Sublime

Graham feels that five elements are decisive.1 He summarizes them as:

Hegel predicted that the basic unit of modern society would be the state, Marx that it would be the commune, Lenin and Hitler that it would be the political party. Before that, a succession of saints and sages claimed the same for the parish church, the feudal manor, and the monarchy. The big contention of this small book is that they have all been

The problem with the Chicago, Burlington, and Quincy lay in the fact that it was so alluring that it naturally attracted other well-heeled suitors. Indeed, at this very moment it attracted the man who was about to become Jim Hill’s archrival, Edward H. Harriman, of whom it was once said that he feared neither God nor J. P. Morgan.

The flood of effective altruists into the firm was worrisome. These people arrived with their own value system. They had their own deep loyalties to something other than Jane Street. They didn’t have the usual Wall Street person’s relationship to money; they didn’t care about their bonuses in the ways Wall Street people were supposed to care. Sam B

Meriwether did not himself possess a first-rate mathematical mind. Instead, he recruited the top academic talent. No finance professor was more respected than Robert C. Merton. Merton had consulted for Salomon Brothers, so Meriwether already knew him. He agreed to come on board. Meriwether’s other great coup was recruiting Myron Scholes. As journal

The big economic reason why we can’t explore our potential as we might is that it is hugely more productive for us not to do so. In The Wealth of Nations (1776), the Scottish economist and philosopher Adam Smith first explained how what he termed the ‘division of labour’ was at the heart of the increased productivity of capitalism. Smith zeroed in

returns. Jim Simons, head of the hedge fund Renaissance Technologies, has compounded money at 66% annually since 1988. No one comes close to this record. As we just saw, Buffett has compounded at roughly 22% annually, a third as much. Simons’ net worth, as I write, is $21 billion. He is—and I know how ridiculous this sounds given the numbers we’re

However, Smith offered some fascinating hopes for the future. He pointed out that consumption didn’t invariably have to involve the trading of frivolous things. He had seen the expansion of the Edinburgh book trade and knew how large a market higher education might become. He understood how much wealth was being accumulated through the construction

As my thesis advisor, the anthropologist Michael Jackson,