Welcome to My World

From David Brooks:

“Sociologically, this campaign has been an education in how societies come apart. The Trump campaign has been like a flash flood that sweeps away the topsoil and both reveals and widens the chasms, crevices and cracks below. We are a far more divided society than we realized.”

Umm. Where you been David? This brown woman is and has been very aware that this is a divided society.  It seems it's just now being realized by others.


Economist Robert Shiller (horrible webpage aside) has some interesting thoughts on how we can embrace finance instead of condemning it. Which you might be tempted to do after you see this article.

"Shiller argues that, rather than condemning finance, we need to reclaim it for the common good. He makes a powerful case for recognizing that finance, far from being a parasite on society, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. We need more financial innovation--not less--and finance should play a larger role in helping society achieve its goals."

Only when we acknowledge that we don't live in a "Golden Rule"/Good Society can we get closer to being one.



The Soul of an Elephant

We know they undergo extensive education: babies from their whole doting families, newly fertile cows guided by the more experienced, lately independent bulls tagging along after their more magisterial superiors. In situations where these teaching opportunities are absent — babies orphaned or separated, cows giving birth alone in zoos, teenage males running rampant in places where all the older bulls have been shot for their tusks — their necessity is obvious. As good a guide as inborn instinct is in so many respects, this is one animal for which society, too, makes all the difference in the world. ~ The Soul of an Elephant

Just like humans, I might add.


Silicon Valley is Not a Meritocracy

Not long ago I had a rather heated debate with a young man at a happy hour for YGLs. The young man exclaimed that Silicon Valley is a special place because it is a meritocracy. I said that I agreed it is a nice place but Silicon Valley is not a meritocracy. He was angered by my comment and went on to try and convince me that I was wrong (the irony of us talking in a high end hotel among an exclusive group notwithstanding). I've often revisited that exchange in my head and when I saw Ben Bernanke's graduation address, I thought I would share it because he puts it far better than I did.


From Ben Bernanke to Princeton Grads

The concept of success leads me to consider so-called meritocracies and their implications. We have been taught that meritocratic institutions and societies are fair. Putting aside the reality that no system, including our own, is really entirely meritocratic, meritocracies may be fairer and more efficient than some alternatives. But fair in an absolute sense? Think about it. A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement, and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate -- these are the folks who reap the largest rewards. The only way for even a putative meritocracy to hope to pass ethical muster, to be considered fair, is if those who are the luckiest in all of those respects also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others. As the Gospel of Luke says (and I am sure my rabbi will forgive me for quoting the New Testament in a good cause): "From everyone to whom much has been given, much will be required; and from the one to whom much has been entrusted, even more will be demanded." Kind of grading on the curve, you might say.

My point? Silicon Valley is filled with the very lucky (myself included). But sadly, many don't realize that.