Market timing

Two anecdotes that help me make sense (of humor) out of the Lehman Bros. bankruptcy, the Merrill Lynch buyout, the Fannie/Freddie seizure, Bear Stearns debacle and all else:

1.

Around 1991, I walked into a local-ish comic store, as is my wont. As I was checking out, I noticed that the store had the first issue of Justice League International for sale at $20. It had come out in 1987 and I had a copy at home. A semi-impoverished college student, I figured I could use a few bucks, and asked if they were buying copies of that comic.

The clerk said, “No, man. We’ve got a whole box of that issue back in the storeroom.”

“Then why are you selling it for $20?” I asked.

“Because that’s what [The Guide] says it’s worth,” he told me.

Ah: [The Guide]. I don’t recall which price guide was in vogue back then, but I think that was the beginning of the era when comic magazines were publishing revised price guides on a monthly basis.

“But [The Guide] doesn’t make money selling copies of JLI #1,” I replied. “It makes money selling copies of [The Guide]. You oughtta put ‘HALF-OFF!’ signs up and I bet you could move the whole box pretty quickly.”

“But [The Guide] says they’re worth $20!”

“It’s only worth what you can get for it,” I said. Never let it be said I didn’t learn anything from my dad.

Mark to market. That’s why Lehman Bros. went into bankruptcy while Merrill Lynch managed to get itself bought.

2.

My next-door neighbor took his stockbroker exam in October 1987. This was three days before the Black Monday collapse, in which the Dow tanked 22%. He went on to work as a substitute teacher in our high school for the next several years.

In that spirit, congratulations to Slate, which launched its new business/finance site, The Big Money, yesterday.

What It Is: 9/15/08

What I’m reading: The Long Goodbye, which I haven’t read since 1992. I gotta read more of Chandler’s stuff. For some reason, 9 of his novels are available for the Kindle. So . . . any suggestions? (Also, The Last Musketeer, by Jason, and still with Montaigne’s essays. . .)

What I’m listening to: Beck’s Modern Guilt. And REM’s “Ignoreland,” which shuffled up recently on my iPod and will probably be in heavy rotation through the election.

What I’m watching: Your mom. There. I’ve said it. (Amy had a pretty busy week, so we didn’t get around to finishing up the last season of The Wire. Two episodes left!)

What I’m drinking: Red Stripe! Hooray beer!

What Rufus is up to: Accidentally showing up at a greyhound meet & greet! The admin of the Greyhound Friends NJ list dropped our e-mail by accident, so we didn’t know that our local pet store was hosting an event on Saturday. Coincidentally, we took Rufus up there to buy his pet food (we could’ve done it without him, but he loves going to the store), and discovered 4 or 5 greyhounds & owners in the parking-lot. Rufus, of course, was very happy to make some new friends.

Where I’m going: To the GFNJ Annual Fall Picnic/Greyhound Planet Day on Sunday in Bridgewater, NJ! My pal/co-worker Jason & his wife are picking up their grey at the picnic, so we’ll find out if their girl gets along with Rufus before we set up a playdate.

What I’m happy about: Having a quiet weekend, between pretty busy weeks.

What I’m sad about: David Foster Wallace’s suicide, even though I hadn’t read a book of his in around 10 years. (I suppose this title is a bit ironic now.) Here’s a terrific appreciation of/meditation on DFW by David Gates. Gates & I talked about Wallace in our first conversation, c. 1996, when I called him through the Newsweek switchboard because I was bored at my office and thought maybe he’d be around and willing to shoot the breeze. He was. (UPDATE: Gates suggests I/we read Laura Miller’s DFW piece on Salon.) (UPDATE 2: Michael Bierut has a good post on DFW viewed through a design/marketing lens.)

What I’m pondering: How SiteMeter made so many poor decisions when it “upgraded” this weekend.

Monday Morning Montaigne: An Apology for Raymond Sebond, Take 4

As promised, it’s the final part of my writeup on the Apology for Raymond Sebond (have fun with parts 1, 2, and 3 and you’ll see why I gave up on this project for a full year)! After this, it’s back to shorter, less preachy (I hope) essays! But this week you get — as per translator Donald Frame’s section titles — Man can have no knowledge (510-539), The senses are inadequate (539-553), Changing man cannot know changing things (553), Changing man cannot know unchanging God (553-556), and Conclusion: Man is nothing without God (556).

In last week’s apology for not having a writeup on the Apology, I mentioned that Montaigne loosened up in the last portion of this 180-page work. By that, I mean that he got back — at times — to the personal aspect of the “personal essay” for which he’s famous. Rather than preach in universal tones, he explored points through his own experiences. This technique, even when describing only abstractions, manages to bring M. down to earth and give some sense of his own journey. Which, of course, I correlate to mine:

I who spy on myself more closely, who have my eyes unceasingly intent on myself, as one who has not much business elsewhere . . . I would hardly dare tell of the vanity and weakness that I find in myself. My footing is so unsteady and so insecure, that on an empty stomach I feel myself another man than after a meal. . . . Now I am ready to do anything, now to do nothing; what is a pleasure to me at this moment will some time be a trouble. A thousand unconsidered and accidental impulses arise in me.

I prefer to quote Bitter Sweet Symphony by the Verve, but we all work with the tools we have at hand.

When I pick up books, I will have perceived in such-and-such a passage surpassing charms which will have struck my soul; let me come upon it another time, in vain I turn it over and over, in vain I twist it and manipulate it, to me it is a shapeless and unrecognizable mass.

I hearya. Somewhere in The Long Goodbye, I once read a passage that captured Chandler’s lyric vision of Los Angeles for me. Re-reading it a year or two later, I was flummoxed. I’ve just now gone back to the book, 16 years later; I’ll let you know if I find it this time.

Even in my own writings I do not always find again the sense of my first thought; I do not know what I meant to say, and often I get burned by correcting and putting in a new meaning, because I have lost the first one, which was better.

No comment.

As I mentioned last week, this segment also sees the return of fart jokes and jerkoff humor. But before getting to the good stuff, I feel like I should boil down the substance of this culmination of the Apology:

  1. Man is the measure of nothing, because neither his senses nor his reason can be trusted.
  2. Man cannot know anything, in himself.
  3. We need to find the world in God and hope that God bestows a “divine and miraculous metamorphosis” upon us.

And now, the Mel Brooks Segment!

Throughout the Apology, M. attacks various schools of philosophy, focusing on the Stoics. His commentary on the relativism of customs from place to place — how one place’s law is another’s crime — leads into an assault on how these philosophers employ reason to justify virtually any action. From there, he explains how the Stoics blurred lines between virtue and vice and tossed propriety out the window:

Metrocles rather indiscreetly let a fart while debating in the presence of his school, and was staying in his house, hiding for shame, until Crates went to visit him and, adding to his consolations and reasons the example of his own freedom, started a farting contest with him, by which he rid him of this scruple, and furthermore drew him over to his own freer Stoical school from the more polite Peripatetic school of which he had hitherto been a follower.

I’m not sure if I’d gravitate to a school like that, but I still laugh over the great campfire scene from Blazing Saddles, so who am I to talk?

A page after Metrocles’ story, M. turns to the Cynics’ lack of shame about sex. He contends that Augustine was too naive when the saint remarked that the Cynics were all talk when it came to sex in public, and that surely they were

merely representing lascivious movements, in order to maintain the shamelessness that hteir school professed; and that in order to eject what shame had restrained and withheld, they still needed later on to seek cover. He had no seen far enough into their debauchery. For Diogenes, practicing masturbation in public, expressed the wish in the presence of the bystanders that he could satisfy his stomach that way by rubbing it. To those who asked him why he did not seek a more comfortable place to eat than right out in the street, he answered: “Because I am hungry right out in the street.”

Never let it be said that the classics are boring. (And ignore the fact that M. does just that four paragraphs from the conclusion of the Apology, when he describes it all as a “long and boring discourse.”)

Thanks for sticking with this one. I hope the essays take a turn back to the fun, even though the next one is called, Of judging the death of others. . .

New Orleans, Beijing: Same Difference

Nicolai Ouroussoff: still here, still batshit-crazy. He asks why, if China could make a major architectural statement out of Beijing, the U.S. won’t do the same in . . . New Orleans. No, really.

Somehow, he misses the points that

  1. Beijing is the capital of a burgeoning world power, while New Orleans’ economy is driven almost entirely by drunken tourists,
  2. New Orleans, we now understand, faces destruction by flood every hurricane season, thanks to its georgraphy, a series of incredibly short-sighted development decisions, and the admitted incompetence of the Army Corps of Engineers,
  3. “New Orleans” and “coherent vision” don’t belong in the same article.

Maybe he’ll propose Frank Gehry to design new curved levees.

Chronicle of a Death Footnoted

Condolences to the family of David Foster Wallace, after DFW hanged himself on Friday.

My brother-in-law’s sister killed herself last week, so I’ve spent a bunch of time in the last few days thinking about the frame of mind someone has to be in to commit that act and leave family/friends to pick up the pieces.

Little Fluffy Tight Ends?

I feel kinda bad that I stopped paying attention to Hurricane Ike once it took New Orleans and environs off its itinerary. Sure, the people of Houston and its environs have plenty to worry about, but hey.

In fact, Ike’s change of path may have an added benefit! In addition to an election season where we have our first sorta black presidential candidate and our second female vice presidential candidate, Ike may have revealed to us the first out gay player in the NFL!

The Houston Texans, concerned about the timing of Ike’s landfall, have pushed their home game against the Ravens from Sunday afternoon to Monday evening and rescheduled practices to allow players and office staff to take care of their families. But buried in the middle of the article is this paragraph:

Texans tight end Owen Daniels said the hurricane isn’t a distraction and is a bit intrigued at the prospect of going through one. He has a degree in atmospheric and oceanic sciences and hopes to be a television weatherman one day.

Far be it from me to stereotype an entire profession, but I think it’s pretty clear that all television weathermen are gay. (Don’t believe me?) Every single one of them. (Especially him.) I’m not sure why that is, but it adds some color to the local news, I guess.

Now, I may be wrong; maybe Mr. Daniels wasn’t speaking in lightly veiled code about his sexual preferences. Still, I hope he embraces this role in bridging the hypermacho NFL and the hypergay weathercasting worlds.

(And I hope that Houston doesn’t get pasted too badly by the storm. Good luck!)

Me and Client 9

It turns out Cardinal Egan, Eliot Spitzer & I have something in common, besides virtually nothing! We all read the Official Newspaper of Gil Roth! In an article about how past governors, pols and other NYC figures want the NYSun to stay in business, they somehow managed to snag the former governor’s first public statement since his resignation:

“The Sun has been a spectacular addition to the city’s political discourse and is one of the finest papers in terms of editing, writing, and analysis that one can find anywhere.”

I’m gratified to know that other people were actually reading this paper.