“Confidence Stops You from Learning”

(p. A15) Mr. Karlgaard, a former publisher of Forbes magazine, has plenty of vivid anecdotes to make his case for late bloomers.

. . .

Bill Walsh, the great coach of the San Francisco 49ers, got his first NFL head coaching job when he was 46 and won his first Super Bowl at 50. He was famously twitchy, self-deprecating and eager to learn, and had this to say about confidence: “In my whole career I’ve been passing men with greater bravado and confidence. Confidence gets you off to a fast start. Confidence gets you that first job and maybe the next two promotions. But confidence stops you from learning. Confidence becomes a caricature after a while. I can’t tell you how many confident blowhards I’ve seen in my coaching career who never got better after the age of forty.”

Late bloomers, Mr. Karlgaard argues, are not just people of great talent who develop later in their lives. They also possess qualities that can only be acquired through time and experience. They tend to be more curious, compassionate, resilient and wise than younger people of equal talent. This may be true, Mr. Karlgaard notes, of older people generally, who are being flushed out of the workforce much too early.

For the full review, see:

Philip Delves Broughton. “THE WEEKEND INTERVIEW; Standing Against Psychiatry’s Crazes.” The Wall Street Journal (Tuesday, April 30, 2019): A15.

(Note: ellipsis added.)

(Note: the online version of the review has the date April 29, 2019, and has the title “BOOKSHELF; ‘Late Bloomers’ Review: Please Don’t Rush Me.”)

The book under review, is:

Karlgaard, Rich. Late Bloomers: The Power of Patience in a World Obsessed with Early Achievement. New York: Currency, 2019.

Robots Allow Walmart to Better Use “Workers for New Tasks”

(p. B4) Walmart plans to use autonomous robots in more stores by next year to scan shelf inventory to be able to detect products that are out of stock and direct workers and shoppers to precise product locations, Mark Ibbotson, head of central operations for Walmart U.S., said in an interview.

Walmart is also adding automatic conveyor belts to backrooms that sort products to speed the process of unloading the roughly nine trucks that arrive at a typical store each week, executives said at a presentation in June. The conveyor belts cut the number of workers needed to unload trucks by half, from around eight to four, they said.

The changes give Walmart more labor dollars to spend on “pickers,” workers who roam the store to compile online orders that are picked up by customers in store parking lots, said Mr. Ibbotson.

“It’s a savings” that allows Walmart to keep labor costs steady, through attrition and better using workers for new tasks, he said.

For the full story, see:

Sarah Nassauer. “Retailers Bring on Robots.” The Wall Street Journal (Monday, July 2, 2018): B4.

(Note: the online version of the story has the date July 1, 2018, and has the title “Target, Walmart Automate More Store Tasks.”)

“Can We Stay Forever?”

(p. A8) “Anyone who knew my mom knew Disney was her happy place,” said Jodie Jackson Wells, a business coach in Boca Raton, Fla., who in 2009 smuggled a pill bottle containing her mother’s ashes into Walt Disney World.

Once inside, Ms. Wells helped spread ashes on the platform of It’s a Small World near a head-spinning bird, a moment in the ride that always made her mother laugh. Later in the day, overcome with grief, Ms. Wells hopped over the barricade surrounding the lawn outside Cinderella’s castle and ran across the grass, flinging them as she crossed.

“I had two fistfuls of the ashes and I literally leapt like I was a dancer,” she said.

. . .

Caryn Reker of Jacksonville, Fla., remembers her father growing emotional while watching the Wishes fireworks show outside the ice-cream parlor on Disney World’s Main Street. When time came for her to spread his ashes, in 2006, she opted to do it in numerous spots around the area.

“It’s a sweet way to giggle and remember—he’s here. . . and there. . . and a little over there. . . yep, there, too,” she wrote in an email. She returned to Disney World last week to spread the ashes of her brother, an Epcot enthusiast who died this year.

. . .

Shanon Himebrook, a 41-year-old state-government employee from Kansas City, Mo., grew up making summer trips to Disney World with her father, a worker at a plastic factory in Indiana.

At Disney, “he wasn’t my tired, graveyard-shift Dad,” she said. “He was, ‘Let’s get you the Mouse ears! Let’s get your name stitched in it!’ It’s like, ‘I love this dad! Can we stay forever?’”

Ms. Himebrook spread his ashes earlier this year near the park gates.

. . .

Kym Pessolano DeBarth, a 47-year-old optometrist-office worker from Northfield, N.J., dumped a small amount of her mother’s ashes in the water underneath It’s a Small World. “I didn’t want to clog the filter,” she said.

In December [2018], she’ll return to the park to commemorate the 15th anniversary of her mother’s death.

“Instead of going to a grave,” she said, “I go to Disney World.”

For the full story, see:

Erich Schwartzel. “Disney World Has a Secret: Family Ashes.” The Wall Street Journal (Thursday, Oct. 25, 2018): A1 & A8.

(Note: bracketed year, and ellipses between paragraphs, added; ellipses internal to a sentence, in original.)

(Note: the online version of the story has the date Oct. 24, 2018, and has the title “Disney World’s Big Secret: It’s a Favorite Spot to Scatter Family Ashes.”)

Finnish Universal Basic Income Did Not Increase Labor Supply

(p. A8) A much-watched experiment in Finland failed to provide evidence that offering people a guaranteed income is the answer to some of the insecurities caused by potentially profound changes in the jobs market.

Early results from a pilot program suggest that providing unemployed people with a minimum income doesn’t encourage them to find work, . . .

. . .

“The Finnish government hoped that UBI would increase labor supply and employment, but it did not,” said Christopher Pissarides, a professor of economics at the London School of Economics and a Nobel Prize winner.

For the full story, see:

Paul Hannon. “Basic Income Experiment Didn’t Boost Employment.” The Wall Street Journal (Saturday, Feb. 9, 2019): A8.

(Note: ellipses added.)

(Note: the online version of the story has the date Feb. 8, 2019, and has the title “Experiment in Finland With Guaranteed Income Creates Less Stress but No Jobs.”)

IPO of Vanguard Achieved Only 5% of Goal

(p. A15) The First Index Investment Trust, which tracks the returns of the S&P 500 and is now known as the Vanguard 500 Index Fund, was founded on December 31, 1975. It was the first “product,” as it were, of a new mutual fund manager, The Vanguard Group, the company I had founded only one year earlier.
The fund’s August 1976 initial public offering may have been the worst underwriting in Wall Street history. Despite the leadership of the Street’s four largest retail brokers, the IPO fell far short of its original $250 million target. The initial assets of 500 Index Fund totaled but $11.3 million–falling a mere 95% short of its goal.
The fund’s struggle for the attention (and dollars) of investors was epic. Known as “Bogle’s folly,” the fund’s novel strategy of simply tracking a broad market index was almost totally rejected by Wall Street. The head of Fidelity, then by far the fund industry’s largest firm, put the kiss of death on his tiny rival: “I can’t believe that the great mass of investors are [sic] going to be satisfied with just receiving average returns. The name of the game is to be the best.”
(p. B4) Almost a decade passed before a second S&P 500 index fund was formed, by Wells Fargo in 1984. During that period, Vanguard’s index fund attracted cash inflow averaging only $16 million per year.
Now let’s advance the clock to 2018. What a difference 42 years makes! Equity index fund assets now total some $4.6 trillion, while total index fund assets have surpassed $6 trillion. Of this total, about 70% is invested in broad market index funds modeled on the original Vanguard fund.

For the full commentary, see:
John C. Bogle. “The Father of the Index Fund Sees a Reckoning Ahead.” The Wall Street Journal (Saturday, Dec. 1, 2018): B1 & B4.
(Note: the online version of the review has the date Nov. 29, 2018, and has the title “Bogle Sounds a Warning on Index Funds.”)

Bogle’s commentary is based on his book:
Bogle, John C. Stay the Course: The Story of Vanguard and the Index Revolution. Hoboken, NJ: John Wiley & Sons, Inc., 2018.

One Billion Fewer People Live in “Extreme Poverty”

(p. A16) The global population living in extreme poverty has fallen below 750 million for the first time since the World Bank began collecting global statistics in 1990, a decline of more than 1 billion people in the past 25 years.

. . .

The World Bank defines “extreme poverty” as living on less than $1.90 a day, or about $694 a year. The sum, which is based off measures of poverty determined by many low-income countries, is the amount it takes to afford minimal basic needs.

The figure is comparable, adjusted for inflation, to the $1-a-day threshold that became popular in the 1990s as the marker of extreme poverty.

For the full story, see:

(Note: ellipsis added.)

(Note: the online version of the story has the date Sept. 19, 2018, and has the title “World Poverty Falls Below 750 Million, Report Says.”)

A White Male Tired of Being “Blamed for Everything That’s Wrong in the World”

(p. A11)  You were angry when the head of BBC comedies recently said if they were doing Monty Python now it wouldn’t be “six white Oxbridge blokes.”

I wasn’t particularly angry, I just played angry. The idea is that we’re already excluded because the world has changed. I said, I’m tired of being, as a white male, blamed for everything that’s wrong in the world. So now I want you to call me Loretta. I’m a black lesbian in transition.   . . .

Could you get an irreverent film like “Life of Brian” made today?

I don’t know, but you have to try. I’m always pushing to see what we can get away with, to make people think rather than just reacting. That’s what Python was about, and we seem to be respected as the great old men of comedy. But to do what we were doing—now, yes, it would be a fight.

For the full interview, see:

Caryn James, interviewer.  “Terry Gilliam Yearns for the Old Days.”  The Wall Street Journal  (Tuesday, April 16, 2019): A11.

(Note:  ellipsis added; bold in original print version.)
(Note:  the online version of the interview has the date April 15, 2019, and has the title “Monty Python’s Terry Gilliam Wishes Comedy Hadn’t Changed.”  The bolded questions are asked by Caryn James.)