Some Reflections on Entrepreneurship and Life

Two years ago, I quit my job and founded Portico. 

At the time, I questioned the prudence of launching a business catering to an industry in cyclical — and perhaps structural — decline, and markets where fewer and fewer investors seem keen to tread. I mean, all the books say that you’re supposed to ride the wave of a growing industry, or at least choose one in which the customer base isn’t shrinking.

But, the thing about journeys is they start where you’re standing. So, I took the first step with a disregard for the macro and industry cycles. 

Two years later, those founding doubts persist.  Continue reading “Some Reflections on Entrepreneurship and Life”

The Wealth of Nations

Who’s wealthier, a Maasai elder or your average American?

A few years ago, my wife and I enjoyed a marvelous hike through the bush of Tanzania while on safari. After camping in the village of Nainokanoka, we set off early with Moloton, our Maasai guide, and we walked amongst the buffalo, gazelles, wildebeest, and zebra on our way to a campsite at Empakaai, a gorgeous crater lake that legions of flamingos call home.

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It was positively Edenic … I still can’t believe my wife did it while pregnant …

Anyway, as we walked through some of the villages, I noticed an abundance of domesticated animals grazing around the boma— cattle, goats, sheep, chickens.

Since this was a long hike, I had lots of time to get lost in thought. And I kept pondering the question at the top of this page. Continue reading “The Wealth of Nations”

A Reason for Optimism

About four years ago, I wrote a post called “The Reckoning.” In it, I put forward the idea that unsustainable economic trends in the United States would lead to the emergence of populist politics and demagogues.

In the conclusion, I suggested that this incipient “reckoning” was symptomatic of a cleavage between different generations’ perceptions of the world. Basically, (1) that the generation that grew up in the post-World War II era — which by definition is responsible for the state of the union — would be incapable of adapting to a world without American primacy; and, (2) that the generation coming of age in a period of entropy and uncertainty would be willing to take on the shibboleths that have impeded political progress.

I closed with the following: Continue reading “A Reason for Optimism”

Intangible Assets

I’ve been digging through some historical tax receipts data (#NerdAlert) to determine whether investment income — defined as net income from taxable interest, dividends, capital gains, and rent — has been rising as a share of gross income. To my surprise, it has been fairly flat at around 10% in recent years (see Exhibit 1). Continue reading “Intangible Assets”

Favorite Podcast Episodes (2017)

In The Inevitable, Kevin Kelly says that at least 27 new podcasts launch each day. That’s nearly 10,000 per year! And I bet that number has grown since his book was published.

I haven’t looked very hard for a solution, but one of my biggest headaches with podcasts is discovery: finding a new voice / perspective to which I want to listen. Since most podcasts target a niche, then by definition, to each listener, most podcasts are shit. Continue reading “Favorite Podcast Episodes (2017)”

Favorite Books of 2017

Recreational reading took a back seat to building my company and enjoying time with my family this year. So, I am limiting this year’s selection to my favorite six books. Continue reading “Favorite Books of 2017”

The Death of Graduate School?

The Republican tax plan is an odious hand-out to large corporations and a big 🖕 to most citizens and small businesses. Until I read this summary of the House Bill, I generally thought people who called Republicans corporatist bootlickers were being unfair. But here we are.

Anyway, two of the House Bill’s provisions are raising concerns about the future of postgraduate education: Continue reading “The Death of Graduate School?”

The Discontinuities between the Generations in History

With free time scarce, I find that shorter books make for better books. And lecture series can make for the best books of all. 

Discontinuities
Superb nap-time reading.

At 32 (small) pages, Sir Herbert Butterfield’s The Discontinuities between the Generations in History: Their Effect on the Transmission of Political Experience—delivered in 1971 as part of the Rede Lecture series—is a superb way to spend half an hour. Continue reading “The Discontinuities between the Generations in History”

The Lies of Vietnam

Source: National Archives and Records Administration.
President Lyndon B. Johnson in Vietnam: With General William Westmoreland, Lieutenant General Nguyen Van Thieu, Prime Minister Nguyen Cao Ky (South Vietnam). Source: National Archives and Records Administration.

Rarely have accomplishments turned out so totally at variance with intended objectives. The war did not save South Vietnam, it did not deter future aggression, it did not enhance the credibility of United States commitments elsewhere in the world, it did not prevent recriminations at home …

The American defeat there grew out of assumptions derived quite logically from th[e] strategy [of “flexible response”]: that the defense of Southeast Asia was crucial to the maintenance of world order; that force could be applied in Vietnam with precision and discrimination; that the means existed to evaluate performance accurately; and that success would enhance American power, prestige, and credibility in the world. These assumptions in turn reflected a curiously myopic preoccupation with process—a disproportionate fascination with means at the expense of ends—so that a strategy designed to produce a precise correspondence between intentions and accomplishments in fact produced just the opposite.1

But there is an even profounder understanding of history … [that] recognizes that injustice flows from the same source from which justice comes … This indictment may be regarded not only as a shrewd expression of the moral ambiguity of all government, as both an instrument of, and a peril to justice; it is, more profoundly considered, a recognition of the basic paradox of history. It recognizes that the creative and destructive possibilities of human history are inextricably intermingled. The very power which organizes human society and establishes justice, also generates injustice by its preponderance of power.2

Ken Burns and Lynn Novick’s The Vietnam War is extraordinary.

The immersive, 18-hour documentary captures the complexities, consequences, and emotions of the war, while placing today’s societal divisions in historical context. It mercilessly lays bare the unconscionable lies of U.S. statesmen and generals, and their betrayal of the country’s citizens, values, and decency.

You should watch it. Continue reading “The Lies of Vietnam”

Favorite Books of 2016

I didn’t read as much this year as I usually do. Apart from my son’s board books, I made it through 25 volumes, maybe, while several lie scattered around in varying states of incompletion. Alas, the demands of parenthood and launching a company necessitated that my energy be spent elsewhere.

In any event, given the slimmer pickings, I am limiting this year’s list to the top five. Continue reading “Favorite Books of 2016”