Showing posts with label Michel de Montaigne. Show all posts
Showing posts with label Michel de Montaigne. Show all posts

Sunday, September 29, 2019

Montaigne and trying to see things as they are...

Even his simplest perceptions cannot be relied upon. If he has a fever or has taken medicine, everything tastes different or appears with different colors. A mild cold befuddles the mind; dementia would knock it out entirely. Socrates himself could be rendered a vacant idiot by a stroke or brain damage, and if a rabid dog bit him, he would talk nonsense. The dog’s saliva could make “all philosophy, if it were incarnate, raving mad.” And this is just the point: for Montaigne, philosophy is incarnate. It lives in individual, fallible humans; therefore, it is riddled with uncertainty. “The philosophers, it seems to me, have hardly touched this chord.” 
And what of the perceptions of different species? Montaigne correctly guesses (as Sextus did before him) that other animals see colors differently from humans. Perhaps it is we, not they, who see them “wrongly.” We have no way of knowing what the colors really are. Animals have faculties that are weak or lacking in us, and maybe some of these are essential to a full understanding of the world. “We have formed a truth by the consultation and concurrence of our five senses; but perhaps we needed the agreement of eight or ten senses, and their contribution, to perceive it certainly and in its essence.” 
This seemingly casual remark proposes a shocking idea: that we may be cut off by our very nature from seeing things as they are. A human being’s perspective may not merely be prone to occasional error, but limited by definition, in exactly the way we normally (and arrogantly) presume a dog's intelligence to be. Only someone with an exceptional ability to escape his immediate point of view could entertain such an idea, and this was precisely Montaigne’s talent: being able to slip out from behind his eyes so as to gaze back upon himself with Pyrrhonian suspension of judgment. Even the original Skeptics never went so far. They doubted everything around them, but they did not usually consider how implicated their innermost souls were in the general uncertainty. Montaigne did, all the time. 
We, and our judgment, and all mortal things go on flowing and rolling unceasingly. Thus nothing certain can be established about one thing by another, both the judging and the judged being in continual change and motion. 
This might seem a dead end, closing off all possibility of knowing anything, since nothing can be measured against anything else, but it can also open up a new way of living. It makes everything more complicated and more interesting: the world becomes a vast multidimensional landscape in which every point of view must be taken into account. All we need to do is to remember this fact, so as to “become wise at our own expense,” as Montaigne put it.  
Even for him, the discipline of attention required constant effort: “We must really strain our soul to be aware of our own fallibility.” The Essays helped. By writing them, he set himself up like a lab rat and stood over himself with notebook in hand. Each observed oddity made him rejoice. He even took pleasure in his memory lapses, for they reminded him of his failings and saved him from the error of insisting that he was always right. 

Thursday, January 31, 2019

Cruelty, recognition, and kindness

From How to Live: Or A Life of Montaigne in One Question and Twenty Attempts at an Answer:
Among less emotionally wrought readers, one much affected by Montaigne’s remarks on cruelty was Virginia Woolf’s husband, Leonard Woolf. In his memoirs, he held up Montaigne’s “On Cruelty” as a much more significant essay than people had realized. Montaigne, he wrote, was “the first person in the world to express this intense, personal horror of cruelty. He was, too, the first completely modern man.” The two were linked: Montaigne’s modernity resided precisely in his “intense awareness of and passionate interest in the individuality of himself and of all other human beings”—and nonhuman beings, too.

Even a pig or a mouse has, as Woolf put it, a feeling of being an “I” to itself. This was the very claim that Descartes had denied so strenuously, but Woolf arrived at it through personal experience rather than Cartesian reasoning.
... 
What brought this incident back to Woolf, as an adult, was reading Montaigne. He went on to apply the insight to politics, reflecting especially on his memory of the 1930s, when the world seemed about to sink into a barbarism that made no room for this small individual self. On a global scale, no single creature can be of much importance, he wrote, yet in another way these I’s are the only things of importance. And only a politics that recognizes them can offer hope for the future. 
Writing about consciousness, the psychologist William James had a similar instinct. We understand nothing of a dog’s experience: of “the rapture of bones under hedges, or smells of trees and lamp-posts.” They understand nothing of ours, when for example they watch us stare interminably at the pages of a book. Yet both states of consciousness share a certain quality: the “zest” or “tingle” which comes when one is completely absorbed in what one is doing. This tingle should enable us to recognize each other’s similarity even when the objects of our interest are different. Recognition, in turn, should lead to kindness. Forgetting this similarity is the worst political error, as well as the worst personal and moral one. 
In the view of William James, as of Leonard Woolf and Montaigne, we do not live immured in our separate perspectives, like Descartes in his room. We live porously and sociably. We can glide out of our own minds, if only for a few moments, in order to occupy another being’s point of view. This ability is the real meaning of “Be convivial,” this chapter’s answer to the question of how to live, and the best hope for civilization.

Thursday, November 9, 2017

Links

"An investor who has all the answers doesn't even understand all the questions. A know-it-all approach to investing will lead, probably sooner than later, to disappointment if not outright disaster. Even if you can identify an unchanging handful of investing principles, we cannot apply these rules to an unchanging universe of investments—or an unchanging economic and political environment. Everything is in a constant state of change and the wise investor recognizes that success is a process of continually seeing answers to new questions." -John Templeton

15 Questions to Ask Management Teams [H/T @iancassel] (LINK)

Are regional fulfillment centers the new U.S. job-creation engine? (LINK)

Bryan Cranston Gives Advice to the Young: Find Yourself by Traveling and Getting Lost (video) (LINK)

Carl Sagan on the Power of Books and Reading as the Path to Democracy (LINK)

"I conceive that pleasures are to be avoided if greater pains be the consequence, and pains to be coveted that will terminate in greater pleasures." -Michel de Montaigne

Friday, August 18, 2017

Links

"If my mind could gain a firm footing, I would not make essays, I would make decisions; but it is always in apprenticeship and on trial." -Michel de Montaigne

The Financial Crisis Inquiry Report as a Harbinger - by Frank K. Martin (LINK)

Exponent podcast: Episode 121 — The Uber Mutation (LINK)

FT Alphachat podcast: Buchheit and Gulati on restructuring Venezuela's debt (LINK)
Lee Buchheit and Mitu Gulati, two of the world's foremost experts on sovereign debt restructuring, join the FT's Robin Wigglesworth to explain Venezuela's looming debt crisis and options for solving it, while the country's economic collapse and humanitarian problems continue to worsen.
Henry Kissinger talks to Charlie Rose (video) (LINK)
Henry Kissinger, former secretary of state, shares his thoughts on resolving the North Korea crisis, the U.S. relationship with China, and Donald Trump.
Here are the paths of the next 15 total solar eclipses (LINK)

Wednesday, June 28, 2017

Links

"We, and our judgment, and all mortal things go on flowing and rolling unceasingly. Thus nothing certain can be established about one thing by another, both the judging and the judged being in continual change and motion." -Michel de Montaigne (via How to Live)

Give Us Your Tired, Your Poor, Your Huddled Masses Yearning to Send Cash [H/T @ivan_brussels] (LINK)
Western Union built its business on refugees and immigrants. Can it survive the political backlash against them?
Ends, Means, and Antitrust - by Ben Thompson (LINK)

User/Subscriber Economics: An Alternative View of Uber's Value - by Aswath Damodaran (LINK)

Masters of Scale podcast: Netflix's Reed Hastings in Culture Shock (LINK)

Blake Mycoskie, Founder and Chief Shoe Giver of TOMS, on The Tim Ferriss Show (podcast) (LINK)

NPR's Hidden Brain podcast: Guessing Games (LINK)
Pundits and prognosticators make predictions all the time: about everything from elections, to sports, to global affairs. This week on Hidden Brain, we explore why they're often wrong, and how we can all do it better.

Wednesday, March 8, 2017

Montaigne quote

From The Complete Essays of Montaigne:
Wherefore it is as foolish to lament that we shall not be alive a hundred years from now as it is to lament that we were not alive a hundred years ago. Death is the origin of another life. Just so did we weep, just so did we struggle against entering this life, just so did we strip off our former veil when we entered it. 
Nothing can be grievous that happens only once. Is it reasonable to fear so long a thing so short? Long life and short life are made all one by death. For there is no long or short for things that are no more. Aristotle says that there are little animals by the river Hypanis that live only a day. The one that dies at eight o’clock in the morning dies in its youth; the one that dies at five in the afternoon dies in its decrepitude. Which of us does not laugh to see this moment of duration considered in terms of happiness or unhappiness? The length or shortness of our duration, if we compare it with eternity, or yet with the duration of mountains, rivers, stars, trees, and even of some animals, is no less ridiculous.

Wednesday, February 8, 2017

Links

"The advantage of living is not measured by length, but by use; some men have lived long, and lived little; attend to it while you are in it. It lies in your will, not in the number of years, for you to have lived enough." -Michel de Montaigne (The Complete Essays)

It’s Buffett vs. Icahn as Lobbying Heats Up Over U.S. Ethanol [H/T Linc] (LINK)

Outwitting the FBI and the SEC (LINK)
Steve Cohen’s fund was once the most successful on Wall Street. Then it pleaded guilty to insider trading. But Cohen was never charged. David McClintick reviews “Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street” by Sheelah Kolhatkar.
IMF Revives Greek Euro-Exit Warning Amid Deadlocked Bailout Talks [H/T @rationalwalk] (LINK)

Sushi Nakazawa: "How 'Jiro Dreams of Sushi' Changed Two Men's Lives" | Talks at Google (video) (LINK)

Remembering Hans Rosling (LINK)

Book of the day: Big Data Baseball

Monday, January 23, 2017

Links

Released tomorrow: A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market - by Edward O. Thorp

How I Built This podcast -- Zappos: Tony Hsieh (LINK)
Related book: Delivering Happiness
Warren Buffett’s old proposal to end trade wars applies today [H/T Vishal and Linc] (LINK)

How Kraft Heinz Plans to Build a New Global Food Giant [H/T Linc] (LINK)

Analyst Ratings and the Institutional Imperative - by John Huber (LINK)

Product Study: Falcon 9 (LINK)

Amazon's next frontier to conquer? Auto parts [H/T @GSpier] (LINK)

Robert Cialdini on the Mixergy podcast (LINK)
Related book: Pre-Suasion
Charley Ellis has another chat with Barry Ritholtz on the Masters in Business podcast (LINK)

Book of the day: The Discovery of Slowness

I came across the book above in this excerpt from How to Live: Or A Life of Montaigne in One Question and Twenty Attempts at an Answer:
Montaigne would make a good model for the modern “Slow Movement,” which has spread (in a leisurely fashion) to become something of a cult since its inception in the late twentieth century. Like Montaigne, its adherents make slow speed into a moral principle. Its founding text is Sten Nadolny’s novel The Discovery of Slowness, which relates the life of Arctic explorer John Franklin, a man whose natural pace of living and thinking is portrayed as that of an elderly sloth after a long massage and a pipe of opium. Franklin is mocked as a child, but when he reaches the far North he finds the environment perfectly suited to his nature: a place where one takes one’s time, where very little happens, and where it is important to stop and think before rushing into action. Long after its publication in Germany in 1983, The Discovery of Slowness remained a best seller and was even marketed as an alternative management manual. Meanwhile, Italy generated the Slow Food movement, which began in protest against the Rome branch of McDonald’s and grew to become an entire philosophy of good living. 
Montaigne would have understood all this very well. For him, slowness opened the way to wisdom, and to a spirit of moderation which offset the excess and zealotry dominating the France of his time. He was lucky enough to be naturally immune to both, having no tendency to be carried away by the enthusiasms others seemed prone to. “I am nearly always in place, like heavy and inert bodies,” he wrote. Once planted, it was easy for him to resist intimidation, for nature had made him “incapable of submitting to force and violence.” 
As with most things in Montaigne, this is only part of the story. As a young man he could fly off the handle, and he was restless: in the Essays he says, “I know not which of the two, my mind or my body, I have had more difficulty in keeping to one place.” Perhaps he only played the sloth when it suited him.

“Forget much of what you learn” and “Be slow-witted” became two of Montaigne’s best answers to the question of how to live. They freed him to think wisely rather than glibly; they allowed him to avoid the fanatical notions and foolish deceptions that ensnared other people; and they let him follow his own thoughts wherever they led — which was all he really wanted to do.

Friday, August 19, 2016

Michel de Montaigne quote

From A Calendar of Wisdom (via Brain Pickings):
A sage is not afraid of lack of knowledge: he is not afraid of hesitations, or hard work, but he is afraid of only one thing — to pretend to know the things which he does not know. 
You should study more to understand that you know little.

Wednesday, March 9, 2016

Seneca, Montaigne, and paying attention...

As Seneca put it, life does not pause to remind you that it is running out: 
The only one who can keep you mindful of this is you: It will cause no commotion to remind you of its swiftness, but glide on quietly … What will be the outcome? You have been preoccupied while life hastens on. Meanwhile death will arrive, and you have no choice in making yourself available for that. 
If you fail to grasp life, it will elude you. If you do grasp it, it will elude you anyway. So you must follow it - and "you must drink quickly as though from a rapid stream that will not always flow." 
The trick is to maintain a kind of naive amazement at each instant of experience - but, as Montaigne learned, one of the best techniques for doing this is to write about everything. Simply describing an object on your table, or the view from your window, opens your eyes to how marvelous such ordinary things are. To look inside yourself is to open up an even more fantastical realm. The philosopher Maurice Merleau-Ponty called Montaigne a writer who put "a consciousness astonished at itself at the core of human existence." More recently, the critic Colin Burrow has remarked that astonishment, together with Montaigne's other key quality, fluidity, are what philosophy should be, but rarely has been, in the Western tradition. 
As Montaigne got older, his desire to pay astounded attention to life did not decline; it intensified. By the end of the long process of writing the Essays, he had almost perfected the trick. Knowing that the life that remained to him could not be of great length, he said, "I try to increase it in weight, I try to arrest the speed of its flight by the speed with which I grasp it … The shorter my possession of life, the deeper and fuller I must make it." He discovered a sort of strolling meditation technique: 
When I walk alone in the beautiful orchard, if my thoughts have been dwelling on extraneous incidents for some part of the time, for some other part I bring them back to the walk, to the orchard, to the sweetness of this solitude, and to me. 
At moments like these, he seems to have achieved an almost Zen-like discipline; an ability to just be. 
When I dance, I dance; when I sleep, I sleep. 
It sounds so simple, put like this, but nothing is harder to do. This is why Zen masters spend a lifetime, or several lifetimes, learning it. Even then, according to traditional stories, they often manage it only after their teacher hits them with a big stick--the keisaku, used to remind meditators to pay full attention. Montaigne managed it after one fairly short lifetime, partly because he spent so much of that lifetime scribbling on paper with a very small stick. 
In writing about his experience as if he were a river, he started a literary tradition of close inward observation that is now so familiar that it is hard to remember that it is a tradition. Life just seems to be like that, and observing the play of inner states is the writer's job. Yet this was not a common notion before Montaigne, and his peculiarly restless, free-form way of doing it was entirely unknown. In inventing it, and thus attempting a second answer to the question of how to live--"pay attention"--Montaigne escaped his crisis and even turned that crisis to his advantage. 
Both "Don't worry about death" and "Pay attention" were answers to a midlife loss of direction: they emerged from the experience of a man who had lived long enough to make errors and false starts. Yet they also marked a beginning, bringing about the birth of his new essay-writing self.

Sunday, November 22, 2015

Montaigne quote

From The Complete Essays of Montaigne:
"Look on each day as if it were your last, And each unlooked-for hour will seem a boon." HORACE

It is uncertain where death awaits us; let us await it everywhere. Premeditation of death is premeditation of freedom. He who has learned how to die has unlearned how to be a slave. Knowing how to die frees us from all subjection and constraint. There is nothing evil in life for the man who has thoroughly grasped the fact that to be deprived of life is not an evil. 

Friday, August 14, 2015

Links

William Deresiewicz: How To Learn How To Think (LINK) [A great find/post/excerpt from Shane. It also reminds me of a recent comment Charlie Munger made about how he thinks the younger generations' lack of focus is doing them a great disservice. And a reply to a question about speed reading at the 2011 Berkshire Annual Meeting. Buffett had said that reading fast can give one a big advantage, but Munger replied with something along the lines that speed reading is overrated.... maybe because, like the excerpt in Shane's post, it increases how much thinking others do for you, and decreases the amount you think for yourself. Going slower may allow one to think things through, understand them better by coming to one's own conclusions, and in the end make fewer mistakes when that knowledge gets applied to something.]

Stung by Losses, Kyle Bass Hopes for Comeback [H/T ValueWalk] (LINK)

China’s Long Minsky Moment (LINK)

A Catalog of Montaigne’s Beam Inscriptions [H/T @jasonzweigwsj] (LINK)
Related book: The Complete Essays of Montaigne (also has a good narration on the audiobook)
A response by Charlie Munger at the May 2007 Berkshire Hathaway Annual Meeting to a question about derivatives that I came across again and think is worth sharing:
Munger: The accounting being enormously deficient contributes to the risk. If you get paid enormous bonuses based on profits that don’t exist, you’ll keep going. What makes it difficult [to stop] is that most of the accounting profession doesn’t realize how stupidly it’s behaving. One person told me the accounting is better because positions are marked to market and said, “Don’t you want real-time information?” I replied that if you can mark to market to report any level of profits you want, you’ll get terrible human behavior. The person replied, “You just don’t understand accounting.”  
...As sure as God made little green apples, this will cause a lot of trouble. This will go on and on, but eventually will cause a big dénouement. 

Sunday, July 5, 2015

Montaigne quote

"In order always to be learning something by communication with others (which is one of the finest schools there can be), I observe in my travels this practice: I always steer those I talk with back to the subjects they know best....For most often the opposite happens: each man chooses to hold forth on another man's occupation rather than his own, thinking that this is so much new reputation acquired....Thus we must always throw the architect, the painter, the shoemaker and the rest each back to his quarry. And apropos of this, in the reading of history, which is everybody's business, I make it a habit to consider who are the authors. If they are people who have no other profession than letters, I learn mainly their style and language; if they are doctors, I believe them most readily in what they tell us about the temperature of the air, the health and constitution of princes and and wounds and maladies; if they are lawyers, we must take what they say on controversies over rights, the laws, the establishment of governments, and things like that; if theologians, Church affairs, ecclesiastical censures, dispensations, and marriages; if courtiers, manners and ceremonies; if men of war, what belongs to their business, and principally the accounts of the great actions at which they were present in person; if ambassadors, negotiations, understandings, and diplomatic practices, and the way to conduct them." -Michel de Montaigne (The Complete Essays of Montaigne)

Saturday, February 21, 2015

Montaigne quote

"Fortune does us neither good not hurt; she only presents us the matter, and the seed, which our soul, more powerfully than she, turns and applies as she best pleases; being the sole cause and sovereign mistress of her own happy or unhappy condition." -Michel de Montaigne (The Complete Essays of Montaigne)

Tuesday, October 28, 2014

Links

Graham & Doddsville's Fall 2014 Issue (LINK)
The new issue features Wally Weitz of Weitz Investment Management, Guy Gottfried of Rational Investment Group and the team at Development Capital Partners.  Additionally, you will find pictures from the 2014 “From Graham to Buffett and Beyond” Dinner in Omaha, news about the recently launched 5x5x5 Student Value Investing Fund and two investment ideas from CBS students.
Steven Romick's Q3 Commentary (LINK)

Expeditors' latest investor Q&A (LINK) [Which includes a great Steve Jobs quote: "People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I'm actually as proud of the things we haven't done as the things I have done. Innovation is saying no to 1,000 things."]

Tracy Britt Cool named CEO of Berkshire Hathaway owned Pampered Chef (LINK)

Edward Snowden Explains Why He Blew the Whistle on the NSA in Video Interview with Lawrence Lessig (LINK)

The Great Philosophers: Michel de Montaigne (LINK)
Related book: The Complete Essays of Montaigne [Also available as an audiobook via MP3 CD or on Audible, which is one of the things I started listening to while on vacation last week.]
Investing quotes of the day:

Warren Buffett on EBITDA from the 2002 Berkshire Meeting (Source):
It amazes me how widespread the use of EBITDA has become. People try to dress up financial statements with it. 
We won’t buy into companies where someone’s talking about EBITDA. If you look at all companies, and split them into companies that use EBITDA as a metric and those that don’t, I suspect you’ll find a lot more fraud in the former group. Look at companies like Wal-Mart, GE and Microsoft — they’ll never use EBITDA in their annual report. 
People who use EBITDA are either trying to con you or they’re conning themselves.
Charlie Munger on EBITDA:
I think that, every time you see the word EBITDA, you should substitute the words “bullshit earnings.”
Seth Klarman on EBITDA (from Margin of Safety, and previously posted HERE):
It is not clear why investors suddenly came to accept EBITDA as a measure of corporate cash flow. EBIT did not accurately measure the cash flow from a company’s ongoing income stream. Adding back 100% of depreciation and amortization to arrive at EBITDA rendered it even less meaningful. Those who used EBITDA as a cash-flow proxy, for example, either ignored capital expenditures or assumed that businesses would not make any, perhaps believing that plant and equipment do not wear out. In fact, many leveraged takeovers of the 1980s forecast steadily rising cash flows resulting partly from anticipated sharp reductions in capital expenditures. Yet the reality is that if adequate capital expenditures are not made, a corporation is extremely unlikely to enjoy a steadily increasing cash flow and will instead almost certainly face declining results. 
It is not easy to determine the required level of capital expenditures for a given business. Businesses invest in physical plant and equipment for many reasons: to remain in business, to compete, to grow, and to diversify. Expenditures to stay in business and to compete are absolutely necessary. Capital expenditures required for growth are important but not usually essential, while expenditures made for diversification are often not necessary at all. Identifying the necessary expenditures requires intimate knowledge of a company, information typically available only to insiders. Since detailed capital-spending information was not readily available to investors, perhaps they simply chose to disregard it. 
Some analysts and investors adopted the view that it was not necessary to subtract capital expenditures from EBITDA because all the capital expenditures of a business could be financed externally (through lease financing, equipment trusts, nonrecourse debt, etc.). One hundred percent of EBITDA would thus be free pretax cash flow available to service debt; no money would be required for reinvestment in the business. This view was flawed, of course. Leasehold improvements and parts of a machine are not typically financeable for any company. Companies experiencing financial distress, moreover, will have limited access to external financing for any purpose. An over-leveraged company that has spent its depreciation allowances on debt service may be unable to replace worn-out plant and equipment and eventually be forced into bankruptcy or liquidation. 
EBITDA may have been used as a valuation tool because no other valuation method could have justified the high takeover prices prevalent at the time. This would be a clear case of circular reasoning. Without high-priced takeovers there were no upfront investment banking fees, no underwriting fees on new junk-bond issues, and no management fees on junk-bond portfolios. This would not be the first time on Wall Street that the means were adapted to justify an end. If a historically accepted investment yardstick proves to be overly restrictive, the path of least resistance is to invent a new standard.