The Digest #181
Antisemitism in America, Charlie Munger's uncommon sense, Les Schwab's business philosophy, Niccolò Machiavelli, internal vs. external goals, Safe withdrawal rates, Protecting your time, and more ...
The Rise of Antisemitism in America
Every month, Harvard’s Center for American Political Studies and HarrisX surveys over two thousand Americans about their views on a wide variety of current events. The organization describes their polling approach as follows:
The Harvard CAPS / Harris Poll is conducted by The Harris Poll & HarrisX online within the United States every month and captures the responses of over 2,000 registered voters. The results reflect a nationally representative sample. Results were weighted for age within gender, region, race/ethnicity, marital status, household size, income, employment, and education where necessary to align them with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents’ propensity to be online.
On page 46 of the latest poll, taken on December 13 and 14, we see the response to the following question along with how responses differed by age cohort:
We should note that the wording of the question is about what took place on October 7, 2023 and has nothing to do with Israel’s response to the attack. In other words, given the state of affairs on October 6, was it justified for Hamas to murder 1,200 civilians, torturing and beheading victims, raping women, doing so in a completely indiscriminate manner, and then following this atrocity by kidnapping 250 hostages including women, children, infants, and the elderly?
The question had nothing to do with events subsequent to October 7. One can have objections to Israel’s response to the attack but that was not the question asked.
I would like to think that 0% of Americans would support what Hamas did on October 7, but there will always be unhinged people as well as those who somehow fail to understand the question. If we look at the older cohorts, the overwhelming majority consider the attack of October 7 to be unjustified. But as we move to the younger cohorts, the percentage believing that the attacks were justified increases. By the time we get to the 18-24 cohort, a majority of 60% say the attacks were justified.
How can such morally depraved sentiments exist among young people in our society and what accounts for the divergence of viewpoints based on age?
Keep in mind that the 18-24 cohort was born between 1999 and 2005. None of them have any recollection of September 11, 2001. Most of them never met people who were directly impacted by the Holocaust or fought in the Second World War. They learn their history from the school system and, increasingly, from toxic social media.
As TikTok and other social media platforms dominate “news” consumption for younger people, we should not be surprised to see unhinged attitudes proliferate.
The Harris Poll is reputable, dating back to 1963 when it was founded by Louis Harris. No poll has perfect sampling. However, the magnitude of the divergence of viewpoints between the younger and older cohorts cannot be a mere statistical sampling error. It has to reflect a deep-seated prejudice and moral bankruptcy that is infecting a generation that will find itself in positions of political power by mid-century.
It seems unwise to twist ourselves into pretzels to “explain” these polling results in a benign way rather than doing some soul searching as a nation, counseling wayward young people, and addressing the moral rot in our society that led to these results.
Featured Links
Starting with this issue of The Digest, I plan to feature one article and podcast that should not be missed. Featured links will be available for all readers. I plan to continue providing a longer list of articles and podcasts for paid subscribers.
The Uncommon Sense of Charlie Munger by
, December 12, 2023. I never get tired of reading Charlie Munger’s quotes. This article presents several of the best ones. “One of the enduring lessons that I learned from the late Charlie Munger was to make friends with the eminent dead. To befriend those great men and women who came before us and already succeeded in navigating life’s many obstacles and challenges.” (Kingswell)“I almost worship reason. You can argue that Henry Singleton did, too — and, certainly, Warren Buffett does, too. The people I know that are good, they feel you have a duty to become as wise as you can be by constantly studying things and thinking about them.”
Les Schwab — A Book Recommended by Charlie Munger, December 11, 2023. 1 hour, 37 minutes. Transcript. Twitter Thread. Les Schwab opened his first tire store in 1952 in Oregon and expanded into a large chain in the western United States. Charlie Munger was a longtime admirer and called Les Schwab a “true fanatic” and he meant this as a compliment. Unfortunately, Les Schwab’s autobiography has long been out of print and used copies sell for hundreds of dollars. Fortunately, David Senra secured a copy and recorded this podcast to share what he learned. (Founders)
Sell tires, give service, keep expenses low, keep good communications with employees, be careful with credit, watch for leaks —do these things and you'll come out all right."
Articles
, December 10, 2023. The word “Machiavellian” usually brings to mind individuals who act in deceptive and unethical ways to achieve their objectives. I have never read Machiavelli, so this is always my reaction when I read his name. However, the life of Niccolò Machiavelli is more complicated. I’ve ordered The Prince to learn more. (Rob Henderson’s Newsletter), December 11, 2023. An exclusive focus on external goals can be like attempting to climb a pole rather than a ladder, which is far more difficult. “The ladder represents the two aspects of your life, the duality of your inner and outer worlds. If the inner and outer dimensions of your life are in harmony, they form a ladder. If not, if growth in one area outpaces the other, a gap opens. The longer you keep going, the wider the gap — and the less stable your ladder.” (The Alchemy of Money)This is Your Reminder to Say ‘NO’ by Ryan Holiday, December 14, 2023. If you believe that time is our most valuable resource, it follows that requests for your time should be agreed to selectively. However, it can be difficult to say no to people in a way that does not cause offense. I think it boils down to opportunity cost. Young people who have more time and ambition than opportunity should say yes more often than older people who have great demands on their schedule. (RyanHoliday.net)
What is the Safe Withdrawal Rate in Retirement? by Nick Maggiulli, December 14, 2023. The author grounds his work on data rather than conjecture and opinion. The question he is attempting to answer is the one that most people have: “How do I maximize my consumption in retirement without the risk of going broke?” My view is that the risk of being poor in old age justifies consuming less earlier in life even if that means dying with a substantial estate. It could mean the difference between staying in my home and ending up in a long-term care facility. (Of Dollars and Data)
Long-Term News by Morgan Housel, December 13, 2023. Fictitious quotes from a more rational world. A sample: “The interest rate on 10-year Treasuries fell from 4.2% to 4.18%. Goldman Sachs, in a note to clients, said no one knew why this happened, and if you cared why it happened ‘you should reexamine your entire life.’” (Collaborative Fund)
Becky Quick on Interviewing Charlie Munger by Theron Mohamed, December 11, 2023. “Quick first interviewed Munger around 16 years ago. ‘I was terrified,’ she said, as she knew Munger had no qualms about openly dismissing a question as stupid. ‘I didn't want to look like a fool.’ However, she found Munger to be very kind. She later realized that he was a devoted teacher like Buffett, but he employed a more subtle approach that weaved in stories and fables.” (Business Insider)
Charlie Munger sat down for an extended interview with Becky Quick on December 14, just two weeks before his death. Transcript. Video.
Podcasts
Ferrari: Magic from Maranello, December 13, 2023. 1 hour. Transcript. I’ve always been fascinated by the economics of ultra-luxury goods. Scarcity is one of the most important attributes of luxury and few businesses enforce scarcity as rigorously as Ferrari. “We discuss how Ferrari went from racing team to a $70-billion business, the various ways that it's more like a luxury goods company than a carmaker and how its business model both nurtures and monetizes its famous red brand. There aren't many things money can't buy, but in many instances, a Ferrari is one of them.” (Business Breakdowns)
Christian Dior, December 18, 2023. 1 hour. This is an interesting overview of a luxury brand’s development based on the autobiography of Christian Dior. (Founders)
Paul Assaiante: Face Your Fear, December 12, 2023. 1 hour, 12 minutes. Video. “When Paul Assaiante announced his retirement from coaching the men’s squash team at Trinity College in Connecticut earlier this year, it marked the end to the most successful run for any coach in the history of college athletics. … Assaiante calls on his 30 years of coaching to discuss the lessons he learned during his career, including how to conquer fear and anxiety, why safety is actually found when facing adversity, the importance of practice, and what’s keeping you from reaching your goals.” (Farnam Street)
The Business of Podcasting with Matt Reustle, CEO of Colossus, December 13, 2023. 1 hour, 12 minutes. Colossus produces several of my favorite podcasts including Founders, Business Breakdowns, and Invest Like the Best. This is a great resource for those who want to understand the business of podcasting. I learned a great deal regarding how the business model works, especially the importance of differentiation for podcasts hoping for higher than average advertising rates. Anyone interested in potentially starting a new podcast should listen to this episode. (Compounders)
The 10 Most Important Financial Skills, December 12, 2023. 16 minutes. Morgan Housel’s podcast episodes are just like his articles. Somehow he is able to pack a great deal of wisdom in a concise package, in this case covering important personal finance skills with a focus on psychology and human behavior. (Morgan Housel Podcast)
Miners in the Snow: Winter
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I used to buy tires from Les Schwab. Their service could spoil a customer very quickly. Everything was clean-the driveways, the parking lot, the store, the shop area and the employees. I have been in food joints that were not s clean as those shops. And good attitudes all around. What a business!