Quality Investing Quotes

Of course it was painful, and there were times when, emotionally, I just wanted to chuck it all. But pain seems to be a precondition for this kind of sport. If pain weren't involved, who in the world would ever go to the trouble of taking part in sports like the triathlon or the marathon, which demand such an investment of time and energy? It's precisely because of the pain, precisely because we want to overcome that pain, that we can get the feeling, through this process, of really being alive--or at least a partial sense of it. Your quality of experience is based not on standards such as time or ranking, but on finally awakening to an awareness of the fluidity within action itself.

Economists have calculated that every dollar invested in high-quality home visitation, day care, and preschool programs results in seven dollars of savings on welfare payments, health-care costs, substance-abuse treatment, and incarceration, plus higher tax revenues due to better-paying jobs.

... don't invest your feelings in things. Don't invest them in people. Don't be good, considerate, honest, generous, and compassionate to others because you are investing in them as people, meaning because you expect something in return. If you do, you will be, and most likely you already have been, brought to deep disappointment. Be good to people because you are investing in goodness, consideration, honesty, generosity, and compassion, because those qualities have never failed to be rewarding.

I mean … we’d just passed our one-year dating anniversary. I figured I was a sort of long-term investment for her. She hoped I would pay dividends eventually; if I died now, she would’ve put up with all my annoying qualities for nothing.

Many people object to “wasting money in space” yet have no idea how much is actually spent on space exploration. The CSA’s budget, for instance, is less than the amount Canadians spend on Halloween candy every year, and most of it goes toward things like developing telecommunications satellites and radar systems to provide data for weather and air quality forecasts, environmental monitoring and climate change studies. Similarly, NASA’s budget is not spent in space but right here on Earth, where it’s invested in American businesses and universities, and where it also pays dividends, creating new jobs, new technologies and even whole new industries.

We want to believe in the essential, unchanging goodness of people, in their power to resist external pressures, in their rational appraisal and then rejection of situational temptations. We invest human nature with God-like qualities, with moral and rational faculties that make us both just and wise. We simplify the complexity of human experience by erecting a seemingly impermeable boundary between Good and Evil.

Investing isn’t a game - It has a substantive impact on the living of life and the development of civilization. It’s not just about stock tickers and opening bells and timing buys and sells to get a quick profit in the gap…. It effects when and where houses are built, the quality of schools, the accessibility of organic food, the price of solar relative to gasoline…. Investments direct the development of civilization.

Performance of management should be measured by potential to stay in business, to protect investment, to ensure future dividends and jobs through improvement of product and service for the future, not by the quarterly dividend.

The reason is that good management itself was the root cause. Managers played the game the way it was supposed to be played. The very decision-making and resource-allocation processes that are key to the success of established companies are the very processes that reject disruptive technologies: listening carefully to customers; tracking competitors’ actions carefully; and investing resources to design and build higher-performance, higher-quality products that will yield greater profit. These are the reasons why great firms stumbled or failed when confronted with disruptive technological change.

Money spent on good-quality gear is always money well spent.

You have to plan and cultivate good health. You have to commit to good health. You have to live good health because it comes from the inside out. It comes from what you bring to your life: positive, empowering thoughts, prayers and affirmations, uplifting company, and high-quality, life-giving foods. To have excellent health you must invest time and energy into the transformation of your Sacred Body Temple. And once you’ve acquired excellent health, you must maintain it vigilantly. That’s the true divine challenge—one that you can and must meet.

(strange how women in positions of authority so often acquire the sobriquet bossy, while a man holding the same rank is somehow invested with qualities of leadership

The re-dipping of the dishes was a small matter, but the emotional texture of married life is made up of small matters. This one had become invested with a fatal quality.

the surest way to feel rich was to invest in quality nonessentials.

Since we more commonly begin that history with the Revolution, events taking place before the Revolution are invested with an archaic quality usually associated with antiquity.

Shopping the equity market solely based on stock prices is like shopping for groceries solely based on food prices as opposed to the quality of the food. Price matters, but what really matters is the value that you get for the price.

Sometimes the very things that we’re expending our lives to sustain are the very things that are killing our ability to live. And against our blind and frequently raging protests, these are the very things that God let’s die so that we can live.

To live means to experience-through doing, feeling, thinking. Experience takes place in time, so time is the ultimate scarce resource we have. Over the years, the content of experience will determine the quality of life. Therefore one of the most essential decisions any of us can make is about how one's time is allocated or invested.

Wisdom is really the key to wealth. With great wisdom, comes great wealth and success. Rather than pursuing wealth, pursue wisdom. The aggressive pursuit of wealth can lead to disappointment. Wisdom is defined as the quality of having experience, and being able to discern or judge what is true, right, or lasting. Wisdom is basically the practical application of knowledge. Rich people have small TVs and big libraries, and poor people have small libraries and big TVs. Become completely focused on one subject and study the subject for a long period of time. Don't skip around from one subject to the next. The problem is generally not money. Jesus taught that the problem was attachment to possessions and dependence on money rather than dependence on God. Those who love people, acquire wealth so they can give generously. After all, money feeds, shelters, and clothes people. They key is to work extremely hard for a short period of time (1-5 years), create abundant wealth, and then make money work hard for you through wise investments that yield a passive income for life. Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand. Failure is success if we learn from it. Continuing failure eventually leads to success. Those who dare to fail miserably can achieve greatly. Whenever you pursue a goal, it should be with complete focus. This means no interruptions. Only when one loves his career and is skilled at it can he truly succeed. Never rush into an investment without prior research and deliberation. With preferred shares, investors are guaranteed a dividend forever, while common stocks have variable dividends. Some regions with very low or no income taxes include the following: Nevada, Texas, Wyoming, Delaware, South Dakota, Cyprus, Liechtenstein, Luxembourg, Panama, San Marino, Seychelles, Isle of Man, Channel Islands, Curaçao, Bahamas, British Virgin Islands, Brunei, Monaco, Qatar, United Arab Emirates, Saudi Arabia, Bahrain, Bermuda, Kuwait, Oman, Andorra, Cayman Islands, Belize, Vanuatu, and Campione d'Italia. There is only one God who is infinite and supreme above all things. Do not replace that infinite one with finite idols. As frustrated as you may feel due to your life circumstances, do not vent it by cursing God or unnecessarily uttering his name. Greed leads to poverty. Greed inclines people to act impulsively in hopes of gaining more. The benefit of giving to the poor is so great that a beggar is actually doing the giver a favor by allowing the person to give. The more I give away, the more that comes back. Earn as much as you can. Save as much as you can. Invest as much as you can. Give as much as you can.

To get acceptable quality at the lowest cost, it is vitally important to reject defective material at a stage where its accumulated value is at the lowest possible level. Thus, as noted, we are better off catching a bad raw egg than a cooked one, and screening out our college applicant before he visits Intel. In short, reject before investing further value.

The most distinctive quality of artmaking is the investment of the artist’s own humanity in the finished piece.

For Cities, the ability to mitigate the effects of natural disasters is a plus for the E in ESG and an indictor of bond quality.

The quality of a Municipal Bond is partially determined by the quality of leadership responsible for the municipality.

The quality of a Municipal Bond is partially determined by the quality of the issuing governments economy.

I give my best and ask for it from others. I receive quality results for quality investments.

Be good to people because you are investing in goodness, consideration, honesty, generosity, and compassion, because those qualities have never failed to be rewarding. Treat people righteously because you are investing in the righteousness of yourself, and, trust me, you will get something in return. You will be happy. You will be content. You will be truly free.

We are not paying taxes, we are investing in our society. We are purchasing quality of life. The key to understanding the high levels of well-being in Denmark is the welfare model’s ability to reduce risk, uncertainty, and anxiety among its citizens and to prevent extreme unhappiness.

Our nation declared a war on people trapped in racially segregated ghettos—just at the moment their economies had collapsed—rather than providing community investment, quality education, and job training when work disappeared. Of course those communities are suffering from serious crime and dysfunction today. Did we expect otherwise? Did we think that, miraculously, they would thrive?

Maybe, much later in life, some sensible considerations might play a part in deciding whether to commit your heart to another, but when you’re young you simply select people you are physically attracted to, and then invest them with all sorts of qualities which they probably don’t possess. Or, if they do, it is completely coincidental.

Companies then turn vice into virtue by bragging about how much they spend on training. But since when is spending a measure of quality results? Do people boast, “I’m in great shape—I spent $500 on my gym membership this month?” The presence of a huge training budget is not evidence that you’re investing in your people. It’s evidence that you failed to hire the right people to begin with.

Bossy was the adjective most often trotted out by the lads whenever Sue’s name came up in conversation (strange how women in positions of authority so often acquire the sobriquet bossy, while a man holding the same rank is somehow invested with qualities of leadership).

We create ourselves by how we invest this energy. Memories, thoughts, and feelings are all shaped by how we use it. And it is an energy under our control, to do with as we please; hence, attention is our most important tool in the task of improving the quality of experience.

We lacked something that is the key to a successful startup, and it was bigger than sound quality. It was emotional investment. If you don’t love what you’re building, if you’re not an avid user yourself, then you will most likely fail even if you’re doing everything else right.

home buyers sometimes make the mistake of focusing on home acquisition as an investment and overlook quality-of-life factors such as proximity to schools, parks, extended family, and work—all of which are the aspects of daily life that make for a healthy, safe, and comfortable home.

There are times in life that we ascribe qualities or traits to other people that are inaccurate or fail to recognize other aspects of their being because we are emotionally invested in that person fulfilling a specific role in our life. When we claim that the other person changed it is not so much that they altered their core composition, but we now must admit to ourselves that our original perception of them was imprecise.

With this purpose, the author chose for the subject of his story a woman named Catherine Hayes, who was burned at Tyburn, in 1726, for the deliberate murder of her husband, under very revolting circumstances. Mr. Thackeray’s aim obviously was to describe the career of this wretched woman and her associates with such fidelity to truth as to exhibit the danger and folly of investing such persons with heroic and romantic qualities.

Shopping the equity market solely based on stock prices is like shopping at the grocery store solely based on food prices instead of based on the quality of food — you may end up with a full pantry, and poor health. Price matters. But it’s really about the value that you get for the price.

Besides, those whose suffering is due to love are, as we say of certain invalids, their own physicians. As consolation can come to them only from the person who is the cause of their grief, and as their grief is an emanation from that person, it is there, in their grief itself, that they must in the end find a remedy: which it will disclose to them at a given moment, for as long as they turn it over in their minds this grief will continue to show them fresh aspects of the loved, the regretted creature, at one moment so intensely hateful that one has no longer the slightest desire to see her, since before finding enjoyment in her company one would have first to make her suffer, at another so pleasant that the pleasantness in which one has invested her one adds to her own stock of good qualities and finds in it a fresh reason for hope.

Peace, happiness, and love are a daily practice. Give time and energy to that which you want more of in your life. Invest in yourself for a higher quality of life. You're worth it.

The amount of time you invest into your products determines the quality of the products.

If you can invest all your time into giving birth to a quality product, the whole world will celebrate you and everyone will be in need of your product.

The quality of time you dedicate to work is what determines your greatness.

It doesn’t matter your area of calling, you can invest quality time into it, you will definitely become the best and that will buy you greatness.

If you can decide to invest all your time into giving birth to a quality product, the whole world will celebrate you and everyone will be in need of your product.

Greatness is the quality of time you are able to convert into the production of value.

In every moment, you are blessed with the empowerment of choice. Choose wisely, it is an investment into your quality of life.

I could not help investing his every quality with a heightened sense of the real, nor could I quit wondering, from moment to moment, what it was like to be inside his skin.

40 percent of our happiness rises or falls depending on the quality of our mental state. That’s the place to make the investment if happiness matters to you.8

Getting a quality website is not an expenses but rather an investment.

Nalanda’s approach to investing comprises three straightforward, sequential steps: 1. Avoid big risks. 2. Buy high quality at a fair price. 3. Don’t be lazy—be very lazy.

There is a certain seductiveness about what is dead. It will retain all those admirable qualities of life with none of that tiresome messiness associated with live things. Crap and complaints and the need for affection. You can auction it, museum it, collect it. It’s much safer to be a collector of curios, because if you are curious, you have to sit and sit and see what happens. You have to wait on the beach until it gets cold, and you have to invest in a glass-bottomed boat, which is more expensive than a fishing rod, and puts you in the path of the elements. The curious are always in some danger. If you are curious you might never come home, like all the men who now live with mermaids at the bottom of the sea.

Cheap objects resist involvement. We tend to invest less in their purchase, care, and maintenance, and that's part of what makes them so attractive. Cheap clothing lines—sold at discounters such as Target and H & M—are like IKEA emblems of the "cheap chic" where styles fills in for whatever quality goes lacking. There is nothing sinister in this, no deliberate planned obsolescence. These objects are not designed to fall apart, nor are they crafted not to fall apart. In many cases we know this and accept it, and have entered into a sort of compact. Perhaps we don't even want the object to last forever. Such voluntary obsolescence makes craftsmanship beside the point. We have grown to expect and even relish the easy birth and early death of objects.

In the context of the autism world (and my outlook in general) this is were I stand equality is for everyone, everybody in the world - I look at both sides of the the coin and take into account peoples realities (that makes me neutral/moderate/in the middle). That means that you look in a more three dimensional perspective of peoples diverse realities you cannot speak for all but one can learn from EACH OTHER through listening and experiencing. I also try my best to live with the good cards I was given not over-investing in my autism being the defining factor of my being (but having a healthy acknowledgement of it) that it's there but also thinking about other qualities I have such as being a writer, poet and artist. I do have disability, I do have autism and I have a "mild" learning disability that is true but I a human being first and foremost. And for someone to be seen as person equal to everyone else is a basic human right.

I have nothing to do with the poet: perjure your verse, it is gifted with only a feeble outer power. You preferred to feed the remainder of intrigues entrusted to the individual. Why should I make it clear for you, child, you know it just as I do, retaining no notion of it except by some quality or lack which is childhood’s alone; this point, that everything, whether vehicle or investment, now offered to the ideal, is contrary to it—almost a speculation on your modesty, for your silence—or it is defective, not direct and legitimate in the sense that impulse required just now, and it is tainted.

The less you “try” to get him to like you, the higher chance he has of growing deeply fond of you. I can guarantee you that generally, this is how men are, thus, if you get the impression that he isn’t engaging with you or asking you relevant questions, don’t try to keep things going on your own. Remember, mirror his investment and let him lead, as it keeps you from looking overly eager and desperate for male attention. 22

Reliability investing requires finding companies trading below their inherent worth--stocks with strong fundamentals including earnings, dividends, book value, and cash flow selling at bargain prices give their quality.

To all of you alive people walking around, taking your multivitamins and busy being Lutheran or getting colonoscopies, you need to invest in a good-quality, long-lasting wristwatch with day and date functions. Don't count on getting any cell phone reception in Hell, and don't think for a second you'll have the forethought to die with your charger cord in hand or even find yourself locked inside a rusted jail cell with a compatible electrical outlet.

You are your most valuable asset, you must take care of yourself so that your quality of life can also appreciate with time. Your health (mental, physical or otherwise) should be where you are most invested because health is your wealth.

The Nobel Prize-winning economist James Heckman argues that investing in high-quality early learning will yield a rate of return of 6 to 10 percent per year per child—higher than historic stock market returns—in higher academic achievement, greater productivity in the workforce, and fewer drains on society.74

They teach that having a story may be the most important part of your new venture; that fear can be useful; that having vast resources is not as critical as you might think; that simplicity is a core goal in successful enterprises; that trust is the most important quality you bring to your company; and, finally, that giving may be the best investment you’ll ever make.

That’s one small example, of a thousand that might happen over the course of an evening, of how a trusting team operates. And it’s why hiring is such a sobering responsibility. Because when you’re hiring, you’re hiring not only the people who are going to represent and support you, but the people who are going to represent and support the team already working for you. Morale is fickle, and even one individual can have an outsize and asymmetrical impact on the team, in either direction. Bring in someone who’s optimistic and enthusiastic and really cares, and they can inspire those around them to care more and do better. Hire someone lazy, and it means your best team members will be punished for their excellence, picking up the slack so the overall quality doesn’t drop. At the end of the day, the best way to respect and reward the A players on your team is to surround them with other A players. This is how you attract more A players. And it means you must invest as much energy into hiring as you expect the team to invest in their jobs. You cannot expect someone to keep giving all of themselves if you put someone alongside them who isn’t willing to do the same. You need to be as unreasonable in how you build your team as you are in how you build your product or experience. It’s also why you’ve got to hire slow. It’s so dreadful to be shorthanded that managers tend to rush in and find a body to fill the void. I know what it’s like to think, We need someone so desperately—how bad could this person be?

...if he insists on a version of you that is funnier, stranger, more eccentric and profound than you suspect yourself to be - capable of doing more good and more harm in the world than you've ever imagined - it is all but impossible not to believe, at least in his presence and for a while after you've left him, that he alone sees through to your essence, weighs your true qualities and appreciates you more fully than anyone else ever has. It is only after knowing him some time that you begin to realize that you are, to him, an essentially fictional character, one he has invested with nearly limitless capacities for tragedy and comedy not because that is your true nature but because he needs to live in a world propelled by extreme and commanding figures.

As far as agricultural GDP is concerned, in today’s China additional investment in high-quality roads no longer has a statistically significant impact while low-quality roads are not only significant but also generate 1.57 yuan of agricultural GDP for every yuan invested. Investment in low-quality roads also generates high returns in rural nonfarm GDP. Every yuan invested in low-quality roads yields more than 5 yuan of rural nonfarm GDP. Low-quality roads also raise more poor people out of poverty per yuan invested than high-quality roads, making them a win–win strategy for growth in agriculture and poverty alleviation. In Africa, governments can learn from the Chinese experience and make sure their road programs give adequate priority to lower-quality and rural feeder roads.

High-quality and affordable childcare and eldercare • Paid family and medical leave for women and men • A right to request part-time or flexible work • Investment in early education comparable to our investment in elementary and secondary education • Comprehensive job protection for pregnant workers • Higher wages and training for paid caregivers • Community support structures to allow elders to live at home longer • Legal protections against discrimination for part-time workers and flexible workers • Better enforcement of existing laws against age discrimination • Financial and social support for single parents • Reform of elementary and secondary school schedules to meet the needs of a digital rather than an agricultural economy and to take advantage of what we now know about how children learn

most important distinction in the investment world does not separate individuals and institutions; the most important distinction divides those investors with the ability to make high quality active management decisions from those investors without active management expertise. Few institutions and even fewer individuals exhibit the ability and commit the resources to produce risk-adjusted excess returns.

The gross domestic product (GDP) was created in the 1930s to measure the value of the sum total of economic goods and services generated over a single year. The problem with the index is that it counts negative as well as positive economic activity. If a country invests large sums of money in armaments, builds prisons, expands police security, and has to clean up polluted environments and the like, it’s included in the GDP. Simon Kuznets, an American who invented the GDP measurement tool, pointed out early on that “[t]he welfare of a nation can . . . scarcely be inferred from a measurement of national income.”28 Later in life, Kuznets became even more emphatic about the drawbacks of relying on the GDP as a gauge of economic prosperity. He warned that “[d]istinctions must be kept in mind between quantity and quality of growth . . . . Goals for ‘more’ growth should specify more growth of what and for what.”29

1. Recruit the smallest group of people who can accomplish what must be done quickly and with high quality. Comparative Advantage means that some people will be better than others at accomplishing certain tasks, so it pays to invest time and resources in recruiting the best team for the job. Don’t make that team too large, however—Communication Overhead makes each additional team member beyond a core of three to eight people a drag on performance. Small, elite teams are best. 2. Clearly communicate the desired End Result, who is responsible for what, and the current status. Everyone on the team must know the Commander’s Intent of the project, the Reason Why it’s important, and must clearly know the specific parts of the project they’re individually responsible for completing—otherwise, you’re risking Bystander Apathy. 3. Treat people with respect. Consistently using the Golden Trifecta—appreciation, courtesy, and respect—is the best way to make the individuals on your team feel Important and is also the best way to ensure that they respect you as a leader and manager. The more your team works together under mutually supportive conditions, the more Clanning will naturally occur, and the more cohesive the team will become. 4. Create an Environment where everyone can be as productive as possible, then let people do their work. The best working Environment takes full advantage of Guiding Structure—provide the best equipment and tools possible and ensure that the Environment reinforces the work the team is doing. To avoid having energy sapped by the Cognitive Switching Penalty, shield your team from as many distractions as possible, which includes nonessential bureaucracy and meetings. 5. Refrain from having unrealistic expectations regarding certainty and prediction. Create an aggressive plan to complete the project, but be aware in advance that Uncertainty and the Planning Fallacy mean your initial plan will almost certainly be incomplete or inaccurate in a few important respects. Update your plan as you go along, using what you learn along the way, and continually reapply Parkinson’s Law to find the shortest feasible path to completion that works, given the necessary Trade-offs required by the work. 6. Measure to see if what you’re doing is working—if not, try another approach. One of the primary fallacies of effective Management is that it makes learning unnecessary. This mind-set assumes your initial plan should be 100 percent perfect and followed to the letter. The exact opposite is true: effective Management means planning for learning, which requires constant adjustments along the way. Constantly Measure your performance across a small set of Key Performance Indicators (discussed later)—if what you’re doing doesn’t appear to be working, Experiment with another approach.

Design for 80 percent and build separate paths for exceptions. Eliminate or reduce the impact of low-value steps. Simplify complex steps. Combine simple steps. Work to design quality into the work, rather than inspect step outputs after the fact. Use parallel paths wherever possible. Broaden job content and empower employees. Don’t design things to the task level unless the risk of variation is unacceptable and you’re willing to invest in testing prior to implementation.

I know personally how lonely and frustrating the life of a salesperson can be. When I started, I was as much a failure as anyone until I was able to get the proper training to ensure my success. At that time, I swore if ever I could share my success with others, I would do it with high quality and at an investment that anyone could afford. You may feel that I am trying to sell you something-—and that is true. I’m in the business of selling just like you. However, if you know something is good, you have an obligation to offer it to your client. My

Paternal investment is costly and it closes down a man’s opportunities for short-term and cost-free alliances. Most importantly, if he selects an unfaithful partner he runs the risk of a lifetime investment in another man’s child. Men, under monogamy, are as choosy as women and high on their list of desirable qualities comes fidelity—which he can only estimate by the ease with which other men have gained sexual access in the past. So men, as the saying goes, may want a wife who is “a whore in the bedroom”—as long as she is their whore and nobody else’s.

My research shows that improving the quality of education is a cost-free way to raise prosperity. it's cost-free because it reinforces so many of the other things we need to keep the virtuous cycle rolling that, ultimately, the increase in economic benefits far outstrips the cost of the investment. Education brings more people into the comfort zone of higher income, which increases trust, then causes people to demand better government, which further increases the trust, which further reduces inequality, which increases the pool of those who will get a good education.

Given the tremendous investment women undertake to produce a single child, the nine months of costly internal fertilization and gestation, it is perfectly reasonable for women to want men who can invest in return. A woman’s children will survive and thrive better if she selects a resourceful man. Children suffer when their mothers choose “slackers.” Men, in contrast, place a greater premium on qualities linked with fertility, such as a woman’s youth, health, and physical appearance—clear skin, smooth skin, bright eyes, full lips, symmetrical features, and a slim waist.

How the sadness is handled by the physician has a powerful impact on the medical care received by the patients. If the grief is relentlessly suppressed--as in Eva's experience during residency--the result can be a numb physician who is unable to invest in a new patient. This lack of investment can lead to rote medical care--impersonal at best, shoddy at worst. At the other end of the spectrum is the doctor who is inundated with grief and can't function because of the overwhelming sorrow. Burnout is significant in both these cases, and that erodes the quality of medical care.

Fifteen years ago, a business manager from the United States came to Plum Village to visit me. His conscience was troubled because he was the head of a firm that designed atomic bombs. I listened as he expressed his concerns. I knew if I advised him to quit his job, another person would only replace him. If he were to quit, he might help himself, but he would not help his company, society, or country. I urged him to remain the director of his firm, to bring mindfulness into his daily work, and to use his position to communicate his concerns and doubts about the production of atomic bombs. In the Sutra on Happiness, the Buddha says it is great fortune to have an occupation that allows us to be happy, to help others, and to generate compassion and understanding in this world. Those in the helping professions have occupations that give them this wonderful opportunity. Yet many social workers, physicians, and therapists work in a way that does not cultivate their compassion, instead doing their job only to earn money. If the bomb designer practises and does his work with mindfulness, his job can still nourish his compassion and in some way allow him to help others. He can still influence his government and fellow citizens by bringing greater awareness to the situation. He can give the whole nation an opportunity to question the necessity of bomb production. Many people who are wealthy, powerful, and important in business, politics, and entertainment are not happy. They are seeking empty things - wealth, fame, power, sex - and in the process they are destroying themselves and those around them. In Plum Village, we have organised retreats for businesspeople. We see that they have many problems and suffer just as others do, sometimes even more. We see that their wealth allows them to live in comfortable conditions, yet they still suffer a great deal. Some businesspeople, even those who have persuaded themselves that their work is very important, feel empty in their occupation. They provide employment to many people in their factories, newspapers, insurance firms, and supermarket chains, yet their financial success is an empty happiness because it is not motivated by understanding or compassion. Caught up in their small world of profit and loss, they are unaware of the suffering and poverty in the world. When we are not int ouch with this larger reality, we will lack the compassion we need to nourish and guide us to happiness. Once you begin to realise your interconnectedness with others, your interbeing, you begin to see how your actions affect you and all other life. You begin to question your way of living, to look with new eyes at the quality of your relationships and the way you work. You begin to see, 'I have to earn a living, yes, but I want to earn a living mindfully. I want to try to select a vocation not harmful to others and to the natural world, one that does not misuse resources.' Entire companies can also adopt this way of thinking. Companies have the right to pursue economic growth, but not at the expense of other life. They should respect the life and integrity of people, animals, plants and minerals. Do not invest your time or money in companies that deprive others of their lives, that operate in a way that exploits people or animals, and destroys nature. Businesspeople who visit Plum Village often find that getting in touch with the suffering of others and cultivating understanding brings them happiness. They practise like Anathapindika, a successful businessman who lived at the time of the Buddha, who with the practise of mindfulness throughout his life did everything he could to help the poor and sick people in his homeland.

Because attention determines what will or will not appear in consciousness, and because it is also required to make any other mental events—such as remembering, thinking, feeling, and making decisions—happen there, it is useful to think of it as psychic energy. Attention is like energy in that without it no work can be done, and in doing work it is dissipated. We create ourselves by how we invest this energy. Memories, thoughts, and feelings are all shaped by how we use it. And it is an energy under our control, to do with as we please; hence, attention is our most important tool in the task of improving the quality of experience.

Most firms are looking for people who will stay up until three A.M. seven nights a week making slides for a partner who goes home to Wellesley for dinner every night at five P.M.—and who will do so thinking that they’re ‘winning.’ Look at it this way: most firms assume that you’ll leave for law school or business school within three years, and they invest in your training accordingly. Quality mentoring when you’re young is worth whatever you pay for it. Sometimes that means less money, sometimes that means less of a life beyond work. But quality mentoring is not going to be delivered by someone who is twenty-six, and just one tidal cycle ahead of you.

Jeremy Grantham, chairman of GMO, makes some very interesting observations about growth and value investing in the US: ‘Growth companies seem impressive as well as exciting. They seem so reasonable to own that they carry little career risk. Accordingly, they have underperformed for the last fifty years by about 1½ per cent a year. Value stocks, in contrast, belong to boring, struggling, or sub-average firms. Their continued poor performance seems, with hindsight, to have been predictable, and, therefore, when it happens, it carries serious career risk. To compensate for this career risk and lower fundamental quality, value stocks have outperformed by 1½ per cent a year.

The happiest thing for me about this day’s race was that I was able, on a personal level, to truly enjoy the event. The overall time I posted wasn’t anything to brag about, and I made a lot of little mistakes along the way. But I did give it my best, and I felt a nice, tangible afterglow. I also think I’ve improved in a lot of areas since the previous race, which is an important point to consider. In a triathlon the transition from one event to the next is difficult, and experience counts for everything. Through experience you learn how to compensate for your physical shortcomings. To put it another way, learning from experience is what makes the triathlon so much fun. Of course it was painful, and there were times when, emotionally, I just wanted to chuck it all. But pain seems to be a precondition for this kind of sport. If pain weren’t involved, who in the world would ever go to the trouble of taking part in sports like the triathlon or the marathon, which demand such an investment of time and energy? It’s precisely because of the pain, precisely because we want to overcome that pain, that we can get the feeling, through this process, of really being alive — or at least a partial sense of it. Your quality of experience is based not on standards such as time or ranking, but on finally awakening to an awareness of the fluidity within action itself. If things go well, that is.

I have found it frustrating at times that so few people know what the space program does and, as a result, are unaware that they benefit from it. Many people object to “wasting money in space” yet have no idea how much is actually spent on space exploration. The CSA’s budget, for instance, is less than the amount Canadians spend on Halloween candy every year, and most of it goes toward things like developing telecommunications satellites and radar systems to provide data for weather and air quality forecasts, environmental monitoring and climate change studies. Similarly, NASA’s budget is not spent in space but right here on Earth, where it’s invested in American businesses and universities, and where it also pays dividends, creating new jobs, new technologies and even whole new industries. The

Leaders nourish and uphold the culture of an organization. They make choices that inevitably limit the size and scope of activities that the organization undertakes. A good leader will only work in a firm where there is clear and effective governance to protect the culture, philosophy and investment discipline of the firm. The most effective leaders create a non-hierarchical environment in which idea sharing is encouraged, and diligent execution is rewarded. They also establish a solid foundation, a durable framework, and processes for successfully managing an organization that can maintain these qualities. And last, a great investment leader has a zero tolerance policy for breaches of integrity. By integrity, we mean not only honesty and fulfillment of fiduciary obligation, but process integrity.

Joy and sadness, vivacity and obtuseness are data of introspection, and when we invest landscapes or other people with these states, it is because we have observed in ourselves the coincidence between these internal perceptions and the external signs associated with them by the accidents of our constitution. Perception thus impoverished becomes purely a matter of knowledge, a progressive noting down of qualities and of their most habitual distribution, and the perceiving subject approaches the world as the scientist approaches his experiments. If on the other hand we admit that all these ‘projections’, all these ‘associations’, all these ‘transferences’ are based on some intrinsic characteristic of the object, the ‘human world’ ceases to be a metaphor and becomes once more what it really is, the seat and as it were the homeland of our thoughts.

I think I'm beginning to understand that the quest is the point. Our sense of enchantment is not triggered only by grand things; the sublime is note hiding in distant landscapes. The awe-inspiring, the numinous, is all around us, all the time. It is transformed by our deliberate attention. It becomes valuable when we value it. It becomes meaningful when we invest in meaning. The magic is of our own conjuring. Hierophany--that revelation of the sacred--is something that we bring to everyday things, rather than something that is given to us. That quality of experience that reveals to us the workings of the world, that comforts and fascinates us, that ushers us towards a greater understanding of the business of being human: it is not in itself rare. What is rare is our will to pursue it. If we wait passively to be enchanted, we could wait a long time.

Consider almost any public issue. Today’s Democratic Party and its legislators, with a few notable individual exceptions, is well to the right of counterparts from the New Deal and Great Society eras. In the time of Lyndon Johnson, the average Democrat in Congress was for single-payer national health insurance. In 1971, Congress overwhelmingly passed the Comprehensive Child Development Act, for universal, public, tax-supported, high-quality day care and prekindergarten. Nixon vetoed the bill in 1972, but even Nixon was for a guaranteed annual income, and his version of health reform, “play or pay,” in which employers would have to provide good health insurance or pay a tax to purchase it, was well to the left of either Bill or Hillary Clinton’s version, or Barack Obama’s. The Medicare and Medicaid laws of 1965 were not byzantine mash-ups of public and private like Obamacare. They were public. Infrastructure investments were also public. There was no bipartisan drive for either privatization or deregulation. The late 1960s and early 1970s (with Nixon in the White House!) were the heyday of landmark health, safety, environmental, and financial regulation. To name just three out of several dozen, Nixon signed the 1970 Clean Air Act, the 1970 Occupational Safety and Health Act, and the 1973 Consumer Product Safety Act. Why did Democrats move toward the center and Republicans to the far right? Several things occurred. Money became more important in politics. The Democratic Leadership Council, formed by business-friendly and Southern Democrats after Walter Mondale’s epic 1984 defeat, believed that in order to be more competitive electorally, Democrats had to be more centrist on both economic and social issues.

Female short- and long-term mating strategies may be another candidate for this kind of frequency-dependent selection. Some women adopt a restricted sexual practice which enables them to evaluate the likelihood that the male will commit to long-term investment as a partner and parent. Others, who look for gene quality in their male partners rather than investment, will be prepared to have intercourse after only a short delay with attractive men. The dynamic that holds the strategies in equilibrium is their relative frequencies. As the number of unrestricted women rises so do the number of “sexy sons” that they produce and hence the value of selecting for good genes diminishes. But as the number of restricted women begins to rise in response, the competition amongst them increases and advantages begin to accrue to women who do not waste time and effort searching for providing fathers.

Qualities such as honesty, determination, and a cheerful acceptance of stress, which can all be identified through probing questionnaires and interviews, may be more important to the company in the long run than one's college grade-point average or years of "related experience." Every business is only as good as the people it brings into the organization. The corporate trainer should feel his job is the most important in the company, because it is. Exalt seniority-publicly, shamelessly, and with enough fanfare to raise goosebumps on the flesh of the most cynical spectator. And, after the ceremony, there should be some sort of permanent display so that employees passing by are continuously reminded of their own achievements and the achievements of others. The manager must freely share his expertise-not only about company procedures and products and services but also with regard to the supervisory skills he has worked so hard to acquire. If his attitude is, "Let them go out and get their own MBAs," the personnel under his authority will never have the full benefit of his experience. Without it, they will perform at a lower standard than is possible, jeopardizing the manager's own success. Should a CEO proclaim that there is no higher calling than being an employee of his organization? Perhaps not-for fear of being misunderstood-but it's certainly all right to think it. In fact, a CEO who does not feel this way should look for another company to manage-one that actually does contribute toward a better life for all. Every corporate leader should communicate to his workforce that its efforts are important and that employees should be very proud of what they do-for the company, for themselves, and, literally, for the world. If any employee is embarrassed to tell his friends what he does for a living, there has been a failure of leadership at his workplace. Loyalty is not demanded; it is created. Why can't a CEO put out his own suggested reading list to reinforce the corporate vision and core values? An attractive display at every employee lounge of books to be freely borrowed, or purchased, will generate interest and participation. Of course, the program has to be purely voluntary, but many employees will wish to be conversant with the material others are talking about. The books will be another point of contact between individuals, who might find themselves conversing on topics other than the weekend football games. By simply distributing the list and displaying the books prominently, the CEO will set into motion a chain of events that can greatly benefit the workplace. For a very cost-effective investment, management will have yet another way to strengthen the corporate message. The very existence of many companies hangs not on the decisions of their visionary CEOs and energetic managers but on the behavior of its receptionists, retail clerks, delivery drivers, and service personnel. The manager must put himself and his people through progressively challenging courage-building experiences. He must make these a mandatory group experience, and he must lead the way. People who have confronted the fear of public speaking, and have learned to master it, find that their new confidence manifests itself in every other facet of the professional and personal lives. Managers who hold weekly meetings in which everyone takes on progressively more difficult speaking or presentation assignments will see personalities revolutionized before their eyes. Command from a forward position, which means from the thick of it. No soldier will ever be inspired to advance into a hail of bullets by orders phoned in on the radio from the safety of a remote command post; he is inspired to follow the officer in front of him. It is much more effective to get your personnel to follow you than to push them forward from behind a desk. The more important the mission, the more important it is to be at the front.

Impoverished Spain depended on imports not only for manufactured products but even for sufficient food. Spanish agriculture was hampered by poor soil and by the strange institution known as the Mesta. Spanish sheep grew high-quality fleeces—not as good as those of English sheep but better than could be found elsewhere—and Spain had, in fact, replaced England as the source of wool for the Flemish and Italian cloth industries. The Mesta was an organization of sheep owners who had royal privileges to sustain migratory flocks of millions of sheep. The flocks moved all across Spain—north in the summer, south in the winter—grazing as they went, making it impossible to farm along their routes.42 When conflicts arose with landowners, the crown always sided with the Mesta on grounds that nothing was more important to the economy than the wool exports. The government’s protection of the Mesta discouraged investments in agriculture, so Spain needed to import large shipments of grain and other foodstuffs.

In accordance with this law, Schiller now devotes himself to a profound examination of the nature of the opposites at work. No matter what obstacle we come up against—provided only it be a difficult one—the discord between our own purpose and the refractory object soon becomes a discord in ourselves. For, while I am striving to subordinate the object to my will, my whole being is gradually brought into relationship with it, following the strong libido investment which, as it were, draws a portion of my being across into the object. The result of this is a partial identification of certain portions of my personality with similar qualities in the object. As soon as this identification has taken place, the conflict is transferred into my own psyche. This “introjection” of the conflict with the object creates an inner discord, making me powerless against the object and also releasing affects, which are always symptomatic of inner disharmony. The affects, however, prove that I am sensing myself and am therefore in a position—if I am not blind—to apply my attention to myself and to follow up the play of opposites in my own psyche. [138]

Because the family is our first and in many ways our most important social environment, quality of life depends to a large extent on how well a person succeeds in making the interaction with his or her relatives enjoyable. For no matter how strong the ties biology and culture have forged between family members, it is no secret that there is great variety in how people feel about their relatives. Some families are warm and supportive, some are challenging and demanding, others threaten the self of their members at every turn, still others are just insufferably boring. The frequency of murder is much higher among family members than among unrelated people. Child abuse and incestuous sexual molestation, once thought to be rare deviations from the norm, apparently occur much more often than anyone had previously suspected. In John Fletcher’s words, “Those have most power to hurt us that we love.” It is clear that the family can make one very happy, or be an unbearable burden. Which one it will be depends, to a great extent, on how much psychic energy family members invest in the mutual relationship, and especially in each other’s goals.

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

If talking pictures could be said to have a father, it was Lee De Forest, a brilliant but erratic inventor of electrical devices of all types. (He had 216 patents.) In 1907, while searching for ways to boost telephone signals, De Forest invented something called the thermionic triode detector. De Forest’s patent described it as “a System for Amplifying Feeble Electric Currents” and it would play a pivotal role in the development of broadcast radio and much else involving the delivery of sound, but the real developments would come from others. De Forest, unfortunately, was forever distracted by business problems. Several companies he founded went bankrupt, twice he was swindled by his backers, and constantly he was in court fighting over money or patents. For these reasons, he didn’t follow through on his invention. Meanwhile, other hopeful inventors demonstrated various sound-and-image systems—Cinematophone, Cameraphone, Synchroscope—but in every case the only really original thing about them was their name. All produced sounds that were faint or muddy, or required impossibly perfect timing on the part of the projectionist. Getting a projector and sound system to run in perfect tandem was basically impossible. Moving pictures were filmed with hand-cranked cameras, which introduced a slight variability in speed that no sound system could adjust to. Projectionists also commonly repaired damaged film by cutting out a few frames and resplicing what remained, which clearly would throw out any recording. Even perfect film sometimes skipped or momentarily stuttered in the projector. All these things confounded synchronization. De Forest came up with the idea of imprinting the sound directly onto the film. That meant that no matter what happened with the film, sound and image would always be perfectly aligned. Failing to find backers in America, he moved to Berlin in the early 1920s and there developed a system that he called Phonofilm. De Forest made his first Phonofilm movie in 1921 and by 1923 he was back in America giving public demonstrations. He filmed Calvin Coolidge making a speech, Eddie Cantor singing, George Bernard Shaw pontificating, and DeWolf Hopper reciting “Casey at the Bat.” By any measure, these were the first talking pictures. However, no Hollywood studio would invest in them. The sound quality still wasn’t ideal, and the recording system couldn’t quite cope with multiple voices and movement of a type necessary for any meaningful dramatic presentation. One invention De Forest couldn’t make use of was his own triode detector tube, because the patents now resided with Western Electric, a subsidiary of AT&T. Western Electric had been using the triode to develop public address systems for conveying speeches to large crowds or announcements to fans at baseball stadiums and the like. But in the 1920s it occurred to some forgotten engineer at the company that the triode detector could be used to project sound in theaters as well. The upshot was that in 1925 Warner Bros. bought the system from Western Electric and dubbed it Vitaphone. By the time of The Jazz Singer, it had already featured in theatrical presentations several times. Indeed, the Roxy on its opening night in March 1927 played a Vitaphone feature of songs from Carmen sung by Giovanni Martinelli. “His voice burst from the screen with splendid synchronization with the movements of his lips,” marveled the critic Mordaunt Hall in the Times. “It rang through the great theatre as if he had himself been on the stage.

We think of men as antiheroes, as capable of occupying an intense and fascinating moral grey area; of being able to fall, and rise, and fall again, but still be worthy of love on some fundamental level, because if it was the world and its failings that broke them, then we surely must owe them some sympathy. But women aren’t allowed to be broken by the world; or if we are, it’s the breaking that makes us villains. Wronged women turn into avenging furies, inhuman and monstrous: once we cross to the dark side, we become adversaries to be defeated, not lost souls in need of mending. Which is what happens, when you let benevolent sexism invest you in the idea that women are humanity’s moral guardians and men its native renegades: because if female goodness is only ever an inherent quality – something we’re born both with and to be – then once lost, it must necessarily be lost forever, a severed limb we can’t regrow. Whereas male goodness, by virtue of being an acquired quality – something bestowed through the kindness of women, earned through right action or learned through struggle – can just as necessarily be gained and lost multiple times without being tarnished, like a jewel we might pawn in hardship, and later reclaim.

Say what you will of religion, but draw applicable conclusions and comparisons to reach a consensus. Religion = Reli = Prefix to Relic, or an ancient item. In days of old, items were novel, and they inspired devotion to the divine, and in the divine. Now, items are hypnotizing the masses into submission. Take Christ for example. When he broke bread in the Bible, people actually ate, it was useful to their bodies. Compare that to the politics, governments and corrupt, bumbling bureacrats and lobbyists in the economic recession of today. When they "broke bread", the economy nearly collapsed, and the benefactors thereof were only a select, decadent few. There was no bread to be had, so they asked the people for more! Breaking bread went from meaning sharing food and knowledge and wealth of mind and character, to meaning break the system, being libelous, being unaccountable, and robbing the earth. So they married people's paychecks to the land for high ransoms, rents and mortgages, effectively making any renter or landowner either a slave or a slave master once more. We have higher class toys to play with, and believe we are free. The difference is, the love of profit has the potential, and has nearly already enslaved all, it isn't restriced by culture anymore. Truth is not religion. Governments are religions. Truth does not encourage you to worship things. Governments are for profit. Truth is for progress. Governments are about process. When profit goes before progress, the latter suffers. The truest measurement of the quality of progress, will be its immediate and effective results without the aid of material profit. Quality is meticulous, it leaves no stone unturned, it is thorough and detail oriented. It takes its time, but the results are always worth the investment. Profit is quick, it is ruthless, it is unforgiving, it seeks to be first, but confuses being first with being the best, it is long scale suicidal, it is illusory, it is temporary, it is vastly unfulfilling. It breaks families, and it turns friends. It is single track minded, and small minded as well. Quality, would never do that, my friends. Ironic how dealing and concerning with money, some of those who make the most money, and break other's monies are the most unaccountable. People open bank accounts, over spend, and then expect to be held "unaccountable" for their actions. They even act innocent and unaccountable. But I tell you, everything can and will be counted, and accounted for. Peace can be had, but people must first annhilate the love of items, over their own kind.

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

Many aspects of the modern financial system are designed to give an impression of overwhelming urgency: the endless ‘news’ feeds, the constantly changing screens of traders, the office lights blazing late into the night, the young analysts who find themselves required to work thirty hours at a stretch. But very little that happens in the finance sector has genuine need for this constant appearance of excitement and activity. Only its most boring part—the payments system—is an essential utility on whose continuous functioning the modern economy depends. No terrible consequence would follow if the stock market closed for a week (as it did in the wake of 9/11)—or longer, or if a merger were delayed or large investment project postponed for a few weeks, or if an initial public offering happened next month rather than this. The millisecond improvement in data transmission between New York and Chicago has no significance whatever outside the absurd world of computers trading with each other. The tight coupling is simply unnecessary: the perpetual flow of ‘information’ part of a game that traders play which has no wider relevance, the excessive hours worked by many employees a tournament in which individuals compete to display their alpha qualities in return for large prizes. The traditional bank manager’s culture of long lunches and afternoons on the golf course may have yielded more useful information about business than the Bloomberg terminal. Lehman

When you buy from an independent, locally owned business, as opposed to nationally owned businesses, you strengthen the economic base of our city. And of course there’s no doubt that you’ll receive a better quality product or service. I share John Roeser’s amazement that people today tend to prefer saving a dollar or too two on a birthday cake, for example, by purchasing a sub-par cake made with artificial, cheap ingredients from a mass retailer, when Roeser’s Bakery offers some of the most delectable, housemade cakes in the world. How could anyone step into a fast food joint when we live in a city that has Lem’s barbecque rib tips, Kurowski’s kielbasa, Manny’s matzo ball soup, and Lindy’s chili within reach? You can’t even compare the products and services of the businesses featured in this book with those of mass retailers, either: Jjust try putting an Optimo hat on your head—you’ll ooze with elegance. Burn a beeswax lambathe from Athenian Candle and watch it glow longer than any candle you’ve ever lit. Bite into an Andersonville coffeecake from the Swedish Bakery—and you’ll have a hard time returning to the artificial ingredient– laden cakes found at most grocers. Equally important, local, family- owned businesses keep our city unique. In our increasingly homogenized and globalized world, cities that hold on tightly to their family-owned, distinctive businesses are more likely to attract visitors, entrepreneurs, and new investment. Chicago just wouldn’t be Chicago without these historic, one-of-a-kind places, and the people that run them from behind the scenes with nothing but love, hard work, and pride.

For a century after Darwin proposed the theory of sexual selection, it was vigorously resisted by male scientists, in part because they presumed that women were passive in the mating process. The proposal that women actively select their mates and that these selections constitute a powerful evolutionary force was thought to be science fiction rather than scientific fact. In the 1970s, scientists gradually came to accept the profound importance of female choice in the animal and insect world, and in the 1980s and 1990s scientists began to document within our own species the active strategies that women pursue in choosing and competing for mates. But in the early decades of the twenty-first century, some stubborn holdouts continue to insist that women have but a single mating strategy—the pursuit of a long-term mate. Scientific evidence suggests otherwise. The fact that women who are engaged in casual sex as opposed to committed mating shift their mating desires to favor a man’s extravagant lifestyle, his physical attractiveness, his masculine body, and even his risk-taking, cocky “bad-boy” qualities tells us that women have specific psychological mechanisms designed for short-term mating. The fact that women who have extramarital affairs often choose men who are higher in status than their husbands and tend to fall in love with their affair partners reveals that women have adaptations for mate switching. The fact that women shift to brief liaisons under predictable circumstances, such as a scarcity of men capable of investing in them or an unfavorable ratio of women to men, tells us that women have specific adaptations designed for shifting from long-term to short-term mating strategies

a young Goldman Sachs banker named Joseph Park was sitting in his apartment, frustrated at the effort required to get access to entertainment. Why should he trek all the way to Blockbuster to rent a movie? He should just be able to open a website, pick out a movie, and have it delivered to his door. Despite raising around $250 million, Kozmo, the company Park founded, went bankrupt in 2001. His biggest mistake was making a brash promise for one-hour delivery of virtually anything, and investing in building national operations to support growth that never happened. One study of over three thousand startups indicates that roughly three out of every four fail because of premature scaling—making investments that the market isn’t yet ready to support. Had Park proceeded more slowly, he might have noticed that with the current technology available, one-hour delivery was an impractical and low-margin business. There was, however, a tremendous demand for online movie rentals. Netflix was just then getting off the ground, and Kozmo might have been able to compete in the area of mail-order rentals and then online movie streaming. Later, he might have been able to capitalize on technological changes that made it possible for Instacart to build a logistics operation that made one-hour grocery delivery scalable and profitable. Since the market is more defined when settlers enter, they can focus on providing superior quality instead of deliberating about what to offer in the first place. “Wouldn’t you rather be second or third and see how the guy in first did, and then . . . improve it?” Malcolm Gladwell asked in an interview. “When ideas get really complicated, and when the world gets complicated, it’s foolish to think the person who’s first can work it all out,” Gladwell remarked. “Most good things, it takes a long time to figure them out.”* Second, there’s reason to believe that the kinds of people who choose to be late movers may be better suited to succeed. Risk seekers are drawn to being first, and they’re prone to making impulsive decisions. Meanwhile, more risk-averse entrepreneurs watch from the sidelines, waiting for the right opportunity and balancing their risk portfolios before entering. In a study of software startups, strategy researchers Elizabeth Pontikes and William Barnett find that when entrepreneurs rush to follow the crowd into hyped markets, their startups are less likely to survive and grow. When entrepreneurs wait for the market to cool down, they have higher odds of success: “Nonconformists . . . that buck the trend are most likely to stay in the market, receive funding, and ultimately go public.” Third, along with being less recklessly ambitious, settlers can improve upon competitors’ technology to make products better. When you’re the first to market, you have to make all the mistakes yourself. Meanwhile, settlers can watch and learn from your errors. “Moving first is a tactic, not a goal,” Peter Thiel writes in Zero to One; “being the first mover doesn’t do you any good if someone else comes along and unseats you.” Fourth, whereas pioneers tend to get stuck in their early offerings, settlers can observe market changes and shifting consumer tastes and adjust accordingly. In a study of the U.S. automobile industry over nearly a century, pioneers had lower survival rates because they struggled to establish legitimacy, developed routines that didn’t fit the market, and became obsolete as consumer needs clarified. Settlers also have the luxury of waiting for the market to be ready. When Warby Parker launched, e-commerce companies had been thriving for more than a decade, though other companies had tried selling glasses online with little success. “There’s no way it would have worked before,” Neil Blumenthal tells me. “We had to wait for Amazon, Zappos, and Blue Nile to get people comfortable buying products they typically wouldn’t order online.

[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.

Most obviously, they agreed, an autocatalytic set was a web of transformations among molecules in precisely the same way that an economy is a web of transformations among goods and services. In a very real sense, in fact, an autocatalytic set was an economy-a submicroscopic economy that extracted raw materials (the primordial "food" molecules) and converted them into useful products (more molecules in the set). Moreover an autocatalytic set can bootstrap its own evolution in precisely the same way that an economy can, by growing more and more complex over time. This was a point that fascinated Kauffman. If innovations result from new combinations of old technologies, then the number of possible innovations would go up very rapidly as more and more technologies became available. In fact, he argued, once you get beyond a certain threshold of complexity you can expect a kind of phase transition analogous to the ones he had found in his autocatalytic sets. Below that level of complexity you would find countries dependent upon just a few major industries, and their economies would tend to be fragile and stagnant. In that case, it wouldn't matter how much investment got poured into the country. "If all you do is produce bananas, nothing will happen except that you produce more bananas." But if a country ever managed to diversify and increase its complexity above the critical point, then you would expect it to undergo an explosive increase in growth and innovation-what some economists have called an "economic takeoff." The existence of that phase transition would also help explain why trade is so important to prosperity, Kauffman told Arthur. Suppose you have two different countries, each one of which is subcritical by itself. Their economies are going nowhere. But now suppose they start trading, so that their economies become interlinked into one large economy with a higher complexity. "I expect that trade between such systems will allow the joint system to become supercritical and explode outward." Finally, an autocatalytic set can undergo exactly the same kinds of evolutionary booms and crashes that an economy does. Injecting one new kind of molecule into the soup could often transform the set utterly, in much the same way that the economy transformed when the horse was replaced by the automobile. This was part of autocatalysis that really captivated Arthur. It had the same qualities that had so fascinated him when he first read about molecular biology: upheaval and change and enormous consequences flowing from trivial-seeming events-and yet with deep law hidden beneath.

It is not only in childhood that people of high potential can be encouraged or held back and their promise subverted or sustained. The year before I went to Amherst, a group of women had declined to stand for tenure. One of them simply said that after six years she was used up, too weary and too eroded by constant belittlement to accept tenure if it were offered to her. Women were worn down or burnt out. During the three years I spent as dean of the faculty, as I watched some young faculty members flourish and others falter, I gradually realized that the principal instrument of sexism was not the refusal to appoint women or even the refusal to promote (though both occurred, for minorities as well as women), but the habit of hiring women and then dealing with them in such a way that when the time came for promotion it would be reasonable to deny it. It was not hard to show that a particular individual who was a star in graduate school had somehow belied her promise, had proved unable to achieve up to her potential. This subversion was accomplished by taking advantage of two kinds of vulnerability that women raised in our society tend to have. The first is the quality of self-sacrifice, a learned willingness to set their own interests aside and be used and even used up by the community. Many women at Amherst ended up investing vast amounts of time in needed public-service activities, committee work, and teaching nondepartmental courses. Since these activities were not weighed significantly in promotion decisions, they were self-destructive. The second kind of vulnerability trained into women is a readiness to believe messages of disdain and derogation. Even women who arrived at Amherst full of confidence gradually became vulnerable to distorted visions of themselves, no longer secure that their sense of who they were matched the perceptions of others. When a new president, appointed in 1983, told me before coming and without previous discussion with me that he had heard I was “consistently confrontational,” that I had made Amherst “a tense, unhappy place,” and that he would want to select a new dean, I should have reacted to his picture of me as bizarre, and indeed confronted its inaccuracy, but instead I was shattered. It took me a year to understand that he was simply accepting the semantics of senior men who expected a female dean to be easily disparaged and bullied, like so many of the young women they had managed to dislodge. It took me a year to recover a sense of myself as worth defending and to learn to be angry both for myself and for the college as I watched a tranquil campus turned into one that was truly tense and unhappy.