Posts tagged: RIP

Do Something Good Day

Today is the birthday of a close friend from my Villanova b-school days, Jaron Taaffe, who passed away unexpectedly at the age of 28 in 2007, shortly after becoming engaged. He had been instrumental in developing the concept of Symmetry Capital, and was almost a founding co-partner. At Jaron’s memorial service, his older brother Damon asked us all to make December seventh ‘do something good day’ (an article that Damon wrote about his brother in 2009 is available here). To honor Jaron, we try to do some good today and every day, and encourage others to do the same.

Wherever there is a human being, there is an opportunity for a kindness. 

Seneca, Roman Philosopher

RIP, friend.

Steve Jobs’ Stanford Commencement Address

I was fortunate enough to receive a friend’s email with a link to Steve Jobs’ 2005 commencement address at Stanford University. This is the kind of biographical stuff that really matters; the rarely-told stories that catch us by surprise and allow us to end the day a little wiser than when we began it: http://news.stanford.edu/news/2005/june15/jobs-061505.html

In it, Jobs told the new graduates three personal stories, about connecting the dots, love and loss, and death, drawing immensely powerful lessons from each of them:

…you can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life…

Sometimes life hits you in the head with a brick. Don’t lose faith. I’m convinced that the only thing that kept me going was that I loved what I did. You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don’t settle…

Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.

The usual biographical details that have been offered in the wake of Jobs’ passing, as impressive as some of them are, are merely reflections of who he was—his inner drives and passions, the opportunities and obstacles he encountered, and the powerful insights that he developed along the way. Most of us, when looking at someone like him, realize that our own path is unlikely to lead to such prominence. And the standard reporting on his life, death, and legacy tend to reaffirm that, again and again. 

Thankfully, his 2005 speech illuminates the utter irrelevance of such thinking. Jobs’ insights and advice are relevant, available, and actionable to all of us, regardless of our station in life. Yes, he clearly left behind an amazing collection of technological design and innovation, and a historically successful company.  But iPads, iPhones, and the rest of the lot will eventually be outdated (and in the world that Jobs helped to create, sooner rather than later). We will eventually have no choice but to let them go, as Hank Stuever so eloquently put it. By comparison, the three lessons that he shared with the world in 2005 are powerful, universal, and timeless. And as such, they are arguably the more important part of his legacy.

IMPORTANT DISCLOSURES: Symmetry Capital Management, LLC (SCM) is a Pennsylvania registered investment advisor that offers discretionary investment management to individuals and institutions. This publication is for informational, educational, and entertainment purposes only. It is not an offer to sell or a solicitation to buy securities, or to engage in any investment strategy. Past performance is not indicative of future results. Neither the firm, nor its principals, nor its clients own securities issued by or directly related to Apple.

Swipe, Swipe, Touch: RIP, Steve Jobs

News of Apple CEO Steve Jobs’ passing has been front and center of the news flow since last night. There’s plenty that can be said—and is being said—about the man, but I especially like Hank Stuever’s piece for the Washington Post, a eulogy that leaves out widely-known biographical detail and instead embeds itself in rich social and historical context. I’ve tried to paste just enough here to distill the message without skirting content laws. It’s a beautiful piece, and highly recommended:

People built their lives around the objects Steve Jobs gave them…What happened with Jobs and Apple over the past decade is one of the rare participatory phenomena of our disconnected and no-longer-common culture. It was as if this generation’s defining event took place in a shopping plaza and then up in the “cloud,” and this time everyone (that is, everyone who could afford Apple products) got to go to Woodstock. 

People stopped lining up for concert tickets and started lining up for new phones. This was the future right in front of you. It was sleek, responding to your touch. Imagine explaining an iPad to someone from 1984. They might get it, they might not.

Swipe, swipe, touch…

That is what Steve Jobs gave us: the future…He gave us a look at the future and all the ambivalence and worry that comes with it. It was the most elegant form of social disruption, and now your kids won’t glance up from their iPhones…

We spend a lot of time wishing for the past…That in itself is a pleasant form of grief, but it is grief all the same.

Jobs kept nudging us away from that. Under his leadership, Apple’s subliminal selling point was: Let it go. Let go of the uneasiness about computers…But let go of something deeper, something resistant in you that romanticizes the past.

In 2011…[it] feels as though we’re losing grip on the old, beloved things…

Jobs had been teaching us to say goodbye…for decades — we just didn’t know it…

It was therefore an irresistible metaphor, in these final years, when the auditorium lights would go down and the crowd would go wild for Jobs, who increasingly greeted his followers and touted the latest neat, new thing even as he wore the look of a person who was not going into that future with us. He would be getting off here; we were to proceed without him into the unknown. Let it go and look ahead was the message all along.

Speaking of letting go, the iconic wireless glasses, jeans, and black mock turtleneck were a relatively recent upgrade:

http://www.everythingicafe.com/wp-content/uploads/2011/10/Screen-Shot-2011-10-05-at-7.45.26-PM.png 

http://www.flickr.com/photos/sigalakos/839742222/

http://theshiva.me/web/wp-content/uploads/2010-mar-05-steve_wozniak_steve_jobs-old-photo.jpg

http://www.businessinsider.com/ceosfirstjobs/steve-jobs

http://www.instablogsimages.com/images/2009/06/30/steve-jobs-apple-41171_463_800_XtCNw_19672.jpg

IMPORTANT DISCLOSURES: Symmetry Capital Management, LLC (SCM) is a Pennsylvania registered investment advisor that offers discretionary investment management to individuals and institutions. This publication is for informational, educational, and entertainment purposes only. It is not an offer to sell or a solicitation to buy securities, or to engage in any investment strategy. Past performance is not indicative of future results. This material does not take into account your personal investment objectives, your personal financial situation and needs, or your personal tolerance for risk. Thus, any investment strategies or securities discussed may not be suitable for you. You should be aware of the real risk of loss that accompanies any investment strategy or security. It is strongly recommended that you consider seeking advice from your own investment advisor(s) when considering any particular strategy or investment.  We do not guarantee any specific outcome or profit from any strategy or security discussed herein. The opinions expressed are based on information believed to be reliable, but SCM does not warrant its completeness or accuracy, and you should not rely on it as such. All views and positions are subject to change without notice. SCM is a participant in the Amazon.com Associates program, and earns a revenue-sharing fee for qualified click-through purchases from the Amazon.com website. Neither the firm, nor its principals, nor its clients own securities issued by Amazon.com. Neither SCM, its principals, nor its clients own securities issues by or directly related to Apple.

Another win for Steinbrenner

Investment News points out that even in death, Steinbrenner played to win. Because he died in 2010, while the federal estate tax is repealed temporarily, his presumably sizeable estate will be passed on nearly tax free to his heirs. This will rankle some folks – especially in Boston!

Even in death, George Steinbrenner went out a winner.

The late New York Yankee owner, who died on Tuesday of a heart attack, left an estate estimated to be worth $1.15 billion, consisting primarily of his share of the Yankees’ YES broadcasting network, according to Forbes. But in all likelihood, the tax man will take the collar on this one — and won’t get a penny from the Boss’ estate.

Indeed, Mr. Steinbrenner’s family looks set to inherit his estate practically tax-free, thanks to the expiration of the federal estate tax in 2010 and the light tax regime of the Boss’s home state, Florida. By comparison, New York state has a 16% estate tax.

“It is the ultimate home run,” Ronald Aucutt, a partner at law firm McGuireWoods in McLean, Va., told Bloomberg.

If Mr. Steinbrenner had passed away in 2009, when the death tax rate was 45%, he might have left his heirs a tax bill of some $500 million. Next year, the estate tax is slated to return, with a whopping 55% rate.

http://www.investmentnews.com/article/20100713/FREE/100719976/-1/INDaily01

RIPs

We’ve been too caught up in the euro-hysteria to pay our respects to two recent departees — Lena Horne and the Phillies’ Robin Roberts.

 

RIP, Angus Maddison

The world recently lost economist Angus Maddison. A tribute in the most recent issue of The Economist captured the spirit of his professional contributions well:

GDP is a modern term, but the urge to count the nation’s produce and compare countries’ standards of living predates Adam Smith. Maddison saw himself as heir to a tradition that began with William Petty, the pioneer of “political arithmetick”, who in 1665 estimated the income of England and Wales at £40m. That calculation was of pressing concern to Petty, who wanted to show the king how to pay for the war against the Dutch. But why did Maddison care about the GDP of the distant past?

He believed that the “pace and pattern” of economic activity had deep historical roots. Economies, he thought, do not “take off”, as if from nowhere. Even the industrial revolution was too gradual to warrant the term revolution and too broad to be considered merely industrial…

Even scholars who believed there was a lot of economic progress to measure before the 19th century doubted there was enough data to measure it. Maddison made the most of whatever was available. He drew on one scholar’s work on probate inventories in 17th and 18th century England, which showed that each generation passed on more property, furniture and houselinen to its descendants than the last. His economic portrait of Mughal India was influenced by a 16th-century survey by Abu Fazl, vizier to Emperor Akbar. His estimates of Japan’s population relied on the annual register of religious affiliation, brought in after the Portuguese were expelled and Christianity outlawed in 1587. One of his students, Bart van Ark, now chief economist of the Conference Board, says Maddison urged him to venture beyond libraries and statistical offices. Even a painting in a museum might provide some clue to a country’s standard of living centuries before.

Van Ark also posted a short memoriam on Maddison’s homepage.

http://www.ggdc.net/maddison/

http://www.economist.com/business-finance/economics-focus/displaystory.cfm?story_id=16004937

http://www.ggdc.net/maddison/Personal/In%20Memoriam.pdf

Another Katyn Tragedy

We woke up to the tragic news this morning that Poland had lost its president, central banks head, army chief of staff, and other important political figures in a plane crash. The incident is made all the more tragic by the fact that the delegation was headed to a memorial of the Katyn Massacres.

In our Opportunistic Portfolio model, we hold a 2% position in Market Vectors Poland ETF (PLND). While this is sad news for Poland, we don’t think it will have any lasting impact on the country’s current economic outlook (though a closer look at the central bank’s succession policies might be in order). Thus, we’ll gladly bring the position back to its target weight should this news have a negative impact on its price.

URLs:

http://news.bbc.co.uk/2/hi/europe/8612825.stm

http://news.bbc.co.uk/2/hi/europe/8612843.stm

http://www.novinite.com/view_news.php?id=115084

http://en.wikipedia.org/wiki/Katyn_Massacre

IMPORTANT DISCLOSURES: Symmetry Capital Management, LLC is a state registered investment advisor. The foregoing information is for informational, educational, or entertainment purposes only. It does not constitute an offer to buy nor a solicitation to sell any security, or to engage in any investment strategy. Some clients of the firm own shares of PLND.

Movies about gladiators

RIP, Peter Graves. From the inimitable ‘Airplane’:

You can watch a clip from ‘Zero Hour!’, the 1957 inspiration for ’Airplane’, here: http://www.youtube.com/watch?v=OCFjK6oqwsE

UPDATE 3/18/2010 – Unfortunately, Paramount has forced You Tube to take down the six seconds worth of alleged copyright infringement in the video above (really Paramount? Six seconds?). The audio clip is still out there, fortunately.

URLs:

http://www.nytimes.com/2010/03/15/arts/television/15graves.html

http://www.youtube.com/watch?v=YuoA-1uIT8o

http://www.youtube.com/watch?v=OCFjK6oqwsE

http://en.wikipedia.org/wiki/Zero_Hour!

http://www.entertonement.com/clips/dhgybmnhpp–You-Like-Movies-About-Gladiatorspeter-graves-awkward-questions-Airplane-gladiators-

A Big, Overwhelming Idea About Life

Economic historian Peter Bernstein passed away last week at the ripe old age of 90. He was a wonderful intellect, and made a career of explaining high minded economic and financial concepts in every day terms.

McKinsey has posted a video of Bernsten discussing the concept of risk as it has evolved in financial markets, business, and life (the title of this post is taken from that interview).

He also wrote some excellent books, which you can browse at Amazon.com here (please note that Symmetry Capital Management, LLC earns a referral fee of 4% for any purchases made under its Amazon Associates link).

URLs:

http://www.bloomberg.com/apps/news?pid=20601088&sid=aorrYydFwbEc&refer=muse

http://www.mckinseyquarterly.com/Organization/Strategic_Organization/Peter_L_Bernstein_on_risk_2211

http://tinyurl.com/bernstein-books