The Tourist's Perspective

Travel is fatal to prejudice, bigotry, and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the earth all one’s lifetime.

--Mark Twain

Something I've been thinking about is how regular, routine life is a constant business trip for most of us. Yet it doesn't have to be. When we are truly on a leisure vacation, we can let go and detach. At least that is what we should be able to do.

Some are better at it than others. Some travel with a sense of obligation to see the things they are supposed to see and an expectation that the world owes them something. Those with this attitude tend to be miserable whether on the holiday road or not. For them the answer to 'how much does it cost?' is always 'how much do you got?'

Others take a healthier perspective viewing travel as a quest for fun. To unwind, explore, and grow--spiritually, mentally, physically. There is no reason to limit this quest and this mindset to the 10 days a year you sleep away from home. Sure the world can be hot and dangerous, but it is also amazingly rewarding.

I think taking on what I call the tourist's perspective opens up the world and frees one's mind. In that way anywhere we are becomes Disneyland for us. Chicago, for example, is a staged adventure set up for us, provided we don't live in Chicago or have significant ties to there. What I am suggesting is that we take that ethos and apply it to our constant travels through all of life. Chicago should be stunning to everyone including the most serious Chicagoan.

A good tourist is an observer who assumes the world is working fine without him; perhaps he can contribute and improve, but he treads lightly. When he sees something he doesn't understand, he first assumes it is correct and he is confused. He is a enthusiastic student and a reluctant teacher. The model is more like Anthony Bourdain rather than Christopher Columbus. Read this and understand that it is not just advice for how to see Europe--it is advice on how to see life.

In the tourist's mindset we don't take anything too seriously, we're more willing to compromise and roll with the punches, and we aren't possessive; of course, this may mean we don't take full ownership of our actions. Like anything, it can be taken too far. We cannot live life constantly under the credo 'What Happens In Vegas Stays In Vegas . . . and everywhere is Vegas'. But you have to have a credo, and something closer to the tourist's mindset should guide us at home and abroad. I say, go for it!

Choice: When Less Is More

Last week I attended the annual Morningstar Investment Conference in Chicago, Illinois. Of course, I didn't wear my sunglasses (a little inside money management humor).

Just a brief observation. At breakfast the second day I commented to my colleague who had made the trip with me, "Not to channel Bernie Sanders, but I appreciate the limited selection of this morning's breakfast. At free-buffet-style events like these too many choices allow my eyes to be bigger than my stomach--and I tend to over eat."

To be sure it wasn't Venezuela-level restriction. There were the typical bran, blueberry, and banana-nut muffins, a combination of egg with cheese on an English muffin by itself, with bacon, and with sausage, a little bit of fruit, and yogurt. All coupled with juice and coffee. This breakfast was thorough and well thought out.

So it wasn't vast choices I truly wanted to avoid. I just wanted someone else making them. I wanted curation, and to my estimation that is what I received. That said, as I approached a trash can to discard my empty plate, another attendee converged with me upon the same task only his plate was mostly full. Despite not knowing me, he made plain his opinion of the meal, "What a shitty breakfast!"

Capitalism can't win. If the consumer has to make the choices, they are overwhelmed (according to the likes of Sanders). If someone makes the choices for them, some leave unhappy--no doubt spoiled by the unrealistic cornucopia that other experiences in a capitalistic system have brought. One man's curated meal is another man's shitty breakfast.

Highly Linkable

Remembering the lessons of "Swamp Thing", 3-D printing DNA can make us more of what we already are.

Flying without getting the window seat is like dieting without looking in the mirror--where's the satisfaction?

And while you're flying, make one of these your destination.

This photo set represents the good, the bad, and the ugly of humanity. Prepare yourself before clicking.

Every bridge in America. (HT: Tyler Cowen)

A great example of how in well-functioning markets outcomes satisfy along multiple dimensions.

Bryan Caplan recycles a great piece that speaks to making the perfect the enemy of the good--don't let your quest for purity extinguish your chances for progress.

Scott Sumner provides example applications of what he calls The Wittgenstein Test. This is an effective way to check one's reasoning that I plan to start employing on myself.

Arnold Kling seems to not realize that "I want this to be; therefore, it is feasible" is a logical argument for some people.

It seems that the Republicans will be running with tax-reform as a central part of their agenda for 2016--one can hope, but don't hold your breath waiting for results. To that end Sumner says Rubio-Lee is great; co-blogger David Henderson says not so fast.

Disagreements about that particular bundle of tax proposals aside, I'm sure Henderson would agree with Sumner's analysis here of why a pure wage tax equals a consumption tax and that taxing capital income is VERY BAD.

One last one from Sumner: I agree with his analysis on what Democrats really want and where reducing inequality ranks. To those who want progress against inequality, which one should though the devil is in the details, I'll give the same advice as above--continue breathing.

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First, some housekeeping. Now that I have broken the streak, allusions will continue, but not necessarily in all posts.

I could watch this all day--a toy world that is the real world of Iceland and Norway. (HT: Tyler Cowen)

Along that theme, the world is a splendid, big place.

Driverless cars > race car drivers. (HT: Tyler Cowen)

Economic reality > good intentions.

(Public choice) economic reality (is also) > good intentions.

This piece by Megan McArdle hits several good points; namely that it is basically impossible to defend the Crusades and crusaders, Christianity was not and is not the Crusades, and disassociating oneself from something ugly that one was in fact never associated with is a cheap political gimmick.

And now a bit about diet, nutrition, and health:

• The [arguable] truth about "miracle" foods. (I'm a little uncomfortable with this otherwise very good article's appeal to regulatory authority.)
• Speaking of the regulatory authority's lack of credibility . . . dietary cholesterol isn't a worry . . . what'chu talkin' 'bout Willis?
• This Ask Altucher with Ari Whitten of The Low Carb Myth gives a view that speaks very closely to my own, novice view. It is short and rewarding, but takes a minute to get going.

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I want to go to there.

I DON'T want to go back to there then.

Speaking of a then to be glad we are no longer in, Megan McArdle on bread bags as shoes.

How about going back to the days when a computer word processor could spell check your work but had no clue about what the correction should be (start at the 10:04 point for the "New Frontiers" part)? I knew Mr. Wizard's World well. I can remember each of these episodes like I watched them yesterday.

The people of these worlds are so tiny, I'm crushing their heads.

Here are a couple of reasons nobody likes me in my world . . .

• I tend to look at sports discussions scientifically and logically rather than emotionally and indeterminately. Most people don't like that.
• I acknowledge that I am not a grammar expert . . . or are I??? But I do love pointing out to people when grammar "rules" they believe in strongly are actually grammar myths not worth believing in. 

James Altucher would tell me not to bother with people who don't like me. He is right. I've been making my way through the interviews on his podcast that he summarizes here. They have ranged from mildly interesting to fascinating. Each has been rewarding in one way or another. A great example of learning by exposure to diverse points of view.

Here is a diverse point of view from Alex Tabarrok defending the company town.

Arnold Kling offers a diverse way of looking at the purpose of the study of economics.

Finally, Timothy Taylor has a different approach to understanding cooperation and competition.

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Is that a Lite-Brite? No, it's NYC.

Have you heard the country song? It seems there is only one.

Five exam hacks to help you ace the final.

I tend to be an optimist about the future including and because of technology. I welcome the coming singularity. But I have to admit this concerned me and kinda shook me a little. More here.

How do you find something when a Google search isn't enough? Lifehacker suggests some options.

Looks like I need to change my views on flossing--and revise some other oral hygiene practices while I'm at it. (HT: Tyler Cowen)

The "coach who never punts", Kevin Kelley was interviewed recently on the AFA podcast. I predict in 10 years much of his heterodoxy will be orthodoxy.

Kevin Erdmann has a very good grip on housing policy. He Zoro's Shiller in a single paragraph and then proceeds to tear down all of the housing lobby's sand castles.

While we're calling out iconic economists, John Lee of Open Borders challenges Krugman greatly and Cowen to a lesser extent.

John Cochrane continues the craze taking on Keynesianism.

You might read this first before getting right to Pete Boettke answering Noah Smith's question on if economics swings left.

The zero-interest-rate environment succinctly explained with myths debunked by Scott Sumner.

Don Boudreaux offers some new year's advice on bad habits he wishes the government would break.

(UPDATE: housing policy link restored.)

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Visit these 18 fabulous libraries.
Go there (someday) in a "windowless" airplane.
Ask if you can fly a drone around inside to potentially produce videos as cool as these.
If they'll let you, film it for a week so it can get on prime-time Norwegian TV. Those guys plus the drones are getting close to my ideas.

Barry Ritholtz shares his basic simple truths of investing. These are highly recommended. Make sure you read the whole (short) list as the last two are as important as any.

Once you've got your investing house in order, better get to work on correcting these misconceptions about exercise--many of these are no surprise to loyal readers of MM.

Before leaving the body, don't fall for any detox nonsense in your New Year's Resolutionating.

John Cochrane goes all Principal Max Anderson in reviewing Ken Rogoff's proposal to eliminate physical currency. I fully am with Cochrane but I did want to quibble with his confusion about how this would actually affect monetary policy. You or I can immunize our own exposure to the negative interest rate, but we cannot all jointly eliminate it--the burden can only be transferred. I believe Scott Sumner has this criticism nailed.

We are repeatedly reminded that the overwhelming majority of NCAA athletes will go pro in something other than sports. For those the depressing fact is their degree wasn't worth that much. That doesn't surprise David Berri who also notes how the NBA age-limit rule (friendly for the NCAA) harms players while helping colleges and coaches.

Lot of count-ups and downs in this link fest. Here are 20 reasons the wind industry's case is (motionless) hot air.

Tim Harford reminds us in this post that most ventures are failures and we can learn from the losers.

If you were looking for a succinct list of arguments against price controls (ceilings specifically) in the face of disasters, you can relax--Don Boudreaux has provided it.

David Henderson reflects on one of his more memorable times questioning the powerful. If only more of us were so courageous as to continually question the military leadership.

Werewolves of London

I am back from my unintentional hiatus which included a jaunt across the pond to London town. Some thoughts and pictures follow:

• Definitely an amazing place worth many a return. So much to see. So much history. 
• An international city, which is not the same thing as a foreign city by any means.
• We left runway number nine in Houston about 6 pm and touched down about 10 am at Heathrow--a tremendous airport, very efficient, clean, accommodating, . . . oh, and it is privately owned for profit . . .  weird how that works. 
• The formula for eastern-bound international travel was in effect--sleep as much as you can on the plane and then hit the ground running. Don't stop to rest much less sleep or you'll never recover. We followed this advice taking the train to Paddington Station then the Tube to Waterloo Station finished with a short walk to the hotel to check in and then get out on our way. 
• The three of us, me plus April and 10-year-old daughter Eva, made our way across the Thames to Parliament, "Hey look kids, there's Big Ben", grabbed sandwiches "to take away" by Westminster Abbey, ate in St. James Park watching the locals, strolled up to Buckingham Palace to gaze at the nonsense that is royalty, went up The Mall to Trafalgar Square, down Whitehall to the horse guards, continued on to Churchill War Rooms, did a loop on the London Eye, then back to the hotel to freshen up before dinner. We fancied a dip in the pool and sauna for a bit before calling an evening of it. A smashing first day. 
• Day two was a train ride to Bath. The Abbey was an incredible history lesson especially aided by the conversation with the volunteer guide. The Abbey has been in use for over a 1,000 years. Of course, if you want really old, you just have to go next door to the Roman Baths which date from 836 BC. There were many more things to see in this quaint town including the Pulteney Bridge, fine restaurants like Hall & Woodhouse where we ate, and a grocery store where we bought contraband. 
• Day three was limited since that is when the CFA conference began for me. We had a slightly eventful breakfast at the hotel where the manager was "being advised that" I was to eat breakfast with the conference downstairs while my "wife and daughter are quite welcomed to enjoy breakfast here in the restaurant". This polite little charade went on for a bit until he kindly relented, made sure I knew he was fine with the decision, curtsied, and left us to be. We had just enough time to take in Harrods. This place has everything including now my facial hair--I treated myself to a royal shave in the men's department. The rest of the day was conference for me, Hyde Park and Notting Hill for the girls. 
• Day four was solid conference for me. The girls took in Windsor Castle and environs. My evening did come with a gala event at the British Museum of Natural History. Dining under the diplodocus was interesting, but the tour getting there on the double-decker bus was just as good. 
• Day five was Saturday. The conference ended at noon. The three of us then made our way east along the Thames to Borough Market and past the Globe Theater and then Tower Bridge, which is not London Bridge. The new London Bridge is fairly nondescript and a few blocks away. Of course, the original London Bridge is in Arizona. I am one of what must be a small number of people who have been on both bridges within a three-month span. I can report confidently that neither is falling down. We walked around the Tower of London (lines were too long to get in), but we did get to see the impressive memorial (pictured below) that is on display using ceramic poppies to represent every British or Commonwealth soldier who died in WWI. We began a slow return through the financial district with an intermediate stop at Ye Olde Cheshire Cheese, which has been going strong since it was rebuilt in 1667. Since that pub didn't have WIFI, we headed toward some other options with hopes to watch the OU-Tulsa game, which would start at 5 pm local time. Luckily, we walked right in to find it on the main screen in the third pub we came to. There I sat and watched it with the British doppelganger of Marshall from HIMYM. 
• Day six was a car ride to, have I told you how awesome Heathrow is?, where I was treated to a very well prepared and free Bombay and tonic. Gotta love to shop at the duty free shop. 

Other thoughts:

• I heard more cussing by strangers on the street than any trip I could remember. We walked in front of a particularly saucy group of teens in Bath (in school uniforms and all) who must have just discovered the F word. 
• The eighties are back in Britain--at least the clothes are. Lots of stockings and hose, denim, guys who look like they are about to be saved by the bell, and sheer. Everything is sheer. 
• They don't understand coffee. 
• They are somewhere confusingly between automatic gratuity added and tipping voluntary. The level of service didn't seem to correlate (it wasn't noticeably better in tipping-voluntary situations) nor did it rise to a level bloody-well deserving the automatic gratuity in those situations.
• They are a very orderly, rule-based culture and they expect you to follow the rules. For example, I noticed a distinct lack of car honking despite the congested, confusing roadways.
• We had several English to English translation problems. In their defense many of those came from what are probably not first-language English speakers. Nevertheless, it was amusing to see how many people couldn't understand me despite us speaking the same language. American idioms like answering a waiter's question "Can I be of any further service" with "I'm good" resulted in a blank stare. At breakfast we never quite got the egg orders right despite numerous morning attempts. Related to the rule-based item above, trying to get made-to-order scrambled eggs was quickly and kindly met with a corrective reply that scrambled eggs were available on the buffet line. Problem was we didn't want those watery eggs. I restrained myself from having a full-blown "Five Easy Pieces" moment by politely asking for an omelet with nothing on it. Just an egg.
• We flew home on a 787 Dreamliner. The window tinting technology is awesome. No window shades. Just an adjusting dial with an up and down button. There are six settings ranging from full transparency to nearly full opacity (it made broad daylight look like a moonlit night). I want this in my home. I want this in my office. No more dusting blinds or drapes.
• We didn't get to visit an ancient race of people called the druids, which is to say we left a lot undone for another time.