Congratulations New Graduates
Well, it’s that time of year again, but this time nobody asked me to give a commencement address. Wonder why?
I’m full of good advice for those just starting out in the world of work. I’m full of it because neither of my boys took any of it in their time. I can see the married one now, passing some wisdom along to his kiddos, but I don’t think he realizes where it came from. It’s a good thing he married well. I know he did because both his kiddos are smarter than anyone on my side of the family. We’re from the shallow end of the gene pool.
I often tell new graduates the secret to choosing a spouse—particularly a wife. What you do is watch them ride up an escalator, especially a real tall elevator like some they have in the D.C. subway system. What you hope for is for her to take at least a few steps toward the top—a small sign that she isn’t satisfied just moving along with the crowd. If she passes the escalator test, check to see if she checks luggage on a short plane ride. My wife flunks both those tests, but what is it they say? The exception that proves the rule?
Escalators and moving sidewalks are great metaphors for economic progress. You can make pretty good progress just standing still. A rising tide lifts all boats. The good prospects, however, add a little additional effort of their own.
When we think of our entitlement programs, like Social Security and Medicare, the metaphor is how many people we have pulling the wagon versus how many are riding in the wagon. We have more and more riders relative to pullers, and we need to do something about it. We need to get smarter about our immigration policies, for one thing, and invite more good pullers into our great melting pot. I’d welcome really good pullers from just about anywhere, but I’d start looking in Asia. All the Asians I come into contact with seem to be hard workers and are very smart.
The favorable brain drain our country has enjoyed for decades is diminishing, maybe even reversing. We need to reverse the reversal. For starters, get rid of those crazy limits on H1B visas.
It’s standard advice to tell graduates they will need to work smarter as well as harder. That’s not always easy. Our natural inclination is just to pedal faster if we start slipping behind.
I touched on this theme recently when I suggested that standing over BP—boot to neck—demanding that they try harder or else may not be all that helpful. It’s like the SOB behind you honking his horn while you’re trying desperately to start your stalled car. Offer to honk his horn for him if he will start your car for you. (See "Beating On BP Won't Get The Gulf Cleaned Up")
I pointed out that this self-defeating tendency we have to just try harder is common among sports fans who assume their team would win if they only cared enough and tried hard enough.
Tennis is where you find the answer to smarter not harder, and not just by losing yourself contemplating the spin of the ball. Most of us who learned to play tennis as adults never learned to use topspin, which put a low ceiling on how good we can ever be. Top spin pulls a hard hit ball down into the court. Without top spin, it floats, and you have to ease up to keep the ball in the court. After mastering top spin, you can hit it hard and still keep it within the lines. Unfortunately, top spin can’t be taught to adults. I have personal knowledge of this.
New graduates should start planning for your first-born’s first tennis lessons in about three to four years. Start saving your money.
Let me close with a lesson I learned many years ago, but was reminded of again last week. The lesson is that the smartest, most successful people you will come into contact with speak very simply and clearly. It’s the novice on the make who tries to impress you with his newly acquired jargon and fancy talk. They are the ones that form the tight circles at receptions and allow only the few they consider worthy to break in. Actually, by self-selecting, they are doing you a great favor. Keep on circling; you can do better.
I did better this week, benefiting from the generosity of a kind hostess. At a dinner, I had the honor of sitting next to one of my heroes. It was Burton Malkiel, author of A Random Walk Down Wall Street, the classic on efficient financial markets. That he was the smartest man in the room went without saying. That he could endure the likes of me through a long dinner without looking over my shoulder and without trying to impress me with his smarts was . . . well, impressive.
You know, graduates, that efficient financial markets are sort of a special case of what some economists call rational expectations. They both say, in effect, that new information is useless, largely because it has already been used.
It’s like “Nobody goes to that restaurant any more; it’s too crowded.”
Congratulations graduates, wherever you are.
By Robert McTeer
Well, it’s that time of year again, but this time nobody asked me to give a commencement address. Wonder why?
I’m full of good advice for those just starting out in the world of work. I’m full of it because neither of my boys took any of it in their time. I can see the married one now, passing some wisdom along to his kiddos, but I don’t think he realizes where it came from. It’s a good thing he married well. I know he did because both his kiddos are smarter than anyone on my side of the family. We’re from the shallow end of the gene pool.
I often tell new graduates the secret to choosing a spouse—particularly a wife. What you do is watch them ride up an escalator, especially a real tall elevator like some they have in the D.C. subway system. What you hope for is for her to take at least a few steps toward the top—a small sign that she isn’t satisfied just moving along with the crowd. If she passes the escalator test, check to see if she checks luggage on a short plane ride. My wife flunks both those tests, but what is it they say? The exception that proves the rule?
Escalators and moving sidewalks are great metaphors for economic progress. You can make pretty good progress just standing still. A rising tide lifts all boats. The good prospects, however, add a little additional effort of their own.
When we think of our entitlement programs, like Social Security and Medicare, the metaphor is how many people we have pulling the wagon versus how many are riding in the wagon. We have more and more riders relative to pullers, and we need to do something about it. We need to get smarter about our immigration policies, for one thing, and invite more good pullers into our great melting pot. I’d welcome really good pullers from just about anywhere, but I’d start looking in Asia. All the Asians I come into contact with seem to be hard workers and are very smart.
The favorable brain drain our country has enjoyed for decades is diminishing, maybe even reversing. We need to reverse the reversal. For starters, get rid of those crazy limits on H1B visas.
It’s standard advice to tell graduates they will need to work smarter as well as harder. That’s not always easy. Our natural inclination is just to pedal faster if we start slipping behind.
I touched on this theme recently when I suggested that standing over BP—boot to neck—demanding that they try harder or else may not be all that helpful. It’s like the SOB behind you honking his horn while you’re trying desperately to start your stalled car. Offer to honk his horn for him if he will start your car for you. (See "Beating On BP Won't Get The Gulf Cleaned Up")
I pointed out that this self-defeating tendency we have to just try harder is common among sports fans who assume their team would win if they only cared enough and tried hard enough.
Tennis is where you find the answer to smarter not harder, and not just by losing yourself contemplating the spin of the ball. Most of us who learned to play tennis as adults never learned to use topspin, which put a low ceiling on how good we can ever be. Top spin pulls a hard hit ball down into the court. Without top spin, it floats, and you have to ease up to keep the ball in the court. After mastering top spin, you can hit it hard and still keep it within the lines. Unfortunately, top spin can’t be taught to adults. I have personal knowledge of this.
New graduates should start planning for your first-born’s first tennis lessons in about three to four years. Start saving your money.
Let me close with a lesson I learned many years ago, but was reminded of again last week. The lesson is that the smartest, most successful people you will come into contact with speak very simply and clearly. It’s the novice on the make who tries to impress you with his newly acquired jargon and fancy talk. They are the ones that form the tight circles at receptions and allow only the few they consider worthy to break in. Actually, by self-selecting, they are doing you a great favor. Keep on circling; you can do better.
I did better this week, benefiting from the generosity of a kind hostess. At a dinner, I had the honor of sitting next to one of my heroes. It was Burton Malkiel, author of A Random Walk Down Wall Street, the classic on efficient financial markets. That he was the smartest man in the room went without saying. That he could endure the likes of me through a long dinner without looking over my shoulder and without trying to impress me with his smarts was . . . well, impressive.
You know, graduates, that efficient financial markets are sort of a special case of what some economists call rational expectations. They both say, in effect, that new information is useless, largely because it has already been used.
It’s like “Nobody goes to that restaurant any more; it’s too crowded.”
Congratulations graduates, wherever you are.
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