The Professionals 1966 Quotes

As a result of its investigation, the NIH said that to qualify for funding, all proposals for research on human subjects had to be approved by review boards—independent bodies made up of professionals and laypeople of diverse races, classes, and backgrounds—to ensure that they met the NIH’s ethics requirements, including detailed informed consent. Scientists said medical research was doomed. In a letter to the editor of Science, one of them warned, “When we are prevented from attempting seemingly innocuous studies of cancer behavior in humans … we may mark 1966 as the year in which all medical progress ceased.

As a result of its investigation, the NIH said that to qualify for funding, all proposals for research on human subjects had to be approved by review boards—independent bodies made up of professionals and laypeople of diverse races, classes, and backgrounds—to ensure that they met the NIH’s ethics requirements, including detailed informed consent. Scientists said medical research was doomed. In a letter to the editor of Science, one of them warned, “When we are prevented from attempting seemingly innocuous studies of cancer behavior in humans … we may mark 1966 as the year in which all medical progress ceased.” Later that year, a Harvard anesthesiologist named Henry Beecher published a study in the New England Journal of Medicine showing that Southam’s research was only one of hundreds of similarly unethical studies. Beecher published a detailed list of the twenty-two worst offenders, including researchers who’d injected children with hepatitis and others who’d poisoned patients under anesthesia using carbon dioxide. Southam’s study was included as example number 17. Despite scientists’ fears, the ethical crackdown didn’t slow scientific progress. In fact, research flourished. And much of it involved HeLa. 18

Fidel Castro, who always enjoyed sports, promoted programs that helped Cuba become a front-runner in Latin America. The island nation fields outstanding baseball, soccer, basketball and volleyball teams. It also excels in amateur boxing. Believing that sports should be available for everyone, not just the privileged few, the phrase “Sports for all” is a motto frequently used. When Castro took power, he abolished all professional sports. Only amateur baseball has been played in Cuba since 1961. An unexpected consequence of this initiative was that many players discovered that they could get much better deals if they left Cuba. As an attempt to prevent this, Fidel forbade players from playing abroad and if they did leave the island, he would prevent their families from joining them. Originally, many Cuban baseball players played for teams in the American Negro league. This ended when Jackie Robinson was allowed to play with the Brooklyn Dodgers during the late 1940’s. Afterwards, all Cuban baseball players played for the regular leagues regardless of their race. The Negro National League ceased after the 1948 season, and the last All-Star game was held in 1962. The Indianapolis Clowns were the last remaining Negro/Latin league team and played until 1966. Cuban players with greater skill joined the Major League Baseball (MLB) teams. If they defected to the United States directly, they had to enter the MLB Draft. However, if they first defected to another country they could become free agents. Knowing this, many came to the United States via Mexico. In all, about 84 players have defected from Cuba since the Revolution. The largest contract ever given to a defector from Cuba was to Rusney Castillo. In 2014, the outfielder negotiated a seven-year contract with the Boston Red Sox for $72.5 million. Starting in 1999, about 21 Cuban soccer players have defected to the United States. The Cuban government considers these defectors as disloyal and treats their families with disrespect, even banning them from taking part in national sports.

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

Perhaps the best compromise between power and simplicity is the High–Low, or the Complete Point Count, which appears in the 1966 revised edition of Beat the Dealer. Still used today by top professionals, this is the simplest possible point count in that cards get values of −1, 0, or +1 only. You start with the count at 0. As the “small” cards 2, 3, 4, 5, 6 are used, they each add +1 to the cumulative count. The intermediate cards 7, 8, and 9 are counted as 0 so their appearance doesn’t affect the total count. Big cards—Aces and Ten-value cards—count as −1 so they each reduce the total by one. Suppose the player using the High–Low count sees these cards in the first round of play: A, 5, 6, 9, 2, 3. Then the count, which started with zero, becomes −1 + 1 + 1 + 0 + 1 + 1 = +3. With this count in a one-deck game—and with reasonably favorable rules—the player has an edge on the next deal. As cards are dealt, the count goes up and down around zero. When the count is positive the player benefits, and when it is negative it helps the casino.

What to Do Tonight Make a list of the things your child has control over. Is there anything you can add to that list? Ask your child if there are things he feels he’d like to be in charge of that he currently isn’t. Consider your language around making plans. Do you say, “Today we’re going to do this and then this,” or do you offer choices? Tell your kids (if they’re ten or older) something like this: “I just read something really interesting—that there are four things about life that make it stressful: new situations, situations that are unpredictable, situations where you feel you could be hurt, criticized, or embarrassed, and situations where you don’t feel you can control what’s happening. It’s interesting, because in my job I get most stressed when I feel I’m expected to make something happen but I can’t control everything that is necessary to make it happen. Are there things that make you stressed?” By identifying stress in your own life and talking about it, you are modeling stress awareness—a critical step in curbing the effects of stress. As the saying goes, “You’ve got to name it to tame it.” If your kid seems to be really anxious, talk to your pediatrician about it. Determine whether some kind of professional intervention is necessary. Research suggests that treating anxiety early significantly lowers the risk of recurring problems. You can let your worried child know that she’s safe, that you’re there for her, but don’t reassure her excessively. Let her know that you have confidence in her ability to handle the stressors in her life. But don’t minimize what she is feeling or try to fix it for her. Think about ways in which you may, intentionally or inadvertently, be trying to protect your kids from experiencing mildly stressful situations that they could grow from. Are you too focused on safety? Are there situations in which you could give your child more independence or more choices? Dozens of scales have been developed over the years to measure a person’s sense of control. The granddaddy of them all is the Rotter Scale, developed by J. B. Rotter in 1966. We highly encourage you to take it so that you can assess your own strengths and struggles when it comes to autonomy. For kids, we like a scale developed by Steven Nowicki and Bonnie Strickland, which asks questions such as “Do you believe that you can stop yourself from catching a cold?” and “When a person doesn’t like you, is there anything you can do about it?” You may be surprised by where your child lands.