Month: March 2017

Venture Capitalists Expect Future Successful Entrepreneurs to Look Like Recent Successful Entrepreneurs

(p. 4) In recent months, the fund-raising atmosphere has cooled as venture capitalists react to the poor stock market performance of some public tech companies and question whether the recent fast pace of investment is sustainable. Venture capitalists are making fewer investments at lower valuations.
“There is this delusion that it’s easy to raise money in Silicon Valley,” said Sam Altman, president of Y Combinator, a mentorship and investment program for start-ups. “Raising money is incredibly hard.”
. . .
Venture capitalists, who hold the keys to success in Silicon Valley by providing start-up money, are even more likely to be white and male than tech company employees are. Theirs is an insular business. Most investors accept pitches only from entrepreneurs who come through an introduction, and they tend to finance people who have succeeded before, or who remind them of those who did.
According to a 2014 study published by the National Academy of Sciences, investors prefer pitches by men, particularly attractive men, to those by women, even when the content of the pitch is the same. In addition to studying the results of three entrepreneurial pitch competitions, the researchers conducted two experiments in which a representative sample of working adults heard identical pitches in male and female voices. Sixty-eight percent of people preferred to finance the company when it was pitched by a male voice, while 32 percent chose the female.
. . .
At the gender discrimination trial last year against Kleiner Perkins Caufield & Byers, which the venture capital firm won, female employees said they were excluded from a ski trip, denied credit for deals they brought to the firm, and told they both didn’t speak up enough and talked too much.
“I feel like it’s a lot more nuanced and sometimes it’s subconscious,” said Julia Hu, the founder and chief executive of Lark, which makes a health and weight-loss app. “V.C.s are pattern matchers, and they’re just used to seeing men like themselves.”
Many women convey confidence and leadership in a different way than men do, she said. As an Asian woman, she said, she was raised to be humble and quiet and felt uncomfortable promoting her skills. “To try to be who I thought they wanted me to be, which was another Mark Zuckerberg, was actually very difficult for me without feeling inauthentic.”

For the full story, see:
Miller, Claire Cain. “The Venture Capital Ceiling.” The New York Times, SundayBusiness Section (Sun., FEB. 28, 2016): 1 & 4-5.
(Note: ellipses added.)
(Note: the online version of the story has the date FEB. 27, 2016, and has the title “What It’s Really Like to Risk It All in Silicon Valley.”)

The National Academy of Sciences study mentioned above, is:
Wood Brooks, Alison, Laura Huang, Sarah Wood Kearney, and Fiona E. Murray. “Investors Prefer Entrepreneurial Ventures Pitched by Attractive Men.” Proceedings of the National Academy of Sciences of the United States of America 111, no. 12 (March 25, 2014): 4427-31.

Oil Rich Socialist Venezuela Is Importing Oil from Capitalist United States

(p. A1) EL FURRIAL, Venezuela — One oil rig was idle for weeks because a single piece of equipment was missing. Another was attacked by armed gangs who made off with all they could carry. Many oil workers say they are paid so little that they barely eat and have to keep watch over one another in case they faint while high up on the rigs.
Venezuela’s petroleum industry, whose vast revenues once fueled the country’s Socialist-inspired revolution, underwriting everything from housing to education, is spiraling into disarray.
To add insult to injury, the Venezuelan government has been forced to turn to its nemesis, the United States, for help.
“You call them the empire,” said Luis Centeno, a union leader for the oil workers, referring to what government officials call the United States, “and yet you’re buying their oil.”

For the full story, see:
NICHOLAS CASEY and CLIFFORD KRAUSSSEPT. “How Badly Is Oil-Rich Venezuela Failing? It’s Importing U.S. Oil.” The New York Times (Weds., SEPT. 21, 2016): A1 & A12.
(Note: the online version of the article has the date SEPT. 20, 2016, and has the title “How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil.”)

British Socialized Medicine Refused to Save Life of Critic Who Loved America

(p. A29) A. A. Gill, an essayist and cultural critic whose stylishly malicious restaurant reviews for The Sunday Times made him one of Britain’s most celebrated journalists, died on Saturday [December 7, 2016] in London. He was 62.
Martin Ivens, the editor of The Sunday Times, announced the death, calling Mr. Gill “the heart and soul of the paper.” The cause was lung cancer.
. . .
In a long article published Sunday [December 8, 2016], after his death, Mr. Gill wrote, without rancor, that Britain’s National Health Service had refused to pay for immunotherapy that he said might have extended his life.
. . .
As a contributing editor at Vanity Fair, he dismissed the pâté at the beloved Paris bistro L’Ami Louis as tasting like “pressed liposuction.” The shrimp and foie gras dumplings at Jean-Georges Vongerichten’s Asian restaurant 66, in Manhattan, were “fishy liver-filled condoms,” he wrote, “with a savor that lingered like a lovelorn drunk and tasted as if your mouth had been used as the swab bin in an animal hospital.”
Vituperation was not his only mode. He could praise. He could turn an elegant phrase and toss off a pithy bon mot. “America’s genius has always been to take something old, familiar and wrinkled and repackage it as new, exciting and smooth,” he wrote in “The Golden Door: Letters to America” (2012), published in the United States in 2013 as “To America With Love.”
. . .
“When people fatuously ask me why I don’t write constructive criticism, I tell them there is no such thing,” he wrote in his memoir. “Critics do deconstructive criticism. If you want compliments, phone your mother.”

For the full obituary, see:
WILLIAM GRIMES. “A. A. Gill Dies at 62; Skewered Britain’s Restaurants.” The New York Times (Tues., DEC. 13, 2016): A29.
(Note: ellipses, and bracketed dates, added.)
(Note: the online version of the obituary has the date DEC. 12, 2016, and has the title “A. A. Gill, Who Gleefully Skewered Britain’s Restaurants, Dies at 62.”)

Gill’s book praising America, is:
Gill, A.A. To America with Love. Reprint ed. New York: Simon & Schuster, 2013.

Pope Francis Has “a Great Allergy to Economic Things”

(p. A7) ABOARD THE PAPAL AIRPLANE — Pope Francis has dedicated his papacy to the plight of the poor and delivered severe critiques of economic systems that benefit the rich. But flying back to Rome from his eight-day visit to Latin America, Francis admitted he had overlooked a group.
He has delivered few messages for the global middle class.
“Thank you,” he replied, after a German journalist, Ludwig Ring-Eifel, asked about the omission. “It’s a good correction, thanks. You are right. It’s an error of mine not to think about this.”
. . .
In fact, the pope expressed “a great allergy to economic things,” explaining that his father had been an accountant who often brought work home on weekends.
“I don’t understand it very well,” he said of economics, even though the issue of economic justice has become central to his papacy.
. . .
“Then, on the middle class, there are some words that I’ve said — but a little in passing,” he said, musing. “But talking about the common people, the simple people, the workers, that is a great value, no? But I think you’re telling me about something I need to do. I need to delve further into this.”

For the full story, see:
JIM YARDLEY. “In His Focus on Rich and Poor, Pope Admits to Overlooking the Middle Class.” The New York Times (Tues., JULY 14, 2015): A7.
(Note: ellipses added.)
(Note: the online version of the story has the date JULY 13, 2015, and has the title “Pope Francis Says He’s Overlooked the World’s Middle Class.”)

Solar Power Plants Generate Far Less Electricity than Predicted

(p. B1) Some costly high-tech solar power projects aren’t living up to promises their backers made about how much electricity they could generate.
Solar-thermal technology, which uses mirrors to capture the sun’s rays, was once heralded as the advance that would overtake old fashioned solar panel farms. But a series of missteps and technical difficulties threatens to make newfangled solar-thermal technology obsolete.
The $2.2 billion Ivanpah solar power project in California’s Mojave Desert is supposed to be generating more than a million megawatt-hours of electricity each year. But 15 months after starting up, the plant is producing just 40% of that, according to data from the U.S. Energy Department.
. . .
One big miscalculation was that the power plant requires far more steam to run smoothly and efficiently than originally thought, according to a document filed with the California Energy Commission. Instead of ramping up the plant each day before sunrise by burning one hour’s worth of natural gas to generate steam, Ivanpah needs more than four times that much help from fossil fuels to get the plant humming every morning. Another unexpected problem: not enough sun. Weather predictions for the area underestimated the amount of cloud cover that has blanketed Ivanpah since it went into service in 2013.
Ivanpah isn’t the only new solar-thermal project struggling to energize the grid. A large mirror-powered plant built in Arizona almost two years ago by Abengoa SA of Spain has also had its share of hiccups. Designed to deliver a million megawatt hours of power annually, the plant is putting out roughly half that, federal data show.

For the full story, see:
CASSANDRA SWEET. “High-Tech Solar Plants Fail to Deliver.” The Wall Street Journal (Sat., June 13, 2015): B1 & B4.
(Note: ellipsis added.)
(Note: the online version of the story has the date June 12, 2015, and has the title “High-Tech Solar Projects Fail to Deliver.”)

Americans Increasingly Buying Guns for Self-Defense

(p. A11) A new study of gun ownership in the United States notes a shift: Americans are increasingly interested in handguns, the types of small weapons that are easily hidden and used for self-defense, rather than rifles and shotguns used for hunting and shooting sports.
The study, conducted in 2015 by researchers from Harvard and Northeastern, sought to better understand the size and composition of the country’s gun inventory. It found that handguns made up 42 percent of the country’s privately owned firearms, up from 34 percent in 1994.

For the full story, see:
JULIE TURKEWITZ and TROY GRIGGS. “Looking for Security, More in U.S. Pick Up a Handgun.” The New York Times (Sat., OCT. 15, 2016): A11.
(Note: the online version of the story has the date OCT. 14, 2016, and has the title “Handguns Are the New Home Security.”)

Hitler Could Not Face Reality (or His Conscience?) Without Opiates and Cocaine

(p. C1) Given the sheer tonnage of books already devoted to the Nazis and Hitler, you might assume that everything interesting, terrible and bizarre is already known about one of history’s most notorious regimes and its genocidal leader. Then along comes Norman Ohler, a soft-spoken 46-year-old novelist from Berlin, who rummages through military archives and emerges with this startling fact: The Third Reich was on drugs.
All sorts of drugs, actually, and in stupefying quantities, as Mr. Ohler documents in “Blitzed: Drugs in Nazi Germany,” a best seller in Germany and Britain that will be published in the United States by Houghton Mifflin Harcourt in April [2017]. He was in New York City last week and sat for an interview before giving a lecture to a salon in a loft in the East Village, near Cooper Union.
. . .
. . . the most vivid portrait of abuse and withdrawal in “Blitzed” is that of Hitler, who for years was regularly injected by his personal physician with powerful opiates, like Eukodal, a brand of oxycodone once praised by William S. Burroughs as “truly awful.” For a few undoubtedly euphoric months, Hitler was also getting swabs of high-grade cocaine, a sedation and stimulation combo that Mr. Ohler likens to a “classic speedball.”
. . .
(p. C4) “There are all these stories of party leaders coming to complain about their bombed-out cities,” Mr. Ohler said, “and Hitler just says: ‘We’re going to win. These losses make us stronger.’ And the leaders would say: ‘He knows something we don’t know. He probably has a miracle weapon.’ He didn’t have a miracle weapon. He had a miracle drug, to make everyone think he had a miracle weapon.”
Lanky and angular, Mr. Ohler quietly conveys the mordant humor that occasionally surfaces in his book, which has a chapter titled “High Hitler.”

For the full interview, see:
DAVID SEGAL. “How Hitler’s Henchmen Were Kept Hopped Up.” The New York Times (Fri., December 10, 2016): C1 & C4.
(Note: ellipses, and bracketed year, added.)
(Note: the online version of the interview has the date Dec. 9, 2016, and has the title “High on Hitler and Meth: Book Says Nazis Were Fueled by Drugs.”)

The book mentioned in the interview, is:
Ohler, Norman. Blitzed: Drugs in the Third Reich. Translated by Shaun Whiteside. Boston, MA: Houghton Mifflin Harcourt, 2017.

Northwest Passage Cruise Ship Sells Out in Three Weeks

(p. B1) Norwegian explorer Roald Amundsen took three years in the early 1900s to complete the first successful navigation of the Northwest Passage, the ice-choked arctic sea route connecting the Pacific and Atlantic. Only in 1944, did a ship make it through in a single year.
This summer, the Crystal Serenity–a 820-foot-long, 13-deck cruise ship with a casino, a movie theater, six restaurants and a driving range–is planning to steam through in less than a month.
Operated by Los Angeles-based Crystal Cruises LLC, the trip sold out in three weeks, with some 1,000 would-be passengers paying about $22,000 each.
. . .
About 200 ships have traversed the 900-mile route since Amundsen’s voyage between 1903 and 1906. But most of those have gone through just in the last decade as ocean warming diminishes ice cover further, and for longer, during the summer months.

For the full story, see:
Costas Paris. “Luxury Cruise to Conquer Northwest Passage.” The Wall Street Journal (Weds., May 11, 2016): B1-B2.
(Note: ellipsis added.)
(Note: the online version of the story has the date May 10, 2016, and has the title “Luxury Cruise to Conquer Northwest Passage.”)

Mice Genome Reprogrammed to Rejuvenate Organs and Extend Life

(p. A22) At the Salk Institute in La Jolla, Calif., scientists are trying to get time to run backward.
Biological time, that is. In the first attempt to reverse aging by reprogramming the genome, they have rejuvenated the organs of mice and lengthened their life spans by 30 percent. The technique, which requires genetic engineering, cannot be applied directly to people, but the achievement points toward better understanding of human aging and the possibility of rejuvenating human tissues by other means.
The Salk team’s discovery, reported in the Thursday issue of the journal Cell, is “novel and exciting,” said Jan Vijg, an expert on aging at the Albert Einstein College of Medicine in New York.
Leonard Guarente, who studies the biology of aging at M.I.T., said, “This is huge,” citing the novelty of the finding and the opportunity it creates to slow down, if not reverse, aging. “It’s a pretty remarkable finding, and if it holds up it could be quite important in the history of aging research,” Dr. Guarente said.
. . .
Ten years ago, the Japanese biologist Shinya Yamanaka amazed researchers by identifying four critical genes that reset the clock of the fertilized egg. The four genes are so powerful that they will reprogram even the genome of skin or intestinal cells back to the embryonic state.
. . .
Dr. Izpisua Belmonte believes these beneficial effects have been obtained by resetting the clock of the aging process. The clock is created by the epigenome, the system of proteins that clads the cell’s DNA and controls which genes are active and which are suppressed.
. . .
Dr. Izpisua Belmonte sees the epigenome as being like a manuscript that is continually edited. “At the end of life there are many marks and it is difficult for the cell to read them,” he said.
What the Yamanaka genes are doing in his mice, he believes, is eliminating the extra marks, thus reverting the cell to a more youthful state.
The Salk biologists “do indeed provide what I believe to be the first evidence that partial reprogramming of the genome ameliorated symptoms of tissue degeneration and improved regenerative capacity,” Dr. Vijg said.

For the full story, see:
NICHOLAS WADE. “Scientists Learn About Human Aging by Lengthening the Life Span of Mice.” The New York Times (Fri., DEC. 16, 2016): A22.
(Note: ellipses added.)
(Note: the online version of the story has the date DEC. 15, 2016, and has the title “Scientists Say the Clock of Aging May Be Reversible.”)

1.87 Births Per U.S. Couple in 2015

(p. A2) The U.S. is experiencing a baby lull that looks set to last for years, a shift demographers say will likely ripple through the U.S. economy and have an impact on everything from maternity wards to federal social programs.
. . .
Demographic Intelligence, a Charlottesville, Va., firm that forecasts birth trends, projects there were about 4 million babies born in the U.S. in 2015, up slightly from the 3.99 million babies born the previous year. The total fertility rate–a snapshot that measures the number of births the average woman will have during her lifetime–is expected to rise to 1.87 in 2015 from 1.86 the previous year, according to the firm. It says its projections, which rely on unemployment rates, consumer-confidence measures and other variables, have been about 99% accurate in recent years.
That is well below the relatively strong fertility rates that started during the late 1980s and lasted until 2007, when the total fertility rate peaked at 2.12 babies per woman.

For the full story, see:
JANET ADAMY. “Low Birth Rate Poses Economic Challenge.” The Wall Street Journal (Weds., May 11, 2016): A2.
(Note: ellipsis added.)
(Note: the online version of the story has the date May 10, 2016, and has the title “Baby Lull Promises Growing Pains for Economy.” The passages quoted above include a sentence (at the end of the second quoted paragraph) that appears in the online, but not in the print, version.)