Von Dutch Quotes

When I’m not with Trish, I go to the stores in the neighborhood to steal cute clothes for her. A tank top with a bedazzled Playboy bunny, a Von Dutch hat, bell-bottom jeans with suede ties on the front. I teach her how to steal so she can be self-sufficient and take better care of herself. The goal is to blend in with the private school girls. If people assume we’re rich, they won’t suspect us of stealing. I understand the power of appearance, and I see how rich people are regarded.

I partly surmise also, that this wicked charge against whalers may be likewise imputed to the existence on the coast of Greenland, in former times, of a Dutch village called Schmerenburgh or Smeerenberg, which latter name is the one used by the learned Fogo Von Slack, in his great work on Smells, a text-book on that subject.

The entrepreneur who is reckoning in terms of a currency with a stable value is unable to compete with the entrepreneur who is prepared to make a quasi-gift of part of his capital to his customers. In 1920 and 1921, Dutch traders who had sold commodities to Austria could buy them back again after a while much cheaper than they had originally sold them, because the Austrian traders completely failed to see that they were selling them for less than they had cost.

TWO AND A HALF CENTURIES AGO, Amsterdam was the world’s commercial center, but many of its wealthy merchants were reeling from one of the world’s first financial crises. The shares of the British East India Company had collapsed, culminating in a series of bank failures, government bailouts, and ultimately nationalization, a debacle that rippled across the continent’s nascent markets. For a little-known Dutch merchant and stockbroker, it proved the inspiration for an idea ahead of its time. In 1774, Abraham von Ketwich set up a novel, pooled investment trust he called Eendragt Maakt Magt—Dutch for “Unity Creates Strength.” This would sell two thousand shares for five hundred guilders each to individual investors, and invest the proceeds into a diversified portfolio of fifty bonds. These were divided into ten different categories, from plantation loans, bonds backed by Spanish or Danish toll road payments, to an assortment of European government bonds. At the time, bonds were physical certificates written on paper or even goatskin, and these were stored in a solid iron chest with three locks, which could be opened only by Eendragt Maakt Magt’s board and an independent notary. The aim was to pay a 4 percent annual dividend, and disburse the final proceeds only after twenty-five years, hoping that the diversity of the portfolio would protect investors.1 As it turns out, a subsequent Anglo-Dutch war in 1780 and Napoleon’s occupation of Holland in 1795 wreaked havoc on Eendragt Maakt Magt. The annual payments never materialized, and investors didn’t receive their money back until 1824, albeit then receiving 561 guilders a share. Nonetheless, Eendragt Maakt Magt was a brilliant invention that would go on to inspire the birth of investment trusts in Great Britain and eventually the mutual fund we know today. It is also arguably the ultimate intellectual forefather of today’s index funds, given its minimal trading, diversified approach, and low fees, charging a mere 0.2 percent a year.

Hitler had been sworn in as Chancellor two months earlier by Paul von Hindenburg, President of the German Republic, on the supposition that only he and his National Socialists—by then the largest party in the country, with one-third the popular vote—could deal with the paralysis that had immobilized the government for months. Hitler took power legally; there followed immediately a series of illegal acts designed to consolidate his power and intimidate the opposition. A fire set in the Reichstag, blamed on a Dutch pyromaniac, who may have been used by the National Socialists, gave Hitler his excuse to begin a pseudolegal process of abolishing all constitutional guarantees of individual freedom. The party’s infamous storm troopers assaulted the political opposition, trade union leaders and Jews. Sheer terror purged the Reichstag of so many opposition deputies that Hitler had no trouble in pushing through the Enabling Act that gave him dictatorial powers. The boycott of Jewish businesses on April 1, 1933, which simply institutionalized storm trooper violence against Jewish professionals and businesses, was Hitler’s first formal effort against the people he believed to be at the heart of a Bolshevik conspiracy to destroy Germany. That

significance of the key, as opposed to the algorithm, is an enduring principle of cryptography. It was definitively stated in 1883 by the Dutch linguist Auguste Kerckhoffs von Nieuwenhof in his book La Cryptographie militaire: “Kerckhoffs’ Principle: The security of a cryptosystem must not depend on keeping secret the crypto-algorithm. The security depends only on keeping secret the key.

The Dutch and I, we never had one connection.