imposition from outside, sometimes even through military power. Most of them did very poorly under free trade; they did much better when they used protection and subsidies. The best-performing economies have been those that opened up their economies selectively and gradually. Neo-liberal free-trade free-market policy claims to sacrifice equity for growth, but in fact it achieves neither; growth has slowed down in the past two and a half decades when markets were freed and borders opened.

It is rather pointless to go head to head with strong and entrenched competition. But numerous opportunities can be found in the marketplace for a company to maximize its unique qualities, differentiate its products and services, and go after a specific market segment where its competitors are weak and where you can develop superiority, where you can win battles.

predictive judgments that provide input—for instance, how a candidate will perform in her first year, how the stock market will respond to a given strategic move, or how quickly the epidemic will spread if left unchecked. But the final decisions entail trade-offs between the pros and cons of various options, and these trade-offs are resolved by evaluative judgments.

Determine who in your marketing area is already selling to the clients you want to be reaching, and who has their trust, respect, and goodwill. They would be selling something that either goes before, goes along with, or follows the product or service that you sell to people. Your product or service does not compete with their product or service, but it complements it. The

After all, it wasn’t science that had transformed the world, but the marriage of technology and capitalism. The ignorant might blame science for the ills and evils of the modern era, but that was a case of mistaken identity—no research scientist had ever polluted a water table with a PCB, or performed a third-trimester abortion, or denied someone insurance based on a genetic screening, or turned the Internet into a covert way of peering into private lives. Real scientists were invisible outside their own circle of peers. Even Nobel Prize recipients barely registered on the public consciousness, as Brohier well knew. A Heisman Trophy or an Oscar counted for far more—there was no market for Heroes of Science trading cards. Status was still measured in arcane units: bylines, citations, appointments, grants.

Being a leader doesn’t mean you have people reporting to you on an organizational chart—leadership is about inspiring and motivating those around you. A good leader affects a team’s ability to deliver code, architect good systems, and apply Lean principles to how the team manages its work and develops products. All of these have a measurable impact on an organization’s profitability, productivity, and market share.

While the meetings included traders, that is, people who are judged on their numerical performance, it was mostly a forum for salespeople (people capable of charming customers), and the category of entertainers called Wall Street “economists” or “strategists,” who make pronouncements on the fate of the markets, but do not engage in any form of risk taking, thus having their success dependent on rhetoric rather than actually testable facts.

Ever feel like you're always winding up and never throwing it out? You might blame it on perfectionism or procrastination or preparation. You may even call it prudent. But whatever it is...IT'S NOT WORKING. I call this phenomenon "petrified performance." Where you're busy, busy, busy (on the wrong activities or the right activities for too long), and never accomplishing the idea or task you set out to do. You're stuck. Like a tree that once was lively is now dead and immovable like a stone. What once was a fluid idea is now frozen in time. How do you overcome petrified performance? With practice, silly. Everything you do should be considered a "project" because projects have a beginning and an end with a timeline. No more dreaming. Wake up and put those dreams to work by putting the steps necessary to make them happen on the calendar. Are you willing to practice? That's my prescription.

The results of these [investment] companies in some ways resemble the activity of a duck sitting on a pond. When the water (the market) rises, the duck rises; when it falls, back goes the duck. … I think the duck can only take the credit (or blame) for his own activities. The rise and fall of the lake is hardly something for him to quack about. The water level has been of great importance to BPL’s performance … however, we have also occasionally flapped our wings.”5 While

In the medium term, AI may automate our jobs, to bring both great prosperity and equality. Looking further ahead, there are no fundamental limits to what can be achieved. There is no physical law precluding particles from being organised in ways that perform even more advanced computations than the arrangements of particles in human brains. An explosive transition is possible, although it may play out differently than in the movies. As mathematician Irving Good realised in 1965, machines with superhuman intelligence could repeatedly improve their design even further, in what science-fiction writer Vernor Vinge called a technological singularity. One can imagine such technology outsmarting financial markets, out-inventing human researchers, out-manipulating human leaders and potentially subduing us with weapons we cannot even understand. Whereas the short-term impact of AI depends on who controls it, the long-term impact depends on whether it can be controlled at all.

The relationship between the Sophotechs and the men as depicted in that tale made no sense. How could they be hostile to each other?” Diomedes said, “Aren’t men right to fear machines which can perform all tasks men can do, artistic, intellectual, technical, a thousand or a million times better than they can do? Men become redundant.” Phaethon shook his head, a look of distant distaste on his features, as if he were once again confronted with a falsehood that would not die no matter how often it was denounced. In a voice of painstaking patience, he said: “Efficiency does not harm the inefficient. Quite the opposite. That is simply not the way it works. Take me, for example. Look around: I employed partials to do the thought-box junction spotting when I built this ship. My employees were not as skilled as I was in junction spotting. It took them three hours to do the robopsychology checks and hierarchy links I could have done in one hour. But they were in no danger of competition from me. My time is too valuable. In that same hour it would have taken me to spot their thought-box junction, I can earn far more than their three-hour wages by writing supervision architecture thought flows. And it’s the same with me and the Sophotechs. “Any midlevel Sophotech could have written in one second the architecture it takes me, even with my implants, an hour to compose. But if, in that same one second of time, that Sophotech can produce something more valuable—exploring the depth of abstract mathematics, or inventing a new scientific miracle, anything at all (provided that it will earn more in that second than I earn in an hour)—then the competition is not making me redundant. The Sophotech still needs me and receives the benefit of my labor. Since I am going to get the benefit of every new invention and new miracle put out on the market, I want to free up as many of those seconds of Sophotech time as my humble labor can do. “And I get the lion’s share of the benefit from the swap. I only save him a second of time; he creates wonder upon wonder for me. No matter what my fear of or distaste for Sophotechs, the forces in the marketplace, our need for each other, draw us together. “So you see why I say that not a thing the Silent One said about Sophotechs made sense. I do not understand how they could have afforded to hate each other. Machines don’t make us redundant; they increase our efficiency in every way. And the bids of workers eager to compete for Sophotech time creates a market for merely human work, which it would not be efficient for Sophotechs to underbid.

I have been cheated. The file had a few pieces of worthless information about me and some of my performance reviews (which I had to sign– so it wasn’t anything new). The rest were blank pieces of paper, which Oliver obviously put in there to make it look more enticing. It also only briefly mentioned the meeting with Spencer, saying I had shown interest in marketing with a red pen mark at the bottom which said: Accused Marketing Director of being a narcissistic bastard. Follow up? They hadn’t even indicated whose side they were on, which is slightly disappointing.

Lyotard develops and extends Weber's argument regarding the disenchantment of art to suggest the Western culture increasingly obeys an instrumental logic of performance and control, one that imposes order on the free play of the imagination and subordinates creative thought to the demands of the capitalist market. And, for Lyotard, the effects of this process are consistent with those outlined in Weber's work, namely the progressive elimination of ritual or religious forms of art, the restriction of creative forms by an instrumental (capitalist) rationality, and with this the denigration of value-rational artistic practice.

The most obvious examples of pathological problems are: uncontrollable negative cash flow, continuous emigration of key human resources away from the organization, unresolved quality problems, rapidly declining market share, and tremendous drops in the company’s capacity to raise financial resources. Organizations with those problems can’t afford therapy because therapy takes time, and time is a resource those organizations do not have. Instead of an organizational therapist, the board should hire an organizational turnaround specialist who can temporarily take on the chief executive officer’s role, and perform whatever “surgery” is necessary.

Here are my simple rules for identifying market tops and bottoms: 1. Market tops are relatively easy to recognize. Buyers generally become overconfident and almost always believe “this time is different.” It’s usually not. 2. There’s always a surplus of relatively cheap debt capital to finance acquisitions and investments in a hot market. In some cases, lenders won’t even charge cash interest, and they often relax or suspend typical loan restrictions as well. Leverage levels escalate compared to historical averages, with borrowing sometimes reaching as high as ten times or more compared to equity. Buyers will start accepting overoptimistic accounting adjustments and financial forecasts to justify taking on high levels of debt. Unfortunately most of these forecasts tend not to materialize once the economy starts decelerating or declining. 3. Another indicator that a market is peaking is the number of people you know who start getting rich. The number of investors claiming outperformance grows with the market. Loose credit conditions and a rising tide can make it easy for individuals without any particular strategy or process to make money “accidentally.” But making money in strong markets can be short-lived. Smart investors perform well through a combination of self-discipline and sound risk assessment, even when market conditions reverse.

Connell’s initial assessment of the reading was not disproven. It was culture as class performance, literature fetishised for its ability to take educated people on false emotional journeys, so that they might afterwards feel superior to the uneducated people whose emotional journeys they liked to read about. Even if the writer himself was a good person, and even if his book really was insightful, all books were ultimately marketed as status symbols, and all writers participated to some degree in this marketing. Presumably this was how the industry made money. Literature, in the way it appeared at these public readings, had no potential as a form of resistance to anything.

Executives who complain about “execution” problems have usually confused strategy with goal setting. When the “strategy” process is basically a game of setting performance goals—so much market share and so much profit, so many students graduating high school, so many visitors to the museum—then there remains a yawning gap between these ambitions and action. Strategy is about how an organization will move forward. Doing strategy is figuring out how to advance the organization’s interests. Of course, a leader can set goals and delegate to others the job of figuring out what to do. But that is not strategy. If that is how the organization runs, let’s skip the spin and be honest—call it goal setting.

SHAKESPEARE What is a man, If his chief good and market of his time Be but to sleep and feed? A beast, no more (Hamlet) There is no one kind of Shakespearean hero, although in many ways Hamlet is the epitome of the Renaissance tragic hero, who reaches his perfection only to die. In Shakespeare's early plays, his heroes are mainly historical figures, kings of England, as he traces some of the historical background to the nation's glory. But character and motive are more vital to his work than praise for the dynasty, and Shakespeare's range expands considerably during the 1590s, as he and his company became the stars of London theatre. Although he never went to university, as Marlowe and Kyd had done, Shakespeare had a wider range of reference and allusion, theme and content than any of his contemporaries. His plays, written for performance rather than publication, were not only highly successful as entertainment, they were also at the cutting edge of the debate on a great many of the moral and philosophical issues of the time. Shakespeare's earliest concern was with kingship and history, with how 'this sceptr'd isle' came to its present glory. As his career progressed, the horizons of the world widened, and his explorations encompassed the geography of the human soul, just as the voyages of such travellers as Richard Hakluyt, Sir Walter Raleigh, and Sir Francis Drake expanded the horizons of the real world.

Before you can incorporate and communicate your chosen USP through various marketing avenues, focus and articulate it crisply and clearly—with impact. Don’t be cute or abstract. Think it through until you can articulate it in one crystal clear, compelling, alluring paragraph—or less. The USP is the nucleus around which you build your success, fame, and wealth. So you’d better be able to state it. If you can’t state it, your prospects won’t see it. Whenever a client needs the type of product or service you sell, your USP should bring you or your company immediately to mind. Clearly conveying the USP through your marketing and business performance will make business success inevitable. But you must boil down your USP to its bare essence.

In 1955 a drug company named Carter-Wallace released the anti-anxiety drug Miltown, reframing anxiety as the natural product of a society that was both dog-eat-dog and relentlessly social. Miltown was marketed to men and immediately became the fastest-selling pharmaceutical in American history, according to the social historian Andrea Tone. By 1956 one of every twenty Americans had tried it; by 1960 a third of all prescriptions from U.S. doctors were for Miltown or a similar drug called Equanil. “ANXIETY AND TENSION ARE THE COMMONPLACE OF THE AGE,” read the Equanil ad. The 1960s tranquilizer Serentil followed with an ad campaign even more direct in its appeal to improve social performance. “FOR THE ANXIETY THAT COMES FROM NOT FITTING IN,” it empathized.

Advice to your 20-year-old self? “I would say, ‘Write everything down because it’s all very fleeting.’ I would say, ‘Keep a journal,’ which I have but I would have been more meticulous. Then I would say, ‘Don’t bow to the gatekeepers at the head of, in my case, show business, but at the gate of any business or any endeavor.’ Don’t bow to the gatekeepers because I think, in essence, there are no gatekeepers. You are the gatekeeper. . . . “Don’t waste your time on marketing, just try to get better. . . . “And also, it’s not about being good; it’s about being great. Because what I find, the older I get, is that a lot of people are good, and a lot of people are smart, and a lot of people are clever. But not a lot of people give you their soul when they perform.

In a seminal 1981 paper, the economist Sherwin Rosen worked out the mathematics behind these “winner-take-all” markets. One of his key insights was to explicitly model talent—labeled, innocuously, with the variable q in his formulas—as a factor with “imperfect substitution,” which Rosen explains as follows: “Hearing a succession of mediocre singers does not add up to a single outstanding performance.” In other words, talent is not a commodity you can buy in bulk and combine to reach the needed levels: There’s a premium to being the best. Therefore, if you’re in a marketplace where the consumer has access to all performers, and everyone’s q value is clear, the consumer will choose the very best. Even if the talent advantage of the best is small compared to the next rung down on the skill ladder, the superstars still win the bulk of the market.

Instead of focusing on getting more resources, tipping point leaders concentrate on multiplying the value of the resources they have. When it comes to scarce resources, there are three factors of disproportionate influence that executives can leverage to dramatically free resources, on the one hand, and multiply the value of resources, on the other. These are hot spots, cold spots, and horse trading. Hot spots are activities that have low resource input but high potential performance gains. In contrast, cold spots are activities that have high resource input but low performance impact. In every organization, hot spots and cold spots typically abound. Horse trading involves trading your unit’s excess resources in one area for another unit’s excess resources to fill remaining resource gaps. By learning to use their current resources right, companies often find they can tip the resource hurdle outright. What

According to the current view, the maintenance of sound monetary conditions is only possible with a 'credit balance of payments'. The confutation of this and related objections is implicit in the Quantity Theory and in Gresham's Law. The Quantity Theory shows that money can never permanently flow abroad from a country in which only metallic money is used (the 'purely metallic currency' of the Currency Principle). The tightness in the domestic market called forth by the efflux of part of the stock of money reduces the prices of commodities, and so restricts importation and encourages exportation, until there is once more enough money at home. The precious metals which perform the function of money are distributed among individuals, and consequently among separate countries, according to the extent and intensity of the demand of each for money. State intervention to assure to the community the necessary quantity of money by regulating its international nlovements is supererogatory.

Connell’s initial assessment of the reading was not disproven. It was culture as class performance, literature fetishised for its ability to take educated people on false emotional journeys, so that they might afterwards feel superior to the uneducated people whose emotional journeys they liked to read about. Even if the writer himself was a good person, and even if his book really was insightful, all books were ultimately marketed as status symbols, and all writers participated to some degree in this marketing. Presumably this was how the industry made money. Literature, in the way it appeared at these public readings, had no potential as a form of resistance to anything. Still, Connell went home that night and read over some notes he had been making for a new story, and he felt the old beat of pleasure inside his body, like watching a perfect goal, like the rustling movement of light through leaves, a phrase of music from the window of a passing car. Life offers up these moments of joy despite everything.

[There is] no direct relationship between IQ and economic opportunity. In the supposed interests of fairness and “social justice”, the natural relationship has been all but obliterated. Consider the first necessity of employment, filling out a job application. A generic job application does not ask for information on IQ. If such information is volunteered, this is likely to be interpreted as boastful exaggeration, narcissism, excessive entitlement, exceptionalism [...] and/or a lack of team spirit. None of these interpretations is likely to get you hired. Instead, the application contains questions about job experience and educational background, neither of which necessarily has anything to do with IQ. Universities are in business for profit; they are run like companies, seek as many paying clients as they can get, and therefore routinely accept people with lukewarm IQ’s, especially if they fill a slot in some quota system (in which case they will often be allowed to stay despite substandard performance). Regarding the quotas themselves, these may in fact turn the tables, advantaging members of groups with lower mean IQ’s than other groups [...] sometimes, people with lower IQ’s are expressly advantaged in more ways than one. These days, most decent jobs require a college education. Academia has worked relentlessly to bring this about, as it gains money and power by monopolizing the employment market across the spectrum. Because there is a glut of college-educated applicants for high-paying jobs, there is usually no need for an employer to deviate from general policy and hire an applicant with no degree. What about the civil service? While the civil service was once mostly open to people without college educations, this is no longer the case, and quotas make a very big difference in who gets hired. Back when I was in the New York job market, “minorities” (actually, worldwide majorities) were being spotted 30 (thirty) points on the civil service exam; for example, a Black person with a score as low as 70 was hired ahead of a White person with a score of 100. Obviously, any prior positive correlation between IQ and civil service employment has been reversed. Add to this the fact that many people, including employers, resent or feel threatened by intelligent people [...] and the IQ-parameterized employment function is no longer what it was once cracked up to be. If you doubt it, just look at the people running things these days. They may run a little above average, but you’d better not be expecting to find any Aristotles or Newtons among them. Intelligence has been replaced in the job market with an increasingly poor substitute, possession of a college degree, and given that education has steadily given way to indoctrination and socialization as academic priorities, it would be naive to suppose that this is not dragging down the overall efficiency of society. In short, there are presently many highly intelligent people working very “dumb” jobs, and conversely, many less intelligent people working jobs that would once have been filled by their intellectual superiors. Those sad stories about physics PhD’s flipping burgers at McDonald's are no longer so exceptional. Sorry, folks, but this is not your grandfather’s meritocracy any more.

The most widely cited figure for the number of women suffering from Female Sexual Dysfunction comes from 1999: according to this, some 43 per cent of all women have a medical problem around their sex drive.27 This survey was published in the Journal of the American Medical Association (JAMA), one of the most influential journals in the world. It looked at questionnaire data asking about things like lack of desire for sex, poor lubrication, anxiety over sexual performance, and so on. If you answered ‘yes’ to any one of these questions, you were labelled as having Female Sexual Dysfunction. For the avoidance of any doubt about the influence of this paper, it has – as of a sunny evening in March 2012 – been cited 1,691 times. That is a spectacular number of citations. At the time, no financial interest was declared by the study’s authors. Six months later, after criticism in the New York Times, two of the three authors declared consulting and advisory work for Pfizer.28 The company was gearing up to launch Viagra for the female market at this time, and had lots to gain from more women being labelled as having a medical sexual problem.

What is a “pyramid?” I grew up in real estate my entire life. My father built one of the largest real estate brokerage companies on the East Coast in the 1970s, before selling it to Merrill Lynch. When my brother and I graduated from college, we both joined him in building a new real estate company. I went into sales and into opening a few offices, while my older brother went into management of the company. In sales, I was able to create a six-figure income. I worked 60+ hours a week in such pursuit. My brother worked hard too, but not in the same fashion. He focused on opening offices and recruiting others to become agents to sell houses for him. My brother never listed and sold a single house in his career, yet he out-earned me 10-to-1. He made millions because he earned a cut of every commission from all the houses his 1,000+ agents sold. He worked smarter, while I worked harder. I guess he was at the top of the “pyramid.” Is this legal? Should he be allowed to earn more than any of the agents who worked so hard selling homes? I imagine everyone will agree that being a real estate broker is totally legal. Those who are smart, willing to take the financial risk of overhead, and up for the challenge of recruiting good agents, are the ones who get to live a life benefitting from leveraged Income. So how is Network Marketing any different? I submit to you that I found it to be a step better. One day, a friend shared with me how he was earning the same income I was, but that he was doing so from home without the overhead, employees, insurance, stress, and being subject to market conditions. He was doing so in a network marketing business. At first I refuted him by denouncements that he was in a pyramid scheme. He asked me to explain why. I shared that he was earning money off the backs of others he recruited into his downline, not from his own efforts. He replied, “Do you mean like your family earns money off the backs of the real estate agents in your company?” I froze, and anyone who knows me knows how quick-witted I normally am. Then he said, “Who is working smarter, you or your dad and brother?” Now I was mad. Not at him, but at myself. That was my light bulb moment. I had been closed-minded and it was costing me. That was the birth of my enlightenment, and I began to enter and study this network marketing profession. Let me explain why I found it to be a step better. My research led me to learn why this business model made so much sense for a company that wanted a cost-effective way to bring a product to market. Instead of spending millions in traditional media ad buys, which has a declining effectiveness, companies are opting to employ the network marketing model. In doing so, the company only incurs marketing cost if and when a sale is made. They get an army of word-of-mouth salespeople using the most effective way of influencing buying decisions, who only get paid for performance. No salaries, only commissions. But what is also employed is a high sense of motivation, wherein these salespeople can be building a business of their own and not just be salespeople. If they choose to recruit others and teach them how to sell the product or service, they can earn override income just like the broker in a real estate company does. So now they see life through a different lens, as a business owner waking up each day excited about the future they are building for themselves. They are not salespeople; they are business owners.

Corvallis sometimes thought back on the day, three decades ago, when Richard Forthrast had reached down and plucked him out of his programming job at Corporation 9592 and given him a new position, reporting directly to Richard. Corvallis had asked the usual questions about job title and job description. Richard had answered, simply, “Weird stuff.” When this proved unsatisfactory to the company’s ISO-compliant HR department, Richard had been forced to go downstairs and expand upon it. In a memorable, extemporaneous work of performance art in the middle of the HR department’s open-plan workspace, he had explained that work of a routine, predictable nature could and should be embodied in computer programs. If that proved too difficult, it should be outsourced to humans far away. If it was somehow too sensitive or complicated for outsourcing, then “you people” (meaning the employees of the HR department) needed to slice it and dice it into tasks that could be summed up in job descriptions and advertised on the open employment market. Floating above all of that, however, in a realm that was out of the scope of “you people,” was “weird stuff.” It was important that the company have people to work on “weird stuff.” As a matter of fact it was more important than anything else. But trying to explain “weird stuff” to “you people” was like explaining blue to someone who had been blind since birth, and so there was no point in even trying. About then, he’d been interrupted by a spate of urgent text messages from one of the company’s novelists, who had run aground on some desolate narrative shore and needed moral support, and so the discussion had gone no further. Someone had intervened and written a sufficiently vague job description for Corvallis and made up a job title that would make it possible for him to get the level of compensation he was expecting. So it had all worked out fine. And it made for a fun story to tell on the increasingly rare occasions when people were reminiscing about Dodge back in the old days. But the story was inconclusive in the sense that Dodge had been interrupted before he could really get to the essence of what “weird stuff” actually was and why it was so important. As time went on, however, Corvallis understood that this very inconclusiveness was really a fitting and proper part of the story.

To the untrained eye, the Wall Street people who rode from the Connecticut suburbs to Grand Central were an undifferentiated mass, but within that mass Danny noted many small and important distinctions. If they were on their BlackBerrys, they were probably hedge fund guys, checking their profits and losses in the Asian markets. If they slept on the train they were probably sell-side people—brokers, who had no skin in the game. Anyone carrying a briefcase or a bag was probably not employed on the sell side, as the only reason you’d carry a bag was to haul around brokerage research, and the brokers didn’t read their own reports—at least not in their spare time. Anyone carrying a copy of the New York Times was probably a lawyer or a back-office person or someone who worked in the financial markets without actually being in the markets. Their clothes told you a lot, too. The guys who ran money dressed as if they were going to a Yankees game. Their financial performance was supposed to be all that mattered about them, and so it caused suspicion if they dressed too well. If you saw a buy-side guy in a suit, it usually meant that he was in trouble, or scheduled to meet with someone who had given him money, or both. Beyond that, it was hard to tell much about a buy-side person from what he was wearing. The sell side, on the other hand, might as well have been wearing their business cards: The guy in the blazer and khakis was a broker at a second-tier firm; the guy in the three-thousand-dollar suit and the hair just so was an investment banker at J.P. Morgan or someplace like that. Danny could guess where people worked by where they sat on the train. The Goldman Sachs, Deutsche Bank, and Merrill Lynch people, who were headed downtown, edged to the front—though when Danny thought about it, few Goldman people actually rode the train anymore. They all had private cars. Hedge fund guys such as himself worked uptown and so exited Grand Central to the north, where taxis appeared haphazardly and out of nowhere to meet them, like farm trout rising to corn kernels. The Lehman and Bear Stearns people used to head for the same exit as he did, but they were done. One reason why, on September 18, 2008, there weren’t nearly as many people on the northeast corner of Forty-seventh Street and Madison Avenue at 6:40 in the morning as there had been on September 18, 2007.

This self-deceit, this fatal weakness of mankind, is the source of half the disorders of human life. If we saw ourselves in the light in which others see us, or in which they would see us if they knew all, a reformation would generally be unavoidable. We could not otherwise endure the sight. Nature, however, has not left this weakness, which is of so much importance, altogether without a remedy; nor has she abandoned us entirely to the delusions of self-love. Our continual observations upon the conduct of others, insensibly lead us to form to ourselves certain general rules concerning what is fit and proper either to be done or to be avoided. Some of their actions shock all our natural sentiments. We hear every body about us express the like detestation against them. This still further confirms, and even exasperates our natural sense of their deformity. It satisfies us that we view them in the proper light, when we see other people view them in the same light. We resolve never to be guilty of the like, nor ever, upon any account, to render ourselves in this manner the objects of universal disapprobation. We thus naturally lay down to ourselves a general rule, that all such actions are to be avoided, as tending to render us odious, contemptible, or punishable, the objects of all those sentiments for which we have the greatest dread and aversion. Other actions, on the contrary, call forth our approbation, and we hear every body around us express the same favourable opinion concerning them. Every body is eager to honour and reward them. They excite all those sentiments for which we have by nature the strongest desire; the love, the gratitude, the admiration of mankind. We become ambitious of performing the like; and thus naturally lay down to ourselves a rule of another kind, that every opportunity of acting in this manner is carefully to be sought after. It is thus that the general rules of morality are formed. They are ultimately founded upon experience of what, in particular instances, our moral faculties, our natural sense of merit and propriety, approve, or disapprove of. We do not originally approve or condemn particular actions; because, upon examination, they appear to be agreeable or inconsistent with a certain general rule. The general rule, on the contrary, is formed, by finding from experience, that all actions of a certain kind, or circumstanced in a certain manner, are approved or disapproved of.

I remember standing in the wings when Mother’s voice cracked and went into a whisper. The audience began to laugh and sing falsetto and to make catcalls. It was all vague and I did not quite understand what was going on. But the noise increased until Mother was obliged to walk off the stage. When she came into the wings she was very upset and argued with the stage manager who, having seen me perform before Mother’s friends, said something about letting me go on in her place. And in the turmoil I remember him leading me by the hand and, after a few explanatory words to the audience, leaving me on the stage alone. And before a glare of footlights and faces in smoke, I started to sing, accompanied by the orchestra, which fiddled about until it found my key. It was a well-known song called Jack Jones that went as follows: Jack Jones well and known to everybody Round about the market, don’t yer see, I’ve no fault to find with Jack at all, Not when ’e’s as ’e used to be. But since ’e’s had the bullion left him ’E has altered for the worst, For to see the way he treats all his old pals Fills me with nothing but disgust. Each Sunday morning he reads the Telegraph, Once he was contented with the Star. Since Jack Jones has come into a little bit of cash, Well, ’e don’t know where ’e are. Half-way through, a shower of money poured on to the stage. Immediately I stopped and announced that I would pick up the money first and sing afterwards. This caused much laughter. The stage manager came on with a handkerchief and helped me to gather it up. I thought he was going to keep it. This thought was conveyed to the audience and increased their laughter, especially when he walked off with it with me anxiously following him. Not until he handed it to Mother did I return and continue to sing. I was quite at home. I talked to the audience, danced, and did several imitations including one of Mother singing her Irish march song that went as follows: Riley, Riley, that’s the boy to beguile ye, Riley, Riley, that’s the boy for me. In all the Army great and small, There’s none so trim and neat As the noble Sergeant Riley Of the gallant Eighty-eight. And in repeating the chorus, in all innocence I imitated Mother’s voice cracking and was surprised at the impact it had on the audience. There was laughter and cheers, then more money-throwing; and when Mother came on the stage to carry me off, her presence evoked tremendous applause. That night was my first appearance on the stage and Mother’s last.

Fervent partisans of democracy often grant that democracy and the market are substitutes. As Kuttner puts it, “The democratic state remains the prime counterweight to the market.”45 Their complaint is that the public has less and less say over its destiny because corporations have more and more say over theirs. To “save democracy,” the people must reassert its authority. Fair enough. Though their opponents greatly overstate the extent of privatization and deregulation, these policies take decisions out of the hands of majorities and put them into the hands of business owners. But the critics rarely wonder if this transfer might be desirable. They treat less reliance on democracy as automatically objectionable. This is another symptom of democratic fundamentalism. If all that an economist had to say against a government program were, “That’s government intervention. Government is supplanting markets!” he would be pigeonholed, then marginalized, as a market fundamentalist. But when an equally simplistic cry goes up in the name of democracy, there is a sympathetic audience. It is logically possible that clear-eyed business greed makes better decisions than confused voter altruism. Why not at least compare their performance, instead of prejudging?

Cohen continued to struggle with his own well-being. Even though he had achieved his life’s dream of running his own firm, he was still unhappy, and he had become dependent on a psychiatrist named Ari Kiev to help him manage his moods. In addition to treating depression, Kiev’s other area of expertise was success and how to achieve it. He had worked as a psychiatrist and coach with Olympic basketball players and rowers trying to improve their performance and overcome their fear of failure. His background building athletic champions appealed to Cohen’s unrelenting need to dominate in every transaction he entered into, and he started asking Kiev to spend entire days at SAC’s offices, tending to his staff. Kiev was tall, with a bushy mustache and a portly midsection, and he would often appear silently at a trader’s side and ask him how he was feeling. Sometimes the trader would be so startled to see Kiev there he’d practically jump out of his seat. Cohen asked Kiev to give motivational speeches to his employees, to help them get over their anxieties about losing money. Basically, Kiev was there to teach them to be ruthless. Once a week, after the market closed, Cohen’s traders would gather in a conference room and Kiev would lead them through group therapy sessions focused on how to make them more comfortable with risk. Kiev had them talk about their trades and try to understand why some had gone well and others hadn’t. “Are you really motivated to make as much money as you can? This guy’s going to help you become a real killer at it,” was how one skeptical staff member remembered Kiev being pitched to them. Kiev’s work with Olympians had led him to believe that the thing that blocked most people was fear. You might have two investors with the same amount of money: One was prepared to buy 250,000 shares of a stock they liked, while the other wasn’t. Why? Kiev believed that the reluctance was a form of anxiety—and that it could be overcome with proper treatment. Kiev would ask the traders to close their eyes and visualize themselves making trades and generating profits. “Surrendering to the moment” and “speaking the truth” were some of his favorite phrases. “Why weren’t you bigger in the trades that worked? What did you do right?” he’d ask. “Being preoccupied with not losing interferes with winning,” he would say. “Trading not to lose is not a good strategy. You need to trade to win.” Many of the traders hated the group therapy sessions. Some considered Kiev a fraud. “Ari was very aggressive,” said one. “He liked money.” Patricia, Cohen’s first wife, was suspicious of Kiev’s motives and believed that he was using his sessions with Cohen to find stock tips. From Kiev’s perspective, he found the perfect client in Cohen, a patient with unlimited resources who could pay enormous fees and whose reputation as one of the best traders on Wall Street could help Kiev realize his own goal of becoming a bestselling author. Being able to say that you were the

If you are stuck in circumstances in which it takes Herculean efforts to get through the day— doing low-income work, obeying an authoritarian boss, buying clothes for the children, dealing with school issues, paying the rent or mortgage, fixing the car, negotiating with a spouse, paying taxes, and caring for older parents— it is not easy to pay close attention to larger political issues. Indeed you may wish that these issues would take care of themselves. It is not a huge jump from such a wish to become attracted to a public philosophy, spouted regularly at your job and on the media, that economic life would regulate itself automatically if only the state did not repeatedly intervene in it in clumsy ways. Now underfunded practices such as the license bureau, state welfare, public health insurance, public schools, public retirement plans, and the like begin to appear as awkward, bureaucratic organizations that could be replaced or eliminated if only the rational market were allowed to take care of things impersonally and quietly, as it were. Certainly such bureaucracies are indeed often clumsy. But more people are now attracted to compare that clumsiness to the myth of how an impersonal market would perform if it took on even more assignments and if state regulation of it were reduced even further. So a lot of “independents” and “moderates” may become predisposed to the myth of the rational market in part because the pressures of daily life encourage them to seek comfort in ideological formations that promise automatic rationality.

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

A confidential report delivered in June 1965 by Abel Aganbegyan, director of the Novobirsk Institute of Economics, highlighted the difficulties. Aganbegyan noted that the growth rate of the Soviet economy was beginning to decline, just as the rival US economy seemed particularly buoyant; at the same time, some sectors of the Soviet economy - housing, agriculture, services, retail trade - remained very backward, and were failing to develop at an adequate rate. The root causes of this poor performance he saw in the enormous commitment of resources to defense (in human terms, 30-40 million people out of a working population of 100 million, he reckoned), and the 'extreme centralism and lack of democracy in economic matters' which had survived from the past. In a complex modern society, he argued, not everything could be planned, since it was impossible to foresee all possible contingencies and their potential effects. So the plan amounted to central command, and even that could not be properly implemented for lack of information and of modern data-processing equipment. 'The Central Statistical Administration ... does not have a single computer, and is not planning to acquire any,' he commented acidly. Economic administration was also impeded by excessive secrecy: 'We obtain many figures... from American journals sooner than they are released by the Central Statistical Administration.' Hence the economy suffered from inbuilt distortions: the hoarding of goods and labour to provide for unforeseen contingencies, the production of shoddy goods to fulfill planning targets expressed in crude quantitative terms, the accumulation of unused money by a public reluctant to buy substandard products, with resultant inflation and a flourishing black market.

Bell resisted selling Texas Instruments a license. “This business is not for you,” the firm was told. “We don’t think you can do it.”38 In the spring of 1952, Haggerty was finally able to convince Bell Labs to let Texas Instruments buy a license to manufacture transistors. He also hired away Gordon Teal, a chemical researcher who worked on one of Bell Labs’ long corridors near the semiconductor team. Teal was an expert at manipulating germanium, but by the time he joined Texas Instruments he had shifted his interest to silicon, a more plentiful element that could perform better at high temperatures. By May 1954 he was able to fabricate a silicon transistor that used the n-p-n junction architecture developed by Shockley. Speaking at a conference that month, near the end of reading a thirty-one-page paper that almost put listeners to sleep, Teal shocked the audience by declaring, “Contrary to what my colleagues have told you about the bleak prospects for silicon transistors, I happen to have a few of them here in my pocket.” He proceeded to dunk a germanium transistor connected to a record player into a beaker of hot oil, causing it to die, and then did the same with one of his silicon transistors, during which Artie Shaw’s “Summit Ridge Drive” continued to blare undiminished. “Before the session ended,” Teal later said, “the astounded audience was scrambling for copies of the talk, which we just happened to bring along.”39 Innovation happens in stages. In the case of the transistor, first there was the invention, led by Shockley, Bardeen, and Brattain. Next came the production, led by engineers such as Teal. Finally, and equally important, there were the entrepreneurs who figured out how to conjure up new markets. Teal’s plucky boss Pat Haggerty was a colorful case study of this third step in the innovation process.

Here’s some startup pedagogy for you: When confronted with any startup idea, ask yourself one simple question: How many miracles have to happen for this to succeed? If the answer is zero, you’re not looking at a startup, you’re just dealing with a regular business like a laundry or a trucking business. All you need is capital and minimal execution, and assuming a two-way market, you’ll make some profit. To be a startup, miracles need to happen. But a precise number of miracles. Most successful startups depend on one miracle only. For Airbnb, it was getting people to let strangers into their spare bedrooms and weekend cottages. This was a user-behavior miracle. For Google, it was creating an exponentially better search service than anything that had existed to date. This was a technical miracle. For Uber or Instacart, it was getting people to book and pay for real-world services via websites or phones. This was a consumer-workflow miracle. For Slack, it was getting people to work like they formerly chatted with their girlfriends. This is a business-workflow miracle. For the makers of most consumer apps (e.g., Instagram), the miracle was quite simple: getting users to use your app, and then to realize the financial value of your particular twist on a human brain interacting with keyboard or touchscreen. That was Facebook’s miracle, getting every college student in America to use its platform during its early years. While there was much technical know-how required in scaling it—and had they fucked that up it would have killed them—that’s not why it succeeded. The uniqueness and complete fickleness of such a miracle are what make investing in consumer-facing apps such a lottery. It really is a user-growth roulette wheel with razor-thin odds. The classic sign of a shitty startup idea is that it requires at least two (or more!) miracles to succeed. This was what was wrong with ours. We had a Bible’s worth of miracles to perform:

also been a white-collar worker in my career. In my experience, there are two types of people who do this type of work: Achievers and Hiders. Achievers are the people who want to perform at a high level. They are ambitious, motivated and energetic. They are full of ideas and want to move up the corporate ladder, which are great attributes to have. But there is a downside for the Achiever. The moment a person decides to be an Achiever, they become a target. Their boss sees them as threatening to their job, so they start to hold them down or take shots at their reputation. Their peers see them as a person who will either embarrass them or keep them from getting a promotion, so they start to do what they can to undermine their accomplishments. So, to remain an Achiever and survive in this hostile environment, a person must become good at one thing that has nothing to do with their productivity—and that’s politics. They must learn how to navigate the political world by diminishing their enemies and strengthening their relationship with powerful people. In fact, some of the most successful people in the corporate world aren’t Achievers at all. They are pure politicians. So if you decide to work in the corporate environment and to be an Achiever, you must accept the fact that you must become a good politician also. Now, let’s talk about the Hiders. These are the people who HATE politics, but still need a job. They learn not to be the ambitious Achiever. They don’t stand out. They don’t speak up in meetings. They don’t bring new ideas. They HIDE. They keep their heads down and do as they’re told. They do just enough so that they aren’t talked about negatively. They survive. And this has worked for decades. But in the New Economy, it’s becoming much more difficult to hide. And people are running out of time. So, back to our Perfect Career List: Can a white-collar job deliver on the list? Again, the clear answer is no—certainly not in very many areas. Sales

Convinced that struggle was the crucible of character, Rockefeller faced a delicate task in raising his children. He wanted to accumulate wealth while inculcating in them the values of his threadbare boyhood. The first step in saving them from extravagance was keeping them ignorant of their father’s affluence. Until they were adults, Rockefeller’s children never visited his office or refineries, and even then they were accompanied by company officials, never Father. At home, Rockefeller created a make-believe market economy, calling Cettie the “general manager” and requiring the children to keep careful account books.16They earned pocket money by performing chores and received two cents for killing flies, ten cents for sharpening pencils, five cents per hour for practicing their musical instruments, and a dollar for repairing vases. They were given two cents per day for abstaining from candy and a dime bonus for each consecutive day of abstinence. Each toiled in a separate patch of the vegetable garden, earning a penny for every ten weeds they pulled up. John Jr. got fifteen cents an hour for chopping wood and ten cents per day for superintending paths. Rockefeller took pride in training his children as miniature household workers. Years later, riding on a train with his thirteen-year-old daughter, he told a traveling companion, “This little girl is earning money already. You never could imagine how she does it. I have learned what my gas bills should average when the gas is managed with care, and I have told her that she can have for pin money all that she will save every month on this amount, so she goes around every night and keeps the gas turned down where it is not needed.”17 Rockefeller never tired of preaching economy and whenever a package arrived at home, he made a point of saving the paper and string. Cettie was equally vigilant. When the children clamored for bicycles, John suggested buying one for each child. “No,” said Cettie, “we will buy just one for all of them.” “But, my dear,” John protested, “tricycles do not cost much.” “That is true,” she replied. “It is not the cost. But if they have just one they will learn to give up to one another.”18 So the children shared a single bicycle. Amazingly enough, the four children probably grew up with a level of creature comforts not that far above what Rockefeller had known as a boy.

The key to preventing this is balance. I see the give and take between different constituencies in a business as central to its success. So when I talk about taming the Beast, what I really mean is that keeping its needs balanced with the needs of other, more creative facets of your company will make you stronger. Let me give you an example of what I mean, drawn from the business I know best. In animation, we have many constituencies: story, art, budget, technology, finance, production, marketing, and consumer products. The people within each constituency have priorities that are important—and often opposing. The writer and director want to tell the most affecting story possible; the production designer wants the film to look beautiful; the technical directors want flawless effects; finance wants to keep the budgets within limits; marketing wants a hook that is easily sold to potential viewers; the consumer products people want appealing characters to turn into plush toys and to plaster on lunchboxes and T-shirts; the production managers try to keep everyone happy—and to keep the whole enterprise from spiraling out of control. And so on. Each group is focused on its own needs, which means that no one has a clear view of how their decisions impact other groups; each group is under pressure to perform well, which means achieving stated goals. Particularly in the early months of a project, these goals—which are subgoals, really, in the making of a film—are often easier to articulate and explain than the film itself. But if the director is able to get everything he or she wants, we will likely end up with a film that’s too long. If the marketing people get their way, we will only make a film that mimics those that have already been “proven” to succeed—in other words, familiar to viewers but in all likelihood a creative failure. Each group, then, is trying to do the right thing, but they’re pulling in different directions. If any one of those groups “wins,” we lose. In an unhealthy culture, each group believes that if their objectives trump the goals of the other groups, the company will be better off. In a healthy culture, all constituencies recognize the importance of balancing competing desires—they want to be heard, but they don’t have to win. Their interaction with one another—the push and pull that occurs naturally when talented people are given clear goals—yields the balance we seek. But that only happens if they understand that achieving balance is a central goal of the company.

The Delusion of Lasting Success promises that building an enduring company is not only achievable but a worthwhile objective. Yet companies that have outperformed the market for long periods of time are not just rare, they are statistical artifacts that are observable only in retrospect. Companies that achieved lasting success may be best understood as having strung together many short-term successes. Pursuing a dream of enduring greatness may divert attention from the pressing need to win immediate battles. The Delusion of Absolute Performance diverts our attention from the fact that success and failure always take place in a competitive environment. It may be comforting to believe that our success is entirely up to us, but as the example of Kmart demonstrated, a company can improve in absolute terms and still fall further behind in relative terms. Success in business means doing things better than rivals, not just doing things well. Believing that performance is absolute can cause us to take our eye off rivals and to avoid decisions that, while risky, may be essential for survival given the particular context of our industry and its competitive dynamics. The Delusion of the Wrong End of the Stick lets us confuse causes and effects, actions and outcomes. We may look at a handful of extraordinarily successful companies and imagine that doing what they did can lead to success — when it might in fact lead mainly to higher volatility and a lower overall chance of success. Unless we start with the full population of companies and examine what they all did — and how they all fared — we have an incomplete and indeed biased set of information. The Delusion of Organizational Physics implies that the business world offers predictable results, that it conforms to precise laws. It fuels a belief that a given set of actions can work in all settings and ignores the need to adapt to different conditions: intensity of competition, rate of growth, size of competitors, market concentration, regulation, global dispersion of activities, and much more. Claiming that one approach can work everywhere, at all times, for all companies, has a simplistic appeal but doesn’t do justice to the complexities of business. These points, taken together, expose the principal fiction at the heart of so many business books — that a company can choose to be great, that following a few key steps will predictably lead to greatness, that its success is entirely of its own making and not dependent on factors outside its control.

[A] central theme is why social, political, and economic institutions tend to coevolve in a manner that reinforces rather than undermines one another. The welfare state is not 'politics against markets,' as commonly assumed, but politics with markets. Although it is popular to think that markets, especially global ones, interfere with the welfare state, and vice versa, this notion is simply inconsistent with the postwar record of actual welfare state development. The United States, which has a comparatively small welfare state and flexible labor markets, has performed well in terms of jobs and growth during the past two decades; however, before then the countries with the largest welfare states and the most heavily regulated labor markets exceeded those in the United States on almost any gauge of economic competitiveness and performance. Despite the change in economic fortunes, the relationship between social protection and product market strategies continues to hold. Northern Europe and Japan still dominate high-quality markets for machine tools and consumer durables, whereas the United States dominates software, biotech, and other high-tech industries. There is every reason that firms and governments will try to preserve the institutions that give rise to these comparative advantages, and here the social protection system (broadly construed to include job security and protection through the industrial relations system) plays a key role. The reason is that social insurance shapes the incentives workers and firms have for investing in particular types of skills, and skills are critical for competitive advantage in human-capital-intensive economies. Firms do not develop competitive advantages in spite of systems of social protection, but because of it. Continuing this line of argument, the changing economic fortunes of different welfare production regimes probably has very little to do with growing competitive pressure from the international economy. To the contrary, it will be argued in Chapter 6 that the main problem for Europe is the growing reliance on services that have traditionally been closed to trade. In particular, labor-intensive, low-productivity jobs do not thrive in the context of high social protection and intensive labor-market regulation, and without international trade, countries cannot specialize in high value-added services. Lack of international trade and competition, therefore, not the growth of these, is the cause of current employment problems in high-protection countries.

Get acquainted along with a fitness home business. If you attempt earnestly, you are able to get started a productive fitness business. Many variables need to be considered once you determine to begin a fitness enterprise. If you understand how to set up a fitness online business, it can be effortless. It is advisable to have expertise in the fitness market to become capable to begin a fitness organization. Folks from any walk of life can commence their very own fitness business. A fitness small business is some thing that people would encourage by becoming consumers on the company. If you strategy to begin a online business inside the fitness niches, you ought to read all about how you can commence a fitness small business. You could study from blogs and web-sites related to establishing such a company. You must in no way attempt to get started a organization with out 1st understanding all about it. It truly is not quick to start a organization in the fitness niches. We're normally extremely eager to obtain fit. It really is essential that we give enough time and believed to our fitness business. Individuals who fail to perform on their fitness by no means realize beneficial benefits. You in no way going to attain excellent levels of fitness without functioning on it. Diet program is a thing that people rarely consider fitness business about when having match. What you eat is also necessary relating to fitness. One factor you need to understand is that fitness under no circumstances comes rather simply. You don't constantly must go to the health club for becoming match. It's going to expense funds to setup your business within the fitness niche. You will need help in some aspects on the business enterprise. A fitness enterprise may be simple if you have the suitable assistance. If you do not have the education, consumers won't rely on you with their fitness needs. It really is very important which you have some training in fitness. Fitness is all about expertise and you require to possess the expertise for the online business. A fitness trainer would have no difficulty in starting his personal fitness business. You need to look and really feel fit in order to attract other many people as consumers. A fitness company will take up your time and your dollars to set it up appropriately. It's essential to take various aspects into account for instance the place for the home business. Women are extremely keen to lose weight, as they prefer to look appealing. It's the worry of obesity and the resulting ugliness that makes women and men go in to get a fitness system. Middle aged guys are frequently obese and must make an enormous work to regain fitness. You'll need to invest a whole lot of your time to have the ability to create a foothold in this niche. You could possibly not know it, nevertheless it is feasible to develop a lucrative enterprise in the fitness niche. The idea of fitness is spreading far and wide. People of every age group prefer fitness. Health is much more vital than wealth. It can be vital to acquire fit if you desire to get the perfect out of life. Establishing a online business that is certainly centered on fitness is usually a very good notion. The fitness market holds a great deal of promise for tough functioning business owners.