May 13, 2022

Kevin Duffy on the selfishness and irrationality of capitalism

Q: Why is libertarianism not generally called pro-capitalism?  Is it just a way of saying you support a more extreme version of free market capitalism?

A (partial): What I fundamentally dislike about libertarianism is how selfish it is.  I also resent how many of them assume their positions are preeminently “logical,” and that their own superior reasoning “proves” the superiority of their myopic worldview.  Human beings are not rational machines.  They are not fundamentally logical.  We are far more nuanced than that.

Duffy comment: You have a point. Individuals act in their own self interest.  They also can act irrationally at times, especially when in crowds. 

Fair enough, but shouldn’t we apply the same principle to government officials?  What puts them above these human foibles? 

The difference is that individuals trading with others must use persuasion, i.e. they have to make each other better off.  Call it selfish all you want, but free markets are mutually beneficial, win-win.  This doesn’t mean people don’t make mistakes or have regrets after the fact, but going into the trade, they only do so if they expect to benefit.  And when things don’t work out, that failure imparts information.  People learn. 

Government officials, on the other hand, use coercion.  THEY decide what is best for society and tell everyone what to do.  Resist and you end up in jail or worse.  The political class (the government and its cronies) lives at the expense of the populace, win-lose.  These people are far from selfless.  In fact, they lie, cheat and steal all the time. 

This is not to say the people have no say in the matter, but it is the majority who count, not the minority dissenters.  Government officials know this, which is why they constantly play to the crowd.  Their stock in trade is propaganda which works by simplifying the complex to a political slogan, playing on peoples’ fears and pitting one group against another. 

The defenders of such a system can only do so with semantics, calling mutually beneficial trade “exploitation” and government coercion “selfless.”  Sorry, but your system is built on brute force.  No amount of spin can give it moral superiority over a system of freedom.

~ Kevin Duffy, Quora, May 13, 2022

May 9, 2022

Brian Chesky on the future of the office

I think that the office as we know it, is over.  We can't try to hold on to 2019 any more than 1950.  We have to move forward.




Bill Watterson on the existence of intelligent life beyond earth

The surest sign that intelligent life exists elsewhere in the universe is that it has never tried to contact us.

~ Bill Watterson, American cartoonist and author of the comic strip Calvin and Hobbes



Chris Mayer on the patience required of long-term investors

Holding on requires a belief in some future that is not here yet.  Pessimism focuses on known problems and what’s right in front of us.

~ Chris Mayer, "Hold Fast: Tips for 100 Baggers," May 9, 2022



May 3, 2022

Hugh Hendry on the "glaringly obviously attractive" returns from the mining sector

The education - or miseducation - of the mining sector actually turns the odds in your favor as an external minority investor.  And because taking away the reflexive behavior to expand supply with higher prices simply means that higher prices are going to be with us longer, and so they're going to keep rewarding you as an investor.  So part of society is going to be on your ass saying you're morally corrupt.  It's them who are morally corrupt, but you've got to be able to take that on...  The returns from the extractive industry are just glaringly obviously attractive.

~ Hugh Hendry, Stansberry Investor Hour interview with Dan Ferris, 38:30 mark, May 2, 2022



H.L. Mencken on American journalism

American journalism (like the journalism of any other country) is predominantly paltry and worthless. Its pretensions are enormous, but its achievements are insignificant.

~ H.L. Mencken



May 1, 2022

Will Rogers on good judgment

Good judgment comes from experience, and a lot of that comes from bad judgment. 

~ Will Rogers