The homily last Sunday was centered on the theme, “where does it hurt?”. Our priest’s point was that you cannot identify how to fix what ails you until you know what is really causing the pain.
Editor’s Comment: My good friend, Ron DeMattia of Corporate Value Partners sent me this article. It’s more data for the series of discussions he and I have had about the M&A business done right and done wrong. The wrong way (in our view) is adding debt to dividend shareholders; a few people gain and many people lose. Staples owners are cited here but the highest profile case of such concerns currently is Eddie Lambert and his long ride as Sears/Kmart owner. The courts and others are currently hounding Lambert to discern how much his hedge fund (ESL) gained while tens of thousands lose their jobs and their retirement savings (stock as well as pensions). Sycamore and Sears are just two of dozens of cases Ron and I wonder about.
Editor’s Comment: This song is among the latest mix given to me by my daughter, Caitlin. We enjoy together music with meaning and while this one is not a favorite musical arrangement, the lyrics are powerful. Hope you enjoy.
Editor’s Comment: A friend tells me that at least once a year good readers should read a classic.
My first thoughts are generally good. At this age and with my experience, I suppose they should be. But first thoughts are still only that: first thoughts. They should be only the beginning of a process of exploration. Rarely do first thoughts stand the tests of time and season. And clinging to first thoughts by resisting new facts is a path to ignorance. Second thoughts and third ones take more time and deliberation, but the payoff is substantial. This month’s article (see below) is “Second-Order Thinking” by blogger Shane Parrish (www.farnamstreet.com). Parrish is a thought leader in the financial investment community and his article is based around Howard Marks’ new book, “The Most Important Thing”. Their thoughts are deep and informative. First and second level thinking can be applied to every decision we make in life: acquiring or leaving a home, a car, a business, a partner or a friend as well as developing our values, political views and spirituality. Where are you stuck in first level thinking? · Lost a friend because they “did something”?
Editor’s Comment: Heard this (as usual) while shuffling through my ITunes library on a run recently. Seems a perfect complement to my son, Timmy’s poem last month titled “Enough”.
Editor's Comment: I ran into the Farnam Street blog and Parrish quite by accident. What I found is a fascinating learning community "dedicated to improving self-education in a learning community environment". This particular article relates to Howard Marks' recently published book, "The Most Important Thing". Both Marks' book and Parrish' blog primarily interest the investment community but this article relates to a much broader point: how our first thoughts can mislead us. A real great reminder for me.
