MarkFord
Did You Know? Burt Reynolds was offered the role of Han Solo in Star Wars. He took it, but then backed out.
Today’s Word: languid (adjective) Languid (LANG-gwid) means lacking in vigor or vitality. As used by Jonathan Swift: “As love without esteem is capricious and volatile, esteem without love is languid and cold.”
Collecting: The Best Way to Satisfy Your Inner Material Girl (or Guy)
Tuesday, September 18, 2018
Delray Beach, FL – I’m a big fan of rewarding yourself whenever you’ve made significant progress on any of your long-term goals – especially your wealth-building goals. If, say, you get a raise, start a new side business, or negotiate a great deal on a piece of income property… you should give yourself a present.
For some people, that could be a gourmet dinner or a weekend cruise. For others, it might be an expensive toy – maybe a designer watch, a wave runner, or a motorcycle. I’m not against vacations, toys, and dinners. They make life (and hard work) grand. But today, I would like to make an argument for another kind of reward – one that is tailor-made for wealth builders.
I’m talking about collecting.
How good is it? Let me count the ways:
Hiring Creatives? Standard Practice Doesn’t Work
Sunday, September 16, 2018
Delray Beach, FL– He needed a new editorial director. I asked him how the search was progressing. He said that someone was “currently reviewing resumes” for him.
That worried me.
Because when it comes to hiring members of your creative team, you are not looking for a specific set of skills. You are looking for superstars and potential superstars. And for them, conventional recruiting methods don’t work.
Academic credentials mean nothing.
Resumes don’t mean squat.
Relevant work experience is generally overrated and problematic. (Superstars are usually treated like superstars and therefore rarely appear in the job market.)
And re the initial review process… you have to be careful. You don’t want a sensible person doing that. They will cull out the “unqualified” and the “oddballs.” But superstars and potential superstars are usually both… so you have to make sure the reviewer understands what you are looking for.
What are you looking for?
You’re looking for temperament and talent. Someone who is very smart. And naturally contrarian. Also, someone that can play well with others.
You’re not looking for good. You’re looking for great.
What I’m Reading:
I have often made this argument in conversation but never in print. Had I tried I could not have done as well.
All the World on Stage
By Theodore Dalrymple in Taki’s Magazine
http://takimag.com/article/unfit-to-a-t
Worth Quoting: “Age considers; youth ventures.” – Rabindranath Tagore
Did You Know?: Smarter people have more zinc in their hair.
Today’s Word: meritorious (adjective) Something that is meritorious (mare-ih-TOR-ee-us) is deserving of honor or esteem. As used by St. Thomas Aquinas: “Not everything that is more difficult is more meritorious.”
Principles of Wealth: #19 of 60*
There are two ways that investments can build wealth. One is by the generation of income. The other is through appreciation – an increase in the value of the underlying asset.
Certain asset classes are inherently structured to increase value by generating income (e.g., bonds, CDs), while others increase value through appreciation (e.g., “growth stocks” and entrepreneurial businesses). But there are also many asset classes that provide both income and appreciation. The prudent wealth builder will likely have all three types of assets in his holdings, but he will favor those that provide both income and appreciation.
What’s the Truth About Employment in America Today?
Friday, September 14, 2018
Delray Beach, FL- In South Florida, it’s difficult to find contractors these days because the demand for new construction and renovations is stronger than it’s been in years.
It’s also tough to find qualified people for the publishing and marketing industries. It’s a good time to be looking for a job. Not a good time for finding employees.
I don’t know how this cut of the employment situation is countrywide, but in claiming “victory” for making America great again, President Trump has cited (among other things) record low unemployment statistics.
My colleague Bill Bonner had something to say about this recently on his blog https://bonnerandpartners.com.
President Reagan’s budget advisor, David Stockman, writes that, while the official unemployment rate has gone down, the number of full-time, “breadwinner” jobs in America, as reported by the Bureau of Labor Statistics in July, was 73.83 million.
When the century began 18 years ago, the number was 72.73 million. Only 1 million decent new jobs have been created – while the U.S. population has grown by 48 million people!
Almost all the rosy jobs numbers are traceable to 1) people dropping out of the workforce, 2) low-paid, part-time jobs in the leisure and medical service sectors, and 3) inflation.