“Who controls the past controls the future. Who controls the present controls the past.”--Orwell
The only thing scarier than being judged by your peers is driving with them.
I have a book club tonight. The Plague. I have always had disregard for the post-war philosophers. They, and particularly the French, seem so damaged by the experience they cannot think straight. Camus is a good novelist, though.
Mom has been all over the place the last weeks and has a down day today.
The AB thing has been strangely quiet.
Michael Burry, the mildly crazy doctor-turned-investor profiled in Michael Lewis’s book “The Big Short” for his call on the trouble lurking in mortgage-backed securities before the 2008 financial crisis, has a new big idea: "The bubble in passive investing through ETFs and index funds as well as the trend to very large size among asset managers has orphaned smaller value-type securities globally."
H.L. Mencken’s birthday
Today is H.L. Mencken’s birthday. Here are some of his better quotes:
The only thing scarier than being judged by your peers is driving with them.
I have a book club tonight. The Plague. I have always had disregard for the post-war philosophers. They, and particularly the French, seem so damaged by the experience they cannot think straight. Camus is a good novelist, though.
Mom has been all over the place the last weeks and has a down day today.
The AB thing has been strangely quiet.
Michael Burry, the mildly crazy doctor-turned-investor profiled in Michael Lewis’s book “The Big Short” for his call on the trouble lurking in mortgage-backed securities before the 2008 financial crisis, has a new big idea: "The bubble in passive investing through ETFs and index funds as well as the trend to very large size among asset managers has orphaned smaller value-type securities globally."
Any opinions on robot priests?
The average person can probably more easily accept Taylor Swift’s $185 million pay last year than the $17 million compensation for the average CEO of a large multinational corporation because they can easily and directly observe Taylor Swift’s superstar talent and understand why she earns such a high salary. But when it comes to the typical CEO of an S&P 500 company, the average person can’t observe that superstar CEO’s talent, and therefore they have a hard time understanding and accepting the fact that $17 million is just the market-based compensation in a labor market for top talent that is restricted to a small handful of executives who actually have the ability to effectively manage large multinational corporations. --Perry
In the eyes of the interventionists the mere existence of profits is objectionable. They speak of profit without dealing with its corollary, loss. They do not comprehend that profit and loss are the instruments by means of which the consumers keep a tight rein on all entrepreneurial activities.--Mises
This is a profound thought. The Left looks at capitalism and, strangely, sees nothing but success.
What makes Greenland particularly valuable to the United States is global warming. The unavoidable receding of Arctic sea ice will open a new sea route in the Arctic that can be used for both commercial and military vessels. In May, Secretary of State Mike Pompeo delivered an address at the Arctic Council Ministerial Meeting in Finland in which he pointed out that “steady reductions in sea ice are opening new passageways and new opportunities for trade. This could potentially slash the time it takes to travel between Asia and the West by as much as 20 days.” He added that the emerging “Arctic sea lanes could become the 21st-century Suez and Panama canals.”
GameStop shares spiked as much as 20% on Thursday after famed "Big Short" investor Michael Burry told Barrons he is going long on the beleaguered company. Burry was a major character in Michael Lewis' best-selling novel "The Big Short." He was portrayed by Christian Bale in the 2015 film adaptation. The investor was among the few to bet against subprime mortgages ahead of the 2008 financial crisis.
The average person can probably more easily accept Taylor Swift’s $185 million pay last year than the $17 million compensation for the average CEO of a large multinational corporation because they can easily and directly observe Taylor Swift’s superstar talent and understand why she earns such a high salary. But when it comes to the typical CEO of an S&P 500 company, the average person can’t observe that superstar CEO’s talent, and therefore they have a hard time understanding and accepting the fact that $17 million is just the market-based compensation in a labor market for top talent that is restricted to a small handful of executives who actually have the ability to effectively manage large multinational corporations. --Perry
In the eyes of the interventionists the mere existence of profits is objectionable. They speak of profit without dealing with its corollary, loss. They do not comprehend that profit and loss are the instruments by means of which the consumers keep a tight rein on all entrepreneurial activities.--Mises
This is a profound thought. The Left looks at capitalism and, strangely, sees nothing but success.
What makes Greenland particularly valuable to the United States is global warming. The unavoidable receding of Arctic sea ice will open a new sea route in the Arctic that can be used for both commercial and military vessels. In May, Secretary of State Mike Pompeo delivered an address at the Arctic Council Ministerial Meeting in Finland in which he pointed out that “steady reductions in sea ice are opening new passageways and new opportunities for trade. This could potentially slash the time it takes to travel between Asia and the West by as much as 20 days.” He added that the emerging “Arctic sea lanes could become the 21st-century Suez and Panama canals.”
GameStop shares spiked as much as 20% on Thursday after famed "Big Short" investor Michael Burry told Barrons he is going long on the beleaguered company. Burry was a major character in Michael Lewis' best-selling novel "The Big Short." He was portrayed by Christian Bale in the 2015 film adaptation. The investor was among the few to bet against subprime mortgages ahead of the 2008 financial crisis.
Shares of the video game retailer have fallen as much as 75% in 2019 as at-home digital downloads become more popular.
H.L. Mencken’s birthday
Today is H.L. Mencken’s birthday. Here are some of his better quotes:
1. Every election is a sort of advance auction sale of stolen goods.
2. A good politician is quite as unthinkable as an honest burglar.
3. A politician is an animal which can sit on a fence and yet keep both ears to the ground.
4. Democracy is a pathetic belief in the collective wisdom of individual ignorance.
5. Democracy is also a form of worship. It is the worship of jackals by jackasses.
6. Democracy is the art and science of running the circus from the monkey cage.
7. Democracy is the theory that the common people know what they want, and deserve to get it good and hard.
8. Every decent man is ashamed of the government he lives under.
9. If a politician found he had cannibals among his constituents, he would promise them missionaries for dinner.
10. For every complex problem there is an answer that is clear, simple, and wrong.
11. The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.
12. As democracy is perfected, the office of the president represents, more and more closely, the inner soul of the people. We move toward a lofty ideal. On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be adorned by a downright moron.
13. The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.
14. No democratic delusion is more fatuous than that all men are capable of reason, and hence susceptible to conversion by evidence.
12. As democracy is perfected, the office of the president represents, more and more closely, the inner soul of the people. We move toward a lofty ideal. On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be adorned by a downright moron.
13. The urge to save humanity is almost always only a false-face for the urge to rule it. Power is what all messiahs really seek: not the chance to serve.
14. No democratic delusion is more fatuous than that all men are capable of reason, and hence susceptible to conversion by evidence.
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