Quarterly Performance Quotes

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 exception, as ever, was the children. Freed from the constraints of silence which had been enforced during the bard’s performance, the children dashed into the woods with wild cries, and enthusiastically immersed themselves in a game whose rules were incomprehensible to all those who had bidden farewell to the happy years of childhood. Children of elves, dwarves, halflings, gnomes, half-elves, quarter-elves and toddlers of mysterious provenance neither knew

On the Doncella, Federico Venusta had his hand mutilated by the explosion of his own grenade. He demanded a galley slave cut it off. When the man refused, he performed the operation himself and then went to the cook’s quarters, ordered them to tie the carcass of a chicken over the bleeding stump, and returned to battle, shouting at his right hand to avenge his left.

Three quarters of our intellectual performances are no more than decorations upon a void; I wondered if that increasing vacuity was due to the lowering of intelligence or to moral decline; whatever the cause, mediocrity of mind was matched almost everywhere by shocking selfishness and dishonesty.

She played the first movement of Beethoven’s Pathétique Sonata.” “Number Eight,” said Anna. “Opus 13?” He nodded. “For almost two years, she played it every music night.” “What’s wrong with that?” Anna asked. “It’s a beautiful piece.” Charles grinned. “You’d think that. And it is. But I hear it in my nightmares, and I imagine Da does, too. You can’t play a tuned piano out of tune, but that’s the only thing she didn’t do to that poor piece of music. “Every performance was something new. Once she performed with a blindfold. Once she set a metronome up and never once played at the speed of the metronome. Once she played it at a quarter speed and added the other two movements.” He laughed at the memory. “People would think she was done, start to clap, and she’d play another note. A very slow note. It felt like it went on forever. But she never quite tipped my da into anything but white-lipped anger.

This was a great magic. Festin had no more performed it than has any man who in exile or danger longs for the earth and waters of his home, seeing and yearning over the doorsill of his house, the table where he has eaten, the branches outside the window of the room where he has slept. Only in dreams do any but the great Mages realize this magic of going home.

When Rin Tin Tin first became famous, most dogs in the world would not sit down when asked. Dogs performed duties: they herded sheep, they barked at strangers, they did what dogs do naturally, and people learned to interpret and make use of how they behaved. The idea of a dog's being obedient for the sake of good manners was unheard of. When dogs lived outside, as they usually did on farms and ranches, the etiquette required of them was minimal. But by the 1930s, Americans were leaving farms and moving into urban and suburban areas, bringing dogs along as pets and sharing living quarters with them. At the time, the principles of behavior were still mostly a mystery -- Ivan Pavlov's explication of conditional reflexes, on which much training is based, wasn't even published in an English translation until 1927. If dogs needed to be taught how to behave, people had to be trained to train their dogs. The idea that an ordinary person -- not a dog professional -- could train his own pet was a new idea, which is partly why Rin Tin Tin's performances in movies and onstage were looked upon as extraordinary.

The first time I heard Robert Anda present the results of the ACE study, he could not hold back his tears. In his career at the CDC he had previously worked in several major risk areas, including tobacco research and cardiovascular health. But when the ACE study data started to appear on his computer screen, he realized that they had stumbled upon the gravest and most costly public health issue in the United States: child abuse. He had calculated that its overall costs exceeded those of cancer or heart disease and that eradicating child abuse in America would reduce the overall rate of depression by more than half, alcoholism by two-thirds, and suicide, IV drug use, and domestic violence by three-quarters. 20 It would also have a dramatic effect on workplace performance and vastly decrease the need for incarceration.

This automatic feedback is another reason extreme athletes have found flow so frequently, but what if we’re interested in pulling this trigger without help from the laws of physics? No mystery here. Tighten feedback loops. Put mechanisms in place so attention doesn’t have to wander. Ask for more input. How much input? Well, forget quarterly reviews. Think daily reviews. Studies have found that in professions with less direct feedback loops—stock analysis, psychiatry, and medicine—even the best get worse over time.

Mrs. Varden was a lady of what is commonly called an uncertain temper - a phrase which being interpreted signifies a temper tolerably certain to make everybody more or less uncomfortable. Thus it generally happened, that when other people were merry, Mrs. Varden was dull; and that when other people were dull, Mrs. Varden was disposed to be amazingly cheerful. Indeed the worthy housewife was of such a capricious nature, that she not only attained a higher pitch of genius than Macbeth, in respect of her ability to be wise, amazed, temperate and furious, loyal and neutral in an instant, but would sometimes ring the changes backwards and forwards on all possible moods and flights in one short quarter of an hour; performing, as it were, a kind of triple bob major on the peal of instruments in the female belfry, with a skilfulness and rapidity of execution that astonished all who heard her.

1. Understanding key ideas. I recently read an article in the Economist on declining marriage rates among women in Asia. I had no immediate use for the detailed statistics in that article, but I thought I might use them in the future to describe how demographic trends affect public retirement plans. So I skimmed it to learn the general trends. 2. Finding specific facts. At the opposite pole is reading closely for facts. When I’m preparing for a board meeting, I carefully look over the memos and reports related to the company’s quarterly performance. I want to be able to remember certain key statistics and substantive points to discuss with the board.

Averaged scores say very little about actual learning: any number of students can earn a B for many different combinations of reasons. A gifted student who does little work may receive the same grade as a struggling student who has improved steadily throughout the course or a student who started off strongly but performed poorly in the last quarter.

Many of the streams that feed the river of culture are polluted, and the soil this river should be watering is thus parched and fragmented. Most of these we know, but let me briefly touch on some of the fault lines in the cultural soil (starving the soul) as well as some of the sources of the poisons in the water (polluting the soul).   Starving the cultural soul   One of the most powerful sources of cultural fragmentation has grown out of the great successes of the industrial revolution. Its vision, standards, and methods soon proliferated beyond the factory and the economic realm and were embraced in sectors from education to government and even church. The result was reductionism. Modern people began to equate progress with efficiency. Despite valiant and ongoing resistance from many quarters—including industry—success for a large part of our culture is now judged by efficient production and mass consumption. We often value repetitive, machine-like performance as critical to “bottom line” success. In the seductive industrialist mentality, “people” become “workers” or “human resources,” who are first seen as interchangeable cogs, then treated as machines—and are now often replaced by machines.

I am no heroic figure, but a man like any other, capable of selfish and selfless at once, of light and dark, courage and cravenness; all men are two men, always at war with each other, isn’t that so? We don masks, we perform parts, we adopt personas, but we are never one sort of man, and not another. Even the greatest among us knows this to be so; perhaps the wisest among us are those who admit it most easily.

In Transylvania it was memories of the Romanian revolt that stalked the Hungarian aristocratic imagination.. In Galicia it was memories of Tarnow that performed a similar service for the surviving Polish noble families. Both societies shared something of the brittle, sports-obsessed cheerfulness of the British in India - or indeed of Southerners in the pre-1861 United States. These were societies which could resort to any level of violence in support of racial supremacy. Indeed, an interesting global history could be written about the ferocity of a period which seems, very superficially, to be so 'civilized'. Southern white responses to Nat Turner's Slave Rebellion in 1831, with Turner himself flayed, beheaded and quartered, can be linked to the British blowing rebel Indians to pieces from the mouths of cannons in 1857.

But the pigs--seventy pounds of porcine weight that did not take kindly to weekly endoscopies--did not sprout any ulcers. And testing the theory on humans was ethically impossible: how could one justify infecting a human with a new, uncharacterized species of bacteria to prove that it caused gastritis and predisposed to cancer? In July 1984, with his experiments stalled and his grant applications in jeopardy, Marshall performed the ultimate experiment: "On the morning of the experiment, I omitted my breakfast….Two hours later, Neil Noakes scraped a heavily inoculated 4 day culture plate of Helicobacter and dispersed the bacteria in alkaline peptone water (a kind of meat broth used to keep bacteria alive). I fasted until 10 am when Neil handed me a 200 ml beaker about one quarter full of the cloudy brown liquid. I drank it down in one gulp then fasted for the rest of the day. A few stomach gurgles occurred. Was it the bacteria or was I just hungry?

The real secret, though, is that nobody belongs, whether they are natives or not. After expulsion from paradise all humans are in exile. You can be a Colonel Sanders chicken, born, raised and fried in one quarter of a square foot and you'll still be an outsider. The thing we call reality is a holding tank for people who must worry about belonging -- it's a worrier prison. Don't worry people! You'll soon be fried and eaten. A few of us are writers, hence double-alienated, but happier (because we are busy) If it's true that many of us go through life feeling like we don’t belong, could digression (geographical and otherwise) be our way of trying to forget, or to escape, that feeling? Bad news: there are no digressions. Everything is connected in the whole darn ball of yarn: start pulling at any end and you'll get to the same place. On the other hand, most normal people dislike digression because they have to lose themselves to follow you. The surest way to drive your dear ones crazy is to digress. In private, it's an offense. In public it's "art," "performance.

Almost everything about bees is amazing. Worker bees fly up to three miles from the hive and visit ten thousand flowers in a day. Their wings beat two hundred times a second, and they perform elaborate dances on the face of the comb to tell other workers where and how far away food sources are. In summer there are fifty thousand of them in the hive, and each dies of exhaustion after about five weeks. In its whole lifetime a worker collects about a quarter of an ounce of honey, less than half a teaspoonful, but the yield from one hive in a good year can be over eighty pounds.

And there were other neural implants being developed back then, including retinal implants, chips that enable a stroke patient to control his computer from his brain, an artificial hippocampus for boosting short-term memory, and many others. If you apply the approximately 30 million–fold increase in capability and over 100,000-fold shrinking in size that has occurred in the past quarter century, we now have much more capable devices that are the size of blood cells. Reader: Still, it’s hard to imagine building something the size of a blood cell that can perform a useful function. Terry2034: Actually, there was a first generation of blood cell–size devices back in your day. One scientist cured type 1 diabetes in rats with a blood cell–size device. It was an excellent example of nanotechnology from

When we subtract two numbers, say, 9 − 6, the time that we take is directly proportional to the size of the subtracted number34—so it takes longer to perform 9 − 6 than, say, 9 − 4 or 9 − 2. Everything happens as if we have to mentally move along the number line, starting from the first number and taking as many steps as the second number: the further we have to go, the longer we take. We do not crunch symbols like a digital computer; instead, we use a slow and serial spatial metaphor, motion along the number line. Likewise, when we think of a price, we cannot help but attribute to it a fuzzier value when the number gets larger—a remnant of our primate-based number sense, whose precision decreases with number size.35 This is why, against all rationality, when we negotiate, we are ready to give up a few thousand dollars on the price of an apartment and, the same day, bargain a few quarters on the price of bread: the level of imprecision that we tolerate is proportional to a number’s value, for us just as for macaques.

The combination of loss aversion and narrow framing is a costly curse. Individual investors can avoid that curse, achieving the emotional benefits of broad framing while also saving time and agony, by reducing the frequency with which they check how well their investments are doing. Closely following daily fluctuations is a losing proposition, because the pain of the frequent small losses exceeds the pleasure of the equally frequent small gains. Once a quarter is enough, and may be more than enough for individual investors. In addition to improving the emotional quality of life, the deliberate avoidance of exposure to short-term outcomes improves the quality of both decisions and outcomes. The typical short-term reaction to bad news is increased loss aversion. Investors who get aggregated feedback receive such news much less often and are likely to be less risk averse and to end up richer. You are also less prone to useless churning of your portfolio if you don’t know how every stock in it is doing every day (or every week or even every month). A commitment not to change one’s position for several periods (the equivalent of “locking in” an investment) improves financial performance.

Employees at all levels want and need to understand not only the particular work they are assigned and their team’s mission, but also the larger story of the way the business works, the challenges the company faces, and the competitive landscape. ▶ Truly understanding how the business works is the most valuable learning, more productive and appealing than “employee development” trainings. It’s the rocket fuel of high performance and lifelong learning. ▶ Communication between management and employees should genuinely flow both ways. The more leaders encourage questions and suggestions and make themselves accessible for give-and-take, the more employees at all levels will offer ideas and insights that will amaze you. ▶ If someone working for you seems clueless, chances are they have not been told information they need to know. Make sure you haven’t failed to give it to them. ▶ If you don’t tell your people about how the business is doing and the problems being confronted—good, bad, and ugly—then they will get that information somewhere else, and it will often be misinformation. ▶ The job of communicating is never done. It’s not an annual or quarterly or even monthly or weekly function. A steady stream of communication is the lifeblood of competitive advantage.

I’ll go myself,” the sergeant said tersely. He was getting annoyed. The stairway went down underneath the ground floor to a depth of about eight feet. A short paved corridor ran in front of the boiler room at right angles to the stairs, where each end was closed off by unpainted panelled doors. Both the stairs and the corridor felt like loose gravel underfoot, but otherwise they were clean. Splotches of blood were more in evidence in the corridor and a bloody hand mark showed clearly on the unpainted door to the rear. “Let’s not touch anything,” the sergeant cautioned, taking out a clean white handkerchief to handle the doorknob. “I better call the fingerprint crew,” the photographer said. “No, Joe will call them; I’ll need you. And you local fellows better wait outside, we’re so crowded in here we’ll destroy the evidence.” “Ed and I won’t move,” Grave Digger said. Coffin Ed grunted. Taking no further notice of them, the sergeant pushed open the door. It was black and dark inside. First he shone his light over the wall alongside the door and all over the corridor looking for electric light switches. One was located to the right of each door. Taking care to avoid stepping in any of the blood splotches, the sergeant moved from one switch to another, but none worked. “Blown fuse,” he muttered, picking his way back to the open room. Without having to move, Grave Digger and Coffin Ed could see all they wanted through the open door. Originally made to accommodate a part-time janitor or any type of laborer who would fire the boiler for a place to sleep, the room had been converted into a pad. All that remained of the original was a partitioned-off toilet in one corner and a washbasin in the other. An opening enclosed by heavy wire mesh opened into the boiler room, serving for both ventilation and heat. Otherwise the room was furnished like a boudoir. There was a dressing-table with a triple mirror, three-quarter bed with chenille spread, numerous foam-rubber pillows in a variety of shapes, three round yellow scatter rugs. On the whitewashed walls an obscene mural had been painted in watercolors depicting black and white silhouettes in a variety of perverted sex acts, some of which could only be performed by male contortionists. And everything was splattered with blood, the walls, the bed, the rugs. The furnishings were not so much disarrayed, as though a violent struggle had taken place, but just bloodied. “Mother-raper stood still and let his throat be cut,” Grave Digger observed. “Wasn’t that,” Coffin Ed corrected. “He just didn’t believe it is all.

Putting it all together, fluctuations in attitudes and behavior combine to make the stock market the ultimate pendulum. In my 47 full calendar years in the investment business, starting with 1970, the annual returns on the S&P 500 have swung from plus 37% to minus 37%. Averaging out good years and bad years, the long-run return is usually stated as 10% or so. Everyone’s been happy with that typical performance and would love more of the same. But remember, a swinging pendulum may be at its midpoint “on average,” but it actually spends very little time there. The same is true of financial market performance. Here’s a fun question (and a good illustration): for how many of the 47 years from 1970 through 2016 was the annual return on the S&P 500 within 2% of “normal”—that is, between 8% and 12%? I expected the answer to be “not that often,” but I was surprised to learn that it had happened only three times! It also surprised me to learn that the return had been more than 20 percentage points away from “normal”—either up more than 30% or down more than 10%—more than one-quarter of the time: 13 out of the last 47 years. So one thing that can be said with total conviction about stock market performance is that the average certainly isn’t the norm. Market fluctuations of this magnitude aren’t nearly fully explained by the changing fortunes of companies, industries or economies. They’re largely attributable to the mood swings of investors. Lastly, the times when return is at the extremes aren’t randomly distributed over the years. Rather they’re clustered, due to the fact that investors’ psychological swings tend to persist for a while—to paraphrase Herb Stein, they tend to continue until they stop. Most of those 13 extreme up or down years were within a year or two of another year of similarly extreme performance in the same direction.

Less is more. “A few extremely well-chosen objectives,” Grove wrote, “impart a clear message about what we say ‘yes’ to and what we say ‘no’ to.” A limit of three to five OKRs per cycle leads companies, teams, and individuals to choose what matters most. In general, each objective should be tied to five or fewer key results. (See chapter 4, “Superpower #1: Focus and Commit to Priorities.”) Set goals from the bottom up. To promote engagement, teams and individuals should be encouraged to create roughly half of their own OKRs, in consultation with managers. When all goals are set top-down, motivation is corroded. (See chapter 7, “Superpower #2: Align and Connect for Teamwork.”) No dictating. OKRs are a cooperative social contract to establish priorities and define how progress will be measured. Even after company objectives are closed to debate, their key results continue to be negotiated. Collective agreement is essential to maximum goal achievement. (See chapter 7, “Superpower #2: Align and Connect for Teamwork.”) Stay flexible. If the climate has changed and an objective no longer seems practical or relevant as written, key results can be modified or even discarded mid-cycle. (See chapter 10, “Superpower #3: Track for Accountability.”) Dare to fail. “Output will tend to be greater,” Grove wrote, “when everybody strives for a level of achievement beyond [their] immediate grasp. . . . Such goal-setting is extremely important if what you want is peak performance from yourself and your subordinates.” While certain operational objectives must be met in full, aspirational OKRs should be uncomfortable and possibly unattainable. “Stretched goals,” as Grove called them, push organizations to new heights. (See chapter 12, “Superpower #4: Stretch for Amazing.”) A tool, not a weapon. The OKR system, Grove wrote, “is meant to pace a person—to put a stopwatch in his own hand so he can gauge his own performance. It is not a legal document upon which to base a performance review.” To encourage risk taking and prevent sandbagging, OKRs and bonuses are best kept separate. (See chapter 15, “Continuous Performance Management: OKRs and CFRs.”) Be patient; be resolute. Every process requires trial and error. As Grove told his iOPEC students, Intel “stumbled a lot of times” after adopting OKRs: “We didn’t fully understand the principal purpose of it. And we are kind of doing better with it as time goes on.” An organization may need up to four or five quarterly cycles to fully embrace the system, and even more than that to build mature goal muscle.

How Google Works (Schmidt, Eric) - Your Highlight on Location 3124-3150 | Added on Sunday, April 5, 2015 10:35:40 AM In late 1999, John Doerr gave a presentation at Google that changed the company, because it created a simple tool that let the founders institutionalize their “think big” ethos. John sat on our board, and his firm, Kleiner Perkins, had recently invested in the company. The topic was a form of management by objectives called OKRs (to which we referred in the previous chapter), which John had learned from former Intel CEO Andy Grove.173 There are several characteristics that set OKRs apart from their typical underpromise-and-overdeliver corporate-objective brethren. First, a good OKR marries the big-picture objective with a highly measurable key result. It’s easy to set some amorphous strategic goal (make usability better … improve team morale … get in better shape) as an objective and then, at quarter end, declare victory. But when the strategic goal is measured against a concrete goal (increase usage of features by X percent … raise employee satisfaction scores by Y percent … run a half marathon in under two hours), then things get interesting. For example, one of our platform team’s recent OKRs was to have “new WW systems serving significant traffic for XX large services with latency < YY microseconds @ ZZ% on Jupiter.”174 (Jupiter is a code name, not the location of Google’s newest data center.) There is no ambiguity with this OKR; it is very easy to measure whether or not it is accomplished. Other OKRs will call for rolling out a product across a specific number of countries, or set objectives for usage (e.g., one of the Google+ team’s recent OKRs was about the daily number of messages users would post in hangouts) or performance (e.g., median watch latency on YouTube videos). Second—and here is where thinking big comes in—a good OKR should be a stretch to achieve, and hitting 100 percent on all OKRs should be practically unattainable. If your OKRs are all green, you aren’t setting them high enough. The best OKRs are aggressive, but realistic. Under this strange arithmetic, a score of 70 percent on a well-constructed OKR is often better than 100 percent on a lesser one. Third, most everyone does them. Remember, you need everyone thinking in your venture, regardless of their position. Fourth, they are scored, but this scoring isn’t used for anything and isn’t even tracked. This lets people judge their performance honestly. Fifth, OKRs are not comprehensive; they are reserved for areas that need special focus and objectives that won’t be reached without some extra oomph. Business-as-usual stuff doesn’t need OKRs. As your venture grows, the most important OKRs shift from individuals to teams. In a small company, an individual can achieve incredible things on her own, but as the company grows it becomes harder to accomplish stretch goals without teammates. This doesn’t mean that individuals should stop doing OKRs, but rather that team OKRs become the more important means to maintain focus on the big tasks. And there’s one final benefit of an OKR-driven culture: It helps keep people from chasing competitors. Competitors are everywhere in the Internet Century, and chasing them (as we noted earlier) is the fastest path to mediocrity. If employees are focused on a well-conceived set of OKRs, then this isn’t a problem. They know where they need to go and don’t have time to worry about the competition. ==========

Take a look at the following list of numbers: 4, 8, 5, 3, 9, 7, 6. Read them out loud. Now look away and spend twenty seconds memorizing that sequence before saying them out loud again. If you speak English, you have about a 50 percent chance of remembering that sequence perfectly. If you're Chinese, though, you're almost certain to get it right every time. Why is that? Because as human beings we store digits in a memory loop that runs for about two seconds. We most easily memorize whatever we can say or read within that two-second span. And Chinese speakers get that list of numbers—4, 8, 5, 3, 9, 7, 6—right almost every time because, unlike English, their language allows them to fit all those seven numbers into two seconds. That example comes from Stanislas Dehaene's book The Number Sense. As Dehaene explains: Chinese number words are remarkably brief. Most of them can be uttered in less than one-quarter of a second (for instance, 4 is "si" and 7 "qi"). Their English equivalents—"four," "seven"—are longer: pronouncing them takes about one-third of a second. The memory gap between English and Chinese apparently is entirely due to this difference in length. In languages as diverse as Welsh, Arabic, Chinese, English and Hebrew, there is a reproducible correlation between the time required to pronounce numbers in a given language and the memory span of its speakers. In this domain, the prize for efficacy goes to the Cantonese dialect of Chinese, whose brevity grants residents of Hong Kong a rocketing memory span of about 10 digits. It turns out that there is also a big difference in how number-naming systems in Western and Asian languages are constructed. In English, we say fourteen, sixteen, seventeen, eighteen, and nineteen, so one might expect that we would also say oneteen, twoteen, threeteen, and five- teen. But we don't. We use a different form: eleven, twelve, thirteen, and fifteen. Similarly, we have forty and sixty, which sound like the words they are related to (four and six). But we also say fifty and thirty and twenty, which sort of sound like five and three and two, but not really. And, for that matter, for numbers above twenty, we put the "decade" first and the unit number second (twentyone, twenty-two), whereas for the teens, we do it the other way around (fourteen, seventeen, eighteen). The number system in English is highly irregular. Not so in China, Japan, and Korea. They have a logical counting system. Eleven is ten-one. Twelve is ten-two. Twenty-four is two- tens-four and so on. That difference means that Asian children learn to count much faster than American children. Four-year-old Chinese children can count, on average, to forty. American children at that age can count only to fifteen, and most don't reach forty until they're five. By the age of five, in other words, American children are already a year behind their Asian counterparts in the most fundamental of math skills. The regularity of their number system also means that Asian children can perform basic functions, such as addition, far more easily. Ask an English-speaking seven-yearold to add thirty-seven plus twenty-two in her head, and she has to convert the words to numbers (37+22). Only then can she do the math: 2 plus 7 is 9 and 30 and 20 is 50, which makes 59. Ask an Asian child to add three-tensseven and two-tens-two, and then the necessary equation is right there, embedded in the sentence. No number translation is necessary: It's five-tens-nine. "The Asian system is transparent," says Karen Fuson, a Northwestern University psychologist who has closely studied Asian-Western differences. "I think that it makes the whole attitude toward math different. Instead of being a rote learning thing, there's a pattern I can figure out. There is an expectation that I can do this. There is an expectation that it's sensible. For fractions, we say three-fifths. The Chinese is literally 'out of five parts, take three.' That's telling you conceptually

In the United States, most boards are benign, and the power resides primarily with the chief executive; boards tend to only become significant when it comes time to replace a failing CEO. The AB Inbev board, however, is the primary power center in the company. It exemplifies that boards can play a central role in setting BHAGs, developing strategy, sustaining culture, seizing opportunities and leading through tumultuous times. Without such a strong and unified board, AB Inbev would not have come through the 2008-09 challenges as strong as it did (and perhaps even not at all). The AB Inbev board pays constant attention to its own culture, disciplines and vibrancy, with as much fanatic attention as building and preserving the management culture of the company. Most important, it makes decisions and allocates capital for long-term shareholder value, measured in multiple decades, not in terms of quarterly moments. If more boards behaved this way, we would have better performing enterprises and lasting companies.

Over the past year, as I have been working with the global tax-accounting firm KPMG to help their tax auditors and managers become happier, I began to realize that many of the employees were suffering from an unfortunate problem. Many of them had to spend 8 to 14 hours a day scanning tax forms for errors, and as they did, their brains were becoming wired to look for mistakes. This made them very good at their jobs, but they were getting so expert at seeing errors and potential pitfalls that this habit started to spill over into other areas of their lives. Like the Tetris players who suddenly saw those blocks everywhere, these accountants experienced each day as a tax audit, always scanning the world for the worst. As you can imagine, this was no picnic, and what’s more, it was undermining their relationships at work and at home. In performance reviews, they noticed only the faults of their team members, never the strengths. When they went home to their families, they noticed only the C’s on their kids’ report cards, never the A’s. When they ate at restaurants, they could only notice that the potatoes were underdone—never that the steak was cooked perfectly. One tax auditor confided that he had been very depressed over the past quarter. As we discussed why, he mentioned in passing that one day during a break at work he had made an Excel spreadsheet listing all the mistakes his wife had made over the past six weeks. Imagine the reaction of his wife (or soon to be ex wife) when he brought that list of faults home in an attempt to make things better. Tax auditors are far from the only ones who get stuck in this

After our IPO in January 1997, we had to get better at predicting our numbers. … The market penalized us when we missed one quarter in ‘99 after we adopted a new manufacturing system. We said, “Look, we can’t predict what’s going on in the economy, and we have no idea what our orders will look like a year from now. … We don’t run this business by the numbers. The numbers will be doing what the numbers will be doing; we can just give you a good picture of what the next quarter will bring. So, we got away from making annual projections and started just doing quarterly forecasts. … We know our performance in the long run will be a result of just doing the right things every day.115

No one wants to go into a nursing home. My patients fear it; families often feel terrible guilt when the time comes: it is thought of as an abandonment. Nursing homes are where we place our bad outcomes, our frail, our no-longer-independents. They are places people go to wait safely to die. The old doubly incontinents. You might have stood up to Stalin, you might still read Tolstoy, but if you're losing it from both the front and back and you're not a two-year-old, you're going to be hidden away. "Don't know the nursing homes, they do a pretty good job," a geriatrician said to me. And most of the time they perform their function: as a holding bay for old people. Most of the time.

Passage Four: From Functional Manager to Business Manager This leadership passage is often the most satisfying as well as the most challenging of a manager’s career, and it’s mission-critical in organizations. Business mangers usually receive significant autonomy, which people with leadership instincts find liberating. They also are able to see a clear link between their efforts and marketplace results. At the same time, this is a sharp turn; it requires a major shift in skills, time applications, and work values. It’s not simply a matter of people becoming more strategic and cross-functional in their thinking (though it’s important to continue developing the abilities rooted in the previous level). Now they are in charge of integrating functions, whereas before they simply had to understand and work with other functions. But the biggest shift is from looking at plans and proposals functionally (Can we do it technically, professionally, or physically?) to a profit perspective (Will we make any money if we do this?) and to a long-term view (Is the profitability result sustainable?). New business managers must change the way they think in order to be successful. There are probably more new and unfamiliar responsibilities here than at other levels. For people who have been in only one function for their entire career, a business manager position represents unexplored territory; they must suddenly become responsible for many unfamiliar functions and outcomes. Not only do they have to learn to manage different functions, but they also need to become skilled at working with a wider variety of people than ever before; they need to become more sensitive to functional diversity issues and communicating clearly and effectively. Even more difficult is the balancing act between future goals and present needs and making trade-offs between the two. Business managers must meet quarterly profit, market share, product, and people targets, and at the same time plan for goals three to five years into the future. The paradox of balancing short-term and long-term thinking is one that bedevils many managers at this turn—and why one of the requirements here is for thinking time. At this level, managers need to stop doing every second of the day and reserve time for reflection and analysis. When business managers don’t make this turn fully, the leadership pipeline quickly becomes clogged. For example, a common failure at this level is not valuing (or not effectively using) staff functions. Directing and energizing finance, human resources, legal, and other support groups are crucial business manager responsibilities. When managers don’t understand or appreciate the contribution of support staff, these staff people don’t deliver full performance. When the leader of the business demeans or diminishes their roles, staff people deliver halfhearted efforts; they can easily become energy-drainers. Business managers must learn to trust, accept advice, and receive feedback from all functional managers, even though they may never have experienced these functions personally.

Mutual Fund Investments are not transparent: In India, SEBI regulates MFs. The money market MFs are regulated by RBI. There are restrictions as to the sponsor, board of trustees, asset management company, custodian, registrar, dealing with brokers, etc. The investment objective, fund manager, entry and exit loads, AUM, expense ratio and other terms and conditions are already known and provided in the SAI. Also, every MF scheme is required to publish a fact sheet on a quarterly/monthly basis that includes all the important facts that an investor would need to know about the scheme including portfolio holdings, past returns, performance ratios and dividends. Also, information relating to what’s in (bought) and what’s out (sold) by mutual funds is also available.

The United States military officially began using canines in World War I and by World War II more than four hundred scout dogs were taking part in combat patrols, finding and hunting the enemy. After Pearl Harbor, a group of dog breeders formed “Dogs for Defense,” with the goal of building a well-trained canine force in the event America went to war. Come Korea, roughly 1,500 canines performed guard duty with the Army while others joined patrols. During Vietnam, with its close-quarters combat in treacherous terrain and tropical climes, dogs were once again called into action: around four thousand joined patrols to hunt for weapons and enemies, and served duty on army bases, especially at night when soldiers were most vulnerable to attack. But many of the dogs that served alongside U.S. soldiers never made it home; some were euthanized and others abandoned in

Eric was listening to the managers, who were doing their old-school best to control the flow of information upward (the regurgitation and parsing technique works both ways, as any red-blooded middle manager worth his weight in plausible deniability knows full well). But Larry was listening to the engineers—not directly but via a smart little tool he had implemented called “snippets.” Snippets are like weekly status reports that cover a person’s most important activities for a week, but in a short, pithy format, so they can be written in just a few minutes or compiled (in a doc or draft email) as the week goes on. There is no set format, but a good set of snippets includes the most important activities and achievements of the week and quickly conveys what the person is working on right now, from cryptic (“SMB Framework,” “10% list”) to mundane (“completed quarterly performance reviews,” “started family vacation”). Like OKRs, they are shared with everyone. Snippets are posted on Moma, where anyone can see anyone else’s, and for years Larry received a weekly compendium of the snippets from engineering and product leads. That way he always could get at the truth.

Leaders often panic when recessions strike. They go into survival mode, managing quarter-to-quarter and shoring up their numbers by cutting back on the long-term growth projects we’ve described in previous pages. Such actions might please investors in the moment, but they undo hard-won progress the organization has made. This is a big mistake, and one thankfully we avoided. By looking for creative solutions to the financial challenges we faced during the Great Recession, we maintained our investments while still delivering results that outdid our competitors’ performance.

The most cited experiment in this field was conducted a quarter-century ago. Researcher Benjamin Libet asked subjects to choose a random moment to perform a hand motion while hooked up to an electroencephalograph (EEG) monitor in which the so-called “readiness potential” of the brain was being monitored. Naturally, electrical signals always precede actual physical actions, but Libet wanted to know whether they also preceded a subject’s subjective feeling of intention to act. In short, is there some subjective “self ” who consciously decides things, thereby setting in motion the brain’s electrical activities that ultimately lead to the action? Or is it the other way ’round? Subjects were therefore asked to note the position of a clock’s second hand when they first felt the initial intention to move their hand. Libet’s findings were consistent, and perhaps not surprising: unconscious, unfelt, brain electrical activity occurred a full half second before there was any conscious sense of decision-making by the subject. More recent experiments by Libet, announced in 2008, analyzing separate, higher-order brain functions, have allowed his research team to predict up to ten seconds in advance which hand a subject is about to decide to raise. Ten seconds is nearly an eternity when it comes to cognitive decisions, and yet a person’s eventual decision could be seen on brain scans that long before the subject was even remotely aware of having made any decision. This and other experiments prove that the brain makes its own decisions on a subconscious level, and people only later feel that “they” have performed a conscious decision. It means that we go through life thinking that, unlike the blessedly autonomous operations of the heart and kidneys, a lever-pulling “me” is in charge of the brain’s workings. Libet concluded that the sense of personal free will arises solely from a habitual retrospective perspective of the ongoing flow of brain events.

What else should you watch for? Most fund buyers look at past performance first, then at the manager’s reputation, then at the riskiness of the fund, and finally (if ever) at the fund’s expenses.8 The intelligent investor looks at those same things—but in the opposite order. Since a fund’s expenses are far more predictable than its future risk or return, you should make them your first filter. There’s no good reason ever to pay more than these levels of annual operating expenses, by fund category: Taxable and municipal bonds: 0.75% U.S. equities (large and mid-sized stocks): 1.0% High-yield (junk) bonds: 1.0% U.S. equities (small stocks): 1.25% Foreign stocks: 1.50%9 Next, evaluate risk. In its prospectus (or buyer’s guide), every fund must show a bar graph displaying its worst loss over a calendar quarter. If you can’t stand losing at least that much money in three months, go elsewhere. It’s also worth checking a fund’s Morningstar rating. A leading investment research firm, Morningstar awards “star ratings” to funds, based on how much risk they took to earn their returns (one star is the worst, five is the best). But, just like past performance itself, these ratings look back in time; they tell you which funds were the best, not which are going to be. Five-star funds, in fact, have a disconcerting habit of going on to underperform one-star funds. So first find a low-cost fund whose managers are major shareholders, dare to be different, don’t hype their returns, and have shown a willingness to shut down before they get too big for their britches. Then, and only then, consult their Morningstar rating.10 Finally, look at past performance, remembering that it is only a pale predictor of future returns. As we’ve already seen, yesterday’s winners often become tomorrow’s losers. But researchers have shown that one thing is almost certain: Yesterday’s losers almost never become tomorrow’s winners. So avoid funds with consistently poor past returns—especially if they have above-average annual expenses.

the creation of expectations about future growth is a crucial role for government, and not just during downturns. It is why mission-oriented innovation policy—bringing Keynes and Schumpeter together—has such an important role to play in driving stronger economic performance. Indeed, Keynes argued that the ‘socialisation of investment’—which, as Mazzucato suggests, could include the public sector acting as investor and equity-holder—would provide more stability to the investment function and hence to growth.53 It is because public expenditure is critical to the co-production of the conditions for growth, as Kelton highlights, that the austerity policies which have reduced it in the period since the financial crash have proved so futile, increasing rather than diminishing the ratio of debt to GDP. And as Wray and Nersisyan emphasise, the endogenous nature of money created by ‘keystrokes’ in the banking system gives governments far greater scope to use fiscal policy in support of economic growth than the orthodox approach allows.

the size and functions of the state matter profoundly to the performance of capitalist economies. In orthodox economic commentary it is frequently asserted that the role of the public sector should be minimised in order to free private enterprise from the ‘dead hand’ of regulation and the perverse impact of ‘crowding out’. In fact, successful economies have almost ​all had states actively committed to their development.54 This is not just about the role of the state in providing or co-investing in infrastructure (as is sometimes conceded even by those otherwise sceptical of public investment), though this is indeed important. Its role in innovation is also key, as we have seen. At the same time, the development of a skilled and adaptive labour force requires deep investment in education, training, health, childcare and social care. These functions cannot simply be outsourced or privatised—as Crouch shows, when this is done the goal of greater competition almost always degenerates into private oligopoly, where public purpose is lost, and corporate political influence increases. We need to acknowledge, rather, the interdependence of private enterprise and the public sector; of market and non-market activities.

Public policies are not ‘interventions’ in the economy, as if markets existed independently of the public institutions and social and environmental conditions in which they are embedded. The role of policy is not one simply of ‘correcting’ the failures of otherwise free markets. It is rather to help create and shape markets to achieve the co-production, and the fair distribution, of economic value. Economic performance cannot be measured simply by the short-term growth of GDP, but requires better indicators of long-term value creation, social well-being, inequality and environment sustainability.

Over the past thirty years the orthodox view that the maximisation of shareholder value would lead to the strongest economic performance has come to dominate business theory and practice, in the US and UK in particular.42 But for most of capitalism’s history, and in many other countries, firms have not been organised primarily as vehicles for the short-term profit maximisation of footloose shareholders and the remuneration of their senior executives. Companies in Germany, Scandinavia and Japan, for example, are structured both in company law and corporate culture as institutions accountable to a wider set of stakeholders, including their employees, with long-term production and profitability their primary mission. They are equally capitalist, but their behaviour is different. Firms with this kind of model typically invest more in innovation than their counterparts focused on short-term shareholder value maximisation; their executives are paid smaller multiples of their average employees’ salaries; they tend to retain for investment a greater share of earnings relative to the payment of dividends; and their shares are held on average for longer by their owners. And the evidence suggests that while their short-term profitability may (in some cases) be lower, over the long term they tend to generate stronger growth.43 For public policy, this makes attention to corporate ownership, governance and managerial incentive structures a crucial field for the improvement of economic performance. In short, markets are not idealised abstractions, but concrete and differentiated outcomes arising from different circumstances.

Never doing performance reviews is a bad idea. However, doing them every quarter heavily taxes managers, and doesn’t give employees much time to show improvement from the last rating cycle. So, my recommendation: do it twice a year. One can be lightweight, oral, and just between the manager and employee; the other should be written and include a light 360-degree component.

the gravest and most costly public health issue in the United States: child abuse. He had calculated that its overall costs exceeded those of cancer or heart disease and that eradicating child abuse in America would reduce the overall rate of depression by more than half, alcoholism by two-thirds, and suicide, IV drug use, and domestic violence by three-quarters.20 It would also have a dramatic effect on workplace performance and vastly decrease the need for incarceration.

Review all of your numbers (quarterly revenue, profit, gross margin, and any other relevant key numbers) and your Rocks (company and leadership teams on the Rock Sheet) from the previous quarter to confirm which ones were achieved and which were not. I highly recommend simply stating “done” or “not done” for each. This will give you a clear, black-and-white picture of how you performed. Don’t get caught up in believing you can complete 100 percent of your Rocks every quarter. It’s perfectionist thinking and not realistic. You always want to strive for 80 percent completion or better—that’s enough to be truly great.

In typical DevOps transformations, as we progress from deployment lead times measured in months or quarters to lead times measured in minutes, the constraint usually follows this progression: Environment creation: We cannot achieve deployments on-demand if we always have to wait weeks or months for production or test environments. The countermeasure is to create environments that are on demand and completely self-serviced, so that they are always available when we need them. Code deployment: We cannot achieve deployments on demand if each of our production code deployments take weeks or months to perform (i.e., each deployment requires 1,300 manual, error-prone steps, involving up to three hundred engineers). The countermeasure is to automate our deployments as much as possible, with the goal of being completely automated so they can be done self-service by any developer. Test setup and run: We cannot achieve deployments on demand if every code deployment requires two weeks to set up our test environments and data sets, and another four weeks to manually execute all our regression tests. The countermeasure is to automate our tests so we can execute deployments safely and to parallelize them so the test rate can keep up with our code development rate. Overly tight architecture: We cannot achieve deployments on demand if overly tight architecture means that every time we want to make a code change we have to send our engineers to scores of committee meetings in order to get permission to make our changes. Our countermeasure is to create more loosely-coupled architecture so that changes can be made safely and with more autonomy, increasing developer productivity.

when the ACE study data started to appear on his computer screen, he realized that they had stumbled upon the gravest and most costly public health issue in the United States: child abuse. He had calculated that its overall costs exceeded those of cancer or heart disease and that eradicating child abuse in America would reduce the overall rate of depression by more than half, alcoholism by two-thirds, and suicide, IV drug use, and domestic violence by three-quarters.20 It would also have a dramatic effect on workplace performance and vastly decrease the need for incarceration. When the surgeon general’s report on smoking and health was published in 1964, it unleashed a decades-long legal and medical campaign that has changed daily life and long-term health prospects for millions. The number of American smokers fell from 42 percent of adults in 1965 to 19 percent in 2010, and it is estimated that nearly 800,000 deaths from lung cancer were prevented between 1975 and 2000.21 The ACE study, however, has had no such effect. Follow-up studies and papers are still appearing around the world, but the day-to-day reality of children like Marilyn and the children in outpatient clinics and residential treatment centers around the country remains virtually the same. Only now they receive high doses of psychotropic agents, which makes them more tractable but which also impairs their ability to feel pleasure and curiosity, to grow and develop emotionally and intellectually, and to become contributing members of society.

The expected results for a given quarter or year are ideally set by the employee; they should be as objective and as measurable as possible. The intangibles are usually impossible to measure but not too hard to describe, and so expectations should be clear here as well. Performance is not a permanent label. No person is always an “excellent performer.” They just performed excellently last quarter.

Group flow is a team performing at its very best: an incredible brainstorming session, a fantastic fourth-quarter comeback, a band coming together and blowing the roof off the auditorium. It’s also considered the most pleasurable state on Earth

Spend half the time looking back (diagnosis), half the time looking forward (plan). When I wrote performance reviews, I focused on being extremely clear about how each person did over the past quarter/half/year. In the conversation, however, I tried not to spend more than about half of the time talking about the past, because it was more important to start engaging people on the future. I didn’t come up with the plan—I asked them to.

MANAGEMENT BY OBJECTIVES is a fad from the 1950s, now largely discredited. But it hasn’t gone away. Badly run companies everywhere are still plagued by this simplistic, easy-as-pie management technique that most often achieves ends that are the exact opposite of those intended and desired. Like most hard-to-shake diseases, this one seems to thrive on the same mix of factors that damages its host. And it is self-perpetuating: MBO companies respond to each failed quarter by instituting still more MBO. Bottom-line failures are excused as due to uncontrollable market factors, while successive improvements in selected quantitatively expressed objectives are loudly touted as proof that management really is succeeding in spite of the dismal results. MBO Primer Here’s how it works: Performance of each department or division of the company is characterized by one or a few quantitative measures, called objectives. Managers are now encouraged to manage to the objectives, to cause each indicator to move in the desired direction toward its selected target. A manager is declared to have succeeded completely if the objective meets or exceeds the target.

international statistics on abortions are horrifying. Worldwide, in 2014, around one pregnancy out of four was voluntarily interrupted. That means a little more than forty million abortions in just one year. What makes this figure even more ghastly is that the “right to abortion”, that is, legal permission to kill an innocent baby, fortunately remains very limited in three-quarters of the countries in the world. During the Extraordinary Synod on the Family, in October 2014, Archbishop Paul Bùi Van Doc of Thành-Phô Hô Chi Minh, explained to us that the most tragic case in the world was Vietnam. Indeed, this country performs 1,600,000 abortions per year, 300,000 of them on young women between the ages of fifteen and nineteen. This is a real catastrophe for the country. In France, 220,000 elective abortions are performed each year, which is one abortion for every three births. A

Just as you need to dedicate time in your schedule to complete your process goals and success logs, you need to enter time for quarterly evaluations on your calendar. Identify

slip. When you do your evaluations (whether daily or quarterly), use only the true reality of results and avoid letting your mind make judgments based on potential.

Make the commitment to the daily and quarterly performance evaluations, and you will be well on your way to developing your accountability and becoming the person you so desire to become.

Skill Proficiency Once you have the proper mindset and maintain good situational awareness, the next step is to ensure you have the proper skills or “tools” to protect yourself in a combat situation. When striving to improve skill proficiency it is important to choose the best skills and techniques that are simple, effective, easy to perform and can realistically apply to a real-life scenario. Then you must practice these techniques repeatedly until they become second nature. This will maximize the chances that you will respond immediately in a high-stress situation. The central focus of this manual is to help you build skill proficiency.

At dinner he was placed three-quarters of the way towards the top of the long table, in what was evidently the tail of the Governor’s invitation list, with Septimus opposite him, and the great men of the colony clustered together to his right, where he might have the pleasure of overhearing their collisions, yet was plainly not bidden to participate. The Van Loons and Lovells were far down the lane of white linen. Half a dozen different conversations were rattling on between: leaning to look, he received the performance only in dumbshow, quite soundlessly, of Flora laughing, and settling herself in state with the folds of the pink silk around her, and both Joris and Hendrick leaning solicitously in, to confirm her rights in acting the princess on this royal evening; and Tabitha, finding no purchase for mischief in this impervious happiness, sitting bolt upright on the other side of the table, looking isolated and even a little lost. He

work on it for an hour of completely focused and undistracted effort (notice I haven’t opened e-mail yet). Then, every morning at 7 a.m., I have what I call my calibration appointment, a recurring appointment set in my calendar, where I take fifteen minutes to calibrate my day. This is where I brush over my top three one-year and five-year goals, my key quarterly objectives, and my top goal for the week and month. Then, for the most important part of the calibration appointment, I review (or set) my top three MVPs (Most Valuable Priorities) for that day, asking myself, “If I only did three things today, what are the actions that will produce the greatest results in moving me closer to my big goals?” Then, and only then, do I open e-mail and send out a flurry of tasks and delegations to get the rest of my team started on their day. I then quickly close down my e-mail and go to work on my MVPs. The rest of the day can take a million different shapes, but as long as I go through my morning routine, a majority of the key disciplines I need to be practicing are taken care of, and I’m properly grounded and prepared to perform at a much higher level than if I started each day erratically—or worse, with a set of bad habits.

A national obsession with a particular sport does not occur in a vacuum. Something lights the match. In the early twentieth century, Finland was a poor, nonindustrialized country where many people worked outdoors and got around on foot and (during the winter) on cross-country skis. These fertile conditions produced Hannes Kolehmainen, who won three gold medals in running events at the 1912 Olympics. Kolehmainen’s triumphs ignited an intense running craze in his home country. Every Finnish boy wanted to be the next Olympic hero. The result was a quarter-century of Finnish dominance of distance running, a dynasty that produced a number of athletes whose performances far surpassed those of the man who’d started it all. Ultimately, the passionate and widespread participation in running that Hannes Kolehmainen inspired had a much stronger impact on the performance of Finland’s top runners than did the conditions of poverty, lack of industrialization, and human-powered transportation that produced the first great Finnish runner. Sociologist

But even during an event as exceptional as the world famous troubadour's just concluded performance, the travelers kept to themselves remaining in clearly delineated groups. Elves stayed with elves. Dwarvish craftsman gathered with their kin who would often hide to protect their merchant caravans and were armed to the teeth. The groups tolerated at best the gnome miners and halfling farmers who camped beside them. All non-humans were uniformly distant towards humans. The humans re-payed in kind but were not seem to mix amongst themselves either. Nobility looked down on the merchants and traveling salesman with open scorn. While soldiers and mercenaries, distanced themselves from shepherds and their reeking sheepskins. The few wizards and their disciples, kept themselves entirely apart from the others and bestowed their arrogance on everyone in equal parts. A tied knit, dark and silent group of peasants lurked in the background resembling a forest with their rakes, pitchforks and flails, poking above their heads. They were ignored by all. The exception, as ever was the children. Freed from the constraints of silence which have been enforced during the bards performance, the children dashed into the woods with wild cries and enthusiastically immersed themselves in a game whose rules were incomprehensible to all those who have bidden farewell to the happy years of childhood. Children of elves, dwarves, halflings, gnomes, half elves, quarter elves and toddlers of mysterious provenance, neither knew or recognized racial or social divisions. At least, not yet.

Bill Campbell developed an excellent methodology for measuring executives in a balanced way that will help you achieve this. He breaks performance down into four distinct areas: 1. Results against objectives Once you’ve set a high standard, it will be straightforward to measure your executive against that standard. 2. Management Even if an executive does a superb job achieving her goals, that doesn’t mean she is building a strong and loyal team. It’s important to understand how well she is managing, even if she is hitting her goals. 3. Innovation It’s quite possible for an executive to hit her goal for the quarter by ignoring the future. For example, a great way for an engineering manager to hit her goals for features and dates is by building a horrible architecture, which won’t even support the next release. This is why you must look beyond the black-box results and into the sausage factory to see how things get made. 4. Working with peers This may not be intuitive at first, but executives must be effective at communicating, supporting, and getting what they need from the other people on your staff. Evaluate them along this dimension.

The curtains parted to reveal Aimée and the performance that followed proved to be even more exciting than the Kadine had hoped. The Kizlar Agasi was correct. Here was the little miracle that might save them... the next favorite and with some luck, the next Valide Sultana. The performance left the Circassian Kadine in a highly aroused state. She took several minutes to compose herself, touching her jewelry and her hair and smoothing the layers of gold silk that enveloped her body. When her breathing had returned to normal, she rose and approached Aimée, extending a trembling hand for her to kiss. “You are a pleasure to watch,” she whispered. Aimée knelt, completely naked, with her head bowed. “Thank you, my lady.” The Kadine lifted Aimée’s chin, tilting her face up to look at her. “How old are you, child?” “Nineteen, my lady.” The Kadine stroked Aimée’s cheek. “That is difficult to believe. You don’t look more than fifteen.” Aimée grinned broadly, her heart pounding wildly in her chest. “Thank you, my lady.” She likes me, and she is so beautiful. Oh, if only I were as beautiful. “You will join my retinue and reside close to my own quarters so that you may attend me personally.” Aimée loved the thought of being close to the Kadine, although she did not grasp the importance of the

Show me an incumbent bigco failing to adapt to change, I’ll show you top execs paid huge cash compensation for quarterly and annual goals.” “Every billionaire suffers from the same problem. Nobody around them ever says, ‘Hey, that stupid idea you just had is really stupid.’” “‘Far more money has been lost by investors trying to anticipate corrections, than has been lost in corrections themselves.’—Peter Lynch

Apply Long-Term Thinking Q: Do you have a list of long-term (and longer-term) goals for your company—both financial goals and strategic goals? Q: Is your team rewarded only on quarterly or even annual performance without any reward for actions that will only pay off over the long term? Q: How can you change short-term rewards to encourage long-term thinking?

My goal is not to fail fast. My goal is to succeed over the long run. They are not the same thing.” “To do original work: It’s not necessary to know something nobody else knows. It is necessary to believe something few other people believe.” “Andy Grove had the answer: For every metric, there should be another ‘paired’ metric that addresses adverse consequences of the first metric.” “Show me an incumbent bigco failing to adapt to change, I’ll show you top execs paid huge cash compensation for quarterly and annual goals.” “Every billionaire suffers from the same problem. Nobody around them ever says, ‘Hey, that stupid idea you just had is really stupid.’” “‘Far more money has been lost by investors trying to anticipate corrections, than has been lost in corrections themselves.’—Peter Lynch

The Quarterly Off-Site Review is a critical chance to step back from the daily, weekly, monthly grind, and review things from a distance.” “Review what?” For the first time, Will read directly from his notes. “Well, strategy. The competitive landscape. Morale. The dynamics of the executive team. Top performers. Bottom performers. Customer satisfaction. Pretty much everything that has a long-term impact on the success of the company. Stuff you just can’t cover in weekly or monthly meetings.

Effective off-sites provide executives an opportunity to regularly step away from the daily, weekly, even monthly issues that occupy their attention, so they can review the business in a more holistic, long-term manner. Topics for reflection and discussion at a productive Quarterly Off-Site Review might include the following: Comprehensive Strategy Review: Executives should reassess their strategic direction, not every day as so many do, but three or four times a year. Industries change and new competitive threats emerge that call for different approaches. Reviewing strategies annually or semiannually is usually not often enough to stay current. Team Review: Executives should regularly assess themselves and their behaviors as a team, identifying trends or tendencies that may not be serving the organization. This often requires a change of scenery so that executives can interact with one another on a more personal level and remind themselves of their collective commitments to the team. Personnel Review: Three or four times a year, executives should talk, across departments, about the key employees within the organization. Every member of an executive team should know whom their peers view as their stars, as well as their poor performers. This allows executives to provide perspectives that might actually alter those perceptions based on different experiences and points of view. More important, it allows them to jointly manage and retain top performers, and work with poor performers similarly. Competitive and Industry Review: Information about competitors and industry trends bleeds into an organization little by little over time. It is useful for executives to step back and look at what is happening around them in a more comprehensive way so they can spot trends that individual nuggets of information might not make clear. Even the best executives can lose sight of the forest for the trees when inundated with daily responsibilities.

The exception, as ever, was the children. Freed from the constraints of silence which had been enforced during the bard’s performance, the children dashed into the woods with wild cries, and enthusiastically immersed themselves in a game whose rules were incomprehensible to all those who had bidden farewell to the happy years of childhood. Children of elves, dwarves, halflings, gnomes, half-elves, quarter-elves and toddlers of mysterious provenance neither knew nor recognised racial or social divisions. At least, not yet.

Nonetheless, the pattern seemed to repeat itself endlessly. A GE executive was named CEO of another company. News of the appointment would send the stock of that company soaring. The men were lavished with riches when they took their new jobs, signing multimillion-dollar contracts that ensured them a gilded retirement, no matter how well they performed. A period of downsizing usually ensued, and profits often ticked up for a few quarters, or even a few years. But inevitably, Welchism exacted its price. There was little focus on long-term strategy, and a slavish devotion to meeting quarterly results. “They wouldn’t know strategy if it hit them in the head,” said Roger Martin, the former Rotman School dean. “All they know how to do is take what they’ve got and refine it, make it operationally more effective.

Why people churn Most churn occurs at the time of the sale. In 2017, my churn was over 60%. I signed up customers who were a poor fit for my solution. Many customers thought Connex was an inventory management tool and others thought we built custom software. We had no onboarding process and we expected users to figure out Connex on their own. Many users failed to choose the right settings, since they are small business owners and not accountants. Since the software failed to work as expected, they quickly cancelled. From experience, most users churn in the first 30 days. It is critical that you reach out to them and ensure the software works correctly. My staff performs an onboarding and ensures Connex works to the customer’s satisfaction. Users churned because my software lacked features that it has today. We noticed a dramatic shift in churn, after implementing a sales and marketing process. In the first quarter of 2021, we had only a handful of refunds out of 100 purchases. People churn because they fail to achieve their desired result or experience. People buy Connex because they want accurate financial information, better order fulfillment, or protection from overselling. If the sync were inaccurate and unreliable then we would lose customers. In other cases, your software may become superfluous. For example, I used the excellent meeting automation tool Calendly. When I migrated to HubSpot, however, I no longer needed Calendly because HubSpot offered meeting automation as part of its suite of offerings. Even if your tool works, your customer’s desired situation or desired outcomes may change. I churned from my ticketing system because I was unhappy with the customer service and experienced technical issues with their chat and phone system. Companies often tack on features that are nowhere near as usable as their core offering.

United States: child abuse. He had calculated that its overall costs exceeded those of cancer or heart disease and that eradicating child abuse in America would reduce the overall rate of depression by more than half, alcoholism by two-thirds, and suicide, IV drug use, and domestic violence by three-quarters.20 It would also have a dramatic effect on workplace performance and vastly decrease the need for incarceration.

Sample Quarterly Review Summary Successes Maintained peak-performance habits Stabilized the company and team Raised funds for next phase of growth Upgraded company-wide marketing Launched leadership development program Failures Worked too much, felt worn out Failed to follow-up on marketing project on time Missed language learning goals in Portuguese Extended two project deadlines unnecessarily Didn’t spend sufficient time with family and friends Insights Perfectionism is a big development opportunity Reading should be scheduled into the day The mind needs to be trained as much as the body Weekly reviews must result in new weekly commitments I want to become world-class at peak performance Actions Determine what are the non-negotiables in my life Increase output with a color-coded master calendar Bring the joy/be more intentional Hire a virtual assistant Create a weekly accountability checklist

Once every few weeks, beginning in the summer of 2018, a trio of large Boeing freighter aircraft, most often converted and windowless 747s of the Dutch airline KLM, takes off from Schiphol airport outside Amsterdam, with a precious cargo bound eventually for the city of Chandler, a western desert exurb of Phoe­nix, Arizona. The cargo is always the same, consisting of nine white boxes in each aircraft, each box taller than a man. To get these pro­foundly heavy containers from the airport in Phoenix to their des­tination, twenty miles away, requires a convoy of rather more than a dozen eighteen-wheeler trucks. On arrival and family uncrated, the contents of all the boxes are bolted together to form one enormous 160-ton machine -- a machine tool, in fact, a direct descendant of the machine tools invented and used by men such as Joseph Bramah and Henry Maudslay and Henry Royce and Henry Ford a century and more before. "Just like its cast-iron predecessors, this Dutch-made behemoth of a tool (fifteen of which compose the total order due to be sent to Chandler, each delivered as it is made) is a machine that makes machines. Yet, rather than making mechanical devices by the pre­cise cutting of metal from metal, this gigantic device is designed for the manufacture of the tiniest of machines imaginable, all of which perform their work electronically, without any visible mov­ing parts. "For here we come to the culmination of precision's quarter­millennium evolutionary journey. Up until this moment, almost all the devices and creations that required a degree of precision in their making had been made of metal, and performed their vari­ous functions through physical movements of one kind or another. Pistons rose and fell; locks opened and closed; rifles fired; sewing machines secured pieces of fabric and created hems and selvedges; bicycles wobbled along lanes; cars ran along highways; ball bearings spun and whirled; trains snorted out of tunnels; aircraft flew through the skies; telescopes deployed; clocks ticked or hummed, and their hands moved ever forward, never back, one precise sec­ond at a time."Then came the computer, then the personal computer, then the smartphone, then the previously unimaginable tools of today -- and with this helter-skelter technological evolution came a time of translation, a time when the leading edge of precision passed itself out into the beyond, moving as if through an invisible gateway, from the purely mechanical and physical world and into an immobile and silent universe, one where electrons and protons and neutrons have replaced iron and oil and bearings and lubricants and trunnions and the paradigm-altering idea of interchangeable parts, and where, though the components might well glow with fierce lights send out intense waves of heat, nothing moved one piece against another in mechanical fashion, no machine required that mea­sured exactness be an essential attribute of every component piece.

The longer one owns the shares, however, the more important the firm’s underlying economics will be to performance results. Long-term investors therefore seek answers with shelf life. What is relevant today may need to be relevant in ten years’ time if the investor is to continue owning the shares. Information with a long shelf life is far more valuable than advance knowledge of next quarter’s earnings. We seek insights consistent with our holding period. These principally relate to capital allocation, which can be gleaned from examining the company’s advertising, marketing, research and development spending, capital expenditures, debt levels, share repurchase/ issuance, mergers and acquisitions and so forth.

While the case for long-term investment has tended to centre around simple mathematical advantages such as reduced (frictional) costs and fewer decisions leading (hopefully) to fewer mistakes, the real advantage to this approach, in our opinion, comes from asking more valuable questions. The short-term investor asks questions in the hope of gleaning clues to near-term outcomes: relating typically to operating margins, earnings per share and revenue trends over the next quarter, for example. Such information is relevant for the briefest period and only has value if it is correct, incremental, and overwhelms other pieces of information. Even when accurate, the value of the information is likely to be modest, say, a few percentage points in performance. In order to build a viable, economically important track record, the short-term investor may need to perform this trick many thousands of times in a career and/ or employ large amounts of financial leverage to exploit marginal opportunities. And let’s face it, the competition for such investment snippets is ferocious. This competition is fed by the investment banks. Wall Street relies heavily on promoting client myopia to earn its crust. Why

The first time I heard Robert Anda present the results of the ACE study, he could not hold back his tears. In his career at the CDC he had previously worked in several major risk areas, including tobacco research and cardiovascular health. But when the ACE study data started to appear on his computer screen, he realized that they had stumbled upon the gravest and most costly public health issue in the United States: child abuse. He had calculated that its overall costs exceeded those of cancer or heart disease and that eradicating child abuse in America would reduce the overall rate of depression by more than half, alcoholism by two-thirds, and suicide, IV drug use, and domestic violence by three-quarters. It would also have a dramatic effect on workplace performance and vastly decrease the need for incarceration.

New CFO Whenever a new CFO joins a company, one critical step is evaluating the current reporting system. The reports should be able to inform you if you are meeting your targets or not. The reports should have a list of key performance indicators (KPI) that are being tracked. It is important to ensure that the KPIs are fully inclusive, in other words, there are no KPIs that are missing. The KPIs that do exist should be relevant and should be comprehensive. It is often the case that certain KPIs are missing and could sum up the situation better than other existing KPIs do. Hence, a review of KPIs are necessary from time to time. This review may not be required every quarter but there should be a review each year, at a minimum.

The salient theme emerging from domestic life in the slave quarters is one of sexual equality. The labor that slaves performed for their own sake and not for the aggrandizement of their masters was carried out on terms of equality. Within the confines of their family and community life, therefore, Black people managed to accomplish a magnificent feat. They transformed that negative equality which emanated from the equal oppression they suffered as slaves into a positive quality: the egalitarianism characterizing their social relations.

Consider publicly held companies. Many such companies have existed for decades and hope to exist for decades more. But much of what their executives and middle managers do each day is aimed single-mindedly at the corporation’s performance over the next three months. At these companies, quarterly earnings are an obsession. Executives devote substantial resources to making sure the earnings come out just right. And they spend considerable time and brainpower offering guidance to stock analysts so that the market knows what to expect and therefore responds favorably.

The approval of the Master is not given because of the greatness of the work performed, but because of fidelity in all that has been done. It is not the results we attain, but the motives from which we act, that weigh with God. He prizes goodness and faithfulness above all else.—Gospel Workers, p. 267.

Rodolphe Salis was a tall, red-headed bohemian with a coppery beard and boundless charisma. He had tried and failed to make a success of several different careers, including painting decorations for a building in Calcutta. But by 1881 he was listless and creatively frustrated, uncertain where his niche might lie. More pressingly, he was desperate to secure a steady income. But then he had the ingenious idea to turn the studio which he rented, a disused post office on the resolutely working-class Boulevard de Rochechouart, into a cabaret with a quirky, artistic bent. He was not the first to attempt such a venture: La Grande Pinte on the Avenue Trudaine had been uniting artists and writers to discuss and give spontaneous performances for several years. But Salis was determined that his initiative would be different – and better. A fortuitous meeting ensured that it was. Poet Émile Goudeau was the founder of the alternative literary group the Hydropathes (‘water-haters’ – meaning that they preferred wine or beer). After meeting Goudeau in the Latin Quarter and attending a few of the group’s gatherings, Salis became convinced that a more deliberate form of entertainment than had been offered at La Grande Pinte would create a venue that was truly innovative – and profitable. The Hydropathe members needed a new meeting place, and so Salis persuaded Goudeau to rally his comrades and convince them to relocate from the Latin Quarter to his new cabaret artistique. They would be able to drink, smoke, talk and showcase their talents and their wit. Targeting an established group like the Hydropathes was a stroke of genius on Salis’s part. Baptising his cabaret Le Chat Noir after the eponymous feline of Edgar Allan Poe’s story, he made certain that his ready-made clientele were not disappointed. Everything about the ambience and the decor reflected Salis’s unconventional, anti-establishment approach, an ethos which the Hydropathes shared. A seemingly elongated room with low ceilings was divided in two by a curtain. The front section was larger and housed a bar for standard customers. But the back part of the room (referred to as ‘L’Institut’) was reserved exclusively for artists. Fiercely proud of his locality, Salis was adamant that he could make Montmartre glorious. ‘What is Montmartre?’ Salis famously asked. ‘Nothing. What should it be? Everything!’ Accordingly, Salis invited artists from the area to decorate the venue. Adolphe Léon Willette painted stained-glass panels for the windows, while Théophile-Alexandre Steinlen created posters. And all around, a disorientating mishmash of antiques and bric-a-brac gave the place a higgledy-piggledy feel. There was Louis XIII furniture, tapestries and armour alongside rusty swords; there were stags’ heads and wooden statues nestled beside coats of arms. It was weird, it was wonderful and it was utterly bizarre – the customers loved it.

Shiro can’t accuse me of looking out the windows all the time anymore because they have all been shuttered.  Watching the thick, boron nitride nanotube shutters slide down and lock into place over the big lounge windows was somewhat sobering.  But it’s not the least of what’s to come. Tonight we will enter our crew quarters where we will be stuck for six days while the space station performs the perihelion maneuver.  We will come within four solar radii—that’s a blistering 2,784,000 kilometers from the sun—and will accelerate to a mind-blowing speed of 341,546 kilometers per hour.  The maneuver itself will last just over twenty-nine hours as we travel all the way around the back side of the sun, but we need to be shielded from the worst of the solar radiation both on the approach and the departure. All the numbers make it sound simple, but the fact of the matter is this is by far the most dangerous part of our journey.  Despite NASA’s best efforts to shield the spacecraft, it very well might not have been enough.  We will be traveling around a star, an unbelievably immense body of power and energy producing the might of six trillion nuclear bombs every second.  (I would start thinking of myself as a bit of a brainiac, but I only know this because Commander Sykes told me.)  With flares and coronal mass ejections (some of which occur once every five days or more), we could easily be obliterated by an incoming blast of superheated gas.

Traditionally, Apollo and the nine goddesses known as the Muses make their home on the mountain in Greece called Parnassus. Believed to inspire creativity, they are Calliope (epic poetry), Clio (history), Euterpe (lyric poetry), Thalia (comedy and pastoral poetry), Melpomene (tragedy), Terpsichore (dance), Erato (love poetry), Polyhymnia (sacred poetry), and Urania (astronomy). Exclusively deities of performance, their blessing was solicited before any play or public recitation. (There were no Muses for sculptors, painters, and architects, regarded in Attic Greece as mere workmen, too lowly for divine patronage.) During the eighteenth century, students from the religious schools of the Latin Quarter, panting up this hill at the southern limit of Paris, may have looked back at the city spreading along the banks of the Seine and thought themselves masters of the known world. Through the haze of wine purchased from the locals, this unpromising landfill, formed from the rubble of urban expansion and fertilized by the corpses of the nameless dead, could have felt like their own Parnassus, an illusion they celebrated by reciting or improvising verse. Still then nameless, the hill first appeared on a map, the Lutetia Parisiorum vulgo of Johannes Janssonius, in 1657, which identified the track leading to its summit as the Chemin d’Enfer: the Road to Hell. The district looked doomed to remain a wasteland until, in 1667, Louis XIV chose to build an observatory there. (Charles II of England, envious, immediately commissioned his own for Greenwich.) Sometime during the next fifty years, it became officially Montparnasse, since in 1725 the city annexed it under that name. A road was laid along the ridge. Tunneling below the unstable topsoil, quarrymen mined the fine-grained limestone from which a greater Paris would be built, and where soon the Muses, though far from home, would again be heard.

Jared Smith came up with the performance ratings “off quarter,” “solid quarter,” and “exceptional quarter.

Commit to Priorities Set the appropriate cadence for your OKR cycle. I recommend dual tracking, with quarterly OKRs (for shorter-term goals) and annual OKRs (keyed to longer-term strategies) deployed in parallel. To work out implementation kinks and strengthen leaders’ commitment, phase in your rollout of OKRs with upper management first. Allow the process to gain momentum before enlisting individual contributors to join in. Designate an OKR shepherd to make sure that every individual devotes the time each cycle to choosing what matters most. Commit to three to five top objectives—what you need to achieve—per cycle. Too many OKRs dilute and scatter people’s efforts. Expand your effective capacity by deciding what not to do, and discard, defer, or deemphasize accordingly. In choosing OKRs, look for objectives with the most leverage for outstanding performance. Find the raw material for top-line OKRs in the organization’s mission statement, strategic plan, or a broad theme chosen by leadership. To emphasize a departmental objective and enlist lateral support, elevate it to a company OKR.

Show me an incumbent bigco failing to adapt to change, I’ll show you top execs paid huge cash compensation for quarterly and annual goals.

In traditional performance management models, working teams present to leadership in performative, high-stakes monthly or quarterly reviews. By keeping these reviews on such an infrequent cadence, both sides can lose sight of what the real purpose of the review is: to support and sustain the work, and to ensure that everyone is moving together toward the desired results. Such an approach is ill-suited to the ecosystem economy. When you have agile tribes, chapters, and squads working on dynamic, cross-sectoral value propositions, you need to push your performance management process toward a much more frequent operating cadence.

I don’t know about you, but I can’t wait to get my hands on some fucking gourds and arrange them in a horn-shaped basket on my dining room table. That shit is going to look so seasonal. I’m about to head up to the attic right now to find that wicker fucker, dust it off, and jam it with an insanely ornate assortment of shellacked vegetables. When my guests come over it’s gonna be like, BLAMMO! Check out my shellacked decorative vegetables, assholes. Guess what season it is—fucking fall. There’s a nip in the air and my house is full of mutant fucking squash. I may even throw some multi-colored leaves into the mix, all haphazard like a crisp October breeze just blew through and fucked that shit up. Then I’m going to get to work on making a beautiful fucking gourd necklace for myself. People are going to be like, “Aren’t those gourds straining your neck?” And I’m just going to thread another gourd onto my necklace without breaking their gaze and quietly reply, “It’s fall, fuckfaces. You’re either ready to reap this freaky-assed harvest or you’re not.” Carving orange pumpkins sounds like a pretty fitting way to ring in the season. You know what else does? Performing an all-gourd reenactment of an episode of Diff’rent Strokes—specifically the one when Arnold and Dudley experience a disturbing brush with sexual molestation. Well, this shit just got real, didn’t it? Felonies and gourds have one very important commonality: they’re both extremely fucking real. Sorry if that’s upsetting, but I’m not doing you any favors by shielding you from this anymore. The next thing I’m going to do is carve one of the longer gourds into a perfect replica of the Mayflower as a shout-out to our Pilgrim forefathers. Then I’m going to do lines of blow off its hull with a hooker. Why? Because it’s not summer, it’s not winter, and it’s not spring. Grab a calendar and pull your fucking heads out of your asses; it’s fall, fuckers. Have you ever been in an Italian deli with salamis hanging from their ceiling? Well, then you’re going to fucking love my house. Just look where you’re walking or you’ll get KO’d by the gauntlet of misshapen, zucchini-descendant bastards swinging from above. And when you do, you’re going to hear a very loud, very stereotypical Italian laugh coming from me. Consider yourself warned. For now, all I plan to do is to throw on a flannel shirt, some tattered overalls, and a floppy fucking hat and stand in the middle of a cornfield for a few days. The first crow that tries to land on me is going to get his avian ass bitch-slapped all the way back to summer. Welcome to autumn, fuckheads!

Activities that individuals can allow themselves to partake in could include: writing (with pen and paper), meditating, going for walks, doing some deep thinking, inner child-work, visualizing, and replenishing with water. Individuals can devote one weekend day (spent outdoors on a Saturday or Sunday), one weekend per quarter (go on a trip), or one week per year (go on vacation!).

In a culture dominated by intense pressure to meet quarterly or annual targets, too many of our leaders value high performers with little consideration of whether others on the team can trust them. And those values are reflected in whom they hire, promote and fire.

While ethical lapses can happen anywhere, organizations run with a finite mindset are especially susceptible to ethical fading. As discussed in the previous chapters, cultures that place excessive focus on quarterly or annual financial performance can put intense pressure on people to cut corners, bend rules and make other questionable decisions in order to hit the targets set for them. Unfortunately, those who behaved dubiously but hit their targets are rewarded, which sends a clear message about the organization’s priorities. Indeed, the reward systems in these organizations work to incentivize such behaviors. Those who meet their goals are given bonuses or promoted often without consideration of the manner in which they met their goals, while those who acted with integrity but missed their targets are penalized by being overlooked for recognition or advancement. This sends a message to everyone else in the organization that making the numbers is more important than acting ethically.

Jamie Dimon of JPMorgan, Mark Zuckerberg of Facebook, Jack Dorsey formerly of Twitter, Tim Cook of Apple, Elon Musk of Tesla—all these business leaders regularly attend their companies’ quarterly calls. Let’s take a concrete example. Chevron, one of the world’s largest oil companies, had revenues of about $140 billion and a market value of about $190 billion in 2019. The management held a conference call for investors and analysts on January 31, 2020, to highlight its performance.20 The analysts and investors asked twenty-nine questions. What percentage of these do you think were about the future? More than 70 percent.

Individual investors have significant advantages over professional money managers. Retail investors, like you and I, have nobody to report. We have no benchmark to beat and have no fear of capital flight. There are no quarter and year ends, and performance is not linked to calendars.

Motivate the Workforce. Have you identified each person’s “hot button” and focused on it? Do you work personal pride and shared purpose into most communications? Are you keeping your powder dry for those urgent moments when you may need it?   8. Embrace the Front Lines. Have you made your intent clear and empowered those around you to act? Do you regularly meet with those in direct contact with customers? Is everybody able to communicate their ideas and concerns to you?   9. Build Leadership in Others. Are all managers expected to build leadership among their subordinates? Does the company culture foster the effective exercise of leadership? Are leadership development opportunities available to most, if not all, managers? 10. Manage Relations. Is the hierarchy reduced to a minimum, and does bad news travel up? Are managers self-aware and empathetic? Are autocratic, egocentric, and irritable behaviors censured? 11. Identify Personal Implications. Do employees appreciate how the firm’s vision and strategy impact them individually? What private sacrifices will be necessary for achieving the common cause? How will the plan affect people’s personal livelihood and quality of work life? 12. Convey Your Character. Have you communicated your commitment to performance with integrity? Do those in the organization know you as a person, and do they appreciate your aspirations and your agendas? Have you been in the same room or at least on the same call with everybody who works with you during the past year? 13. Dampen Overoptimism and Excessive Pessimism. Have you prepared the organization for unlikely but extremely consequential events? Do you celebrate success but also guard against the by-products of excessive confidence? Have you paved the way not only for quarterly results but for long-term performance?

I think the universe is infinite, but the terms “infinity” and “eternity” are abstractions that have no physical correlation. The possibility that matter can act as its own architect and create the human eye or brain strikes me as irrational. The great mystery for me has always been the presence of evil in the human breast. Animals kill in order to survive. The record of humankind is so bad we cannot look at it squarely in the face or dwell on its memory lest we become subsumed by it. No? Try watching the 1937 Japanese footage of their own crimes in Nanking. Or the footage from Auschwitz or Dachau or photographs from My Lai. Or read medieval accounts of disembowelment and burning of a condemned man’s entrails, followed by the drawing and quartering of his body, all of it performed alive.

Never forget the 6 P’s: Proper. Preparation. Prevents. Piss. Poor. Performance.

If I were someone who could ever be pushed over the edge into performing an act of violence, that moment would surely have come approximately ten minutes ago. Instead, and to my great regret, I seem to be a person who can balance quietly on the edge he is pushed towards for as long as anybody feels inclined to yell at him.

During the past decade, observant readers have seen many news items about stunning breakthroughs in battery designs, but I cannot find any ever-accelerating growth in the performance of these portable energy storage devices in the past fifty years. In 1900 the best battery (lead-acid) had an energy density of 25 watt-hours per kilogram; in 2022 the best lithium-ion batteries deployed on a large commercial scale (not the best experimental devices) had an energy density twelve times higher—and this gain corresponds to exponential growth of just 2 percent a year. That is very much in line with the growth of performances of many other industrial techniques and devices—and an order of magnitude below Moore’s law expectations. Moreover, even batteries with ten times the 2022 (commercial) energy density (that is, approaching 3,000 Wh/kg) would store only about a quarter of the energy contained in a kilogram of kerosene, making it clear that jetliners energized by batteries are not on any practical horizon.

The following is a quotation from the Mahābhārata that describes our present era and the immediately preceding yuga, revealing a progressive deterioration of humanity’s moral fiber. Again, in the dvāpara-yuga the moral order (dharma) exists [only] half. [God] Vishnu becomes yellow, and the Veda is now fourfold [i.e., the original wisdom is split into the four Vedic hymnodies]. Thence, some [adhere to] four Vedas, others to three Vedas, or two Vedas, or a single Veda, while yet others have no hymns [at all]. Thus, owing to the broken traditions, rites become manifold and creatures, fond of austerities and almsgiving, become rajas-motivated2. Due to ignorance about the single Veda, the Vedas become multiple and because of the collapse of truth, few adhere to truthfulness. Many diseases appear for those who have fallen from truth, and there are desires and disasters caused by fate. Afflicted by these, [some] men perform very severe austerities; others, filled with [worldly] desires or desiring heaven, conduct sacrifices. Thus with the onset of the dvāpara, creatures perish through their lawlessness. In the kali-yuga, O Kaunteya, the moral order (dharma) exists by one quarter only. With the onset of this tamas-motivated3 age, O Keshava [i.e., God Vishnu] becomes black (krishna). The Vedic ways of life end, and so do the moral order, sacrifice, and rites. Plagues, disease, sloth, blemishes such as anger, as well as calamities, sickness, and afflictions prevail. In the course of the yugas, the moral order diminishes increasingly. With the diminution of the moral order, the people (loka) diminish. This description of the kali-yuga is not as daunting as it is in some other scriptures. But the message is clear enough: Ours is a sinister age. What thinking person would not agree? Can we not, by now, fill a whole library with tales of human foolishness, of humanity’s thoughtless interference with the life-world and its almost unbelievable lack of concern for fellow beings, both human and nonhuman? Is there no hope, then, for humankind? Is historian Oswald Spengler’s dark prophecy of the decline of the West (and with it, also of the East) coming true?4 Or are there, today, forces at work that countermand the Zeitgeist, the spirit of the age? This latter appears to be the case. It could not be otherwise. Or else our species would have perished long ago, right at the outset of the kali-yuga. The kali-yuga, then, does not signal total spiritual darkness or inevitable doom. Inverting a popular maxim, one can perhaps say that where there is shadow there is also light. Here and there, the present dark age is pierced by shafts of light. It is not without its benign counterbalancing influences.

The exception, as ever, was the children. Freed from the constraints of silence which had been enforced during the bard's performance, the children dashed into the woods with wild cries, and enthusiastically immersed themselves in a game whose rules were incomprehensible to all those who had bidden farewell to the happy years of childhood. Children of elves, dwarves, halflings, gnomes, half-elves, quarter-elves and toddlers of mysterious provenance neither knew nor recognised racial or social divisions. At least, not yet.