Travel

  • Remembering 9/11 – 20 Years Later

    On September 11, 2001, 19 extremist Al Qaeda militants hijacked four airliners and carried out suicide attacks against targets in the United States. Nearly 3000 people were killed during the attacks.

    Do you remember where you were when it happened?

    For most Americans, it’s easy. That moment – and its ripples – are imprinted on our minds. For my son, Zach, it was in his 3rd-grade class. They wheeled in a TV on a cart for the students to watch. One of his classmate’s uncles was killed in the attack.

    A colleague of mine was supposed to be in the tower that day but rescheduled a meeting for the following day – narrowly missing it.

    And now 20 years have passed. So much has changed. So much has stayed the same. We’ve analyzed the events of that morning a thousand ways from different vantage points … and it’s still impossible to fully grasp the weight of the event.

    It’s crazy to imagine that there are now full-fledged adults who have no memory of it.

    And with that, Visual Capitalist put together a great chronology of the event.

    As we honor those that gave their lives – or had them taken from them – it’s a powerful reminder.

    Click the image to enlarge.

    911-terrorist-attack-timeline-preview-1

    via visualcapitalist

    The Pentagon has been repaired and we have a new World Trade Center in Lower Manhattan – but the wounds of that day still remain.

    Even more so for the actual first responders. With that, I’ll leave you with a powerful video from Jon Stewart, fighting for those first responders.

     

     

  • Camp Kotok 2021

    Each year I look forward to Camp Kotok, or as I like to call it Economists in Nature. It's basically 5 days of canoeing, fishing, and dining with economists, wealth managers, traders, investors and more. 

    One of few chances for people from these backgrounds to come together and talk about the world, big trends, investing, economics, politics, and more … in an open and safe forum. The event goes by the Chatham House Rule – which basically means you can share the information you receive, but not who said it. 

    E8xevicXMAEJCVR

    This year we talked about everything from China, digital currencies, the pandemic, and the state of markets. 

    Interestingly, for all the takeaways I could focus on, the main takeaway was uncertainty. 

    For all the intelligent and "in-the-know" people in the room, very few people had clear opinions of what was going to happen. There were too many variables at play, and while they posited a lot of potential paths, it feels like the general census was we're at a crossroads with many potential futures in front of us. 

    Despite the general uncertainty in the room, it wasn't fear-laden. The general mood was optimistic, and for the most part, everyone sees paths toward economic success post-COVID.

    With that said, when and what "post-COVID" means is another issue.

    One of the other key discussions that came up often was the new generation of workers and their changing relationship with work. It's plain to see the rate of quitting is higher, that wages are rising, and it's getting hard to fill minimum wage jobs. It's hard to get employees back in an office space, and many are willing to take pay cuts or switch to other companies to stay at home. 

    The long-term impact on our economy (and our culture) is yet to be seen.

    We live in interesting times. 

    As a bonus, here's an interview I shot at Camp Kotok in 2018 with Bob Eisenbeis,  Cumberland Advisors' Vice Chairman & Chief Monetary Economist.  Check it out.  

     

    Cumberland Advisors via YouTube

  • Elon Musk and His Self Driving Cars

    While self-driving cars seem like a relatively new invention, the reality is that the earliest autonomous self-driving cars existed in the early 1980s (non-autonomous versions and semi-workable experiments have existed since the 1920s). 

    Luckily, the standards and approach have gotten much better since then, and we continue to make massive strides. Recently, Elon Musk stated that he was confident that level 5 self-driving cars would exist by the end of this year. That would mean the need for a steering wheel or a driver's seat would be next to 0 – a luxury even. 

     

    Autonomous-self-driving-cars-vs-human-drivers-chart

    via Stein Law

    According to many AI experts, this is exciting because level 5 autonomy is not just difficult – it's near impossible. 

    Think of it from a human perspective. When we're driving, many minute decisions happen instantaneously and without much trouble. But some of those decisions are "subjective" and seemingly novel. We know the answer because we intuit the answer – not because it's following any specific rule. 

    For a car to reach level 5 autonomy, it would have to be pre-trained for essentially every possible situation they could encounter – no matter how rare. 

    Elon Musk is famous for his potentially antagonizing beliefs and predilection for extreme statements … but will Tesla somehow solve these problems?

    Is AI about to pass another hurdle already?

    It's exciting stuff! As someone that hates long drives, I'm certainly ready for it. I can also envision a future where the norm is autonomous driving, and individuals that want the right to drive their cars themselves will have to pass extra tests, pay extra fees, and warn the autonomous cars that it's a human at the wheel. 

  • World Happiness Levels in 2021

    Happiness is a complex concept comprised of positive emotions, lack of negative emotions, comfort, freedom, wealth, and more. 

    Regardless of how hard it is to quantify … humans strive for it.

    Likewise, it is hard to imagine a well-balanced and objective "Happiness Report" because so much of the data required to compile it seems subjective and requires self-reporting. 

    Nonetheless, the World Happiness Report does a good job with its annual look at quantifiable factors (like health, wealth, GDP, and life expectancy) and more intangible factors (like social support, generosity, emotions, and perceptions of local government and businesses).  Click the image below to view the Report.

    V2Screen Shot 2021-07-23 at 2.48.08 PMvia World Health Report

    In their 2021 report, there was a significant focus on the effect of COVID-19 on happiness levels and mental health. 

    As you might expect, the pandemic caused a significant increase in negative emotions reported. Specifically, there was a significant increase in reports of worry and sadness across the ninety-five countries surveyed. Moreover, the decline in mental health was higher in groups that already had mental health problems – women, young people, and poorer people. 

    What's interesting about this is the resilience and bounce-back seen within the data. Considering the amount of disruption to households this past year, it's remarkable how stable the averages for countries have been. 

    Ultimately, globally, humans persevered in the face of economic insecurity, anxiety, and challenges to mental and physical health. 

    Despite the changes in emotions in 2020, overall life satisfaction rebounded quickly after March of 2020. 

    Global-Happiness-Levels-2021-Main-Graphicvia Visual Capitalist

    While there was a decrease in overall happiness, the relative balance in the face of such adversity may point towards the existence of a hedonic treadmill – or set point of happiness. I'm always impressed by what people can get used to, and how you can find pockets of joy in even the hardest times … or how people with everything they could ever ask for can still feel profound unhappiness. 

    It's oddly beautiful and a great reminder that happiness comes from within. Obviously, our environment and circumstances play a part. It's easier to be content with a roof over your head and a stable job. But, after a certain point, it's on us to create our realities. 

    Onwards!

  • What Comes Next With Sébastien Toutant

    The opening ceremonies for the Tokyo Olympics started on Friday. 

    While the Olympics are more controversial this year than normal, I think most of us can appreciate watching the best athletes performing at their peak. We can also laugh at the cardboard "anti-sex" beds they put in the Olympic Village.

    With that, I thought I'd bring back a video I shot with Sébastien Toutant who won a gold medal at the most recent winter Olympics. I met Sébastien while leaving an F1 race in Montréal. I had a chance to talk to him about what makes him tick and where he sees his future.

    It's a great case study in self-actualization after you've reached the top of your proverbial mountain top. 

    There are multiple factors at work in high performance and in keeping yourself passionate and motivated. 

    1. Find Your Unique Ability

    "Snowboarding is my passion. I was doing it every day … Over time, It's my job, but it's still my passion. Every time I strap in on my board, I love it. You have to balance it. You have to keep the fun alive." 

    Unique Ability is where there's superior skill and it gives you energy, instead of taking energy. When you have to grind every day to become the best, and it's taking energy away from you, you're not going to stick with it. 

    When it lights you up, there's no limit to the hours or years you can commit to it. 

    2. Maintain Good Habits and Build New Skills 

    "Keep Snowboarding. Keep Training. Keep Trying New Tricks.  The sport is moving so much, so you always have to improve your riding and invent new tricks. Push the sport to the next level." 

    Success is a war of attrition. You gain it every day through consistent habits and hard work. It's easy to talk the talk, but it's harder to set yourself up for success. Structure your life, and your environment in a way that makes success the default.

    3. Stay Focused on the Future

    "You have to make sacrifices to make it there. But it's worth it."

    At my office, we practice the idea of "Measure Backwards, Plan Forwards". 

    To us that means it's important to take time to appreciate how far you've come … yet, it's also important to stay focused on what you can still accomplish. 

    Your edge is decaying faster than ever before. Competition is growing not just from your competitors but from technology as well.  Stay focused on next. 

    By the way, there is one other lesson this encounter reminded me about – opportunity is all around you … waiting for you to notice and act!  It would have been easy for me to filter out the "kid" standing behind me in a line after an event.  Luck favors the prepared.  Stay focused on what you want and keep your eyes, ears, and mind open for ways to get it!

    Onwards!

  • Here Are Some Links For Your Weekly Reading – July 5th, 2021

    6a00e5502e47b2883301b7c90a3099970b-600wi

    Here are some of the posts that caught my eye. Hope you find something interesting.

    Lighter Links:

     
     

     

    Trading Links:

     
     

  • Here Are Some Links For Your Weekly Reading – June 27th, 2021

    252834

    Here are some of the posts that caught my eye recently. Hope you find something interesting.

    Lighter Links:

     

    Trading Links:

  • A Look At Trade Blocs

    The Global Economy is more complex than I could ever explain in a single blog post. But one of the simplest ideas to understand is that trade and commerce are the foundation for the Global Economy. 

    Trade between states, nations, and continents is how you end up with innovation, global increases in prosperity, and resistance to the consequences of famine, natural disasters, and even pandemics. 

    But, the wants and power dynamics of these different entities can get complicated. There are many intergovernmental trade barriers.

    That's where trade blocs come in … Two you likely recognize would be NAFTA (now USMCA) and the EU.

    Trade blocs are meant to reduce trade barriers between participating entities but are sometimes controversial for their potential consequences. For example, they can result in rival groups, overly benefit certain countries, and potentially place undue pressure on certain exports. 

    In late 2020, the Regional Comprehensive Economic Partnership (RCEP) was signed and creates the largest trade bloc in history – accounting for over 30% of global GDP and population. Visual Capitalist put together an infographic about RCEP's formation and likely implications. 

     

    RCEP-Explained-The-Worlds-Biggest-Trading-Bloc-Will-Soon-be-in-Asia-Pacific

    via visualcapitalist

    The agreement isn't fully ratified (it is set to be fully launched by early 2022). Regardless, it will impact the global stage and create approximately $209B of income increase per year.

    Despite all the rules and benefits that RCEP will have for its 15 nations, it doesn't contain any provisions for labor unions, environmental protection, or government subsidies. 

    As China continues to race against America to be the largest global superpower, the RCEP is a powerful tool in its arsenal.

  • Here Are Some Links For Your Weekly Reading – June 13th, 2021

    252389

    Here are some of the posts that caught my eye recently. Hope you find something interesting.

    Lighter Links:

     

    Trading Links:

  • The Rise of Augmented Reality

    Last week, Microsoft won a contract to provide the U.S. army augmented reality ("AR") headsets. It's worth up to $21.9 billion over 10 years, and they'll be providing over 120,000 AR headsets. Porn has been the leader in VR/AR innovation, but it's unsurprising that war is also being used to drive innovation. Human nature is human nature. 

    Virtual reality (VR) and augmented reality have been around for a long time, but there's been a massive boom in innovation and interest over the last 3-5 years. Not only are the technologies becoming more affordable, but the animation is becoming more realistic, headsets are becoming more portable and longer-lasting, and our physical and virtual realities are beginning to blend. 

    We're moving towards a world where technology envelops every aspect of our lives … figuratively and literally. It's funny because I felt the same way in the late 90s as cell phones and the internet proliferated. It feels quaint in comparison to the ubiquity of technology today. Even our toasters are smart now. 

    The following (still fictional) video is thought-provoking. What happens when these new technologies are used to influence behavior, decision-making, and even your identity?  

     

    Keiichi Matsuda via  Vimeo

    Like many things, these technologies make possible awesome new capabilities (if used well) and horrific consequences (if abused or used in authoritarian ways). 

    Your doctor or nutritionist could help you make better choices for yourself. Your therapist or coach could help you perceive and respond differently to the challenges life presents you. Marketers could better influence your purchases. Employers could better monitor and measure your performance and productivity. And governments will not be far behind … doing what they do. It all toes the line between beneficial and creepy. 

    Because of where we are in the adoption curve, it is becoming more common to discuss bioethics and AI ethics.  Likewise, as we accelerate into an age of exponential technologies and mindsets, be prepared for increasing scrutiny of the promise versus the peril of various new technologies and capabilities.

    We live in interesting times, and only getting more interesting as it goes!