Showing posts with label Will Durant. Show all posts
Showing posts with label Will Durant. Show all posts

Saturday, February 16, 2019

On the decline of civilizations...

A longer excerpt from the The Lessons of History on the decline of civilizations: 
When the group or a civilization declines, it is through no mystic limitation of a corporate life, but through the failure of its political or intellectual leaders to meet the challenges of change. 
The challenges may come from a dozen sources, and may by repetition or combination rise to a destructive intensity. Rainfall or oases may fail and leave the earth parched to sterility. The soil may be exhausted by incompetent husbandry or improvident usage. The replacement of free with slave labor may reduce the incentives to production, leaving lands untilled and cities unfed. A change in the instruments or routes of trade—as by the conquest of the ocean or the air—may leave old centers of civilization becalmed and decadent, like Pisa or Venice after 1492. Taxes may mount to the point of discouraging capital investment and productive stimulus. Foreign markets and materials may be lost to more enterprising competition; excess of imports over exports may drain precious metal from domestic reserves. The concentration of wealth may disrupt the nation in class or race war. The concentration of population and poverty in great cities may compel a government to choose between enfeebling the economy with a dole and running the risk of riot and revolution. 
Since inequality grows in an expanding economy, a society may find itself divided between a cultured minority and a majority of men and women too unfortunate by nature or circumstance to inherit or develop standards of excellence and taste. As this majority grows it acts as a cultural drag upon the minority; its ways of speech, dress, recreation, feeling, judgment, and thought spread upward, and internal barbarization by the majority is part of the price that the minority pays for its control of educational and economic opportunity. 
As education spreads, theologies lose credence, and receive an external conformity without influence upon conduct or hope. Life and ideas become increasingly secular, ignoring supernatural explanations and fears. The moral code loses aura and force as its human origin is revealed, and as divine surveillance and sanctions are removed. In ancient Greece the philosophers destroyed the old faith among the educated classes; in many nations of modern Europe the philosophers achieved similar results. Protagoras became Voltaire, Diogenes Rousseau, Democritus Hobbes, Plato Kant, Thrasymachus Nietzsche, Aristotle Spencer, Epicurus Diderot. In antiquity and modernity alike, analytical thought dissolved the religion that had buttressed the moral code. New religions came, but they were divorced from the ruling classes, and gave no service to the state. An age of weary skepticism and epicureanism followed the triumph of rationalism over mythology in the last century before Christianity, and follows a similar victory today in the first century after Christianity.
Caught in the relaxing interval between one moral code and the next, an unmoored generation surrenders itself to luxury, corruption, and a restless disorder of family and morals, in all but a remnant clinging desperately to old restraints and ways. Few souls feel any longer that "it is beautiful and honorable to die for one's country." A failure of leadership may allow a state to weaken itself with internal strife. At the end of the process a decisive defeat in war may bring a final blow, or barbarian invasion from without may combine with barbarism welling up from within to bring the civilization to a close. 
Is this a depressing picture? Not quite. Life has no inherent claim to eternity, whether in individuals or in states. Death is natural, and if it comes in due time it is forgivable and useful, and the mature mind will take no offense from its coming. But do civilizations die? Again, not quite. Greek civilization is not really dead; only its frame is gone and its habitat has changed and spread; it survives in the memory of the race, and in such abundance that no one life, however full and long, could absorb it all. Homer has more readers now than in his own day and land. The Greek poets and philosophers are in every library and college; at this moment Plato is being studied by a hundred thousand discoverers of the "dear delight" of philosophy overspreading life with understanding thought. This selective survival of creative minds is the most real and beneficent of immortalities. 
Nations die. Old regions grow arid, or suffer other change. Resilient man picks up his tools and his arts, and moves on, taking his memories with him. If education has deepened and broadened those memories, civilization migrates with him, and builds somewhere another home. In the new land he need not begin entirely anew, nor make his way without friendly aid; communication and transport bind him, as in a nourishing placenta, with his mother country. Rome imported Greek civilization and transmitted it to Western Europe; America profited from European civilization and prepares to pass it on, with a technique of transmission never equaled before. 
Civilizations are the generations of the racial soul. As life overrides death with reproduction, so an aging culture hands its patrimony down to its heirs across the years and the seas. Even as these lines are being written, commerce and print, wires and waves and invisible Mercuries of the air are binding nations and civilizations together, preserving for all what each has given to the heritage of mankind. 

Friday, February 15, 2019

Links

"If we put the problem further back, and ask what determines whether a challenge will or will not be met, the answer is that this depends upon the presence or absence of initiative and of creative individuals with clarity of mind and energy of will (which is almost a definition of genius), capable of effective responses to new situations (which is almost a definition of intelligence). If we ask what makes a creative individual, we are thrown back from history to psychology and biology—to the influence of environment and the gamble and secret of the chromosomes." --Will and Ariel Durant (The Lessons of History)

A lesson for the Democratic left from Adam Smith - by Roger Lowenstein (LINK)

Amazon’s Pullout From Queens, N.Y., Stuns Real-Estate Industry (LINK)

When Investing on Auto-Pilot Isn’t Enough - by Jason Zweig ($) (LINK)

Rocket Ships - by Ian Cassel (LINK)

The final installment (Part 4) of the Money Control interview with Sanjay Bakshi (LINK) [PDF of Parts 1-4]

Managing Technological Innovation: Industry Analysis (LINK)

Exponent Podcast: Publishers vs Apple News (LINK)

Brex Founder Henrique Dubugras on The Twenty Minute VC Podcast [H/T @anuhariharan] (LINK)

American Innovations Podcast: Making Decisions with Malcolm Gladwell (LINK)

Edge #529: Alzheimer's Prevention - A Conversation with Lisa Mosconi (LINK)

TED Talk: The age of genetic wonder | Juan Enriquez (LINK)

Strategies for Seizing the Day - by Ryan Holiday (LINK)

A Kindle Daily Deal today ($1.99) is a book I've heard several people recommend: Shadow Divers: The True Adventure of Two Americans Who Risked Everything to Solve One of the Last Mysteries of World War II 

Wednesday, February 6, 2019

Links

"We conclude that the concentration of wealth is natural and inevitable, and is periodically alleviated by violent or peaceable partial redistribution. In this view all economic history is the slow heartbeat of the social organism, a vast systole and diastole of concentrating wealth and compulsive recirculation." --Will and Ariel Durant (The Lessons of History)

Mark and Jonathan Boyar chat with ⁦‪Kate Welling (LINK)

Baupost’s Seth Klarman Hires Investment Chief to Manage Foundation’s Assets [H/T Will] (LINK)

Unnerving Words of an Idiosyncratic Genius (LINK)

A Crypto-Mystery: Is $136 Million Stuck or Missing? ($) (LINK)

Four Key Product Principles from WeChat’s Creator (LINK)

M33 Followup: The massive and fierce beauty of an enormous stellar nursery - by Phil Plait (LINK)

Monday, January 21, 2019

Links

"Reason is a tool, but character is based upon instincts and feelings into which reason seldom enters. Consequently, reason can not really be the dominant aspect of any age or any man. It’s an instinct." --Will Durant  [Via an interview included in between chapters on The Lessons of History audiobook, and also included in a fantastic transcript by Farnam Street.]

The most powerful person in Silicon Valley (LINK)
Billionaire Masayoshi Son–not Elon Musk, Jeff Bezos, or Mark Zuckerberg–has the most audacious vision for an AI-powered utopia where machines control how we live. And he’s spending hundreds of billions of dollars to realize it. Are you ready to live in Masa World?
Schumpeter on Strategy - by Jerry Neumann [H/T @patrick_oshag] (LINK)

5G: if you build it, we will fill it - by Benedict Evans (LINK)

John Stuart Mill’s Ideas on Free Speech (LINK)

The Secrets of Lyndon Johnson’s Archives - by Robert A. Caro (LINK)

For ebook readers that don't yet have the book, Mastering the Market Cycle by Howard Marks is on sale for $2.99 this week.

Sunday, January 20, 2019

Survival first...

"Nature and history do not agree with our conceptions of good and bad; they define good as that which survives, and bad as that which goes under." --Will and Ariel Durant (The Lessons of History)

"The only definition of rationality that I’ve found that is practically, empirically, and mathematically rigorous is the following: what is rational is that which allows for survival. Unlike modern theories by psychosophasters, it maps to the classical way of thinking. Anything that hinders one’s survival at an individual, collective, tribal, or general level is, to me, irrational." --Nassim Taleb (Skin in the Game)

"Never forget about the man who was six-foot-tall, who drowned crossing the stream that was five feet deep on average. To be a successful investor, at minimum, you have to survive. Surviving on the good days is not the issue. You have to be able to survive on the bad days. The idea of surviving on average is not sufficient. You have to be able to survive on the worst days." --Howard Marks (interview on The James Altucher Show)

"My belief is: If you have not figured out the risk, then you shouldn't even think about the upside." --Weijian Shan (Real Vision interview)

"The first stop in Warren [Buffett]’s investing process is always to say, 'What are the odds that this business could be subject to any type of catastrophe risk—that could make it (the business) fail?' And if there is any chance that any significant part of his capital would be subject to catastrophe risk, he just stops thinking. NO. He just won’t go there. It is backwards the way most people think because most people find an interesting idea and figure out the math, they look at the financials, they do a projection and then at the end, they ask, 'What could go wrong?' Warren starts with what could go wrong." --Alice Schroeder  [In a talk discussing Warren Buffett's investing process.]

"The fundamental principle of auto racing is that to finish first, you must first finish. That dictum is equally applicable to business and guides our every action at Berkshire." --Warren Buffett (2010 Shareholder Letter)

Wednesday, December 12, 2018

Links

"Probably every vice was once a virtue—i.e., a quality making for the survival of the individual, the family, or the group. Man’s sins may be the relics of his rise rather than the stigmata of his fall." --Will and Ariel Durant (The Lessons of History)

How a late night phone call from Warren Buffett in 2008 may have helped save the US economy [H/T Linc] (LINK)

The State of Technology at the End of 2018 - by Ben Thompson (LINK)

Rational vs. Reasonable - by Morgan Housel (LINK)

Verizon Takes $4.5 Billion Charge Related to Digital Media Business (LINK)

MiMedx Called on Two Lawmakers for Help Before Its Accounting Scandal (LINK)

Exponential Wisdom Podcast: The Future of Real Estate (LINK)

Ezra Klein and Kara Swisher on the future of journalism (LINK)

Bertrand Russell’s Advice For How (Not) to Grow Old: “Make Your Interests Gradually Wider and More Impersonal” (LINK)

The Recurring Dread of a Paralyzing Illness - by Ed Yong (LINK)

Tuesday, November 13, 2018

Links

"Human history is a fragment of biology. Man is one of countless millions of species and, like all the rest, is subject to the struggle for existence and the competition of the fittest to survive. All psychology, philosophy, statesmanship, and utopias must make their peace with these biological laws. Man can be traced to about a million years before Christ. Agriculture can be traced no farther back than to 25,000 B.C. Man has lived forty times longer as a hunter than as a tiller of the soil in a settled life. In those 975,000 years his basic nature was formed and remains to challenge civilization every day." --Will Durant, "Heroes of History"

How mobile phones are helping farmers grow bigger harvests - by Bill Gates (LINK)

How Google and Amazon Got So Big Without Being Regulated (LINK)
Related book: The Curse of Bigness
Record Biotech IPO May Be Worth the $7 Billion - by Charley Grant ($) (LINK)
Moderna is slated to offer the largest biotech IPO on record, and a $7 billion valuation isn’t as crazy as it sounds
Mohnish Pabrai's keynote speech at the 8th Morningstar Investment Conference in Mumbai, India (video) (LINK)

Invest Like the Best Podcast: Cliff Asness – The Past, The Present & Future of Quant  (LINK)

Grant’s Current Yield Podcast: Curated content (LINK)

6 Biases Holding You Back From Rational Thinking - by Robert Greene (LINK)
Related book: The Laws of Human Nature
TED Talk: My journey to thank all the people responsible for my morning coffee | AJ Jacobs (LINK)

Released today: This Is Marketing - by Seth Godin (who also reads the audiobook)

Thursday, December 28, 2017

We are choked with news, and starved of history...

From "The Map of Human Character" by Will Durant (November 18, 1945): 
It is a mistake to think that the past is dead. Nothing that has ever happened is quite without influence at this moment. The present is merely the past rolled up and concentrated in this second of time. You, too, are your past; often your face is your autobiography; you are what you are because of what you have been; because of your heredity stretching back into forgotten generations; because of every element of environment that has affected you, every man or woman that has met you, every book that you have read, every experience that you have had; all these are accumulated in your memory, your body, your character, your soul. So with a city, a country, a race; it is its past, and cannot be understood without it. It is the present, not the past, that dies; this present moment, to which we give so much attention, is forever flitting from our eyes and fingers into that pedestal and matrix of our lives which we call the past. It is only the past that lives. 
Therefore I feel that we of this generation give too much time to news about the transient present, too little to the living past. We are choked with news, and starved of history. We know a thousand items about the day or yesterday, we learn the events and troubles and heartbreaks of a hundred peoples, the policies and pretensions of a dozen capitals, the victories and defeats of causes, armies, athletic teams. But how, without history, can we understand these events, discriminate their significance, sift out the large from the small, see the basic currents underlying surface movements and changes, and foresee the result sufficiently to guard against fatal error or the souring of unreasonable hopes?

[H/T Jacob]