Art Diamond – Page 193 – artdiamondblog.com

Malcolm Gladwell, on Harvard, Rings True to Debbie Sterling

Debbie Sterling, GoldieBlox entrepreneur. Source of photo: online version of the NYT article quoted and cited below.

(p. 2) Debbie Sterling is the founder and chief executive of GoldieBlox, a toy company dedicated to encouraging girls’ interest in engineering and construction.

READING I just started “David and Goliath,” by Malcolm Gladwell. He has some really interesting statistics about how at the top-tier universities like Stanford and Harvard, freshmen who go into engineering often fall out versus if those same students had gone to a second-tier school, they would have been in the top of their class and therefore would have stayed in. It really spoke to me because I was definitely one of those engineering students at Stanford who constantly felt like I was surrounded by geniuses. I was intimidated, but I stayed because I am just so stubborn.

For the full interview, see:
KATE MURPHY, interviewer. “DOWNLOAD; Debbie Sterling.” The New York Times, SundayReview Section (Sun., December 22, 2013): 2.
(Note: bold in original, indicating that what follows are the words of Debbie Sterling.)
(Note: the online version of the interview has the date December 21, 2013.)

Book that “spoke to” Sterling:
Gladwell, Malcolm. David and Goliath: Underdogs, Misfits, and the Art of Battling Giants. New York, NY: Little, Brown and Company, 2013.

The Law-Breaking Entrepreneur as “Savior”

(p. A11) This is a simple lesson in free-market economics, provided courtesy of the harsh winter weather of recent days in the eastern half of the U.S. Coincidentally, the annual meetings of the American Economic Association were scheduled to take place in Philadelphia, from Jan. 3-6. My friend and colleague, Haizheng Li, flew in to Philadelphia late in the evening of Thursday, Jan. 2, landing around 10:45. As he later told me, by then it was snowing heavily. Because of backed-up air traffic, the pilot was not able to park at their arrival gate for 40 minutes. After de-planing, Haizheng waited for another 40 minutes to retrieve his luggage.
. . .
Haizheng and a number of other passengers were facing the grim prospect of an uncomfortable night at the airport. The food vendors were all closed. Haizheng was tired and hungry–and he was scheduled to make a presentation at 8 the next morning.
Unexpectedly, out of the night came a savior. A man walked through baggage claim asking whether any of the recently arrived passengers needed transportation to one of the downtown hotels. Haizheng didn’t ask what the ride might cost, he just said yes. As it turned out, the man took six stranded passengers, plus luggage, to their hotels for $25 each.
No doubt in doing so he broke at least one, probably several, laws regarding passenger transport that are designed to prop up the local taxi cartel. Yet this man’s action dramatically improved the lives of six individuals, each of whom undoubtedly would have been willing to pay much more than $25 to get from the airport to their respective hotels. Haizheng told me he would have paid a lot more.

For the full commentary, see:
DAVID N. LABAND. “An Economics Lesson at the Baggage Carousel; Government-regulated taxis weren’t around in a snowstorm. Then came a man with a car and price.” The Wall Street Journal (Fri., Jan. 10, 2014): A11.
(Note: ellipsis added; italics in original.)
(Note: the online version of the article has the date Jan. 9, 2014.)

China’s Cultural Revolution Shows Need for Rule of Law

“”I was too scared. I couldn’t stop it. I was afraid of being called a counterrevolutionary, of having to wear a dunce’s hat.” CHEN XIAOLU” Source of caption and photo: online version of the NYT article quoted and cited below.

(p. A5) BEIJING — ON the surface, at least, there is not much about Chen Xiaolu to suggest a lifetime of regret.

The son of one of Communist China’s founding generals, he enjoyed privilege at an early age and then a career as a business consultant that took him around the world. Now 67, he relaxes on golf courses in Scotland and southern France and eschews the dark suits and high-maintenance black hair of most affluent Chinese men for casual shirts and a gray buzz cut.
But beneath the genial exterior is a memory that has haunted him for nearly 50 years. There he was, back in high school, a fresh-faced member of the volleyball team and a student leader in Mao Zedong’s Cultural Revolution, ordering teachers to line up in the auditorium, dunce caps on their bowed heads. He stood there, excited and proud, as thousands of students howled abuse at the teachers.
Then, suddenly, a posse stormed the stage and beat them until they crumpled to the floor, blood oozing from their heads. He did not object. He simply fled. “I was too scared,” he recalled recently in one of several interviews at a restaurant near Tiananmen Square, not far from his alma mater, No. 8 Middle School, which catered to the children of the Mao elite. “I couldn’t stop it. I was afraid of being called a counterrevolutionary, of having to wear a dunce’s hat.”
A ripple of confessions about the Cultural Revolution from former Red Guards, most of them retired men of modest backgrounds, has surfaced in the last few months. But it was Mr. Chen’s decision to step forward in August with a public apology that has drawn the most attention, raising hopes that a nation so determined to define its future might finally be moving to confront the horrors of its past.
He did so, he said, not only for personal redemption but also for profound reasons to do with China’s political development that must include the rule of law.
. . .
Mr. Chen’s remorse stands out because of his stature, then and now. He is quite candid that as the son of Chen Yi, a founder of Communist China and its longtime foreign minister, he was handed the mantle of immense authority during the decisive, early days of the Cultural Revolution.
. . .
THE Cultural Revolution remains largely hidden from view in China as successive governments have discouraged discussion of the turmoil and terror that Mao orchestrated to perpetuate his rule but that almost brought the country to its knees.
. . .
A particularly delicate subject for the party has been the number of people killed.
In Beijing alone, about 1,800 people died during August and September 1966, the height of the frenzy, when Mao first deployed students as Red Guards to turn against the party, according to the historians Roderick MacFarquhar and Michael Schoenhals. Estimates range from 1.5 million to three million dead across China from 1966 to 1976.
. . .
In a speech in early 1967, Chen Yi dared to criticize the Cultural Revolution. Mao sidelined him, and the man who had greeted every foreign leader to the new China was subjected to a humiliating self-criticism session and ordered to stay at home.

For the full story, see:
JANE PERLEZ. “THE SATURDAY PROFILE; A Leader in Mao’s Cultural Revolution Faces His Past.” The New York Times (Sat., December 7, 2013): A5.
(Note: ellipses added.)
(Note: the online version of the article has the date December 6, 2013.)

“Mr. Xiaolu [sic], center, with Zhou Enlai, right, in the early 1970s at a funeral.” Source of caption and photo: online version of the NYT article quoted and cited above.

“Despising to Bury in the Ground Any of the Talents . . . Which Might Reach His Coffers”

(p. 97) . . . , Carnegie was concerned that he was overextended. From Dresden, in mid-November, he half jokingly apologized to his brother for placing his–and the family’s–finances in jeopardy. “Your finances are reputed far from healthy,” he had written Tom. “But how can they ever be otherwise? It was never intended. One of the firm, at least, was made to be forever head and ears in debt and to crowd full sail, despising to bury in the ground any of the talents (silver talents, I mean) which might reach his coffers, or to lie long under the suspicion of having at the bank even a moderate balance upon the right side of the ledger.” Carnegie had fantasized that “a whole year’s absence from opening up new enterprises… while the funds remained in charge of a super man, might possibly afford him, upon his return, a new sensation,” that of being solvent. But that was not going to happen.

Source:
Nasaw, David. Andrew Carnegie. New York: Penguin Press, 2006.
(Note: ellipsis in title and at start added; ellipsis in Carnegie quote near end, in original.)
(Note: the pagination of the hardback and paperback editions of Nasaw’s book are the same.)

In 20th Century, Inventions Had Cultural Impact Twice as Fast as in 19th Century

I used Google’s Ngram tool to generate the Ngram above, using the same technologies used in the Ngram that appeared in the print (but not the online) version of the article quoted and cited below. The blue line is “railroad”; the red line is “radio”; the green line is “television”; the orange line is “internet.” The search was case-insensitive. The print (but not the online) version of the article quoted and cited below, includes a caption that describes the Ngram tool: “A Google tool, the Ngram Viewer, allows anyone to chart the use of words and phrases in millions of books back to the year 1500. By measuring historical shifts in language, the tool offers a quantitative approach to understanding human history.”

(p. 3) Today, the Ngram Viewer contains words taken from about 7.5 million books, representing an estimated 6 percent of all books ever published. Academic researchers can tap into the data to conduct rigorous studies of linguistic shifts across decades or centuries. . . .
The system can also conduct quantitative checks on popular perceptions.
Consider our current notion that we live in a time when technology is evolving faster than ever. Mr. Aiden and Mr. Michel tested this belief by comparing the dates of invention of 147 technologies with the rates at which those innovations spread through English texts. They found that early 19th-century inventions, for instance, took 65 years to begin making a cultural impact, while turn-of-the-20th-century innovations took only 26 years. Their conclusion: the time it takes for society to learn about an invention has been shrinking by about 2.5 years every decade.
“You see it very quantitatively, going back centuries, the increasing speed with which technology is adopted,” Mr. Aiden says.
Still, they caution armchair linguists that the Ngram Viewer is a scientific tool whose results can be misinterpreted.
Witness a simple two-gram query for “fax machine.” Their book describes how the fax seems to pop up, “almost instantaneously, in the 1980s, soaring immediately to peak popularity.” But the machine was actually invented in the 1840s, the book reports. Back then it was called the “telefax.”
Certain concepts may persevere, even as the names for technologies change to suit the lexicon of their time.

For the full story, see:
NATASHA SINGER. “TECHNOPHORIA; In a Scoreboard of Words, a Cultural Guide.” The New York Times, SundayBusiness Section (Sun., December 8, 2013): 3.
(Note: ellipsis added; bold in original.)
(Note: the online version of the article has the date December 7, 2013.)

Gates Is Only One Who Can Reshape Microsoft’s Culture

(p. 1D) Bill Gates should serve as Microsoft Corp.’s chief executive officer for a year as the software company he co-founded seeks a replacement for Steve Ballmer, Charles Schwab said Wednesday [November 20, 2013] at a conference in Chicago. . . . “I think it would behoove Gates to go back for at least a year,” Schwab said. “He’s the only guy who can really reshape the cultural aspects. Otherwise the organization will spit anybody out, anybody coming in.”

For the full story, see:
“Schwab Suggests Gates Return as CEO.” Omaha World-Herald (THURSDAY, NOVEMBER 21, 2013): 1D.
(Note: ellipsis, and bracketed date, added.)

“Pretty Cool” Cochlear Implant: “It Helps Me Hear”

“The cochlear implant.” Source of caption and photo: online version of the WSJ commentary quoted and cited below.

(p. A15) . . . , three pioneering researchers– Graeme Clark, Ingeborg Hochmair and Blake Wilson –shared the prestigious Lasker-DeBakey Award for Clinical Medical Research for their work in developing the [cochlear] implant. . . . The award citation says the devices have “for the first time, substantially restored a human sense with medical intervention” and directly transformed the lives of hundreds of thousands.
I’ve seen this up close. My 10-year-old son, Alex, is one of the 320,000 people with a cochlear implant.
, , ,
“What’s that thing on your head?” I heard a new friend ask Alex recently.
“It helps me hear,” he replied, then added: “I think it’s pretty cool.”
“If you took it off, would you hear me?” she asked.
“Nope,” he said. “I’m deaf.”
“Cool,” she agreed. Then they talked about something else.
Moments like that make me deeply grateful for the technology that allows Alex to have such a conversation, but also for the hard-won aplomb that lets him do it so matter-of-factly.

For the full commentary, see:
Denworth, Lydia. “OPINION; What Cochlear Implants Did for My Son; Researchers who were just awarded the ‘American Nobel’ have opened up the world of sound to the deaf.” The Wall Street Journal (Fri., Sept. 20, 2013): A15.
(Note: ellipses, and bracketed word, added.)
(Note: the online version of the article has the date Sept. 19, 2013.)

Early Carnegie Profits “Were Quickly Reinvested in Other Projects”

(p. 78) The tens of thousands of dollars Carnegie earned in the four years he held the Columbia Oil stock were quickly reinvested in other projects.

Source:
Nasaw, David. Andrew Carnegie. New York: Penguin Press, 2006.
(Note: the pagination of the hardback and paperback editions of Nasaw’s book are the same.)

Unpedigreed, Self-Educated, Obese Knox Understood Artillery

Source of book image: online version of the WSJ review quoted and cited below.

(p. A17) In “Sons of the Father: George Washington and His Protégés,” we can see how Washington’s ideas about character evolved over the course of the war and after. This collection of essays, edited by Robert M.S. McDonald, explores Washington’s relationships with a series of younger men.
. . .
Knox came to Washington’s attention in 1775 for his work on the defenses around Boston. His resourcefulness and keen interest in military science proved invaluable. When Washington allowed Knox to head for Fort Ticonderoga in hopes of retrieving some 50 British cannon captured by Ethan Allen, Knox succeeded against long odds. Over nine harrowing weeks, Mark Thompson writes, Knox and his men hauled 60 tons of artillery 300 miles “through the New York backcountry, along waterways and gullied roads, across ice and snow.” Deployed on Dorchester Heights overlooking Boston, the guns helped persuade the British to abandon the city. But Knox was far more than a herculean teamster. Washington put him in charge of all Continental artillery, and the batteries under his direction loomed large at Trenton, Princeton, Monmouth and Yorktown. After the war, Knox became Washington’s secretary of war.
Washington saw merit in the unprepossessing Knox, as he did in others, despite the lack of a “gentlemanly” pedigree. Forced as a child to support his mother when his father abandoned the family, Knox was a mere bookseller before the war, self-educated and obese. But he understood artillery and could see its role in sieges and in the mobile warfare that would characterize the Revolution. More than that, he could discuss its theory and application with Washington. Jefferson and Madison, in their more playful approach to ideas, complicated matters; Knox clarified them.

For the full review, see:
ALAN PELL CRAWFORD. “Bookshelf; A Few Men of Character.” The Wall Street Journal (Tues., Dec. 10, 2013): A17.
(Note: ellipsis added.)
(Note: the online version of the review has the date Dec. 9, 2013, and has the title “BOOKSHELF; Book Review: ‘George Washington: Gentleman Warrior,’ by Stephen Brumwell and ‘Sons of the Father,’ edited by Robert M.S. McDonald; By 1775, Washington had strong ideas about how to run an army. Officers, he said, should be men of independent financial means.”)

Book under review:
McDonald, Robert M. S., ed. Sons of the Father: George Washington and His Protégés, Jeffersonian America. Charlottesville, VA: University of Virginia Press, 2013.

Buffett’s Returns Not Due to Ability to Pick Good Managers

(p. B7) Investors for years have been searching in vain for a formula to replicate Warren Buffett’s legendary returns over the past 50 years.
The wait could be over.
A new study that claims to have uncovered this formula was published [in November 2013] . . . by the National Bureau of Economic Research in Cambridge, Mass. Its authors, all of whom have strong academic credentials, work for AQR Capital Management, a firm that manages several hedge funds and other investment offerings and has $90 billion in assets.
The study’s authors analyzed Mr. Buffett’s record since he acquired Berkshire Hathaway in 1964.
. . .
One factor that is conspicuous in its absence from the formula is anything to account for Mr. Buffett’s significant investments in privately owned companies. But that isn’t necessary, according to the researchers, because the public companies in which he has invested have outperformed the private ones.
This is somewhat surprising, given that Mr. Buffett has often trumpeted his abilities to pick good managers. Yet the researchers nevertheless find that his “returns are more due to stock selection than to his effect on management.”

For the full commentary, see:
MARK HULBERT. “Hulbert on Investing; Can the Buffett Investing Formula Really Be Bottled?” The Wall Street Journal (Sat., Dec. 14, 2013): B7.
(Note: ellipses, and bracketed words, added.)
(Note: the online version of the commentary has the date Dec. 13, 2013, and has the title “WEEKEND INVESTOR; How to Invest Like Warren Buffett; How can investors emulate Warren Buffett’s approach?”)

The National Bureau of Economic Research (NBER) paper that is discussed above:
Frazzini, Andrea, David Kabiller, and Lasse H. Pedersen. “Buffett’s Alpha.” NBER Working Paper # 19681, November 2013.