Viva Espana

My wife and I recently returned from a vacation in Spain.  I haven't posted in months and it's a pleasure to share some beauty and love that we witnessed. 

Let's start with the Spanish people themselves.  They are as warm and courteous as I'd heard and quite tolerant of Americans seeking assistance.  They're also, by and large, very well dressed! 

A word about our tour guide, Mr. Federico García Barroso.  Mr. García Barroso is, and I don't often use this word to describe others -- remarkable.  He's the kind of man who can brighten lives simply by doing what he loves to do, which is sharing his knowledge of Spain's rich history and art.  

An accomplished guide, Mr. García Barroso is also a lover of music and a fine tenor.  At the closing dinner for our travel group, he sang four songs.  One in French, one in Spanish, one in English and one in Italian.  Like I said....remarkable.  Here's a taste...CLICK HERE.

The treasure trove of art in Spain including sculptures, paintings and of course, architecture, has always been a source of pride for the Spanish.  An example; the Basilica known as the Sagrada Familia the construction of which, began in 1882, is one of the most stunning edifices I've ever seen.  Spanish authorities are working diligently to complete its construction by the 100th anniversary of the death of its renowned architect, Antoni Gaudi, in 2026.

Below you'll see a photo -- untouched and taken only with natural light -- of the interior.  I was amazed by the columns alone, which resemble giant trees in a luminous forest.  The tops of the columns literally "branch out" to support the top structure.  We learned that Gaudi's work contains rich symbolism of the natural world and the divine.  These columns are part of his expression. 

If you have the opportunity, please visit the Sagrada Familia in Barcelona.   



John Maddente photo 

T.S. Eliot and Robert S. McNamara

And the end of all our exploring will be to arrive where we started and know the place for the first time. 

-- T. S. Eliot

About 15 years ago I discovered an exceptional documentary called, The Fog of War: Eleven Lessons from the Life of Robert S. McNamara.

Directed by Errol Morris, The Fog of War walks the viewer through most of the 20th century as told by former U.S. Secretary of Defense and World Bank President, Robert S. McNamara.  Mr. McNamara reflects on his life's lessons and uses the Eliot quote above, at a particularly moving stage of the film.  McNamara's heartfelt and detailed ruminations, the film clips, the music by Phillip Glass and still photos all work together to vividly capture milestones of the American experience.

The Fog of War was an Academy Award Winner for best documentary feature in 2003 and I'll recommend the film for the rest of my days.  

*image above wikimedia.org/wikipedia/commons/thumb/2/26/Thomas_Stearns_Eliot_by_Lady_Ottoline_Morrell

A new book from Jonathan Hoenig

This coming November, Capitalist Pig Hedge Fund manager and business media figure, Jonathan Hoenig will release A New Textbook of Americanism: The Politics of Ayn Rand.  The book, edited by Mr. Hoenig, contains a collection of essays from notable writers in the Objectivist school, including one from Mr. Hoenig himself ("On Property Rights").  

Cover page image courtesy of J. Hoenig

Public Twitter Image - Jonathan Hoenig

A local hero to recall on Memorial Day

Somehow I missed this local news article about two years ago on the 72nd anniversary of D-Day.  The details of a D-Day jump with the 82nd Airborne Division (and subsequent trip back to Normandy 72 years later) is told in this Milwaukee Journal Sentinel article by Meg Jones.   Yesterday, I met the gentleman who was the subject of that piece, Mr. Ralph Ticcioni of New Berlin, Wisconsin. (Disclosure: Ralph is Uncle to one of my brothers-in-law).  

French Legion of Honour recipient, Ralph Ticcioni
John Maddente photo

As I listened to the 95 year old veteran speak about his experience, I marveled at his deep humility.  As a paratrooper that fateful day, Ralph along with thousands of comrades were dropped behind enemy lines.  Unlike his comrades, he landed smack onto a farm rooftop in Cherbourg, France whereupon he had to cut himself loose from his own parachute which was entangled on a weather vane.  Some history readers and viewers of the movie, Saving Private Ryan will recall that Cherbourg was a location of importance during the invasion.  Speaking of the movie, Ralph told me that when he viewed the first twenty minutes of the film; he thought he was watching an actual news reel of the event.  (Many D-Day veterans have expressed a similar reaction to that segment).   

Ralph could easily recall the gear he carried that day, including the amount of ammunition and all the weapons he was issued which included a sidearm (.45 caliber semiautomatic pistol), several hand grenades and a Thompson sub-machine gun (which was swapped for an M1 Carbine rifle after paratroopers reunited with American supply units).  

I was pleased to have met this fine man yesterday.  To all like him, living or not, God bless and thank you for defending freedom!

More than a napkin

Below is a humble cocktail napkin from a recent flight.  The inscription -- which I failed to notice at first -- has a richer significance. 

John Maddente photo

After I buckled up, a man next to me begin to banter with our flight attendant who obviously loved her work (I'll call her Laura).  Although he gave me permission to identify him for this post, I recall only his last name -- Weingarten.  Back to the flight...

Laura and Mr. Weingarten appeared to know one another rather well.  When Laura left to serve other passengers, Mr. Weingarten pointed out that both of our napkins contained this friendly, hand-written, greeting and that she had produced one for him on a previous flight.  What I learned next was my inspiration for this post.

Mr. Weingarten explained that on a previous flight, two other flight attendants took notice of Laura's gracious attitude toward her customers and criticized her napkin gesture (not knowing they were within earshot of Mr. Weingarten) because it made them look deficient. 

Shortly after Laura's colleagues finished upbraiding her, Mr. Weingarten motioned Laura to come over for a private word which he concluded with this admonition... 

"Don't let them crush your spirit".

The story continues.  A busy executive who travels over 150 days per year, Mr. Weingarten found a portal the airline uses to garner customer feedback.  He supplied his flight details and Laura's real name in order to extol her exemplary service and attitude. 

Airline managements take these passenger inputs seriously. Laura was commended as a result.  I know not whether the other two attendants were cited in Mr. Weingarten's message, but this post is dedicated to all the Laura-types in our midst.  Don't let others crush their spirit.

Of small plates and anxious diners

Since childhood, I’ve had an almost religious attraction to good restaurants, but now in my late 50s I’m speaking out against some of them and a form of dining that began to proliferate across the US about ten years ago. The restaurant concept is called, “small plates” and a small plates dinner in this case, is a misnomer.  It's more like gastronomic chess.  Here's a typical small plates experience....

Small plates photo -- Wikipedia

After eyeing a group of baby plates spewed across a table that's invariably too small to accommodate all of them, I’m drawn to some culinary gems far more than others.  Now -- how much of the great stuff shall I eat? I want to be mindful of my fellow diners. Do I fill up on marginal stuff? Wait, did she order those marinated artichokes as her primary dish? How many small plates shall we order next -- one, two, or ten? By the way, who voted for which plate? Are you going to finish those artichokes?    

I hear a sharp rebuke coming from a Small Plate devotee, “Just order more small plates that you like and don't sweat the rest!”   No, thank you. I’ll go elsewhere and enjoy my entree in an adult-plate-size. Why complicate this experience with an unassigned barrage of appetizers?   

Economics 101 for the rest of us

Warren Buffet and Carl Icahn are famous investors but fewer people may know Ray Dalio.  Mr. Dalio founded an investment firm 40 years ago called Bridgewater Associates.  With $160 billion under management, Bridgewater runs one of the largest hedge funds in the world.

Bridgewater founder Ray Dalio, Bridgewater website

I recently discovered (among 3 million other people) a thirty minute YouTube video that Mr. Dalio produced to explain fundamentals of what he calls the economic machine. 

This video, which he narrates has been translated into several languages and viewed over 3,200,000 times.  The content begins slowly with basic concepts but progresses to explain the primary levers that policy-makers use to manage and stimulate the economy.  You can find it here.  

There are numerous lessons cleverly and clearly explained here.  Example: I hadn't appreciated why economists seem obsessed with Wage Growth until I watched this simple animated video.  The importance of wage growth has less to do with the oft-used and politically-charged phrase, "income inequality" and more to do with our collective ability to consume and mitigate credit bubbles.

Also explained, is the concept of Credit, which Mr. Dalio asserts, "...is the most important part of the economy and probably the least understood". Other explanatory notes...

• "A beautiful deleveraging" of our massive debt and deficits is the catalyst for a soft landing we all pray for in order to avert "social disorder" and societal collapse.  
• Spending cuts are generally what people think of when they hear about "austerity" measures exercised by government, individuals and businesses to lower spending on goods and services.  
• Wealth redistribution occurs primarily through higher taxation on upper income Americans.  
• Money-printing refers to Federal Reserve purchases of government bonds and other financial assets ($2T since the Great Recession alone).

So what's the correct mix and emphasis of lever-pulling required for a soft landing?  Perhaps Mr. Dalio will address that question -- and what exactly is meant by a soft landing -- on this same platform at http://www.economicprinciples.org.