Settle For More

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The Book of the Week is “Settle For More” by Megyn Kelly, published in 2016.

Born in November 1970, Kelly was raised Catholic in the suburbs of Syracuse and Albany in New York State. She conveyed a few simple principles on life. One is, “The only place ‘success’ comes before ‘work’ is in the dictionary.”

The late, great college basketball coach John Wooden said one should be worried about one’s character, not one’s reputation. The true test of one’s character is: how you treat people who can do nothing for you. Like so many others, Kelly got caught up in worrying about her reputation when Trump and his followers smeared and lied about her.

Anyway, Kelly wrote that there occurred an egregious breach of journalistic ethics during 2016, leading up to election day. It was this: some idiot-box interviewers of Donald Trump told him prior to airtime, the critical things they would be saying about him, so they would appear to be “fair and balanced” in their reporting. Trump knew to behave himself and didn’t react with hostility to those questions or comments. Scripting and rehearsals are the new unethical normal in “journalism” nowadays.

Unsurprisingly, Kelly was the victim of a misogynistic Tweet by Trump. He knew this Tweet would become the subject of a 2015 post-debate news story, rather than her debate questions and his non-answers. He is, after all, the master manipulator of distracting messaging. His distractions are analogous to the scene shown during the closing credits of the movie Animal House: While a parade is passing through the college town, a frat boy says to a guy, “Look at my thumb.” The guy does and the frat boy sucker-punches him and says, “Gee, you’re dumb!” the same way Trump makes outrageously offensive comments for shock value, and then watches the fireworks.

In 2016, Kelly was forced to confront an ethical dilemma in connection with sexual harassment in her workplace– Fox News. Having succeeded in two male-dominated fields, she advised her female readers to get some advice on how they sound, and the clothing and makeup they wear so that they will be taken seriously by their male coworkers and bosses.

That said, it is unclear whether Kelly had the authority to choose the photo (in which she is wearing skimpy clothing) appearing on the front cover of the hardcover version of her book. The question is, would a male TV-news-show host wear a sexy shirt in the cover-photo of his book? Resounding no.

Kelly’s choice in that photo could have been an act of rebellion, or an act of naivete and poor self-awareness, on her part. With it, she hurt her cause of telling female readers to behave in ways that even the playing field with their male counterparts. If Kelly couldn’t control the photo on the cover, one might suspect her publisher was engaging in political retaliation.

Nevertheless, read the book to learn about how Kelly became super-successful as an attorney and as a TV “news” anchor, and how she was also able to have a family life in her time and place in the United States, despite the fact that her society gives males advantages over females.

Nice Guys Finish Last

[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]

The Book of the Week is “Nice Guys Finish Last” by Leo Durocher with Ed Linn, published in 1975.

Durocher was born in 1906 in West Springfield, Massachusetts. He began his baseball career playing utility infielder for the New York Yankees in 1925. He developed a reputation as a contentious alpha male. Branch Rickey, one of his bosses through the decades, said he was a “… man with infinite capacity for immediately making a bad situation worse.”

Durocher squandered his initial $5,000 annual salary on clothing, food and nightclubs in New York City. Always in debt, he was a pool-hall hustler, too. But everyone wanted to be seen with him, as his social set consisted of celebrities who lived life in the fast lane.

According to the book (which appeared to be credible although it lacked Notes, Sources, References, and Bibliography) professional baseball culture for most of the twentieth century was mean-of-spirit, with alcohol-fueled violence. Team personnel such as Durocher were always thinking of new dirty tricks to win games.

Durocher admitted to trash-talking to batters to psych them out so his team’s pitcher would strike them out. Players suffered injuries galore due to lack of protective gear that would minimize or prevent injuries; batters especially suffered, as team-managers told their pitchers to deliberately hit batters with their pitching.

If hit, the batter was awarded the equivalent of a single as compensation. Durocher wrote, “I once saw Diz [pitcher Dizzy Dean] hit seven straight Giants [the baseball team players] in Miami early in the exhibition season, because the Giants had the nerve to score seven runs off him in one inning.” Finally, in 1940 (!), team-executive Larry MacPhail of the Brooklyn Dodgers ordered his players to wear plastic batting-helmets. This, after batter Joe Medwick was knocked out by a pitch by Bob Bowman of the Saint Louis Cardinals.

Durocher claimed that during the time he managed the Dodgers, MacPhail “fired” him zillions of times in the mid-1930’s, but most of the time, didn’t really mean it, until a tipping point was reached. As is well known, from the 1970’s into the 1980’s, the “You’re fired” situation became a running joke between Yankees owner George Steinbrenner and team manager Billy Martin, in order to entertain baseball fans.

Read the book to learn of other similar episodes, and trials and tribulations Durocher faced in his career (hint– major issues included his own newspaper column; the ongoing hostilities between the Yankees and the Dodgers; the media’s anti-Durocher lies and smears in its baseball reporting; punishments imposed by a few baseball commissioners over the years for alleged libel committed by, and gambling among, members of the ball clubs managed by Durocher; and a few of the colorful characters whom Durocher recruited and managed) and more. Curiously, Durocher failed to mention performance-enhancing drugs.

Anyway, speaking of contentious alpha males, here’s some advice for voters in this ditty concerning the 2024 candidates.

SHOW, NOT TELL

sung to the tune of “Express Yourself” (Official Video) with apologies to Madonna.

[spoken] C’mon America, do you want to see substance and quality in 2024? Of course you have something to SAY about it. That is how we roll.

Ignore the candidates’ bragfest, people.
Feel FREE to put them to the test.
You know, you know you’ve got to make them disPENSE with their spiel.
We want to KNOW their positions for REAL.

Politicians PULL the strings and THEY reap all the gold.

Their eight-year plan is way too vast.

You know, that never lasts, no, no.

What we need is a maTURE public-servant whose policies are smart and sound.
What we usually GET is a king on a throne, who’s abOVE the law and brings us down.

Ignore the candidates’ bragfest, people.
Feel FREE to put them to the test.
You know, you know you’ve got to make them disPENSE with their spiel.
We want to KNOW their positions for REAL.

Deep tax cuts are the way to your heart, but they treat you like an airHEAD. No, budget plans are NOT romantic. We’re hypoCRITically in the red.

Well, there’s no FREE lunch in life, it is TIME for the nation to move ON. Govern-ment should give you chances, but you’ve got to CRE-ate wealth on-your-OWN.

Ignore the candidates’ bragfest, people.
Feel FREE to put them to the test.
You know, you know you’ve got to make them disPENSE with their spiel.
We want to KNOW their positions for REAL.

De-STRESS yourselves. You’ve got to make them SHOW, not tell. Hey, hey, hey, hey.
To distinguish the greats, make them have the debates.
Show what they’ve GOT. We’ll see the best of the lot.

After all, you won’t reGRET it. Think about how much support they deserve.
If they don’t deserve it, they shouldn’t get it.
It’s YOU they should serve. So please

Show themselves. Show themselves. Hey, hey.

What we need is a maTURE public servant whose policies are smart and sound.
What we usually GET is a king on a throne, who’s above the law and brings us down.

After all, you won’t reGRET it. Think about how much support they deserve.
If they don’t deserve it, they shouldn’t get it.
It’s YOU they should serve. So please

Ignore the candidates’ bragfest, people.
Feel FREE to put them to the test.
You know, you know you’ve got to make them disPENSE with their spiel.
We want to KNOW their positions for REAL.

De-STRESS yourselves. You’ve got to make them SHOW, not tell. Hey, hey, hey, hey.
To distinguish the greats, make them have the debates.
Show what they’ve GOT. We’ll see the best of the lot.

SHOW themselves. SHOW themselves. Hey, hey.

To distinguish the greats, make them have the debates.
Show what they’ve GOT. We’ll see the best of the lot.

De-STRESS yourselves. ReSPECT yourselves…

The Education of A Speculator

[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]

The Book of the Week is “The Education of A Speculator” by Victor Niederhoffer, published in 1997.

Born in 1943 in Brooklyn in New York City, the author sorted “market advisers and investment newsletter writers” into eight different categories, providing a brief description of their behaviors or personality traits. He classified himself as “The Other World Person” because he ignored the overpaid noisemakers and distractions of conventional media outlets that purported to convey information on which securities to buy, sell, or avoid.

The author’s two data sources for his commodities, currency trading and investing ideas consisted of the National Enquirer and his research results from testing all kinds of variables in statistics-calculations of past securities-market data using software. No other sources.

The mid-1990’s saw great advances in statistics software modeling that could process scads and scads of data; hence, market players could erroneously use past performance of investment vehicles faster than ever before for predictive purposes to help themselves and others lose their money faster than ever before. And those advances might have played a part in the scandals and financial crashes that have occurred with alarmingly increasing frequency in the last thirty years. Big Tech’s and Big Media’s incestuous oligopolies (fraught with political donations) just keep getting more hegemonic, so that power and money keep feeding on themselves ad infinitum. Globalization is yet another wrench in the works.

At the book’s writing, global trade had been maturing for decades, but capitalism was still in its infancy in many territories of the world; particularly in ones that were becoming politically democratic again, or for the first time in their histories. Many European countries were in the process of adopting cooperation rather than competition in their financial and economic dealings. A large proportion of them even voted to use one currency among them. The United States kept to itself, but more and more people around the world were starting to trade or invest in foreign securities, currencies and governmental financial entities, so chain reactions occurred more and more.

The Federal Reserve (aka Fed) has always been a major influence on America’s financial markets. The author contended that the Fed was just as clueless as the rest of the country about what effects its making of rate-adjustments would have on the nation’s economy. It is currently just as clueless. But its announcements are made with such confidence and arrogance, that a large number of their listeners are brainwashed into believing they are receiving valuable information.

The incumbents– known names pre-Internet–became the most influential voices in the financial sphere. The wiliest ones use propaganda techniques to paper over their wrong predictions. They never apologize for the losses stemming from their pronouncements. The walls of the author’s business office were lined with portraits of ones who had disastrous losses.

To be fair, the author himself told various anecdotes of his own failures. In 1992, he bought IBM stock for his own kids. That was an embarrassing mistake. He learned to cut his losses at a certain level of the total money he reinvested. And, he didn’t let his greed get out of control when he was winning.

The author was a champion squash player. One similarity between squash and speculating is externalities–opponents’ actions determine players’ actions in the game. So, for instance, in ten-pin bowling, there are no externalities. In squash, there are. In one college finals-match, the author moved his body in a way that tricked his opponent into thinking the ball was going to go in a certain direction, but it went the opposite way. Traders and investors play similar tricks in their communications in the financial markets. Conditions change rapidly so even the market propagandists’ winning streaks don’t last long.

The reason is:

First, independent thinkers make observations or find obscure data that works in making them money. Then software detects their trading tricks. So word gets around, and everyone else jumps on the bandwagon so that the advantage is lost.

Human beings want so badly— to believe they can predict the future, and love to fantasize about getting rich quick– that they tend to look for patterns and order where none exist. The author did provide one vast generalization that might be valuable, though. His statistical analysis between the years 1870 and 1995 inclusive showed that years ending in the digit 5 were good years, and those ending in 7 were bad, for the American stock markets. He didn’t speculate as to why.

However, politics is one major mover of markets, and the collective mood of the United States specifically, might be a bit more upbeat in years when political uncertainty is at a minimum. Presidents and other politicians begin or continue their terms during years ending in 5. The public might be unclear about their future policy directions, or weary of them by the years that end in 7.

Anyway, read the book to learn a boatload more about the author’s philosophy, his trials, tribulations and triumphs in the markets, his research results and comparisons between financial markets and: ecology, games and sports.