The San Francisco Magazine interviewed Golden State Warriors coach Don Nelson (October 2008 edition). They emphasized his humble beginnings:
By 1976, when he retired as a player, Nelson had won five championship rings and paid off his house, yet he was anything but rich. In most years, he made around $30,000, and he still drove [Coach] Red Auerbach's hand-me-down Buick. His marriage was also on the rocks...His accountant said Nelson couldn't send his four kids to college. "He was always worried about money, trying to stay ahead," says Donnie [Nelson], who remembers moonlighting with his dad at YMCAs and Rotary Clubs where Nelson would give brief speeches, tossing out the same three jokes for $100 a pop. "Failure simply wasn't an option."
Sometimes, life's second acts are much more profitable. Mr. Nelson has not won an NBA championship as a coach.
On the player side, Corey Maggette is problematic for the Warriors. He plays like Kobe Bryant--if Kobe had mediocre shooting and defensive abilities. Essentially, the Warriors are left with a shooter without a conscience, but one who can't shoot consistently. Something tells me this won't end well, especially with the more experienced Stephen Jackson and Jamal Crawford needing to take at least 12 shots a game for the Warriors to be competitive. On the bright side, Al Harrington seems like he's doing better in New York.
The Baron-Davis-led Warriors were something special, and they will be missed. Right now, the Warriors need a consistent PG--like Chris Duhon, Jose Calderon, or Deron Williams--to keep their gonzo playing style from becoming self-destructive. Baron, shaky knee and all, provided stability to his team, and now, the Warriors have no one to provide steady passing and ball control. The Warriors should offer the Toronto Raptors a mutually beneficial deal: Maggette for Calderon, straight-up. Two other PGs to consider: Antonio Daniels (his quickness will fit perfectly with the Warriors) and local Stanford grad Brevin Knight. Even when Monta Ellis returns, the Warriors will need an experienced backup PG. Just my two cents.
"And if an epitaph be my story, I'd have a short one ready for my own: I had a lover's quarrel with the world." -- Robert Frost
Tuesday, December 9, 2008
Santa Clara County's Diversity
I've always thought the best way of learning was to listen to people. Living in Santa Clara County provides many opportunities for cross-cultural education. In my law practice, for example, I've had the opportunity to interact with people from all over the world.
The number of people in Santa Clara County who were born outside of the United States is around 40%. Most cities near ports or oceans tend to attract ambitious travelers, and San Francisco has attracted what appears to be some of the most ambitious Asians, who have brought their cultural values of education and family to California:
SJ Merc on Diversity
California may suffer from inept government--the budget crisis is still ongoing, for example--but the people who live here tend to be open-minded, which allows California government to make mistakes that would not be tolerated elsewhere. It remains to be seen whether California's signature open-mindedness and tolerant attitude will continue its status as a magnet for ambitious immigrants, or whether its high spending will cause a decline in competitiveness.
The number of people in Santa Clara County who were born outside of the United States is around 40%. Most cities near ports or oceans tend to attract ambitious travelers, and San Francisco has attracted what appears to be some of the most ambitious Asians, who have brought their cultural values of education and family to California:
SJ Merc on Diversity
California may suffer from inept government--the budget crisis is still ongoing, for example--but the people who live here tend to be open-minded, which allows California government to make mistakes that would not be tolerated elsewhere. It remains to be seen whether California's signature open-mindedness and tolerant attitude will continue its status as a magnet for ambitious immigrants, or whether its high spending will cause a decline in competitiveness.
Love in the Time of Famine
For all those who think love should be analyzed in terms of economics, here is your article:
http://www.cambridgeblog.org/2008/09/james-flynn-in-the-new-scientist
The crucial thing is whether men operate in a seller’s or a buyer’s market. As usual, market analysis oversimplifies, but it isolates an important “exchange”: women provide sex and men “pay,” ideally by helping to support children. When viable men are scarce, they can get sex without paying a high price. On the other hand, women who want children must provide sex and hope for a husband, rather than being able to expect one.
Can you feel the romance just oozing from the page? What palpable romance you bring, sir.
Hat tip to E.S. Fortune for the link.
http://www.cambridgeblog.org/2008/09/james-flynn-in-the-new-scientist
The crucial thing is whether men operate in a seller’s or a buyer’s market. As usual, market analysis oversimplifies, but it isolates an important “exchange”: women provide sex and men “pay,” ideally by helping to support children. When viable men are scarce, they can get sex without paying a high price. On the other hand, women who want children must provide sex and hope for a husband, rather than being able to expect one.
Can you feel the romance just oozing from the page? What palpable romance you bring, sir.
Hat tip to E.S. Fortune for the link.
Santa Clara Magazine and Hyperinflation
I graduated from Santa Clara Law School and get their alumni magazine, The Santa Clara Magazine. The managing editor, Steven Saum, in the most recent edition (Vol. 50, No. 3), talks about hyperinflation:
A few years after the Soviet empire collapsed, I lived in Ukraine, in a town where Russian officers were once sent into exile, and I counted among my friends those whose life savings were devoured overnight by hyperinflation: when money set aside--bit by bit, payday by payday--for two decades in anticipation of a daughter's wedding in the end only covered the cost for half a watermelon at the reception.
He writes such an eloquent defense of fiscal responsibility, I had to share it. The fact remains that when the government prints money, it causes inflation--perhaps not immediately, but eventually, the chickens come home to roost. It is worth repeating the fact that inflation is the #1 enemy of the average citizen, who, like Mr. Saum says, works hard to save a little money, bit by bit, only to see external forces mock his patience.
A few years after the Soviet empire collapsed, I lived in Ukraine, in a town where Russian officers were once sent into exile, and I counted among my friends those whose life savings were devoured overnight by hyperinflation: when money set aside--bit by bit, payday by payday--for two decades in anticipation of a daughter's wedding in the end only covered the cost for half a watermelon at the reception.
He writes such an eloquent defense of fiscal responsibility, I had to share it. The fact remains that when the government prints money, it causes inflation--perhaps not immediately, but eventually, the chickens come home to roost. It is worth repeating the fact that inflation is the #1 enemy of the average citizen, who, like Mr. Saum says, works hard to save a little money, bit by bit, only to see external forces mock his patience.
Monday, December 8, 2008
Jaromir Jagr a Libertarian?
In The Atlantic's December 2008 edition, Jaromir Jagr, a former All-Star U.S. hockey player, sounds positively libertarian:
"I came to Omsk [Siberia] because I wanted to. Here in Russia, you have real freedom, which is not like U.S. freedom. Back there you have so many rules." He smiled.
See how fast the world moves? Mr. Jagr's jersey number is 68, to commemorate his Czech heritage and the 1968 "Prague Spring," when Czechoslovakia enacted a series of economic and political reforms. The Soviets opposed the reforms, which called for a decentralized government, and invaded Czechoslovakia in response, occupying it until 1990.
A decentralized government, of course, is a hallmark of American-style governance. Mr. Jagr, an avowed anti-communist and supporter of the 1968 Prague Spring, now lives in Russia. The world has seemingly flipped overnight. America is being called the land of Soviet-style laws, while Russia has the designation as the land of "real freedom."
From my perspective, much credit needs to be given to the Department of Homeland Security for taking us away from the America our founders envisioned.
Oh, the shame.
Barry's Picks
Barry Ritholtz, who manages around 100 million dollars, talks about investing:
We are now running about 70% cash, which is inordinately high, but some of the names we’re watching, and have owned in the past, are NuVasive [NUVA], a medical-device company, Stanley Works [SWK], a great infrastructure story, LG Display [LPL] and Luminex [LMNX]. Industries we like are infrastructure, defense, biotech and medical devices.
It's good to see a Wall Street insider mentioning specific company names as opportunities for investment. As for me, I do believe the market will go up, but the question is whether Obama's swearing-in in late January 2009 will represent a firm baseline, or a temporary peak for the stock market.
We are now running about 70% cash, which is inordinately high, but some of the names we’re watching, and have owned in the past, are NuVasive [NUVA], a medical-device company, Stanley Works [SWK], a great infrastructure story, LG Display [LPL] and Luminex [LMNX]. Industries we like are infrastructure, defense, biotech and medical devices.
It's good to see a Wall Street insider mentioning specific company names as opportunities for investment. As for me, I do believe the market will go up, but the question is whether Obama's swearing-in in late January 2009 will represent a firm baseline, or a temporary peak for the stock market.
Sunday, December 7, 2008
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