Bridge of Dreams – A Review of The World of the Shining Prince by Ivan Morris


Screen depicting the Miotsukushi chapter of Murasaki Shikibu’s Tale of Genji, which is the centerpiece of Ivan Morris’s World of the Shining Prince (image via Wikimedia Commons)

The World of the Shining Prince  synthesizes a vast amount of Japanese history, anthropology, and aesthetics through the prism of the world’s first novel—The Tale of Genji by Murasaki Shikibu. From its sparkling prose to its lucidly conceived themes, this 1964 book by Ivan Morris must rank as one of the greatest achievements in liberal arts. Reading The Tale of Genji before reading The World of the Shining Prince is probably a good idea, and recommended, but not absolutely necessary. Morris’s book conveys most of the 1,000+ page novel’s plot—which spans 75 years around the turn of the 11th century and contains hundreds of characters—as well as its aesthetic flavor. The triumph of the book is that he adds so much more to the picture.

Morris writes that “The Tale of Genji gives a realistic and fairly complete picture of cultural life in the capital.” What his book adds is the context—historical, anthropological, political, artistic—that makes this picture more three dimensional. Reading The Tale of Genji is like being steeped in tea, soaking up dreamlike episodes linked by poems. Morris’s book is more clear-eyed, yet forms multiple bridges of understanding into the dream world.

The Shining Prince  in Morris’s title is none other than Prince Genji, the aristocratic ladies-man aesthete whose adventures are chronicled in the first two-thirds of The Tale of Genji. The author, Lady Muraski, was a noblewoman in the Heian-era court. Both main character and author are so absorbed in court life that a reader needs a guide like Morris to understand how unique, elite, and remote from other civilizations court life had become.

Genji’s era is known as the Heian, which lasted from 794 to 1185 and marked the rise of Chinese influence in Japan. The country became Buddhist during the preceding Nara period, and the borrowing of Chinese culture continued into the Heian. However, Morris makes an interesting point about the time period depicted by Muraski: that for 100 years the Japanese aristocracy had been purposefully distancing themselves from Chinese influence and retreating into a more insular and uniquely Japanese way of life.

This way of life could be extremely strange. Bureaucrats would often start their working day after nightfall and work into the pre-dawn hours, their dreary activities made more lively by drinking rice wine. Their lives were dominated by aesthetics such the turn of a poetic phrase that conjures meaning through allusion (Japanese are masters at speaking indirectly), the quality of a fabric, the thoughtfulness of an incense blend.

Why is this small cast of courtiers and their strange rituals worth studying? Because, Morris argues, they produced a unique and indelible flourishing of literature written by women (Murasaki and her contemporary Sei Shonagon being the most famous) that have not only stood the test of time but become increasingly renowned across the centuries. Only Shakespeare is trailed by more commentary.

The thing that really makes the book stand out to me—its heart, so to speak—is that Morris’s work builds upon Murasaki’s themes of dreamlike reality and impermanence. He writes toward the end:

Throughout the novel…Murasaki rings the changes on the image of dreams and thereby evokes one of her central themes—the nebulous, unreal quality of the world about us, and the idea that our life is a mere ‘bridge of dreams’ (the title of her final book), over which we cross from one state of existence to the next.

When I read this line, I thought that this theme is also a perfect metaphor for Morris’s own work.


A force at play: the more you pay, the less you get

One of Vanguard founder Jack Bogle’s axioms in personal finance is that the more you pay to buy investments, measured by the fees, the less you get over time measured by total return. This principle is illustrated very well in the PBS Frontline documentary The Retirement Gamble in which Bogle appears to introduce the idea.

Recently I started reading Phishing for Phools (2105) by Akerloff and Shiller, which takes thesis that market competition leads to hoodwinking of consumers. Shiller is known for his work on economic models of housing prices and his most famous book Irrational Exuberance. Akerloff is an economics professor at Georgetown. Both are Nobel laureates.

I hadn’t made it very far into the book when it struck me that Bogle’s axiom could be extended to more than just the trade offs between passively and actively managed mutual funds. In the very first pages, Akerloff and Shiller introduce the concept of reputation mining. In classic economics professor fashion (harnessing the undergraduate cliché of a basket of goods at the supermarket), they use a fruit metaphor:

“If I have a reputation for selling beautiful, ripe avocados, I have an opportunity. I can sell you a mediocre avocado at the price you would pay for a perfectly ripe one. I will have mined my reputation. I will also have phished you for a phool.”

The banal fruit metaphor becomes more provocative when they proceed to apply it to the way in which ratings agencies mined their reputation for credibility in the run-up to the subprime mortgage meltdown. For a good illustration of context of this chapter of American financial history, watch the 2015 film The Big Short.

When most customers get tricked into buying overpriced goods, collapse is possible when some part of the market wises up. My mind immediately leaped to another part of the economy that is arguably engaging in widespread reputation mining: higher education. Many people say that higher ed in the United States represents a bubble similar to the one built on bad mortgages in the United States. A few years ago the amount of student loan debt exceeded credit card debt at more than $1 trillion. Reportedly, more than 40 million Americans are paying down these loans, which tend to have more affordable interest rates than credit cards but cannot be expunged in bankrutpcy.

Have all these Americans been ‘phished for a phool?’

Much research shows that college remains a good investment. Yet as much as I love higher education, particularly the liberal arts tradition I benefited from at Kenyon College, I think a solid case can be made that the higher sticker prices of recent years, combined with the increasing use of part-time adjunct instructors, fit a pattern of reputation mining. According to PBS:   “Adjuncts now make up more than 70 percent of all college and university faculty, often juggling a course load at multiple universities, earning an average of $2,500 per course.” Meanwhile, according to an editorial in the New York Times,  “if over the past three decades car prices had gone up as fast as tuition, the average new car would cost more than $80,000.”

Thus while the job security of the typical university instructor has vanished, which I think is a headwind against teaching quality, the product has (in the case of public universities) quadrupled in price. There are many factors influencing these trends, but they don’t seem sustainable. If tuition remained the same but classes were offered through prerecorded online lessons and proctored via algorithms, teacher salaries could plummet further. This would be blatant reputation mining. It would also mean that students and their families would be paying more for less.

Just like the mortgage market, these macro-trends oversimplify a very complex set of market interactions. I think reputation mining is going on at the same time as many university experiences represent genuine value for each tuition dollar spent. I’m still a big supporter of higher education, and believe that teachers will be more important than ever in our future as many jobs become obsolete through automation. Families now have to be strategic and savvy to avoid being ‘phished.’

In my own educational experience, I believe that my Kenyon degree, though expensive, represented real value. From that base I’ve been able to build a career as a writer and editor. My Master’s in Journalism at the University of Maryland was similar. During my time as a writer working for Georgetown, I got free tuition which I applied to earning a Master of Professional Studies degree in Technology Management. The ten courses I took were taught exclusively by adjuncts. Was this Georgetown mining its reputation for dollars? Tough call. I was glad that many of my teachers in technical subjects were practitioners of those subjects rather than academics,  so I valued that they all had relevant day jobs and moonlighted their expertise. But on the value spectrum between the residential undergraduate experience at Kenyon and the night-school-style Professional Studies degree, I think I got a lot more value in my earlier studies. As much as I enjoyed studying tech at Georgetown, had I needed to pay the tuition out of pocket, I likely wouldn’t have gone for that extra degree.

A lot of financial wisdom amounts to ‘avoid getting ripped off.’ Alas, we live in a world where market forces make that a tricky thicket. I’m looking forward to delving further into Phishing for Phools.



Review: James Gleick’s “The Information”

Review of The Information by James Gleick (2011)

James Gleick jumped into my small circle of favorite authors this month. “The Information” reveals a hidden pattern, a signal to be discovered amid the noise of 21st-Century information overload. It tells the story of information technology’s rise through an elegant, though not overly-simplified, history of two things:

  • communication technology
  • information theory

The latter forms the book’s organizational thread. Information theory weaves through African talking drums, books, semaphore, telegraphs, wartime code-making and breaking, telephones, and finally the flood of digital platforms that now send information coursing through our lives. Like a bot crawling the web, this thread extends backward into the past and forward to the present. It makes its entry point is 1948, when an American engineer and theorist named Claude Shannon wrote a paper called “A Mathematical Theory of Communication,” that coined the term bit as the fundamental unit for measuring information.

The book is a masterful synthesis of everything that led to this idea–the physics of Newton, the rise of the telegraph, the emergence of quantum mechanics and uncertainty in both physics and mathematics–and everything that flowed from it, which includes how we interpret DNA and RNA a la Dawkins’s “Selfish Gene.” Although the details of this history are scarcely relevant to the life I live, I couldn’t help but feel that knowing this history provides a cogent context for how we live today. In other words, it provides powerful insight.

For example, I’m more inspired to write this blog by knowing the larger context for its technology. I am adding this book to Jaron Lanier’s two, more-opinionated, books, “You Are Not a Gadget,” and “Who Owns the Future,” to my short list of indispensable guides for understanding IT — its humanistic potential and potential abuse. I’m sure that Gleick opposes Lanier about certain things such as the desirability of Wikipedia. Gleick is far less strident, though he quotes Lanier in “the Information,” and likely appreciates his perspective. He’s more on the sunny side of the street, whereas Lanier sees darkness in the “hive mind.”This makes “The Information” more of an uplifting read. At the same time, he doesn’t fall into the temptation that Eric Schmidt, the executive chairman of Google, does for internet triumphalism in his books.

A good example of this is the pros and cons Gleick sees in the idea of “the wisdom of crowds.” Humans indubitably benefit from crowd-sourced effort, but they are also indelibly individual. Gleick captures this well:

It remains difficult to know when and how much to trust the wisdom of crowds–the title of a 2004 book by James Surowiecki, to be distinguished from the madness of crowds as chronicled in 1841 by Charles Mackay, who declared that people “go mad in herds, while they recover their sense slowly, and one by one.” Crowds turn all to quickly into mobs, with their time-honored manifestations: manias, bubbles, lynch mobs, flash mobs, crusades, mass hysteria, herd mentality, goose-stepping, conformity, groupthink–all potentially magnified by network effects and studied under the rubric of information cascades. Collective judgment has appealing possibilities; collective self-deception and collective evil have already left a cataclysmic record. But knowledge in the network is different from group decision making based on copying and parroting. It seems to develop by accretion; it can give full weight to quirks and exceptions; the challenge is to recognize it and gain access to it.

Far from rah-rah cheerleading about the potential of IT and big data, Gleick’s perspective includes the pitfalls. “The Information” can stand shoulder to shoulder on a bookshelf alongside Nassim Taleb’s thorny “Incerto” triology, which includes Fooled by Randomness, The Black Swan, and Antifragile, and Jaron Lanier’s contrarian works. He’s too smart to become a blind IT partisan/optimist, but it’s clear that he is an IT partisan and, ultimately, an optimist. He thinks that what humans have built is of tremendous value for those who can “recognize [knowledge] and gain access to it.”

Being able to harness “the information” is essential for humans. This ability is central to performing one of our fundamental tasks–perhaps the fundamental task–introducing and preserving order amid the universe’s entropy. This is part of what it means to be alive. In describing this purpose, Gleick is eloquent:

Not only to living things lessen the disorder in their environments; they are in themselves, their skeletons and their flesh, vesicles and membranes, shells and carapaces, leaves and blossoms, circulatory systems and metabolic pathways–miracles of pattern and structure, It sometimes seems as if curbing entropy is our quixotic purpose in this universe.

This observation lies at the heart of “The Information.” It is the signal, at least for me. I could not recommend a book more highly.

The function of John le Carre’s novels

John le Carre (Image via Wikimedia Commons)
John le Carre (Image via Wikimedia Commons)

By Dan Wilcock

Mystery novels—according to a widely held theory—attract readers because the detective brings an off-kilter world into concordance.

John le Carré, whose espionage novels I admire, almost always brings the reader to the opposite end of the spectrum. The off-kilter world becomes even more discordant as suspense rises to its climax.

The function of his novels is revealing the discordant undertow of secret worlds. Instead of feeling better because order has been restored to the universe, I usually feel grateful that my life has nowhere near that level of complexity, intrigue, moral compromise, etc. They put life in perspective by presenting suffering best avoided.

For this reason I don’t think I could read a stack of le Carré books back to back, but every once in a while one of them hits the spot. Currently I’m reading The Tailor of Panama, which I’m enjoying. Beyond that there are five or six of his titles on my shelf that I haven’t read like The Russia House. I guess it will take some time to go through them. That way I can emerge for air, read something simpler, more conducive to everyday ethics.

One more thing about le Carré—I believe that reading his masterfully rendered dialogues makes me a better writer. Few turn a better, or more wickedly humorous, spoken phrase.

Be the change you’d like to see in the world

A simple aphorism sums up much of human wisdom from antiquity to today: Be the change you’d like to see in the world.

This encompasses the Golden Rule, the Buddha’s Eightfold Path, and countless other traditions.

Like many simple things, achieving it requires  a great deal of refinement and practice.

I’m far from the mark myself.

Recently a combination of readings made this idea resonate more strongly than usual for me.

First, I’ve been working through a stack of books on the Roman Stoics such as Epictetus and Marcus Aurelius and their philosophic ancestors in Greece, primarily Plato. These schools of thought encourage scrutiny of the things before us, which allow a more objective perspective on justice or the moral good.

Second, I’ve been reading contemporary thinkers on sustainable, community-based, environmentally friendly life. I’m currently making my way through Deep Economy by Bill McKibben. Next up will be Small is Beautiful by E. F. Schumacher.

The confluence of these thinkers is rather striking. Once we scrutinize the things around us, we realize that, while we can’t choose the reality around us (the Stoics in particular believed in destiny), we can scrutinize that reality and choose how we act. The question is, what kinds of choices?

That’s what brought me to ‘be the change you’d like to see in the world.’

I think that Schumacher and McKibben point to some better alternatives than the default settings in America’s society, which currently sends most of its resources to hedge fund managers and corporate executives whose relationships with our  communities are mostly abstract and involve maintaining profit margins.

I’ll write again after reading Schumacher, and perhaps a bit more of the ancients.

Reading the Stoics

Bronze of Marcus Aurelius, Louvre, Paris (Image by Marie-Lan Nguyen via Wikimedia Commons)
Bronze of Marcus Aurelius, Louvre, Paris (Image by Marie-Lan Nguyen via Wikimedia Commons)

By Dan Wilcock

Reading ancient Stoic philosophers such as Epictetus, Seneca, and Marcus Aurelius does not require a classroom setting, nor a professor with proper academic credentials. Those elements add value, but the Stoics’ ideas can grab us immediately. I think three Stoic classics in particular are worth reading:

  1. Seneca’s letters, collected by Penguin Books as Letters from a Stoic and filled with advice on the good life, are marvels of clarity and humor. I’d recommend them to anyone.
  2. Epictetus’s manual on the art of living is as simple as it is powerful.
  3. Marcus Aurelius’s Meditations record Stoic advice he gives to himself as emperor of Rome.

Anyone with the slightest amount of responsibility in life would benefit immediately from the elegant but stern challenges and goals Aurelius sets for himself. Just one example:

“Stop letting the guiding principle within you be tugged around like a marionette by the strings of selfish impulses,” (from the Meditations, as translated by Pierre Hadot).

When I read passages like the one above–and the three famous Stoics’ works are full of such gems–I’m struck by how they apply to life here and now. We are marionettes tugged around by marketers, forces indifferent to us as moral beings. Our selfish desires are inflamed by well-paid experts in the arts of persuasion. We have the chance to do what’s good, and in stoicism the moral good consists in helping others, but we squander our opportunities on destructive trifles.

One passage doesn’t do justice to the wealth that can be found in these old classics. They are all worth reading in translations of the original Greek (Epictetus, Aurelius–both Romans who wrote in Greek) and Latin (Seneca). Reading them in the original would no doubt be fascinating, but I have no intention of putting in the requisite years of study. As the Stoics would advise, and Socrates and Plato would likely concur, I’ll take the shortest route to the goal. Marcus Aurelius puts it emphatically and eloquently:

“Don’t live as if you were going to live for ten thousand years. The inevitable is hanging over you. As long as you are still alive, and as long as it is still possible, become a good man,” (from the Meditations, as translated by Pierre Hadot).

Not everything by these three writers can be digested by readers who don’t know much about the ancient world and its philosophical context. So while I think that all three are powerful and comprehensible enough for any reader to start reading them directly, some things require expert untangling. A good framework for understanding the more enigmatic passages of the Meditations is Pierre Hadot’s classic book The Inner Citadel, which cleared up some things I found confusing.

Hadot is adept at identifying the framework of Stoic thinking: their way of viewing life (destiny and accepting what life presents with serenity), its purpose (serving others and the moral good), and the need for each person to exercise a cohesive guiding intelligence (stripping away the noise of life to find the objective signal).

I hope to write more about the Stoics as I read more from them, and compare them to the Greek thinkers (Socrates, Plato, Aristotle) who formed much of the basis for their worldview (and that of Western civilization). Thus this blog post is just a point of departure.

Review: The Circle by Dave Eggers

Image from the publisher’s website

By Daniel Wilcock

Google, Facebook, Twitter, Amazon. What if they all got rolled up into one corporation? What if that corporation became increasingly omniscient and swallowed the political world and then the totality of everyone’s quotidian life? Past dystopian novels such as Fahrenheit 451 (which targeted television and the banning/burning of books) plotted the trajectory of an illiterate society ruled by mind-control. The Circle may be as implausible as Fahrenheit 451 in the long run, but it raises a lot of key questions about where we’re headed as a society with the increasing ubiquity of information technology. I can’t think of a better novel to ask these questions through a compelling work of art.

The novel, set in the not-too-distant future, opens with Mae, the main character, beginning a job at the Circle. Openings at the tech firm (which resembles Google) are hard to get and highly coveted. Mae has an inside connection in Annie, her friend from college who has risen to great heights within the company. The new gig rescues her from the dreary job she’s held down at a utility company in the months since graduating. These opening scenes are what I’d imagine the first few days of a new job at Google to be like, only even more cartoonish.

That being said, Mae’s initial job is real work, handling the complaints of companies that advertise and sell products using the Circle and its currency system. Customer satisfaction must hover near 100 percent and reciprocating messages and invitations from fellow workers (inner circle) and followers (outer circle) is expected. Screens on her desk proliferate. The Circle keeps adding digital treadmills under her feet, but she’s remarkably adept—Annie tells her she’ll rise fast, and this sets her up as a kind of ‘chosen one’ figure.

Life outside the circle is painful, complicated, and slow. Mae’s parents struggle with her father’s MS and with battling their insurance company. But Mae still finds some enjoyment in the outside world, kayaking in the San Francisco Bay. These naturalistic interludes stop when Mae gets caught borrowing a kayak from the rental shop after hours by one of the exponentially proliferating “SeeChange” cameras that feed HD video into the Circle. As penitence, Mae decides to “go clear” (an inflection of Scientology) by donning a camera that broadcasts her every move to her growing list of online followers. An increasing proportion of the world’s politicians have gone clear, and the Circle is poised to ensure that everything is known.

What happens to Mae? There are key characters and events I’m leaving out. I don’t want to spoil the book, which really is worth the time. For me, the pages flew by in just a couple of days. I guess you could say I was already pretty receptive to the points that Eggers is making through his fictional craft. Last year I quit Facebook. At the beginning of this year, I decided to stop shopping at Amazon. Recently, I dropped Twitter. My problem with each of them is their tendency to draw humans into their own little marketing-oriented universes. Twitter seemed a bit more useful, as it so easily spits users into other web pages. But it still tracks you for profit and mostly is just a marketing echo chamber. I still use Google, and perhaps this is the company that would be the hardest to avoid since its free services are so ubiquitous (gmail, maps, drive, etc., etc., etc.) and their mastery of the online advertising market is almost complete (“complete” is an important word in The Circle).

Google has a very wide utopian streak. But as Jaron Lanier points out in Who Owns the Future?, the utopian vision has also led to consolidation of money and power. I’d recommend pairing that book with The Circle. In different ways, both authors are calling for underground resistance and disruption of the mega disruptors. Recently I’ve read a lot of Nassim Nicholas Taleb, whose writings—particularly Antifragile—argue against size and speed in favor of things that are decentralized, idiosyncratic, human, ecological. I agree with this line of thinking. I could also see another reader might come to a very different place with The Circle, which is a testament to the book’s understatement. I recommend this book highly.

Rediscovering Nassim Nicholas Taleb, Almost at Random

Nassim Nicholas Taleb (2011 photo by Bloomberg via Taleb’s website


By Daniel Wilcock

A random mistake at the airport earlier this month—checking in the book I intended to read along with the bag that contained it—reintroduced me to Nassim Nicholas Taleb‘s “Incerto” series of books. Even though I’d read and loved the Black Swan a few years back, the other three volumes, Fooled by Randomness, the Bed of Procrustes, and his latest Antifragile, somehow hadn’t caught my attention despite my knowing about them. How foolish. Taleb is an intellectual of the street fighting variety. His books pull brains out of stupid mode and light them on fire. They awaken readers to errors and misperceptions everywhere. That for me is the mark of a good philosopher. Yet a grain of salt or two may be needed. His stridency and dismissiveness of others are also the marks of an egotist cult leader, which I don’t think he is, but more on that later. How did I figure that his other books weren’t worth reading? Consider this blog post a way to make amends for this error.

By good fortune, but not randomness since the book is a perennial bestseller, a bookstore at Dulles International Airport happened to have a copy of Taleb’s second edition (2005) of Fooled by Randomness. Purchase made. Thus instead of reading the third volume of Lord of the Rings on the flight to Tokyo, an equally fine endeavor, I had the pleasure of jolting my worldview a bit. In Taleb’s hands, the hours ticked by pleasantly despite the cramped conditions, bland food, and impossibility of sleep.* If you enjoy non-technical philosophy and contrarian viewpoints, I’d say give this author a try.

Each of Taleb’s books is a fractal component his larger oeuvre, which argues that the “knowledge” and advice we encounter fail to adequately take into account the random, the opaque, and the unknown. This turns most modern human beings, particularly those who pay attention to mass media, into suckers and turkeys. His focus is on how to make decisions in an environment where we are continuously deluded and blind to the big disruptions he calls “black swans.” He thinks that these big events, which we never can predict, end up running our lives. He prefers negative to positive advice. These lessons, heavily informed by ancient philosophers like the stoics and contemporary behavioral economists such as Daniel Kahneman, mostly boil down to “don’t be a fool.” This is ultimately an impossible edict for humans, but archers aim high to hit distant targets.

Fooled by Randomness is the humblest and perhaps the most endearing of Taleb’s works. It shows how he gathered the bearings of his world view and contains the key admission that contextualizes the brash and seemingly arrogant way he battles with status quo thinkers. He admits repeatedly that he is a fool himself. One thing he attacks in others is their lack of similar humility, which is risky and ultimately destructive. Without this baseline caveat, it’s easy to misinterpret as self-righteous Taleb’s attacks on most other professional thinkers, particularly financial analysts, economists, journalists, and academics.

Fooled by Randomness is Taleb’s initial takedown of professional predictors. Like all of his books, it’s a mélange of autobiography (he worked as a trader for 20 years, then as an academic who writes books and doesn’t seem to like the academy much, and now as a flâneur, which is French for an idler who lives well by not making plans), philosophy, real-world observation and fictional narrative. It introduces a semi-autobiographical character called Nero Tulip (a name suffused with wry references), a financial trader who follows a seemingly lackluster “barbell” investment strategy of bonds plus small bets that pay off big in the event of market crashes. Despite having a risk-adverse worldview, Nero envies the flashy lifestyle of his neighbor, a fellow trader getting rich quickly with the latest financial trend. The neighbor “blows up” in the end and leaves the market. Nero is vindicated and remains in the market before he randomly ends up crashing a helicopter.

Later, in the Black Swan, Taleb introduces other semi-autobiographical characters like Fat Tony, another trader (and a necktie-free wise-guy gourmand that judges people subconsciously by smelling them) who functions as a comical mirror image of the experts Taleb attacks. Despite his argument that narratives pull the wool over our eyes, he calls it the “narrative fallacy,” Taleb uses these little stories nonetheless since humans’ brains function through narratives and also because he savors their artistic side. He appreciates style and intellectual pleasure, and finds great value in novelists and thinkers whose works have withstood the erasure of time. He’s a man who since his teens has read voraciously—40 to 60 hours a week, which reminds me of the number of miles run by marathoners each week—and I think these “Incerto” books are the output of his idiosyncratic inputs.

After putting down Fooled by Randomness, I picked up both the Bed of Procrustes, and Antifragile. The former is a collection of Taleb’s aphorisms, pithy little sayings that contain his wit and wisdom, and I think best enjoyed piecemeal, perhaps a page a day. Antifragile is another beast altogether, but similar in structure and content to the Black Swan. Taleb writes that Antifragile contains his main argument, the central idea of the Incerto. The title is a new word he invented. Antifragile refers to the quality of things that benefit from randomness, volatility, damage. These things have convex shape rather than concave when plotted on an axis. They have more of an upside than a downside when stressed. Examples can include the human body (up to a certain limit), the world of small businesses, barbell-style investors, and authors. In other words, he’s come up with a philosophy based on his own path to the good life. Again, he favors negative advice, a time-tested school of thought called “via negativa.” He finds wisdom in the concept of “small is beautiful” since larger size makes things more fragile. I could go on, but if you find these ideas tantalizing, the best thing to do is pick up the original.

As promised, a grain of salt. I think any thinker who warns you off most other thinkers, and one who is so clearly impressed with his own pathways in life, runs the risk of being an egotistical cult leader. Were Taleb more of a religious fanatic, rather than what I perceive to be a very erudite and broad-minded deist, his brash denunciations of others would come across (to me) as highly suspect. He’s a rich and confident man making sweeping statements. You might argue that being a notoriously cantankerous philosopher is his retirement hobby. His words often lack much humility other than his early admission (and not often repeated by the time he gets to Antifragile) that he’s human and fooled by life just like the rest of us. I think his arguments in each book are highly worthwhile, but need to be placed in the deeper context of all four books taken together. Taleb says the books can be taken in any order, but I think Fooled by Randomness is the best place to start. Just reading the Bed of Procrustes, one might legitimately ask “who is this jackass?”

Taleb’s a self-confessed fool, but he’s grappling with the tools that illuminate his foolishness and even provide the chance for a good life. That’s why I won’t repeat the mistake of sleeping on his work. As Taleb the flâneur would argue, and as my mishap with my copy of Tolkien suggests, we gain from being open to randomness.



ANA economy-class does have a few good things going for it, such as the opportunity to savor Japanese beer such as Premium Malt’s (sic), but trans-pacific travel is still a grind. Having a good book for the 13 hour flight is an indispensable remedy for the pain of temporary captivity.

Review: Winning the Loser’s Game

By Dan Wilcock

There’s a reason why investing sages like Jack Bogle, Burton Malkiel, and David Swensen praise Winning the Loser’s Game by Charles Ellis. Now that I’ve read the book (just closed the cover) I know why. This book is a bullshit eliminator, completely clear-eyed about market risk (the fact that losses will happen) that nonetheless explains the stakes in not taking on market risk in a world where taxes and inflation constantly erode wealth. It’s a book that explains the counter-intuitive nature of the market in a way that clicks: why investors should welcome stock price declines, why booming stock markets are better for stock sellers than stock buyers, why stocks aren’t important because of their price but rather because of their ability to produce dividends. Even though these are well established interpretations of the market, their wisdom never sunk in before I’d read Winning the Loser’s Game. Hence I’d recommend it wholeheartedly as one of the best books on investing.

The title of the book comes from a journal article Ellis wrote in 1975. He compares investing to tennis, which for virtually every amateur is a loser’s game. The victor wins on their opponent’s unforced errors. Ellis argues that investing used to be a winner’s game, but the field got so crowded with experts and operators who know how to take advantage of all the suckers (my words, not his) that the only way to win is avoiding unforced errors. The biggest of these is attempting to “beat the market.” This is an endeavor where more than three quarters of professionals ultimately fail. The individual investor socking away money in IRAs and 401ks shouldn’t even try. Rather than losing by actively trading, and compounding those losses with all the fees this entails, investors should craft a realistic policy that seeks to capture the entire market return (through entire market indexes) or a segment of the market through selected low cost mutual funds.

I was already bought into the idea of indexing (the lowest cost, getting the most of whatever the market returns), but before reading this book I might have been more likely to shift my index holding to more bonds in a bear market to preserve value. This is psychologically understandable, but exactly the wrong approach. Big downswings require that investors stick to their policy and make the most of bear markets by sticking to the path they set. This is a more nuanced, and more practical, version of the old saying “buy low and sell high.” That simple saying doesn’t prepare investors to do the right thing. The phrase is premised on active investing, and when the markets are at their most volatile is when we as human beings are most likely to make precisely the wrong decisions. By staying the course, and investing in consistent intervals, buying low and selling high happen naturally. The market cannot be timed, according to Ellis. Jumping in and out of the market is, for most people, lost opportunity.

I read the 4th edition of this book. As of this 2014, Loser’s Game is now in its 6th edition and updated post-great-recession. If you’d like to know how Ellis deals with the market fallout from 2008, I’d recommend that version (which I haven’t read). I think, however, that the reader of the 4th edition would have been very well served throughout the last seven years. They would have stuck the course and rode the massive upswing in equities to their now record highs. They would also have established an emergency fund that would allow them to buy largely into equities and then be steely about holding them.

Anyway, after making it halfway through the book, which I’d borrowed from the library, I ordered a copy for my personal collection (4th edition, much cheaper than the 6th). This is a book that any investor would be well served to read annually, perhaps just before looking at results and allocation. The rest—virtually everything we read online in the financial news—is counterproductive noise.

Hard Climbing: a Review of Peter Matthiessen’s The Snow Leopard

Matthiessen hikes past Lake Phoksumdo en route to the Crystal Monastery (photo by Carsten Nebel via Wikimedia Commons)
In The Snow Leopard, Matthiessen hikes past Lake Phoksumdo en route to the Crystal Monastery (photo by Carsten Nebel via Wikimedia Commons)

By Dan Wilcock

Reading The Snow Leopard is a bit arduous, but its commanding views are worth the climb. For me, and I suspect many like-minded readers, the book lights upon a trifecta of fascinating topics: the hike of a lifetime, the natural world, and Buddhism.

The book, published in 1978, recounts a trek Matthiessen took into a remote part of Nepal five years earlier. He heads into the Himalayas with a biologist friend who’s tracking a rare species of mountain sheep. His agreed-upon task is to assist with the field work, but his real aims are to experience the transcendence of Zen Buddhism and to find the Lama of Shey, a spiritual leader who presides over the secluded Crystal Monastery.

As the story unfolds, Matthiessen also reveals how torn he is to be separated from his family— from his wife due to her death from cancer, and from his son by taking the trip. Buddha also deserted his family and embarked upon his path to enlightenment, so like Hesse’s Siddhartha this book is an echo of the Buddha’s story.

Despite the makings of a terrific yarn, the pages don’t exactly fly by—or at least they didn’t for me. Although there are some stunning passages describing nature and panoramic vistas, Matthiessen keeps his the narrative portion of the book fairly unvarnished and somewhat plodding as if it were direct transcriptions from his journal. Interspersed with the story is a certain amount of regional history, some of which is truly fascinating. Take for example, this tidbit on the history of the Nepalese Gurkha soldiers, and how far back China’s claim to Tibet extends:

“The legend of these soldiers had its start in 1769, when the armies of the King of Ghorka spread
out from the central valleys, absorbing the small tribal kingdoms and creating the Hindu state
now called Nepal; in their great ferocity, they rushed into Tibet, only to be thrown back by the
Chinese, who considered Tibet to be part of China even then.”

I think a lot of people familiar Tibet’s plight following China’s mid-20th Century annexation would be surprised to learn that that was just one episode in a much longer story. Nepal’s origin story is also something I had no clue about before picking up this book.

More prominently, the roughly half of the book is a “meditation” (har har) on Eastern spiritual practices, primary Zen and the Buddhism and indigenous traditions of Tibet. He has a gift for synthesizing these concepts, such as the following passage—in which the Buddha’s teachings are encapsulated in just one sentence:

“In what became known as the Four Noble Truths, Sakyamuni perceived that man’s existence is
inseparable from sorrow; that the cause of suffering is craving; that peace is attained by
extinguishing craving; that this liberation may be brought about by following the Eightfold Path:
right attention to one’s understanding, intentions, speech, and actions; right livelihood, effort,
mindfulness; right concentration, by which is meant the unification of the self through sitting

Even though it takes some trudging to make it to Crystal Mountain, both for Matthiessen and for the reader, the journey culminates in something like enlightenment, which he finds may not be a permanent condition but rather a falling away of illusions and worldly concerns. Matthiessen returned to bring us this book. I think it’s a gem, but one that may take some polishing to shine.