one THOUSAND wells (sic)

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The Book of the Week is “one THOUSAND wells (sic), How an Audacious Goal Taught Me to Love the World Instead of Save It” by Jena Lee Nardella, published in 2015.

Born in the early 1980’s, the American author– raised in a strict Christian household– became an idealist, passionate about helping the downtrodden. By her teens, she was volunteering at a Colorado Springs homeless shelter. She worked at an orphanage in Tijuana. In college, she got to meet and work with the Christian music-band, Jars of Clay.

Together with other groups over the course of a decade, the do-gooders who formed a humanitarian organization in 2005 called Blood: Water Mission, would bring uncontaminated blood (for medical purposes) and water (for basic drinking and cleaning) to various underprivileged communities in Kenya, Rwanda, Central African Republic, Uganda, and other African countries. They would help them with the three major components of improving Africans’ health: clean water, hygiene and sanitation.

One of the first of many, many things the author learned in her quest to save lives, was that most Americans’ first impulse is to throw money at a complex problem to solve it. They mean well, but their white-savior-complex is a wrong-headed approach. As she gained experience in providing international aid to poverty-stricken, poorly-educated rural communities, the author saw how villagers were initially skeptical about aid workers’ promises; in the past, so many aid workers had failed to follow up or do anything.

The author’s group eventually elicited a grateful, cooperative response because an educator involved the villagers in raising their own standards of living. A few different aid groups who handled various aspects of a water project, did what they said they would do.

If their projects succeeded, women and children (before school– if they were lucky enough to attend) wouldn’t have to spend hours every day trekking on foot to a water-well or river (which might be used by hundreds of households, and was usually polluted with germs and who knows what else) located many kilometers from their living areas. Blood: Water completed one specific project in Rwanda that allowed eighteen hundred villagers to partake of clean water. Such a basic victory produced a great ripple effect in the community. School attendance soared because:

  • kids were neither fatigued by water-fetching nor plagued by water-borne illnesses (and all the people by other illnesses, for that matter) anymore;
  • villagers were neither sickened by, nor dying from the water they used; and
  • villagers had more time on their hands.

However, the author had rude awakenings on various fronts– a water project that failed, fund-raising struggles, and an episode of corruption by a local male aid-coordinator. She was also forced to do some soul-searching on her religious beliefs. She finally had to accept that it is better to have unanswered questions than unquestioned answers.

Read the book to learn a wealth of additional details about all of the above.

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.

The Education of A Speculator

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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.

Extreme – BONUS POST

The Bonus Book of the Week is “Extreme, My Autobiography” by Sharon Osbourne with Penelope Dening, published in 2005.

Born in October 1952 in the United Kingdom, Osbourne grew up in a dysfunctional family. In this volume, she revealed how her father– Don Arden– a music-industry executive got away with committing an excessive number of financial crimes. Basically, he never signed legally-binding contracts, but had his daughter and other members of his entourage sign them, so when it hit the fan, they were on the hook, not him. His contacts in high places did his bidding until his bullying and contentiousness wore thin and they abandoned him.

Arden bribed a U.S. senator to help Osbourne acquire a green card. She thus became a permanent resident of America and got a Social Security number so that he could commit tax evasion. Of course, he also hid his assets in offshore bank accounts, which the United States cannot outlaw. Her formal education ended when she quit high school in her sophomore year. So her limitations led her to join the family business. In her early twenties, she was so flattered that her father trusted her with important documents that she happily signed everything put in front of her.

Osbourne met her future husband Ozzy in the late 1970’s. He was the lead singer of the rock band, Black Sabbath. “The music business in those days was a boys’ club, fueled by cocaine and sexual favors. These were the days of payola and Mafia involvement…” But Osbourne would sooner get violent with the boys than give in to their advances or threats.

Read the book to learn many more details about the lives of Osbourne and her family, trials, tribulations and triumphs.