At various times, the classic white shirt has been denigrated as stodgy and yet used repeatedly by cool dudes with the top few buttons open to exemplify the height of refined male couture. When I went to work in NYC after business school in 1976, the white shirt was more the former than the latter. It was legendary that if you worked at IBM you had no choice, you had to wear a white shirt…
Yes, Brian Wilson of The Beach Boys died at age 82 after a life of brilliant song writing and multiple bouts with drug abuse and mental illness. Brian Wilson was absolutely brilliant – one of the true geniuses of popular music. He was the creative mastermind behind The Beach Boys’ sound, writing and arranging those incredible harmonies and melodies that defined the California sound of the ’60s. His work on Pet Sounds (Rolling Stone considers…
Capitalism is an economic system characterized by private ownership of the means of production, free markets, voluntary exchange, and the pursuit of profit. It emerged as the dominant economic system in Western societies during the Industrial Revolution, replacing feudalism and mercantilism. The key features of capitalism include several socio-economic elements. There is private property rights wherein individuals and businesses, rather than the state, own capital assets like land, factories, and equipment. There is market-based allocation…
Inherited wealth has been a defining feature of human societies throughout history, shaping social structures, economic systems, and political power dynamics across civilizations. In early agricultural societies, the concept of inherited wealth emerged alongside private property ownership. Ancient Mesopotamian, Egyptian, and Greek civilizations developed sophisticated inheritance laws, with wealth typically passed down patrilineally. Roman law established detailed inheritance frameworks that influenced Western legal traditions for centuries, including concepts like wills, trusts, and legitimate heirs. The…
Many years ago during the height of my days at Bankers Trust (late 1980s, I think), our then Chairman, Charlie Sanford (rest his soul) got on a kick of predicting the future and wrote an paper that he presented at a gathering at the Kansas City Federal Reserve Bank. The paper was titled Quantum Finance, and it was a prediction that our consumer financial system would evolve into a complex kluge of payment processing where…
The world is filled with people with gripes against one another. I don’t like being a cynic, so I try not to suggest that they are all bad people, but if there were ever a means to expose the dark underside of human nature, it would be through the reading of deposition transcripts from various and sundry civil litigation and arbitration conflicts. Just when I think I’ve heard and read it all, I’m confronted by…
I ran the Global Private Banking business of Bankers Trust for most of the 1990’s. At the time, I was quite dogmatic about NOT using my own operation as my money manager. It just seemed too close for comfort given that my personal financial information would be in a system that was accessible by many of the people that worked for me. But when I left that job at the end of the Millennium, I…
While we were rounding Cape Hirn last month, Viking showed the movie Master and Commander, starring Russel Crowe as the captain of a British Naval vessel who is chasing a Spanish galleon through the Southern Ocean waters, trying to capture its prize trade booty before peace got declared back home between their two nations. The concept of rushing to justify larceny rather than anticipating peace was somehow portrayed as noble and manly in an era…
“Of Mice and Men” is a novella written by John Steinbeck and published in 1937. It is set during the Great Depression in the agricultural fields of Northern California, where it follows two migrant ranch workers, George Milton and Lennie Small, who move from place to place in search of job opportunities. They are the real Americans in the heartland during the worst of the Great Depression. That Great Depression was caused by a complex…
The era of globalization doesn’t have a single, universally agreed-upon starting point, as it evolved gradually through several phases. There was the early globalization (1500s-1800s) that some historians trace to the beginnings to the Age of Exploration and the establishment of maritime trade routes connecting Europe, Asia, Africa, and the Americas. There was also the Columbian Exchange of goods, people, and ideas between hemispheres, marking an early form of global interconnection. The Columbian Exchange was…