Mountaineering and Investing

Mountaineering and investing are vastly different pursuits and through this article I will use transference to explain the similarities and differences between the two pursuits. One is a physical battle against nature, while the other is an intellectual challenge in financial markets. Yet, both require preparation, risk assessment, adaptability, and an ability to navigate uncertainty to conquer goals. My experiences in investing has shaped my perspective by teaching me patience, resilience, and the importance of long-term thinking. Similarly, my approach to mountaineering is shaped by a willingness to explore multiple viewpoints, much like how a climber must evaluate different routes to reach the summit. This article will explore how these disciplines intersect, illustrating how the lessons learned in one arena can apply to the other. I will explain how my broad perspective on investing has influenced my approach to risk, decision-making, and financial markets.

Shared Principles

Mountaineering and investing are both pursuits that demand careful preparation, discipline, and adaptability. A successful climb is like a well executed investment strategy, it begins long before the actual ascent or financial decision. In mountaineering this means studying the terrain, assessing weather conditions, and ensuring the right gear is packed. In investing, preparation involves researching markets, understanding economic indicators, and evaluating risk. Just as an unprepared climber faces heightened dangers, an investor who rushes into decisions without proper due diligence risks financial setbacks. Both fields require an appreciation for details. The weight of one’s pack on a climb can be as consequential as the fine print in an investment contract.

My experiences in mountaineering has directly influenced how I approach financial decisions. On challenging climbs I have learned patience and pacing are critical. Pushing too hard too soon can lead to exhaustion or moving too cautiously might mean getting caught in dangerous weather. Similarly, striking the right balance in investing between action and restraint is essential. I once made the mistake of investing too aggressively, much like taking on a climb I was not fully prepared for and learned firsthand the consequences of overconfidence. On the other hand, I have also hesitated at times when opportunities presented themselves, much like delaying a summit attempt only to find conditions deteriorate further. These experiences have reinforced a principle I apply to both mountaineering and investing: preparation is key, but adaptability in the face of changing conditions is what ultimately determines success.

Managing Unpredictable Risks

Both mountaineering and investing require navigating uncertainty. Even the best laid plans can be upended by forces beyond one’s control. In the mountains weather can shift unexpectedly, what begins as a clear promising ascent can quickly turn into a dangerous whiteout. Similarly, financial markets are subject to unpredictable swings, unforeseen economic events, policy changes, or even investor sentiment can alter market conditions overnight. In both pursuits, success is not about eliminating risk, it is about managing it effectively. A skilled climber assesses the likelihood of sudden storms by carrying extra gear and mapping out additional routes. Just as a prudent investor hedges against market downturns through diversification and risk mitigation strategies. Recognizing what can and cannot be controlled is fundamental to making sound decisions in both disciplines.

These parallels extend to the philosophical treatment of risk and uncertainty in economics. Frank Knight distinguished between risk (which can be quantified) and uncertainty (which cannot be precisely measured). In mountaineering, a climber may know from past data certain routes have a high failure rate, but they cannot predict the exact moment a rockslide will occur. In investing, historical volatility can inform decision-making, but it cannot predict the next financial crisis. Different economic schools approach uncertainty in distinct ways. Austrian economists emphasize the limits of prediction and the role of human action while behavioral economists study how cognitive biases influence decision-making under uncertainty. My experiences in both mountaineering and investing have reinforced it is impossible to foresee every outcome. Understanding risk and maintaining the flexibility to adapt is what ultimately separates success from failure.

Patience, Long-Term Thinking, and Mental Resilience

Both mountaineering and investing require a deep commitment to long-term thinking. In the mountains, the summit is never reached in a single step. Climbing requires hours or even days of sustained effort with often little immediate reward. The same is true for investing, wealth is built over years, not overnight. Just as a climber must endure grueling ascents, unpredictable conditions, and moments of doubt, an investor must weather market downturns, economic uncertainty, and the temptation to chase short-term gains at the expense of long-term growth. In mountaineering and investing those who focus too much on immediate discomfort or short-term setbacks are more likely to make rash decisions, such as, turning back too soon on a climb or panic-selling during a market dip. Success belongs to those who can maintain perspective and stay committed to their goals despite temporary challenges.

My experiences in both pursuits have reinforced the value of mental resilience and delayed gratification. In mountaineering some of the most rewarding summits have come after moments of extreme difficulty. Pushing through those moments required trust in my preparation and a belief that the struggle would be worthwhile. Investing operates on a similar principle. There have been times when I doubted a long-term strategy because the market seemed to be moving against me. However, just as I have learned to trust the process in climbing, I have also come to appreciate the compounding effect of patience in investing. This mindset aligns with economic theories that emphasize time preference. Austrian economists argue that those who defer consumption and invest in capital formation create long-term value, much like a climber who endures hardship to reach the peak. Ultimately, both disciplines reward those who can manage discomfort, maintain perspective, and stay the course when others might give up too soon.

Multiple Viewpoints in Economic Philosophy

Just as a mountaineer must evaluate multiple routes to the summit, I have found value in exploring a range of economic philosophies rather than adhering rigidly to one school of thought. No single perspective has all the answers when studying different economies of the past. Different conditions call for different approaches in mountianeering and investing. In the mountaineering factors like terrain, weather, group dynamics, and personal capability dictates which path is best. In economics, historical context, market dynamics, and policy decisions shape which theories offer the best insight. For example, Austrian economics emphasizes individual decision-making and the limits of central planning, which resonates with the independent judgment required in both investing and mountaineering. On the other hand, Keynesian ideas about economic cycles and the role of intervention provide useful tools for understanding short-term market fluctuations, much like how a climber adjusts their pace or strategy based on immediate conditions. Rather than seeing these schools as mutually exclusive, I view them as complementary, each offering valuable perspectives depending on the situation.

This openness to multiple viewpoints has strengthened my ability to navigate uncertainty. Just as a climber who insists on only one route risks failure if conditions change. An investor who dismisses alternative perspectives may struggle when their preferred model breaks down. Behavioral economics highlight the psychological biases that drive market behavior and concepts that traditional economic theories sometimes overlook. Recognizing these biases has helped me remain disciplined in both investing and mountaineering by avoiding impulsive decisions driven by fear or overconfidence. In the same way that understanding different climbing techniques can make someone a more capable mountaineer, integrating insights from various economic schools has given me a more well-rounded approach to financial decision-making. Ultimately, whether scaling a peak or analyzing markets, success comes from intellectual flexibility. One must have the willingness to learn, adapt, and respect the complexity of the terrain ahead.

The Interplay of Experience, Strategy, and Philosophy

My experiences in mountaineering and investing have reinforced a common truth: success in any uncertain and complex environment requires preparation, adaptability, a willingness to learn, and being open to multiple perspectives. Both pursuits demand an understanding of risk, patience in the face of setbacks, and the ability to make decisions with incomplete information. The mountains have taught me resilience and long-term thinking. It has taught me lessons that have shaped my investment philosophy and my broader approach to economic thought. Just as a climber must trust their training and judgment while remaining adaptable to changing conditions, an investor must develop a disciplined strategy while staying open to new information and alternative viewpoints.

Ultimately, the key to navigating both financial markets and mountain landscapes lies in intellectual and emotional flexibility. A climber who rigidly follows a planned route despite worsening conditions is just as vulnerable as an investor who refuses to adapt to shifting market dynamics. Likewise, adhering strictly to a single economic philosophy without considering its limitations can lead to blind spots in decision-making. Whether scaling a peak, managing investments, or engaging with economic ideas, I have found that true progress comes from balancing discipline with open-mindedness. Mountaineering and investing in the markets reward those who embrace uncertainty not as an obstacle, but as an integral part of the journey.

Epistemological Problems in Economics

After reading Ludwig von Mises, Epistemological Problems in Economics, I chose to write a review of this book. In this work he details his philosophy in economics and shows how much it is still relevant today. As I learn from contemporary economists, I research the historical figures who influenced their ideas, allowing me to trace the evolution of their methodologies and theoretical foundations. Through this method I have discovered Leibniz, Smith, Wollstonecraft, Burke, Keynes, and many other economists and philosophers, each with unique perspectives in their own economies. Reading economist like Mises has naturally lead me to discovering other economists, creating a deeper and more comprehensive understanding to the complexities of economic thought.

This process has given me a well rounded view of different economic schools of thought, helping me critically assess the strengths, and weaknesses of various approaches. Mises’s work is foundational to the Austrian School of Economics making it essential for understanding the broader debates surrounding economic methodology, policy, and the role human actions have on markets.

A Review of Epistemological Problems in Economics, by Ludwig von Mises

Ludwig von Mises’s book, Epistemological Problems in Economics, written in 1933, stands as one of the foundational texts in the Austrian School of Economics. This book addresses the philosophical underpinnings of economic science. He wrote the book during the interwar period during World War 2, rising socialist policies, and the increasing dominance of empirical methods. Mises sought to defend economics as a deductive science rooted in praxeology. His arguments were formulated nearly a century ago and remain relevant today as debates over economic methodology, policy intervention, and the limits of data-driven analysis continue to shape public discourse.

The Nature of Economic Science

Mises's primary concern in his book is the epistemological status of economics. He argues economics is not an empirical science like physics or chemistry, but a logical system based on priori reasoning. His view on economics derive from the fundamental axiom that humans act purposefully. He builds a framework in market behaviors and price systems, while economic coordination emerge as a necessary consequences of human decision-making.

At the time of writing his book, many economists were shifting toward positivism, advocating for the use of statistical and mathematical methods to test economic hypotheses. Mises strongly opposed this trend, warning that economic realities were too complex, with too many interdependent variables to be reduced to simple empirical generalizations. Mises’s concern remains relevant today as modern economics continues to prioritize big data, econometric modeling, and artificial intelligence for predicting market behavior. Mises’s concern is often at the expense of understanding the subjective and unpredictable nature of human decision-making.

1933 vs. 2025

To fully appreciate Mises’s work, it is essential to compare the intellectual climate of his time with our present era. The 1930s were marked by the Great Depression, the rise of Keynesian economics, and the expansion of government intervention in markets. In 1933, the Federal Reserve played an increasing role in monetary policy while socialist and fascist governments experimented with planned economies. Mises's skepticism toward government control of the economy was sharpened by these developments, as he saw interventionism leading inevitably to more centralization and inefficiency.

Mises discusses how certain economic theories, despite their theoretical appeal, have been tested in the real world and have failed. Marxism is rooted in the belief that state controlled economies can eliminate class struggle and lead to prosperity. However, Mises argues these systems ignore fundamental economic principles, particularly the role of price signals and individual incentives. The Soviet Union’s centrally planned economy led to chronic shortages, inefficiencies, and widespread poverty, demonstrating the impracticality of eliminating market mechanisms. Mises warns without private property and a functioning price system, economic calculation becomes impossible, leading to misallocation of resources and economic collapse. History vindicates his critique, as the failures of Marxist economies in the 20th century provide proof of the flaws in these theories. This reinforces Mises’s philosophy that economic laws are not just theoretical constructs, but practical necessities for a functioning society.

Today, while outright socialism has declined in much of the world, interventionist policies remain widespread. The Federal Reserve dictates monetary policy through interest rate manipulation and quantitative easing while governments regulate industries and engage in large-scale deficit spending. The growing influence of Modern Monetary Theory argues governments can finance spending through money creation without immediate consequences, echoes the very debates Mises engaged in with early 20th-century interventionists. His warnings about inflationary policy and the unintended consequences of economic planning remain just as pressing now as they were in his time.

This ongoing trend of government intervention extends beyond traditional Keynesian policies and can be seen in recent Presidential Administrations, including those that claim to champion free markets. President Trump and previous administrations policies diverge significantly from Mises's philosophy, particularly in areas like trade and monetary policy. Mises was a strong proponent of free trade, whereas Trump’s economic policy is focused on nationalism, characterized by tariffs, stronger border enforcement, and other nationalism policies his administration has put into place. Mises would have viewed protectionist policies as harmful, distorting markets and reducing overall economic efficiency. Additionally, Mises was a fierce critic of government spending and monetary expansion. President Trump and President Biden presided over significant increases in federal spending and deficits created by the Covid-19 Pandemic and Federal Infrastructure Bills. President Trump’s continuing pressure on the Federal Reserve to keep interest rates low also contradicts Mises’s Austrian Business Cycle Theory, which warns that artificially low rates lead to economic distortions and financial bubbles.

Predictions for the Future

One of the more fascinating aspects of the book, Epistemological Problems in Economics, is Mises’s attempt to project how economics would evolve over the next century. He predicted the growing reliance on empirical methods would undermine the theoretical foundation of the discipline, leading to misguided policies and economic distortions. In many ways, his prediction was accurate. The dominance of econometrics and data driven policy has, at times, led economists to overestimate their ability to engineer economic outcomes. The 2008 financial crisis, for instance, exposed the limits of models that failed to account for human irrationality and systemic fragility.

Yet, despite his concerns, some of Mises’s ideas have gained traction in the modern era. The resurgence of Austrian economics in libertarian and free-market circles, as well as the increased interest in alternative economic theories critical of state intervention, suggest his work remains influential. The digital age has also introduced new dimensions to economic epistemology including cryptocurrency, decentralized finance, and blockchain technology. All three challenge traditional notions of monetary policy and government control which aligning with many of Mises’s philosophic principles.

His book, Epistemological Problems in Economics, is more than just a defense of Austrian economics, it is a critique of how economic thought evolves and the risks associated with detaching economic theory from its logical foundations. Mises’s work serves as both a historical document and a timeless argument against over reliance on empirical methods in a field where human behavior is the primary variable. While modern economics has embraced data driven analysis more than ever, Mises warns about the dangers of ignoring the deductive nature of economic science. As policymakers and economists navigate an increasingly complex global economy, Mises’s insights remain invaluable to understanding both the limits of economic intervention and the importance of preserving individual decision-making as the core of economic analysis.

Taking multiple viewpoints in economic philosophy is essential for developing a well-rounded understanding of how economies function. While Mises provides a rigorous and compelling defense of deductive reasoning in economics, his perspective is just one of many that contribute to ongoing debates in the field. Different schools of thought, from Keynesianism to behavioral economics, offer other valuable insights into market dynamics, government intervention, and human decision-making. By engaging with a variety of perspectives, we can critically assess economic policies, recognize their trade-offs, and apply the most effective tools to real-world problems. A balanced approach allows us to appreciate the strengths of Misesian logic while acknowledging the complexities and uncertainties that shape our modern economies.

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Mises, L. von. (1960). Epistemological problems in economics (G. Reisman, Trans.). D. Van Nostrand. (Original work published 1933)

2024 Reading List

This past year, I set a personal goal to read at least 30 books on business with a focus on finance to gauge my interest in this subject. Books on finance had been particularly influential in previous years and I wanted to explore and related topics further. As I continued reading, I found myself drawn to books by successful entrepreneurs to learn from their experiences, as well as case studies of failed businesses to understand common pitfalls.

Through this journey, I’ve deepened my understanding of business, accounting, and finance, which has only strengthened my desire to keep learning about these subjects. In 2024, I also took the first steps toward writing a business plan, applying what I have learned to shape my future venture’s mission and goals.

Beyond business and finance, I love reading books that expand my knowledge in various subjects. Of course, I can't forget my favorite genre—spy thrillers! This year I read 78 books. Check out my 2024 reading list below to see what I’ve read this year.

January

1. Project Hail Mary, by Andy Weir

2. Kissinger, by Walter Isaacson

3. Adventures of the wine trade, Kermit Lynch

February

1. Red Warning, by Matthew Quirk

2. What I Learned from Investing from Darwin, by Pulak Prasad

3. Value Averaging, by Michael Edleson

4. Endurance, by Alfred Lansing (re-read)

March

1. Relationships, by John Maxwell

2. Intimate Relationships, by Marianne Williams

3. Building Family Relationships, by Stephen Covey

4. 8 keys to Building Your Best Relationships, by Daniel Hughes

5. Seeking Wisdom: From Darwin to Munger, by Peter Bevelin

6. Emotional Intelligence, by Bob Mills

7. Inside threat, by Matthew Quirk

8. Retirement 101, by Michelle Cagan

9. Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them, by Garrett Sutton

April

1. Accounting for Non-Accountants, by Wayne Label

2. A Random Walk Down Wall Street, by Burton G. Malkiel

3. How to Think about Money, by Jon Clements

4. The Investor Manifesto, by William Bernstein

5. Your Money and Your Brain, by Jason Zweig

6. The next millionaire next door, by Thomas and Sarah Stanley

7. Little Book of Big Dividends, by Charles Carlson

8. The Darwin Economy, by Robert Frank

9. The Nature of Investing, by Katharine Collins

May

1. The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses, by Eric Ries

2. The Origin of Species, by Charles Darwin

3. Warren Buffett and the Interpretation of Financial Statements, by Mary Buffett

4. Irrational Exuberance, by Robert Shiller

5. Narrative Economics, by Robert Shiller

6. Warren Buffett and the Art of Stock Arbitrage, by Mary Buffett

7. Ancient Japan: An Enthralling Overview of Ancient Japanese History, Starting From the Jomon Period, by Enthralling History

8. Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators, by Hartley Goldstone, James Hughes, and Keith Whitaker

9. The Tao of Warren Buffett, by Mary Buffett & David Clark

June

1. Raising Kids in Today's Digital Age, by Bully Ekine-Ogunlana

2. History of Japan, by R. H. P. Mason & J. G. Caiger

July

1. Stocks for the Long Run, by Jeremy Siegel

2. Behavioral Finance and Your Portfolio, by Michael Pompian

3. The Theory of Human Motivation, by Abraham Maslow

4. Towards a Psychology of Being, by Abraham Maslow

5. Religions, Values, and Peak-Experiences, by Abraham Maslow

6. Taxes for Small Businesses, by Nicholas Regan

7. One Up on Wall Street, by Peter Lynch

8. Learn to Earn, by Peter Lynch and John Rothchild

9. Poor Charlie’s Almanack, by Charles Munger

August

1. Simply Schrodinger, by John Gribbin

2. Behavioral Economics, by David Orrell

3. The Economics consequences of Peace, by John Maynard Keynes

4. Economics in America, by Angus Deaton

5. Quantum Theory, by John Polkinghorne

6. Applied Economics, by Thomas Sowell

7. Quantum bullshit, Chris Ferrie

8. Quantum Computing, Brian Clegg

9. Faraday, Maxwell, and the Electromagnetic Field: How Two Men Revolutionized Physics, by Nancy Forbes & Basil Mahon

September

1. The Little Book of Valuation, by Aswath Damodaran

2. How the Scots Invented the Modern World: The True Story of How Western Europe's Poorest Nation Created Our World and Everything in It, by Arthur Herman

3. Genome: The Autobiography of a Species in 23 Chapters, by Matt Ridley

4. Chip Wars, by Chris Miller

October

1. Quantum Entanglement, by Jef Brody

2. LLC Beginners Guide, by Thomas Newton

3. Thinking in Systems, by Donells Meadows

4. How to Win with Machine Learning, by Ajay Agrawal, Joshua Gans, and Avi Goldfarb

5. The Big Three in Economics, By Mark Skousen

6. The World According to Physics, by Jim Al-Khalili

7. Guns, Germs, and Steel: The Fates of Human Societies, by Jared M. Diamond

8. Computational Thinking, by Peter Denning & Matti Tedre

9. DeFi and the Future of Finance, by Campbell R. Harvey, Ashwin Ramachandran, and Joey Santoro

November

1. The Power of Habit, by Charles Duhigg

2. Peak Mind, by Amishi Jha

3. M.B.A. in a Book, by Joel kurtzman

4. How to Prevent the Next Pandemic, by Bill Gates

5. The Bond King, by Mary Childs

6. How to do Nothing, by Jenny Odell

December

1. How to be Perfect, by Michael Schur

2. The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy, by Robert Hagstrom

3. Only the Paranoid Survive: How to Exploit the Crisis Points That Challenge Every Company, by Andrew S. Grove

4. Atomic Habits, by James Clear

5. The Wealth and Poverty of Nations, by David Landes

Probability and Outcome Assessment: Quantitative Analyst

Charles Munger places a significant emphasis on probability and outcome assessment as part of his decision-making process, reflecting his strong belief in rationality and the application of mathematical principles to assess risk and reward. He often draws on the ideas of probability theory and expected value to make more informed decisions, particularly in the context of investments, but also in broader life decisions. Here’s how Munger incorporates probability and outcome assessment.

Expected Value Calculation

Munger consistently advocates for thinking in terms of expected value (EV), which involves multiplying the probability of different outcomes by their potential payoff. This is especially useful in scenarios involving risk and uncertainty. Rather than being fixated on the most likely outcome, Munger focuses on weighing all possible outcomes by their likelihood and magnitude.

Formula

Expected Value = Probability of Gain × Magnitude of Gain − Probability of Loss × Magnitude of Loss

By thinking in terms of expected value, Munger can make decisions that have the best long-term payoff, even if the immediate probability of success isn’t overwhelmingly high.

Example of Investment Decisions

In investments, Munger uses expected value thinking to assess opportunities. If an investment has a 20% chance of a large payoff but an 80% chance of a small loss, he calculates the overall expected value of the decision rather than simply focusing on the likelihood of success or failure.

Probabilistic Thinking and Bayesian Updating

Munger uses probabilistic thinking to constantly update his view of the world as new information emerges. This approach is akin to Bayesian reasoning, where the probability of a hypothesis is updated based on incoming evidence.

Bayesian Updating


Involves adjusting your beliefs or estimates as more information becomes available. In the context of investing, for instance, new data about a company’s performance might lead Munger to revise his estimation of the company’s future prospects.

By updating probabilities as new information comes in, Munger avoids the trap of sticking to outdated assumptions or decisions that were initially based on incomplete data.

Margin of Safety

Munger borrows the concept of the margin of safety from his mentor, Benjamin Graham. This idea is closely tied to probability. Munger assesses the downside risk of an investment or decision and ensures there is a buffer in case things go wrong. The margin of safety is about recognizing that the world is uncertain and ensuring a person is protected from unexpected negative outcomes.

Example of Investing

In investing, this means buying assets at a significant discount to their intrinsic value so that even if something goes wrong, the potential downside is limited.

Assessing Low-Probability, High-Impact Events

Munger also takes into account low-probability, high-impact events. While these events might be rare, their consequences can be catastrophic or enormously beneficial. Munger tries to avoid catastrophic outcomes and seize opportunities for large gains, even when the probability is low.

He has referred to the need for "preparation for a few big opportunities," where careful analysis of the probability of massive success or failure helps guide decision-making. This aligns with his belief in, Lollapalooza effects, where several small favorable factors align, creating outsized results.

Avoiding Overconfidence and the Law of Large Numbers

One of Munger’s key principles is humility in estimating probabilities. He recognizes that humans are inherently overconfident in their ability to predict the future. To counter this, he often invokes the Law of Large Numbers, which says that outcomes will tend to average out as you increase the number of trials or decisions.

Munger doesn't place much faith in predictions based on a few data points. Instead, he prefers to look at larger sample sizes and longer-term trends to improve the accuracy of his probability assessments.

Decision Trees and Scenario Analysis

Munger uses decision trees and scenario analysis as tools to lay out different possible outcomes and their associated probabilities. These methods allow him to visualize and calculate the expected value of various paths, which helps in choosing the most rational course of action.

Decision Trees

Map out the possible consequences of different decisions, with probabilities assigned to each branch. Munger assesses not just the likelihood of each outcome but the ripple effects each decision might have.

Failure Analysis and Inversion

Munger often applies inversion to improve his probability assessments. Inversion involves thinking about a problem backward—imagining what would cause failure instead of success. By identifying potential causes of failure and assigning probabilities to those negative outcomes, Munger can better avoid errors and mitigate risks. This process also helps him determine where others might underestimate risks or overlook hidden dangers, allowing him to spot opportunities where others see only challenges.

Poker Analogy: Betting on Probabilities

Munger often compares decision-making to poker, where success over the long run depends on how well you understand probabilities, assess risks, and bet accordingly. He emphasizes the importance of asymmetric risk-reward ratios, where you have much more to gain than to lose, even if the probability of success isn’t particularly high.

Example of Poker

Professional players succeed not by winning every hand, but by maximizing their gains when the odds are in their favor and minimizing losses when they are not. Munger applies this same principle to business and investment decisions.

By using these probability-based methods, Munger aims to make decisions that are rational, calculated, and grounded in mathematical principles. His approach reduces emotional biases, limits overconfidence, and helps him achieve better outcomes over the long term.

Systems Thinking: Holistic Thought Method

A holistic thought method is an approach to thinking which considers the whole system, context, or situation rather than focusing solely on its individual components. This type of thinking emphasizes the interconnectedness and interdependence of all parts within a system, recognizing changes in one area can affect the entire system. Holistic thinking contrasts with reductionist approaches, which break down complex phenomena into their simplest parts for analysis, also known as first principles. By looking at the bigger picture, holistic thought methods aim to understand the relationships, patterns, and dynamics which define the system as a whole. The categories below can be used individually or grouped together when applying the holistic thought method.

Systems Thinking

This method involves understanding how different parts of a system interact and influence one another. It emphasizes the interconnectedness of components within a system and how changes in one area can impact the whole.

Contextual Analysis

This approach involves considering the broader context in which a decision is being made. It includes understanding cultural, social, economic, and environmental factors that may influence the decision and its outcomes.

Stakeholder Analysis

A holistic approach requires identifying all stakeholders involved and understanding their perspectives, needs, and potential impacts. This ensures that the decision takes into account the interests and concerns of all relevant parties.

Long-Term Perspective

Holistic decision-making often involves considering the long-term implications of a decision, rather than just immediate outcomes. This includes thinking about sustainability, future consequences, and the potential for unintended effects. Thomas Sowell calls this long-term perspective stage thinking. Sowell's analysis can be found in his book Applied Economic.

Multi-Criteria Decision Analysis

This method involves evaluating multiple criteria that are important for the decision, rather than focusing on a single factor. It allows for a balanced assessment of various aspects, such as cost, benefits, risks, and social impact.

Interdisciplinary Approach

Involving expertise from multiple disciplines can provide a more comprehensive understanding of the issue at hand. This method ensures different perspectives and areas of knowledge contribute to the decision-making method.

Scenario Planning

This involves envisioning different possible futures and how a decision might play out in various scenarios. It helps decision-makers consider a wide range of possibilities and prepares a person for different outcomes.

Root Cause Analysis

Instead of addressing symptoms, this method focuses on identifying and understanding the underlying causes of a problem. By addressing the root causes, the decision can lead to more effective and lasting solutions.

Reflective Practice

This involves regularly reflecting on one’s own thought processes, biases, and assumptions. It encourages self-awareness and critical thinking, which are essential for making well-rounded decisions.

Collaborative Decision-Making

Engaging a diverse group in the decision-making process allows for the integration of different perspectives and expertise, leading to more informed and holistic decisions.

Intuition and Gut Feeling

While data and analysis are important, holistic decision-making also values intuition and gut feelings, especially when dealing with complex, ambiguous situations where not all variables are known or quantifiable. This method should be used sparingly as it has a lot of risk.

Mind Mapping

Creating visual representations of the various components, relationships, and factors involved in a decision can help in understanding the full scope and interconnections, leading to more holistic thinking.

Using these methods together can help in making holistic decisions that are more comprehensive, balanced, and aligned with broader goals and values.

Checklists and Mental Models

Charles Munger's method of checklists and frameworks in decision-making stems from a multidisciplinary approach to thinking. The idea of lists and models comes from Munger’s recognition that human cognition is prone to biases, errors, and overconfidence. To counteract these weaknesses, he advocates for checklists as a practical tool to ensure thoroughness and minimize errors. This idea is also influenced by fields like aviation and medicine, where checklists are used to reduce mistakes in high-stakes situations. His use stems from his deep respect for learning and his belief in understanding the world through multiple lenses. Munger is known for saying, "To the man with only a hammer, every problem looks like a nail." By integrating a variety of frameworks, he advocates for better, more holistic problem-solving.

Checklists

To counter cognitive biases, Munger advocates the use of decision-making checklists, particularly in high-stakes decisions. A checklist helps ensure that we do not overlook key factors or fall prey to biases. It forces thoroughness and discipline.

Mental Models

Promotes the use of diverse mental models from multiple disciplines (physics, economics, psychology, etc.) to approach decisions from different perspectives. By using a broader view, a person will reduce the risk of tunnel vision or relying solely on one way of thinking. In essence, both checklists and mental models help us avoid common cognitive traps and ensure that decision-making is grounded in rationality, evidence, and diverse perspectives.

Avoiding Cognitive Biases

Charles Munger brings to light in his writings the understanding of human cognition being prone to biases, errors, and overconfidence that our brains are wired to take mental shortcuts to simplify complex decision-making. While these shortcuts can be efficient, they often lead to predictable mistakes and irrational behavior. Munger frequently draws from behavioral psychology to explain these cognitive biases. Below are the most notable biases he he has developed for his decision-making method.

Confirmation Bias

The tendency to seek out information that confirms our pre-existing beliefs and ignore or dismiss contradictory evidence.

Anchoring Bias

The human tendency to rely too heavily on the first piece of information encountered, the anchor, when making decisions.

Overconfidence Bias

Overestimating our knowledge, abilities, or control over outcomes, often leading to excessive risk-taking.

Loss Aversion

The tendency to prefer avoiding losses to acquiring equivalent gains, which can lead to risk-averse or irrational decisions.

Social Proof

The tendency to think and act like the people around us, often leading to groupthink or herd mentality.

Recency Bias

The tendency to give disproportionate weight to recent events or experiences over long-term trends.

Availability Bias

Overestimating the importance of information that is readily available or recent, even if it is not the most relevant or accurate.

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Identifying Biases

Throughout Munger’s writings he brings to light the steps needed to identify and counteract biases. His decision-making philosophy revolves around mitigating human biases through awareness, systematic thinking, and continuous learning. A key component of his approach is recognizing and educating oneself about cognitive biases by studying behavioral psychology and related disciplines. He advocates for inverse thinking, focusing not only on success, but also on avoiding mistakes that could lead to failure. He emphasizes delayed decision-making to allow time for reflection, reducing the risk of hasty, emotional decisions. By mimicking rational models from fields like engineering, Munger incorporates structured processes to reduce human error. His lifelong commitment to learning and rigorously testing assumptions allows him to challenge his own ideas and prevent overconfidence, making his approach highly disciplined and effective.

Awareness and Education

Munger emphasizes that understanding and acknowledging biases is the first critical step. By studying behavioral psychology, evolutionary biology, and other disciplines, he educates himself on how biases emerge in human thinking.

Inverse Thinking

Talks about the importance of inversion—thinking backward. Instead of only thinking about how to achieve success, he also considers what mistakes or pitfalls could lead to failure. This helps in avoiding overconfidence and anticipating potential problems.

Delayed Decision-Making

Suggests slowing down decision-making whenever possible. By pausing, you allow time for reflection and reduce the risk of snap judgments driven by emotions or biases.

Mimicking Rational Models

Frequently emphasizes the importance of copying rational decision-making processes from disciplines like engineering or physics, where there are clear, logical processes and checks. He believes that applying these methods can reduce the impact of human error.

Continuous Learning

He became a lifelong learner, always trying to expand his understanding of how the world works. By continuously learning, he is better equipped to recognize new types of biases or pitfalls in his thinking.

Rigorously Testing Assumptions

Munger tested his assumptions rigorously. He deliberately seek out information that contradicts his views in contrast to the natural tendency to seek confirmatory evidence. His approach is highly methodical, recognizing even the most intelligent and experienced individuals can fall prey to biases. His methods of using checklists, mental models, and deliberate thought processes help to mitigate these natural human tendencies toward error.

Munger’s approach to avoiding cognitive biases emphasizes the importance of self-awareness, systematic thinking, and continuous learning. By identifying common mental pitfalls he advocates for deliberate strategies such as inverse thinking, delayed decision-making, and mimicking rational models from fields like engineering. His shared disciplined, methodical approach—rooted in behavioral psychology and a lifelong commitment to learning—demonstrates that even the most inexperienced thinkers can reduce the impact of human error by rigorously testing assumptions and challenging their own perspectives.

Interdisciplinary Learning: Knowledge Transfer

First taught to me in college and later applied in wilderness expeditions, knowledge transfer is applying intelligence from one owns knowledgeable domain to another. This knowledge transfer refers to the ability to take insights, skills, or principles learned in one area and applying them effectively in a different context. This cognitive method is fundamental in problem-solving, innovation, and learning. A concept learned in mathematics, such as the idea of balance in an equation, can be transferred to understand economic equilibrium in finance. The ability to recognize similarities between different fields and applying known concepts to new situations is a critical aspect of interdisciplinary learning. The interdisciplinary learning methods below can be used individually or grouped together when applying this approach.

Analogical Reasoning

This involves finding similarities between the source context, where the knowledge was originally acquired, and the target context. By drawing parallels between these two or more domains, individuals can adapt their understanding to new situations.

Schema Development and Application

A schema is a mental structure organizing information. By developing schemas, individuals can apply general principles or latticeworks from one context to another, even when specific details are different.

Case-Based Reasoning

This method involves using specific examples or cases from the source domain to solve problems or understand situations in the target context. The knowledge from past situations is adapted to fit new situations.

Generalization and Abstraction

By abstracting the core principles or concepts from the source domain, individuals can apply these generalizations to different contexts. This method relies on recognizing the underlying patterns that can be applied universally.

Training and Simulation

Using controlled environments that mimic the target context, individuals can practice applying knowledge from one domain to another. This method is common in fields like aviation, medicine, and the military.

Mentorship and Coaching

Experienced individuals can guide others in applying knowledge from one context to another, offering insights, feedback, and support throughout the process.

Experiential Education

Hands-on experience in the new context allows individuals to experiment and adjust their knowledge, leading to a more effective transfer of knowledge.

Storytelling and Narrative

Using stories or narratives from the source domain can help individuals relate to and apply knowledge in the target context by providing relatable scenarios.

Cross-Training

This involves exposing individuals to different roles or contexts within an organization, allowing them to transfer knowledge and skills across different areas.

Technology and Tools

Utilizing technology, such as knowledge management systems, databases, or collaborative platforms, can facilitate the transfer of knowledge across contexts by providing access to information and resources.

Over time, the concept expanded to include a more sophisticated understandings of how abstract thinking, problem-solving strategies, and deep knowledge of an individuals domain can be adapted to new challenges. Interdisciplinary learning is a crucial skill in a rapidly evolving world, enabling individuals to adapt and innovate by applying what they know to new and unfamiliar situations.

Charles Munger's Decision-Making Methodology

Throughout my study of the philosophy of decision-making, I have noticed a recurring theme among great thinkers across the centuries. They exhibit a formidable approach to decision-making. These intellectual pioneers include Aristotle, Saint Augustine, Thomas Aquinas, Rene Descartes, John Locke, Charles Darwin, Albert Einstein, Richard Feynman, and Charles Munger. I have found each great thinker built off of the idea of first principles, a method rooted in Aristotelianism.

Charles Munger takes the methodology of first principles and is able to expand it into a complex decision making methodology. Munger’s decision making method is built on the great thinkers of history, has stood the test of time, and remains effective regardless of changing circumstances. Munger emphasizes the importance of developing a latticework of mental models. This approach involves integrating knowledge transfer from various disciplines, known as a generalist viewpoint which is a multidisciplinary approaches in using relatable ideas & principles in psychology, economics, physics, biology, and more. Applying the below latticework of decision-making methods creates a meticulous approach to better understand and solve complex problems.

Charles Munger's Decision-Making Methodology

1. Interdisciplinary Learning: Knowledge Transfer

To make sound decisions, one must draw from multiple disciplines, understanding the core principles of each. This broad knowledge base allows for a more comprehensive view of any situation, as known as, knowledge transfer and holding a multidisciplinary approaches called a generalist. Click here to learn more about interdisciplinary learning.

2. Avoiding Cognitive Biases

One must Recognize and mitigate cognitive biases that can cloud judgment. Diving into common biases such as anchoring, consistency bias, and the tendency to overvalue what we cannot have. Click here to learn more about avoiding cognitive biases.

3. Checklists and Mental Models

Munger advocates for using checklists to ensure thorough consideration of all relevant factors before making decisions. These checklists help in simplifying complex issues, evaluating consequences, and grounding decisions in solid evidence. Click here to learn more about checklists and mental models.

4. Systems Thinking: a Holistic Thought Method

These processes include understanding the broader system in which a problem exists. This means considering how different parts of a system interact and the potential long-term consequences of decisions. Click here to learn more about systems thinking.

5. Probability and Outcome Assessment: Quantitative Analyst

Munger stresses the importance of considering probabilities and the range of possible outcomes, which helps in making decisions not only logical but also account for uncertainty. Click here to learn more about probability and outcome assessment.

The above summarization of the decision-making methodology are designed to help individuals think more clearly and make better decisions, both in business and in life. This decision-making latticework serves as a guide to adopting these methods while offering practical advice for improving one’s cognitive processes and decision-making abilities.

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Munger, C. T. (2005). Poor Charlie's almanack: The wit and wisdom of Charles T. Munger. Expanded Third Edition. Donning Company Publishers.

Bevelin, P. (2005). Seeking wisdom: From Darwin to Munger. PCA Publications.

First Principles & Beyond

This concept dates back to Ancient Greek philosophy, particularly in the work of Aristotle. In Aristotle’s book Metaphysics, he discussed the idea of first principles as the foundational concepts or basic truths that form the basis of any knowledge system. By breaking down complex ideas into their most basic elements, one can understand the underlying nature of things. This approach of reasoning from first principles became fundamental to various fields, including science, mathematics, philosophy, and business.

The idea of first principles has been employed by many great thinkers over the centuries. In the scientific method, it is a way of reducing assumptions to their most basic, self-evident truths. René Descartes, a French philosopher, used first principles in his method of doubt, seeking to build knowledge on the most certain and indubitable foundations. In mathematics, Euclid's "Elements" is based on first principles, where he starts with axioms and builds up geometric principles logically. While first principles thinking has its roots in philosophy, science, and mathematics, its application extends far beyond these fields and continues to shape modern practices.

As we fast forward to the present, we see multiple businesses and influential individuals using this time-tested concept. One prime example is Ray Dalio, the founder of Bridgewater Associates, one of the largest hedge funds in the world. Dalio applied first principles thinking to both his personal and professional life. His book Principles, reflects this approach, outlining the series of principles he developed over his career.

Dalio’s use of first principles breaks down problems and decisions to their basic elements to understand and addresses them from a fundamental level. By identifying the underlying principles that govern reality and human behavior, one can make better decisions, avoid pitfalls, and achieve greater success.

Dalio’s "Principles" are a collection of rules and guidelines he developed based on his experiences and observations which is grounded in first principles thinking.

1. Radical Truth and Transparency: Dalio emphasizes the importance of confronting reality with honesty and openness. He encourages creating an environment where people can express their thoughts candidly, allowing the best ideas to rise to the surface.

2. Pain & Reflection Equal Progress: Failure and discomfort are essential for growth. By reflecting on mistakes and painful experiences, individuals can learn and make better decisions in the future.

3. Systematic Decision-Making: Advocates for removing emotions from decision-making and relying on data and logic. He uses algorithms and principles to make decisions, seeking objectivity and consistency.

4. Idea Meritocracy: At Bridgewater Associates, decisions are made based on the merit of ideas rather than hierarchy. Everyone's input is valued, and the best, most logical ideas win out.

5. First Principles Thinking: Stripping away assumptions and analyzing issues from the ground up to find the fundamental truths that can guide decision-making.

6. Principles as a System: Dalio organizes his lessons and rules into a system of "principles," which serve as a guide for handling various situations. These principles are well-documented in his book Principles, where he encourages readers to develop their own system based on their core values and experiences.

Ray Dalio's application of first principles thinking has become a powerful tool for both personal and professional success. By breaking down problems to their most basic elements and identifying core truths, he has created a system that fosters better decision-making, innovation, and growth. His approach emphasizes radical truth and transparency, systematic and data-driven decision-making, and an environment where the merit of ideas, not hierarchy, guides actions. Through his book Principles, Dalio shares the valuable insights he has gained, encouraging others to adopt a similar mindset—one that builds on foundational truths to navigate complex challenges and achieve lasting success.

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Dalio, R. (2017). Principles: Life and work. Simon & Schuster.

Dalio, R. (2021). Principles for dealing with the changing world order: Why nations succeed and fail. Avid Reader Press.

Aristotle. (2002). Metaphysics (H. Lawson-Tancred, Trans.). Penguin Books. (Original work published c. 350 B.C.E.)

Thomas Sowell on Economic Stage Thinking

Thomas Sowell's concept of "stage thinking" refers to a process by which policies and ideas are evaluated through different stages of their effects, rather than just their immediate outcomes. Sowell emphasizes many policymakers and economist often stop at the first stage, only considering the initial effects of a policy, without thinking through the subsequent consequences that unfold over time. Here’s a breakdown of the stages as Sowell describes them:

Stage 1: Immediate Effects

The focus is on the direct, visible, and often positive outcomes of a policy or action. A policy might provide immediate relief or benefit to a particular group. This stage is where most political debates and public discussions are focused, as the results are immediate and clear.

Stage 2: Subsequent Consequences

Requires thinking beyond the immediate effects to consider the secondary consequences that arise as a direct result of the first stage. These effects may be unintended and often negative, impacting groups or areas that were not initially considered. A policy that initially seems beneficial might lead to negative economic consequences in the long run, such as inflation or unemployment.

Stage 3: Long-Term Consequences

The focus shifts to the long-term implications of the policy, both positive and negative. This involves considering how the policy will evolve over time and how people will adapt to or be affected by these changes. This stage often reveals deeper systemic effects, such as changes in behavior, incentives, or societal structures.

Stage 4: Broad Social Impacts

The analysis expands to consider the broader societal impacts, including how the policy affects social norms, cultural values, and the overall functioning of society. It looks at how the policy may change the way people interact with each other or how institutions operate in the long run.

Stage 5: Generational and Cultural Effects

Involves looking at the generational and cultural shifts that may result from the policy. This includes changes in attitudes, beliefs, and practices that may persist across generations, potentially altering the trajectory of society. It requires a deep understanding of historical context and the ability to predict how today's decisions will shape the future.

By taking Sowell’s critique of many policymakers for failing to move beyond stage one thinking, where the focus is solely on immediate benefits without considering the cascading effects that may arise in later stages. We can deduce that a failure to consider these stages often leads to policies that are ultimately harmful, even if they appear beneficial at first glance.

In essence, Sowell’s evolution of "stage thinking" is a call for a more comprehensive and far-reaching approach to policy analysis and economic impact, urging people to think beyond the immediate and visible effects to understand the full spectrum of consequences that unfold over time.

Maslow's Hierarchy & Further Development of Theory

Maslow's Hierarchy of Needs

A psychological theory developed by Abraham Maslow in 1943. His theory suggests human needs can be arranged in a hierarchy, with basic needs at the bottom and more complex, psychological needs at the top. He proposed individuals must satisfy lower-level needs before they can graduate to address higher-level needs. The hierarchy is often depicted as a pyramid, with five levels, but we will discuss a sixth level he added later into his theory.

The Stages:

1. Physiological Needs:

   The most basic human needs, including food, water, warmth, rest, and other essential elements for survival. These needs are fundamental for sustaining life. Without meeting these needs, the body cannot function properly and dies.

2. Safety & Security Needs:

   Once physiological needs are met, individuals seek safety and security. This includes physical safety, financial security, health, and well-being. Feeling secure allows individuals to focus on higher-level needs without the constant threat of danger or instability.

3. Love and Belongingness Needs:

   Humans have an innate desire to belong and be loved. This stage includes friendships, romantic relationships, family bonds, and social connections. Relationships and social connections provide emotional support and a sense of community, which are crucial for mental health.

4. Self-Esteem Needs:

   At this stage, individuals seek self-esteem and the esteem of others. This includes self-respect, achievement, confidence, and recognition from others. Esteem needs are essential for building self-confidence and feeling valued in society.

5. Self-Actualization:

   The highest level of Maslow’s hierarchy, self-actualization refers to the realization of one's full potential. This includes creativity, problem-solving, authenticity, and personal growth. Self-actualization is about becoming the best version of oneself, achieving personal goals, and finding fulfillment in life.

6. Self-Transcendence

   Maslow later extended his hierarchy to include a stage beyond self-actualization called self-transcendence. This stage involves a focus beyond the self, where individuals seek to connect with something greater, whether it's through spiritual experiences, altruism, or a deep sense of purpose. In this state, individuals may strive to help others achieve their potential, engage in acts of kindness, or contribute to the betterment of society. Self-transcendence, in this context, is about transcending personal desires and finding deeper meaning in life and striving to contribute to the well-being of others or society as a whole.

By using his hierarchy theory in the field of physiologically, specifically group dynamics, we can determine and measure the outcome of performance in an individual operating within a group. Maslow’s hierarchy remains relevant today per its use of psychology within business and education by emphasizing the importance of addressing fundamental needs before pursuing higher aspirations.

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Relevancy in today society

Maslow's hierarchy of needs is still relevant and applied in various fields in society today including psychology, business, education, and healthcare. Within Business and Management companies use Maslow’s hierarchy to understand employee motivation and to create a work environment that satisfies their employees' needs at different levels. For example, ensuring fair pay and job security addresses physiological and safety needs, while opportunities for career advancement and recognition fulfill esteem and self-actualization needs.

Educators apply Maslow's theory to create supportive learning environments. By ensuring students' basic needs (food and a safe environment) are met, teachers can better facilitate higher-level learning. Schools often offer programs for mental health support, free meals, and extracurricular activities to address these various needs.

Healthcare providers use the hierarchy to prioritize patient care. Basic needs like food, water, and pain management are addressed first. Once these are met, providers focus on higher-level needs like emotional support and patient education.

Marketers use Maslow's hierarchy to appeal to consumers at different levels of need. Advertising for basic products like food or safety products targets physiological and safety needs, while luxury brands may appeal to esteem and self-actualization needs by promoting status or personal fulfillment.

Policymakers and social workers apply Maslow's hierarchy to design programs addressing the needs of vulnerable populations. For instance, housing initiatives for the homeless address basic physiological and safety needs, while job training programs help fulfill higher-level needs related to esteem and self-actualization.

Individuals use Maslow’s hierarchy as a framework for personal growth, aiming to meet their own needs in a balanced way. This might involve focusing on physical health, building strong relationships, or pursuing meaningful goals.

By adopting a holistic approach to Maslow’s Hierarchy, we can better understand the interconnectedness of its various levels and a persons growth over time. Instead of isolating individual components, this method considers the entire system, including relationships, patterns, and context. This perspective enables us to formulate creative questions through thought experiments. Can we apply Maslow’s Hierarchy Theory to address complex societal issues?

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Understanding Group Dynamics through the Lens of a Psychological and Sociological Perspective

In order for groups to achieve high functionality, we need to closely examine group dynamics and processes. This applies to groups operating across the spectrum of low-risk, low-reward scenarios to high-risk, high-reward situations.

To understand group dynamics in totality lets view the relationship between individuals (psychological) and groups (sociological) as a whole macro perspective.

Group dynamics, from a psychological perspective, refers to the study of how individuals interact, influence, and behave within a group. It explores the patterns of interaction between group members, the roles they assume, the formation of group norms, and how these elements affect group cohesion, decision-making, performance, and conflict resolution. Group dynamics also examines the effects of group structure, communication, and leadership on both the group and the individual members. Understanding these dynamics help in improving group effectiveness and addressing challenges that arise in collaborative settings.

Group dynamics from a sociological perspective involves the study of the social processes and structures that emerge within groups and how these affect the behavior, relationships, and identity of individuals within the group. It examines how social norms, power relations, social roles, and group cohesion influence group functioning. Sociologists also explore how groups form, evolve, and dissolve, as well as how they impact broader social institutions and societal change. Group dynamics are crucial in understanding how individuals collectively create, maintain, or challenge social order within various social settings.

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Group Dynamics

Individuals within a group may go through a five step holistic process. This means the individuals in a group can go through this process linearly, non-linearly and shows how these steps are interconnected in group dynamics.

Forming

The forming stage in group dynamics is the initial phase of group development, where members come together and begin to learn about each other and the group's purpose. During this stage, individuals are often polite and tentative as they try to understand their roles, establish relationships, and figure out the group's goals and structure. Trust is gradually built as members start to share information and ideas, but there may be uncertainty or anxiety as everyone adjusts to the new environment. This stage sets the foundation for how the group will function and interact moving forward.

Storming

The storming stage in group dynamics is the phase where conflicts and tensions typically emerge as group members begin to assert their opinions, challenge ideas, and vie for positions within the group. This stage is characterized by disagreements over roles, tasks, and goals, which can lead to frustration and competition among members. The storming stage is a critical part of group development, as it allows underlying issues to surface and be addressed. Successfully navigating this stage can lead to greater understanding, stronger relationships, and a clearer sense of purpose, ultimately contributing to the group's long-term cohesion and effectiveness.

Norming

The norming stage in group dynamics is the phase where the group begins to establish a sense of unity and cohesion. After working through conflicts in the storming stage, members start to develop shared norms, values, and expectations, leading to more harmonious and cooperative interactions. Roles and responsibilities become clearer, and group members are more likely to support each other and work collaboratively toward common goals. Communication improves, trust increases, and the group starts to function more smoothly as a cohesive unit. This stage helps to solidify the group's structure and sets the stage for effective performance in the next phase.

Performing

The performing stage in group dynamics is the phase where the group reaches a high level of functioning and productivity. In this stage, group members are fully engaged and work efficiently toward achieving their goals. Roles are well-defined, communication is open, and the group is able to solve problems and make decisions effectively. There is a strong sense of trust, collaboration, and mutual support among members, allowing the group to perform tasks with minimal friction. The performing stage represents the peak of group development, where the group operates smoothly and is capable of achieving its objectives successfully.

Adjourning

The adjourning stage in group dynamics is the final phase where the group prepares to disband after achieving its goals or completing its tasks. During this stage, members reflect on their accomplishments, assess the group's overall performance, and acknowledge the relationships and experiences they’ve shared. This phase can involve a mix of emotions, such as satisfaction from success or sadness over the group’s dissolution. Members may also experience a sense of closure as they transition out of their roles and move on to new endeavors. The adjourning stage is crucial for providing a sense of completion and helping members process the end of their group experience.

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Group Dynamics with Friends, Family, & Business

Three overall group categories on how group dynamics benefit the individuals, while helping the group becoming more productive.

Friends: Understanding group dynamics can strengthen friendships by helping individuals navigate the natural ups and downs in group interactions. Knowing how to move from conflict (storming) to harmony (norming) can deepen relationships and foster mutual support, leading to more meaningful and lasting connections.

Families: Families benefit from group dynamics as they navigate daily life and challenges together. Recognizing these stages helps family members understand and respect each other’s roles and emotions, improving communication and collaboration. It also helps in resolving conflicts (storming) and creating a strong family bond (norming and performing).

Businesses: In a business setting, understanding group dynamics is crucial for successful teamwork. By recognizing and effectively managing each stage, teams can move through conflicts, establish productive work habits, and ultimately achieve high performance. This leads to more effective project completion, better team morale, and improved overall results for the business. The adjourning stage also helps in providing closure and celebrating success, which is important for maintaining motivation in future projects.

30 Books about Finance and the Economy

This year, I set an ambitious goal for myself: to read 30 books related to finance and the economy. I’m pleased to share that I met this goal within the year by the end of August. This reading challenge allowed me to dive deeply into a range of topics, from the historical evolution of capitalism and the intricate relationship between the economy and investing, to the influential works of prominent authors like Charles Munger. Each book provided valuable insights and broadened my understanding of economic principles and financial systems, contributing significantly to my personal and professional growth.

Here are the books with a short summary:

1. Seeking Wisdom: From Darwin to Munger, by Peter Bevelin

   A deep exploration of decision-making and critical thinking, drawing insights from disciplines such as biology, psychology, and economics. Through a blend of wisdom from Charles Darwin, Warren Buffett, and Charlie Munger, the book encourages readers to cultivate a multidisciplinary approach to understanding and improving their thought processes.

2. Poor Charlie’s Almanack, by Charles Munger

   Is an exceptional collection of the wisdom and insights of one of the most respected investors of our time. Munger provides a deep dive into a multidisciplinary approach to investing, emphasizing the importance of critical thinking, rational decision-making, and learning from a diverse range of disciplines. Its engaging anecdotes, philosophical reflections, and practical advice offer readers invaluable lessons on achieving success and understanding complex concepts. The book’s combination of Munger’s wit and profound insights makes it not just an investment guide, but a source of inspiration for thoughtful decision-making in all areas of life. Poor Charlie’s Almanack is a must-read for anyone seeking to elevate their understanding of investing and personal growth.

3. Irrational Exuberance, by Robert Shiller

   A critical analysis of financial markets, emphasizing the psychological and behavioral factors driving market bubbles and crashes. Shiller argues that investor sentiment and speculative behavior often lead to market overvaluations, which can have significant economic consequences. He provides valuable insights into understanding and mitigating the risks associated with market volatility, making it essential reading for anyone interested in finance and economics.

4. Narrative Economics, by Robert Shiller

   Explores the powerful role that stories and narratives play in shaping economic events and influencing market behavior. Shiller argues that economic outcomes are heavily influenced by popular stories and public sentiments, which can drive financial bubbles and crashes. He combines historical analysis with contemporary examples to illustrate how narratives impact economic decisions and policy. By highlighting the importance of understanding these narratives, Shiller provides a unique perspective on how economic dynamics unfold and offers insights for both policymakers and investors.

5. Economics in America, by Angus Deaton
   A critical analysis of the American economy, focusing on issues like inequality, healthcare, and the often-overlooked consequences of economic policies. Deaton, with the perspective of an outsider who has spent significant time within the United States, provides a nuanced view of how American economic practices impact both its citizens and the broader global economy. Foreigners observing the American economy from within the U.S. often see a paradox: a nation with immense wealth and innovation but also stark disparities and systemic challenges that contradict its ideals of opportunity and fairness. Deaton’s work echoes this duality, capturing the complexities and contradictions that are apparent to those who experience the American economy from both within and without.

6. The Economics consequences of Peace, by John Maynard Keynes

   Keynes offers a profound analysis of the economic impacts of post-war treaties, emphasizing how punitive reparations and economic imbalances can sow the seeds of future conflict. Similarly, the ongoing wars in Israel and Ukraine reflect the complexities of economic and geopolitical tensions, where unresolved grievances and power struggles have escalated into full-blown conflicts. Just as Keynes warned that the harsh terms of the Treaty of Versailles would lead to instability, the current wars highlight how economic pressures, historical animosities, and the lack of equitable resolutions can perpetuate cycles of violence. Both the book and these conflicts underscore the critical importance of considering long-term economic and political consequences when addressing the aftermath of war.

7. Applied Economics, by Thomas Sowell

   Sowell explores the practical effects of economic policies, advocating for a thorough understanding of the broader and often unintended consequences that may arise. A key aspect of Sowell's analysis is his concept of "stage thinking," where he critiques the common tendency to focus solely on the immediate impact of policies—the first stage—without considering the longer-term effects that may emerge in subsequent stages.

   For instance, Sowell examines rent control as a policy that, in the first stage, appears to make housing more affordable by capping rental prices. However, he pushes readers to think beyond this initial effect to the later stages, where the reduced incentive for landlords to maintain or build new housing can lead to a deterioration in housing quality and a shortage of available units. Sowell’s thought process in "stage thinking" highlights the importance of considering these later stages, where the negative repercussions of a policy may undermine its initial goals. His approach encourages a more comprehensive and critical evaluation of economic policies, emphasizing that what seems beneficial in the short term may lead to adverse outcomes in the long run.

8. Retirement 101, by Michelle  Cagan

   A practical guide that breaks down the complexities of retirement planning into accessible steps. Covering topics from saving strategies to investment options, it provides clear advice for securing a financially stable retirement.

9. Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them" by Garrett Sutton

   A comprehensive guide to the benefits of incorporating, explaining how owning a business can protect assets and provide financial advantages. The book emphasizes the importance of legal structures in wealth building, making a strong case for entrepreneurship as a path to financial independence.

10. What I Learned from Investing from Darwin, by Pulak Prasad

    Draws intriguing parallels between evolutionary theory and investment strategies. It offers unique insights into how principles of natural selection can be applied to make better investment decisions, providing readers with innovative approaches to managing their portfolios.

11. Accounting for Non-Accountants, by Wayne Label, CPA

    An accessible introduction to the fundamentals of accounting, designed for those without a background in finance. Label simplifies complex concepts, making it easier for readers to understand financial statements, balance sheets, and basic accounting principles.

12. A Random Walk Down Wall Street, by Burton G. Malkiel

    A thorough examination of investment strategies and market behavior, advocating for the efficiency of markets and the benefits of index investing. The book's clear, evidence-based analysis challenges traditional investment approaches and offers practical advice for both novice and experienced investors.

13. How to Think about Money, by Jon Clements

    A straightforward approach to personal finance, emphasizing the importance of understanding one's financial goals and making informed decisions. Clements provides practical advice and strategies for managing money effectively, making complex financial concepts accessible to readers.

14. The Investor Manifesto, by William Bernstein

    A compelling argument for a disciplined, evidence-based approach to investing. Bernstein distills complex financial concepts into practical advice, advocating for long-term strategies and the importance of understanding market history and behavioral finance.

15. Your Money and Your Brain, by Jason Zweig

    Explores the intersection of neuroscience and personal finance, revealing how cognitive biases and emotional responses impact investment decisions. The book provides insightful analysis and practical advice for overcoming mental pitfalls and making more rational financial choices.

16. The next millionaire next door, by Thomas and Sarah Stanley

    This builds on the original Millionaire Next Door to offer updated insights into the habits and characteristics of wealthy individuals. Stanley provides a detailed analysis through data of how emerging millionaires achieve financial success through disciplined saving, smart investing, and living below their means.

17. Little Book of Big Dividends, by Charles Carlson

    Offers practical strategies for building wealth through dividend investing. Carlson provides actionable advice on selecting high-quality dividend stocks through businesses themselves and constructing a portfolio that generates reliable income, making it a valuable resource for both novice and experienced investors.

18. The Darwin Economy, by Robert Frank

    Attempts to apply evolutionary theory to economic behavior, but its arguments are overly abstract and lack practical application for financial decisions. Frank’s theoretical approach leaves readers struggling to connect his insights to real-world economic issues, making it less actionable than other economic texts.

19. The nature of investing, by Katharine Collins

    A refreshing perspective by blending investment principles with insights from nature and systems thinking. Collins encourages readers to embrace a holistic approach to investing, emphasizing the importance of understanding the interconnectedness of markets and making decisions that align with long-term goals and values.

20. The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries

    Emphasizes the importance of rapid experimentation and iterative development for startup success. Ries provides a framework for entrepreneurs to quickly test ideas, pivot when necessary, and build businesses that adapt swiftly to market feedback, making it essential for navigating the fast-paced startup environment.

21. Warren Buffett and the Interpretation of Financial Statements, by Mary Buffett

    A clear and practical guide to understanding the financial metrics used by Warren Buffett in his investment decisions. Buffett demystifies key financial statements, providing readers with the tools to analyze companies like Buffett and make informed investment choices.

22. Warren Buffett and the art of stock arbitrage, by Mary Buffett

    Mary Buffett dives right into Warren Buffett's investment strategies, focusing on his use of stock arbitrage as a tool for value investing. She provides a detailed look at how Buffett identifies and capitalizes on market inefficiencies, offering readers practical insights into his disciplined approach to investing.

23. Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators, by Hartley Goldstone, James Hughes, and Keith Whitaker

    A comprehensive overview of the complexities involved in managing and benefiting from family trusts. The book provides practical guidance for various roles within the trust structure, including beneficiaries, trustees, and trust protectors, helping them navigate legal and administrative challenges. By addressing both the technical and interpersonal aspects of trust management, it offers valuable insights for maintaining family harmony and achieving trust objectives. This guide is essential for anyone involved in the creation or administration of family trusts, offering clarity and actionable advice.

24. The Tao of Warren Buffett, by Mary Buffett & David Clark

    This distills Warren Buffett's investment wisdom into accessible principles and aphorisms. The book provides practical insights into Buffett's approach to investing and business, making it a valuable resource for both aspiring investors and those seeking to understand Buffett's philosophy.

25. Stocks for the long run, by Jeremy Siegel

    A compelling argument for investing in equities as a reliable strategy for long-term wealth accumulation. Siegel combines historical data with detailed analysis to demonstrate how stocks outperform other asset classes over extended periods, making it an essential read for investors seeking to build sustainable portfolios.

26. Behavioral Finance and Your Portfolio, by Michael Pompian

    Pompian explores how psychological biases and irrational behaviors can impact investment decisions and portfolio performance. He provides a detailed analysis of common cognitive errors and offers strategies for mitigating their effects, helping investors make more rational and informed choices. By integrating behavioral finance concepts with practical portfolio management advice, Pompian offers valuable insights for improving investment outcomes. This guide is particularly useful for both individual investors and financial professionals seeking to understand and address behavioral challenges in investment planning.

27. Taxes for Small Businesses, by Nicholas Regan

    Provides a clear and practical guide to navigating the complexities of tax regulations for small business owners. Regan offers actionable advice on tax planning, deductions, and compliance, making it an essential resource for managing tax responsibilities effectively and optimizing financial outcomes.

28. One Up on Wall Street, by Peter Lynch

    Offers valuable insights into Lynch's successful investment strategy, emphasizing the importance of investing in what one knows and observing everyday trends. Lynch provides practical advice on identifying promising stocks and understanding market fundamentals, drawing from Lynch's experiences managing the Fidelity Magellan Fund. With its accessible writing and actionable tips, this classic investment guide remains a vital resource for investors.

29. Learn to Earn, by Peter Lynch and John Rothchild

    A straightforward introduction to investing and financial literacy, aimed at beginners. The book explains key concepts of stock market investing, the importance of long-term planning, and practical strategies for building wealth. Through engaging examples and clear explanations, it provides a solid foundation for those looking to start their investment journey.

30. Behavioral Economics, by David Orrell

    A compelling exploration of how human psychology shapes economic decisions, challenging traditional economic theories with real-world insights. Orrell’s thought-provoking book blends scientific research with accessible explanations, making complex concepts engaging and relevant to everyday life.

Church Hill in Virginius Dabney’s "Richmond: The Story of a City"

Down a long hallway in the basement of the Richmond Public Library, amidst countless turns, I found a signed copy of Virginius Dabney’s book Richmond: The Story of a City. The library was holding a sale of their private collection, and it was here that I discovered two of Dabney’s works, both focused in detail on Richmond and Virginia. Dabney, born in Charlottesville, Virginia in 1901 and passing away on December 28, 1995, was a teacher, journalist, editor, and writer for the Richmond Times-Dispatch. He authored thirteen books and won the Pulitzer Prize in 1948 for his outspoken criticism of segregation on buses and his advocacy for ending the poll tax.

My wife, daughter, and I live in a neighborhood near Church Hill, which initially drew me to the book on the shelf. Dabney’s early descriptions in the book are based on geographical locations, while his later descriptions are referenced by street names. The following excerpts highlight Dabney's observations of Richmond's east end neighborhoods, including Shockoe Bottom, Union Hill, Church Hill, Chimborazo, Oakwood, and Fulton.

Below are excerpts related to Church Hill, presented in chronological order from past to present.

Date: 1607

Location: The Falls on the James River.

Description: “Newport decided over the objection of the more aggressive Captain John Smith that this would be in expedient for the present. The placing of the cross, bearing the legend “Jacobus Rex, 1607,” with Newports name below, apparently signified that the men from beyond the sea were laying claim to the region in the name of King Jame. Three centuries later, a cross was erected on Gamble’s Hill at the foot of Richmond’s Fourth Street, to commemorate the event.” P.1

Date: 1607

Location: Powhatan Park, Fulton Hill.

Description: "En route upstream, the Englishman with their beards, curling hair and wide-brimmed hats, their doublets and hose, had been received in altogether friendly fashion by the natives. At Powhatan Village, consisting of twelve houses, “ pleasantly seated on a hill,” they were greeted hospitably by little Powhatan. The Village was on the site of today’s grass covered Powhatan Park on Fulton Hill in Richmond extreme eastern end. Gabriel Archer, chief chronicler of the expedition, speaks of “a playne” between the hill and river, “whereon he soes his wheate, beane, peaze, tobacco, pompions, gourdes, Hempe, flaxe, &c.” This plain must have been the site of today’s Fulton, which like Fulton Hill is named for Irish born James Alexander Fulton, who married Eliza Mayo about 1800 and built his bride beautiful “Mount Erin” where Powhatan Village once stood.

The Native American Village was further described as facing “three fertile isles,” near the opposite shore of the river. They have since disappeared in floods or been incorporated into the south bank.” P.2

Date: 1609

Location: The Falls & Powhatan Park, Fulton.

Description: “ The next year, when Smith was president of the Jamestown colony, he decided to make an attempt to establish a settlement at The Falls. Captain Francis West, brother of Lord De La Warr, was dispatched up river with 120 men and “sixe months victtewells.” Some months later Smith paid them a visit to see how the settlement was prospering. He was surprised, en route, to meet West returning to Jamestown, but proceeded upstream without requesting an explanation. Upon reaching the limits of the tidewater, he found that West had settled near the riverbank, where there was constant danger of floods, instead of higher up on Powhatan Hill.

Smith persuaded little Powhatan to sell him the village on the hilltop for some copper. He wished, among other things, to help protect the werowance, or chief, against the incursions of the Manacans. Little Powhatan had told him two years of war that these native Americans “came downe at the fall of the leafe and invaded his Countrye.” But Smith’s plan did not appeal to Captain West’s Englishmen, Who for some reason resented his intervention. It was apparently part of the internal bickering and squabbling that went on among the Jamestown settlers.” P.4

Date: 1609-1610

Location: The Falls

Description: Most likely after John Smith left for England, “West brought his and entire force back to Jamestown, thus terminating, for the time being, all efforts to settle The Falls. P.4

Date: 1656

Location: Chimborazo Park

Description: “All was relatively serene at the falls for about a decade, when some six or seven hundred Native Americans suddenly appeared. Variously described as Iroquois’s from New York-known as Ricaherian in Virginia-or members of the Siouan tribe from the upper Rappahannock, they began taking possession of extensive tracts of land. Colonel Edward Hill of Shirley, Speaker of the House of Burgesse, was put in command of English warriors and several groups of friendly Native Americans, including Pamunkeys under famous Chief Totopotomoi. When efforts at peaceful persuasion failed to dislodge the intruders, Colonel Hill moved to the attack near Richmond’s present day Chimborazo Park.

The fight took place in 1656 in the vicinity of a small stream which rose at the juncture of what is now Marshall and 31st St., in the cities east end, and ran southeasterly around the base of Chimborazo into Gillies Creek. In modern times, it has been enclosed in a culvert. The sanguinary encounter caused the little stream to be named “Bloody Run.” Chief Totopotomoi was killed with many of his braves, and numerous white settlers were slain.” P.5-6

Date: 1737

Location: Richmond and Church Hill

Descriptions: William Byrd II owned much of the land surrounding The Falls and did not want to give up his most profitable land for growing tobacco. However, this area was becoming more and more settled and was an area of commerce with Native Americans. The House of Burgesses wanted 50 acres of land on the north side of the river to establish a town from Byrd, but it was very difficult for him to give it up, even with compensation. “ Byrd finally had to bow to the inevitable. Four years elapsed, following the entry in Byrd’s diary, before Major Mayo laid off the town. By 1737 when he did so, taverns had been opened at what are now 23rd and Main and 23rd and Cary Street, and Byrd had established a ferry. These, with his store and warehouses, combined to form the nucleolus for the lively settlement that soon came into being.

Much of the area laid out by Mayo was along the river, at the foot of what is now Church Hill, but it extended to the crest of that elevation. Lot No. 97 and 98 were donated by Byrd for “The Church,” soon to be erected and later to be named St. John’s. It superseded “The Falls Chapel,” which had been in existence since 1717 and whose location is not known.

Byrd named the new town Richmond because its situation and surroundings reminded him of Richmond on the teams. As delineated by Mayo, it’s extended from what is now 17th St., first Street in his plan, to today’s 25th St., then known as ninth. The cross streets were designated by letters. The one nearest the river, now Carrie, was D St., Maine was E, Franklin was F, Grace was G, and Broad was H.” P. 13

"Facsimile of the first map of Richmond from Richmond: her past and present by W. Ashbury Christian. The original was made by Colonel William Byrd II in 1737. Between Lot B and the James River, at the bottom of the map, was D St., now Cary Street. Just west of Lot a, and at right angles to the river, was fifth Street, now 17th. Then came second, third, fourth, fifth, sixth, seventh, eighth and ninth streets. Lots 97 and 98 were given to the city by Byrd for the Henrico parish church, later named Saint John’s." P.14

Date: 1739

Location: St. John’s Church 2401 East Broad Street

Description: “ construction of a house of worship was one of the first concerns of those living in and near Richmond. The vestry of Curl’s Church, in Henrico County some miles below Richmond, of which the reverend William Stith, the historian, was rector, considered this matter in 1737. At that time, a site on or near the property of Thomas Williamson near Brook Road was preferred. The vestry voted in 1739 to build the church there, on land owned by William Byrd II. However, Byrd advised that “ there are so many roads already thro that land that the damage to me would be too great to have another of a mile cut thro it.” He urged that they accept from him two lots in what is now the Church Hill section of Richmond. The vestry agreed, and arranged for Richard Randolph to construct the building. This house of worship was completed in 1741. Much smaller than it was in subsequent years, and with the pulpit in the eastern end, it was known until about 1828 as “the Church,” “the Upper Church,” “the Richmond Hill Church,” and “the Old Church.” The structure was enlarged in 1772 by adding 40 feet to its length and 40 more feet on the north side, with galleries on both sides. The tower was built about 1830.” P.14-15

Date: 1738-1739

Location: Nineteenth and Twentieth Streets on Main

Description: “Of special interest was the coming in 1738 of 25 year old Jacob Ege, a Württemberger, who purchased land on lower Main Street. About 1739 he is believed to have built the small stone dwelling between 19th and 20th St. on Main, known today as the old Stone House. Rocks from the river were apparently used in the construction of this, the oldest building still standing in Richmond. The letters “J.R” over the entrance were supposed for many years to have signified “Jacobus Rex” or “King James,” and if so the structure would have been built in or before 1688, the year when King James II Of England was dethroned. But there are strong reasons for believing that the old stone house does not date from the 17th century, so the initials must have some entirely different meaning. Reports that Washington, Jefferson and Madison visited or lodged in the house are apparently without foundation.” P.15

Date: 1742

Location: Richmond

Description: “With Richmond formally laid out, it remained for the General Assembly to pass an act of incorporation. This was done in 1742. The town had only 250 inhabitants and covered only 1/5 of a square mile, but it’s situation at the head of navigation augured well for steady growth and development.”

Dabney, V. (1976). Richmond: The story of a city. Doubleday.

Alexander Hamilton, Book & Play

This is a review of Ron Chernows book, Alexander Hamilton and Hamilton the play by Lin-Manual Miranda. Miranda has taken Chernow’s book about Alexander Hamilton and made a historic American founding father and an immigrant become popular through musical theater. This will investigate important political questions on immigration, slavery, adultery, and suicide. Below is a short discussion reviewing the book and the play.

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Chernow’s focus on Hamiltons life in the 1790’s is fueled by the amount of documents there are of Hamilton. Though Hamiltons was an immigrant himself, anyone who talked malicious against him especially French immigrants would soon be threatened with imprisonment or exile from the United States. Hamilton would control and silence these critics by drafting, passing and enforcing the Sedition Act of 1798, which would imprison a person who was presumed to or was a threat to the United States during the Quasi-War with France under the U.S. President John Adams.

Miranda takes a different view point on this immigration issue by focusing on Hamilton’s early life of being an immigrant himself, arriving at the British Colonies (now the United States), and making a name for himself through hard work and education. As a young child in the Caribbean, Hamilton was unable to attend school at the Church of England because his parents were divorced and per the terms of his parents divorce his mother was unable to remarry. So, he received individual tutoring and schooling as well as teaching himself with their family library. After a hurricane destroyed St. Croix’s, Hamilton wrote an essay and it got published in the local news paper. A number of people read this essay and they soon started a fund to send Hamilton to the colonies so he could receive a proper education at Kings College. Like Hamilton, Miranda’s father left the Caribbean country of Puerto Rico for a chance to study at New York University, graduated and worked for the New York Mayor at the time, Ed Koch.

Miranda takes a flexible viewpoint on Hamiltons relationship with slavery by saying he was an abolitionist and a strong opponent against slavery. However, we know throughout historic documents Hamilton, not only being apart of George Washingtons inner circle, was complicit in buying and selling his mothers family slaves as a young man. Furthermore, during the foundation of the United States slavery was very well established and ingrained into the United States economy. For example, slaves built the white house, other capital buildings and tens of thousands were strewn across the colonies during Hamiltons lifetime. It is hard to say Hamilton was not complicit despite what his written personal views may have been at the time.

It seems everybody loves to gossip and not scape goat on the specific issue of peoples live especially when it entails adultery. Chernow and Miranda do not shy away from this issue but both take it head on in a historical context because Hamilton actually released a public pamphlet describing the affair. Chernow does make a connection with Hamilton releasing his pamphlet on the matter to cover up an issue far greater than an affair, but it is only left to speculation and not definitive historical evidence. Whether it actually happened or not, historical documents tell us Hamilton had an affair with Maria Reynolds. Chernow and Miranda explore the possibilities of the affair. Whether Mr. Reynolds told Mrs. Reyolds to have the affair to blackmail Hamilton or if Mrs. Reyolds actually seduced him with their first meeting.

Hamilton was no stranger to dueling and the affects of the after math on family members since his own son, Philip Hamiton was shot and killed in a dual by George Eacker in the same town where Hamilton was shot and killed by sitting Vice President Arron Burr at Weehawken, New Jersey. Most of us know Hamilton threw away his shot leading some historians to accept Hamilton wanted to die and this was one of his ways out of his failing political career. Before the duel Hamilton spent time compiling his estate to make sure his wife and children would be cared for in the event of his death. According to history, most duels at this time did not end in deaths because the duelers would throw away their shots. Depression ran through Hamilton’s family with a cousin, Peter Lytton, committing suicide. Hamilton saw the first hand affects suicide has on a family when a member takes their own life. This makes it plausible, but not accurate, Hamilton wanted to die not by his own hands but by the hands of the Vice President of the United States Aaron Burr. On Hamiltons death bed he forgave Burr and held no malice against him.

Both the author Ron Chernow and Lin-Manuel Miranda do an excellent job working for each others promotion. Chernow first published, Alexander Hamilton, in 2004 giving Miranda ample time to write an extraordinary play which would bring to light one of our Founding Fathers. Miranda’s play, Hamilton, lead people to buy Chernow’s book wanting to know more about this unique founding father. This play and book have reignited the conversation about historical truthfulness and lead people to further their knowledge of Alexander Hamilton and our founding fathers.

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Chernow, R. (2004). Alexander Hamilton. London, UK: Penguin Group.

Miranda, L. (2015). Hamilton: an American Musical [MP3]. New York: Atlantic Records.

Goals for Research

Goals for research

1. Adopt a Generalist Economics Approach: In my approach to economics, I embrace an interdisciplinary perspective, drawing from fields like sociology, political science, history, psychology, and physics to gain a well-rounded understanding of economic phenomena. I value flexibility, as it allows me to apply various models and frameworks depending on the specific context or problem being addressed in a non-linear approach. My broad knowledge base enables me to explore diverse topics, from market structures and fiscal policy to international trade and behavioral economics. I focus on practical application, prioritizing real-world problem-solving through data over purely theoretical models. By taking a holistic view, I ensure that I consider multiple factors and perspectives, leading to a more nuanced and comprehensive understanding of economic issues.

2. Improve My Writing, Analytical, and Research Skills: This blog will serve as a platform to refine my ability to articulate ideas, conduct thorough research, and analyze complex topics. By engaging deeply with the subject matter, I'll strengthen my critical thinking and communication skills.

3. Build a Professional Presence: By consistently posting well-researched content focused on generalist economics, I aim to establish a timeline that showcases my knowledge and commitment.

These goals will keep this research aligned with my mission and prevent me from straying off course. Documenting my research and thoughts on economics will allow me to assess the quality of my ideas, track progress, and learn from both successes and failures which leads to redirection. By sharing these experiences, I hope to not only further my own growth but also inspire others to take calculated risks, pursue their goals, and deepen their understanding of the topics I explore.

2023 Reading List

As I reflect on my reading journey from 2019 through 2022, I am excited to share the evolution of my literary exploration. Over these years, my reading lists have ranged from discovering signed copies of Virginius Dabney's works on Richmond's history, to embarking on a competition with my wife to read and listen to as many books as possible. Each year brought new themes and insights, such as delving into the Founding Fathers' reading habits to understand their influence on our government, which in turn led me to uncover many remarkable authors and expand my grasp of epistemology. Through these diverse literary experiences, I’ve gained a richer perspective on various topics and enjoyed countless stimulating conversations. Below, you’ll find the compilation of my reading lists from these years, showcasing the breadth and depth of my literary adventures.

January

1. The Story of Civilization | The Age of Napoleon, by Will Durant

2. In Plain Sight, by Ross Coulthart

3. Dreams, Henri Bergson

February

1. The Devils Chessboard, by David Talbot

2. The Measure of a Man, by Martin Luther King, Jr.

3. Narrative of the Life of Frederick Douglas: An American Slave, by Frederick Douglass

4. Hidden Figures, by Margot Shetterly

5. The Love Song of D.E.W. Du Bois, by Honoree Jeffers

6. Up from Slavery, by Booker T. Washington

7. The Orchard Thief, by Susan Orlean

8. Lessons from Russia’s Operation in Crimea, by Michae Kofman, Katya Migacheva, Jenny Oberholtzer, Brian Nichiporuk, Andrew Radin, and Tkacheva

9. Dark Water, by W.E.B. Du Bois

March

1. The Economics and Politics of Race, by Thomas Sowell

2. Unspeakable, by Chris Hedges and David Talbot

3. Vitamin N, by Richard Lou

4. The Widow Clicquot, by Tilar Mazzeo

5. The Greatest Evil is War, by Chris Hedges

6. A Libertarian Walks into a Bear, by Matthew Hongoltz-Hetling

7. 1619, by James Horn

8. All Quiet on the Western Front, by Erich Maria Remarque

9. Crome Yellow, by Aldous Huxley

10. Taste, Stanley Tucci

11. The Pioneers, by David McCullough

12. Where Law Ends | Inside the Muller Investigation, by Andrew Weissmann

13. War, by Sebastian Junger

April

1. A Very Punchable Face, Colin Jost

2. Yearbook, by Seth Rogan

3. Coming to my Senses, by Alice Waters

4. How to Talk so Little Kids Will Listen, by Joanna Faber

5. The Night Agent by Matthew Quirk

May

1. I’ll Show Myself Out, by Jessi Klein

June

1. What Unites Us, by Dan Rather

2. The Trump Tapes, by Bob Woodward

3. Cork Dorks, by Bianca Bosker

July

1. Wicked River, by Lee Sandlin

2. The Feather Thief, by Kirk Johnson

August

1. Julia Child, Laura Shapiro

September

1. Potty Training, by Jennifer Smith

2. The Unexpected Spy, by Tracy Walder

3. Epictetus: The Enchiridion and Discourse, by Hayward Morse

October

1. Eat a Peach, by David Chang

2. Is Reality Optional, by Thomas Sowell

3. The End of the World is just the Beginning, by Peter Zeihan

4. Israel: A Simple Guide to the Most Misunderstood Country on Earth, Noa Tishby

5. USA: The Ruthless Empire, by Daniele Ganser

6. The Jewish State, by Theodor Herzl

7. The Future of War, by Lawrence Freedman

November

1. The Secret War with Iran, by Ronen Bergman

2. The next 100 years, by George Friedman

December

1. The Strategy of Denial, by Eldridge Colby

2. Rise and Kill First, by Ronen Bergman

3. Americas Secret War, by George Friedman

4. A Voyage for Madmen, by Peter  Nichols

5. 8 Billion and Counting: How Sex, Death, and Migration Shape Our World and The Future Faces of War: Population and National Security, by Jennifer D. Sciubba

6. Every Nation for Itself, by Ian Bremmer

2022 Reading List

Here is the much-anticipated 2022 book list! My wife and I embarked on a friendly competition to see who could read or listen to more books over the year, which has sparked some wonderful discussions about our readings. I began the year with the goal of exploring the books that the Founding Fathers read to better understand their philosophies and their impact on the formation of our government. This journey has introduced me to many excellent new authors and deepened my understanding of epistemology. Below is my reading list for the year:

January

• Principles for Dealing with the Changing World Order, by Ray Dalio

• Twain's Feast: Searching for America's Lost Foods in the Footsteps of Samuel Clemens, by Andrew Beahrs

• The Death of the Banker, by Ron Chernow

• Passionate Sage: The Character and Legacy of John Adams, by Joseph J. Ellis

• Thomas Aquinas in 90 Minutes, by Paul Strathern

• Nicomachean Ethics, by Aristotle

  February

• Symposium, by Plato, 340 BCE

• Fundamental Principles of the Metaphysics of Morals, by Immanuel Kant, 1785

• Introduction to Metaphysics, by Heni Bergson

• The Wealth of Nations, by Adam Smith, 1776

• After Virtue, by Alasdair MacIntyre

• Radicalized, by Peter R. Neumann

• The Doors of Perception, by Aldous Huxley

• The Social Contract, by Jean-Jacque Rousseau, 1762

• The Republic, by Plato, 375 BCE

• The Apology, by Plato, 399 BCE

• The Allegory of the Cave, by Plato, 375 CE (re-read)

• The Art of War, by Sun Tzu, 5th Century

• Meditations, by Marcus Aurelius, 161-180 CE

• Murder-Bears, Moonshine, and Mayhem, by Luke Harrington

• Civil Rights: Rhetoric or Reality?, by Thomas Sowell

• A Vindication of the Rights of Men, by Mary Wollstonecraft, 1790

• A Vindication of the Rights of Women, by Mary Wollstonecraft, 1792

• Reflections on the French Revolution, Edmond Burke, 1790

• Two Treatise of Government, by John Locke, 1698

• Rights of Man, by Thomas Paine, 1791

• The Communist Manifesto, by Karl Marx, 1848

• A Criticism of Hegelian Philosophy of Right, by Karl Marx, 1844

• On the King of Prussia and Social Reform, by Karl Marx, 1844

• Moralizing Criticism and Critical Morality: A Polemic Against Karl Heinzen, by Karl Marx,

• Proudhon, by Karl Marx

• French Materialism, by Karl Marx

• The English Revolution, by Karl Marx

• The Road to Serfdom, by Friedrich A. Hayek, 1944

March

• Candide, by Voltaire

• Game Theory, by Ken Binmore

• Gratitude, by Oliver Sacks

• The New Jim Crow, by Michelle Alexander

• A Higher Loyalty: Truth, lies, and Leadership, by James Comey

• Putin’s People, by Catherine Belton

• Tribe, by Sebastian Junger

• Discourse on the Origin and Basis of Inequality Among Men, by Jean-Jacque Rousseau

• Leviathan, by Thomas Hobbes, 1651

• A Letter Concerning Toleration, by John Locke, 1689

• Thomas Paine, by Craig Nelson

• Pacific, by Simon Winchester

• The Hope of Glory, by John Meacham

• The Field of Fight, by Michael Flynn

• Educated, by Tara Westover

  April

• The Name of God is Mercy, by Pope Francis

• Seven Brief Lessons in Physics, by Carlo Rovelli

• Saving Justice: Truth, Transparency, and Trust, by James Comey

• The Good Neighbor: The Life and Work of Fred Rogers, by Maxwell King

• Casino Royale, By Ian Fleming

• The Gulag Archipelago 1918-1956, by Aleksandr Solzhenitsyn

• Rich Dad, Poor Dad, by Robert Kiyosaki and Sharon Lechter

• Warlords, by Simon Berthon and Joanna Potts

• Outliers, by Malcom Gladwell

• Bogle on Mutual Funds, by John C. Bogle

• 32 Yolks, by Eric Ripert

• The Third Wave: An Entrepreneur's Vision of the Future, by Steve Case

• The Tipping Point, by Malcolm Gladwell

  May

• Blink, by Malcolm Gladwell

• Common Sense on Mutual Funds, by John C. Bogle

• The Little Book of Common Sense Investing, by John C. Bogle

• Enough, by John C. Bogle

• Grit, The Power of Passion and Perseverance, by Angela Duckworth

• Stewardship, by John G. Taft

• Astrophysics for People in a Hurry, by Neil deGrasse Tyson

• Born a Crime, by Trevor Noah

• Supermoney, by Adam Smith

• Marxism: Philosophy and Economics, by Thomas Sowell

• The Rise and Fall of Nations, by Ruchir Sharma

• The Odyssey, by Homer 725BCE

• The Book Thief, by Markus Zusak

• The Gilded Age: A Tale of Today, By Mark Twain and Charles Dudley Warner

  June

• The Art of Start 2.0, by Guy Kawasaki

• Security Analysis, by Benjamin Graham

• Think and Grow Rich, by Napoleon Hill

• The Grapes of Wrath, by John Steinbeck

• Smarter Faster Better, by Charles Duhigg

• 1984, by George Orwell

• Brave New World, by Aldous Huxley

• Venus Plus X, by Theodore Sturgeon

  July

• Here, Right Matters, by Alexander Vindman

• The Industries of the Future, By Alec Ross

• The Innovator’s Dilemma, by Clayton Christensen

• The Last Empire, by Serhii Plokhy

• Salt, by Mark Kurlansky

• Cultish, by Amanda Montell

  August

• A Spiritual Biography Martin Luther, by Herman Selderhuis

• The Confessions of Saint Augustine, by Saint Augustine

• The Story of Civilization: Our Oriental Heritage | Volume 1, by Will Durant

• The Story of Civilization: The Life of Greece | Volume 2, by Will Durant

  September

• The Story of Civilization: Caesar and Christ | Volume 3, by Will Durant

• The Story of Civilization: The Age of Faith | Volume 4, by Will Durant

October

• The Story of Civilization: The Renaissance | Volume 5, by Will Durant

  November

• The Story of Civilization: The Reformation | Volume 6, by Will Durant

• The Story of Civilization: The Age of Reason Begins | Volume 7, by Will Durant

• Julie and Julia, by Julia Powell

December

• The Story of Civilization: The Age of Louis XIV | Volume 8, by Will Durant

• The Story of Civilization: The Age of Voltaire | Volume 9, by Will Durant

• The Story of Civilization: Rousseau and the Revolution | Volume 10, by Will Durant

Accessory to War: The Unspoken Alliance Between Astrophysics and the Military, by Neil deGrasse Tyson and Avis Lang

In Accessory to War: The Unspoken Alliance Between Astrophysics and the Military, Neil deGrasse Tyson and co-author Avis Lang explore the complex and often unacknowledged relationship between the field of astrophysics and military advancements. Tysons writes how astronomical research has significantly influenced military technology and strategies, and conversely, how military needs have driven advancements in space science. Through historical examples and detailed analysis, Tyson and Lang reveal the intricate connections between scientific discovery and warfare, illustrating how these seemingly disparate domains have evolved in tandem. Accessory to War provides a thought-provoking examination of the ethical and practical implications of this relationship, offering insights into the broader impact of science on society and the interplay between scientific progress and military interests.