Tyler Cowen, writing for The Atlantic:
When I’m out looking for food, and I come across a restaurant where the patrons are laughing and smiling and appear very sociable, I become wary. Don’t get me wrong. Having fun is a fine ambition, but it’s not the same thing as eating good food. Many restaurants, especially in downtown urban areas, fill seats—and charge high prices—by creating social scenes for drinking, dating, and carousing. They’re not using the food to draw in their customers. The food in most of these places is “not bad,” because the restaurant needs to maintain a trendy image. The menu will feature some kind of overpriced fusion cuisine, sponsored by a famous or semi-famous chef who is usually absent. There are worse places to eat, but if I’m spending my own money, I’ll usually give these a pass.
I also start to worry if many women in a restaurant are beautiful in a trendy or stylish way. The point is not that beautiful women have bad taste in food. Instead, the problem is that they will attract a lot of men to the restaurant, whether or not the place serves excellent food. And that allows the restaurant to cut back on the quality of the food.
Good advice, especially if you live or are visiting NYC. Also Cowen’s tip on choosing restaurants in Manhattan on the streets over those on the avenues is very accurate and also makes a lot of sense:
Manhattan’s avenues tend to have higher rents than its streets. Given the long, thin shape of the island, the north-south avenues carry more vehicular and foot traffic. That neat Korean place can make ends meet on 35th, but it would not survive on Fifth Avenue. No matter where you are, turning just a bit off the main drag can yield a better meal for your money.
Arthur T. Vanderbilt II, quoted in Fortune’s Children: The Fall of the House of Vanderbilt:
Within thirty years after the death of Commodore Vanderbilt in 1877, no member of his family was among the richest people in the United States, having been supplanted by such new titans as Rockefeller, Carnegie, Frick, and Ford. Forty-eight years after his death, one of his direct descendants died penniless. Within seventy years of his death, the last of the great Vanderbilt mansions on Fifth Avenue had made way for modern office buildings. When 120 of the Commodore’s descendants gathered at Vanderbilt University in 1973 for the first family reunion, there was not a millionaire among them.
“Any fool can make a fortune,” the Commodore had told his son William, whom he still called Billy, shortly before he died. “It takes a man of brains to hold on to it after it is made.”
Vaclav Smil, writing in Growth: From Microorganisms to Megacities:
Taking temporarily high rates of annual exponential growth as indicators of future long-term developments is a fundamental mistake — but also an enduring habit that is especially favored by uncritical promoters of new devices, designs, or practices: they take early-stage growth rates, often impressively exponential, and use them to forecast an imminent dominance of emerging phenomena.
Many recent examples can illustrate this error, and I have chosen the capacity growth of Vestas wind turbines, machines leading the shift toward the de-carbonization of global electricity generation. This Danish maker began its sales with a 55 kW machine in 1981; by 1989 it had a turbine capable of 225 kW; a 600 kW machine was introduced in 1995; and a 2 MW unit followed in 1999. The best-fit curve for this rapid growth trajectory of the last two decades of the 20th century (five-parameter logistic fit with R2 of 0.978) would have predicted designs with capacity of nearly 10 MW in 2005 and in excess of 100 MW by 2015. But in 2018 the largest Vestas unit available for onshore installations was 4.2 MW and the largest unit suitable for offshore wind farms was 8 MW that could be upgraded to 9 MW (Vestas 2017a), and it is most unlikely that a 100 MW machine will be ever built.
This example of a sobering contrast between early rapid advances of a technical innovation followed by inevitable formation of sigmoid curves should be recalled whenever you see news reports about all cars becoming electric by 2025 or new batteries having impressively higher energy densities by 2030.
But the final, inescapable power of this reality may seem inapplicable in those cases where exponential growth has been underway for an extended period of time and when it keeps setting new record levels. More than a few normally rational people have been able to convince themselves — by repeating the mantra “this time it is different” — that performances will keep on multiplying for a long time to come.
Bertrand Russell, writing in History of Western Philosophy:
Science tells us what we can know, but what we can know is little, and if we forget how much we cannot know we become insensitive to many things of very great importance. Theology, on the other hand, induces a dogmatic belief that we have knowledge where in fact we have ignorance, and by doing so generates a kind of impertinent insolence towards the universe. Uncertainty, in the presence of vivid hopes and fears, is painful, but must be endured if we wish to live without the support of comforting fairy tales. It is not good either to forget the questions that philosophy asks, or to persuade ourselves that we have found indubitable answers to them.
Ruth Bader Ginsburg, via The New York Times:
Another often-asked question when I speak in public: “Do you have some good advice you might share with us?” Yes, I do. It comes from my savvy mother-in-law, advice she gave me on my wedding day. “In every good marriage,” she counseled, “it helps sometimes to be a little deaf.” I have followed that advice assiduously, and not only at home through 56 years of a marital partnership nonpareil. I have employed it as well in every workplace, including the Supreme Court. When a thoughtless or unkind word is spoken, best tune out. Reacting in anger or annoyance will not advance one’s ability to persuade.
Nathan J. Robinson, writing for Current Affairs:
Paywalls are justified, even though they are annoying. It costs money to produce good writing, to run a website, to license photographs. A lot of money, if you want quality. Asking people for a fee to access content is therefore very reasonable. You don’t expect to get a print subscription to the newspaper gratis, why would a website be different? I try not to grumble about having to pay for online content, because I run a magazine and I know how difficult it is to pay writers what they deserve.
But let us also notice something: the New York Times, the New Yorker, the Washington Post, the New Republic, New York, Harper’s, the New York Review of Books, the Financial Times, and the London Times all have paywalls. Breitbart, Fox News, the Daily Wire, the Federalist, the Washington Examiner, InfoWars: free! You want “Portland Protesters Burn Bibles, American Flags In The Streets,” “The Moral Case Against Mask Mandates And Other COVID Restrictions,” or an article suggesting the National Institutes of Health has admitted 5G phones cause coronavirus — they’re yours. You want the detailed Times reports on neo-Nazis infiltrating German institutions, the reasons contact tracing is failing in U.S. states, or the Trump administration’s undercutting of the USPS’s effectiveness — well, if you’ve clicked around the website a bit you’ll run straight into the paywall. This doesn’t mean the paywall shouldn’t be there. But it does mean that it costs time and money to access a lot of true and important information, while a lot of bullshit is completely free.
Jason Alan Jankovsky, writing in Time Compression Trading:
J. P. Morgan tells the story of how he would get his shoes shined every Wednesday at the same shop around the corner from his oﬃce. One day the shoe shine attendant asked him if he and his friends could buy some stock through Morgan’s brokerage. The three friends had about $40—a lot of money in 1929. Morgan politely refused, hurried back to his oﬃce, and ordered that his company was not to have a single share of stock on its books by the end of the day. Morgan simply asked, “If the shoe shine boys are buying stocks, who else is left?” Of course, the 1929 stock market crash was only a few days away, and Morgan looked like a genius. He was not a genius; he noted that the order ﬂow was likely running out on the buy side. It wasn’t his army of analysts that showed him that. It was a public investor.
Robinhood day traders are the new shoe shine boys.
Random Reddit find (author unknown):
The shopping cart is the ultimate litmus test for whether a person is capable of self-governing.
To return the shopping cart is an easy, convenient task and one which we all recognize as the correct, appropriate thing to do. To return the shopping cart is objectively right. There are no situations other than dire emergencies in which a person is not able to return their cart. Simultaneously, it is not illegal to abandon your shopping cart. Therefore the shopping cart presents itself as the apex example of whether a person will do what is right without being forced to do it. No one will punish you for not returning the shopping cart, no one will fine you or kill you for not returning the shopping cart, you gain nothing by returning the shopping cart. You must return the shopping cart out of the goodness of your own heart. You must return the shopping cart because it is the right thing to do. Because it is correct.
A person who is unable to do this is no better than an animal, an absolute savage who can only be made to do what is right by threatening them with a law and the force that stands behind it.
The shopping cart is what determines whether a person is a good or bad member of society.