Category Archives: Nobel Prize

KILLER SHILLER

John Jonelis


Robert Shiller TAt Loop Lonagan’s urging, I’m walking his 85 pound bull terrier Clamps down the hard Chicago winter pavement. I don’t mind because it’s an opportunity to road test my two knee replacements.  That’s right; I’m the happy product of the wonders of modern orthopedic carpentry!  And I enjoy the best physical therapy known to man because I own the company!

Old Donatas Ludditis flanks my other side to make sure I don’t slip on a stray patch of ice. Despite my upbeat attitude, I hold Clamp’s heavy leather leash with some trepidation.  In my condition, I seriously doubt my ability to control such a large and volatile animal.

DSC04929e500

Clamps

I ask Loop why he insisted on this excursion.

“Hadda break you outa that place. Dem physical therapy gals is controllin’ yer whole life.  And we got business t’ discuss.  Ain’t that right, Don? ”

Old Man Ludditis slowly nods. “You listen to what he say. In old country we obey elders, not women.”

I can’t imagine anybody more elderly than Don but I object: “Everybody says my recovery is going so well.”

Don lays a hand gently across my shoulder, as if taking me into his confidence. “John, I know you invest big in this physical therapy company…but it not right.”

“Phooey! All the employees of Pavlovian PT are extremely lovely young ladies—” I catch my blunder and quickly shift gears. “I mean highly skilled physical therapists.”

Don sadly shakes his head. “John, it not look good. It seem—how you say—immoral.”

“It does plenty for my morale.”

Lonagan sighs. “Dem females got you completely bamboozled.   Yer prob’ly takin’ enough Norco so’s you don’t notice.  Brain’s like mush.  So lemme lay it out fer ya, okay? 

  • “That nutritionist feeds you fulla nothin’ but vegetables ‘n’ health food supplements. Doncha even notice what yer eatin’? Today, we’s gonna get ourselves some thick juicy steaks. How’s about that?
  • “Then there’s that Asian beauty twists ya into a pretzel twice a day ‘n’ yer too numb ‘n’ googoo eyed t’ feel any pain. C’mon, admit it—yer putty in her hands. So it ain’t yer brains behind this deal. What does that leave us with?
  • “Then that knockout Swedish masseuse gives you a hot bath ‘n’ rub down. Hoo boy, I ain’t sure I can take any more ‘o dis.

“I deeply resent these lewd insinuations.  Nothing improper is going on.”

“Resent away, John. Sheesh—I betcha never give business er economics a thought.  Prob’ly fer weeks.  Get my drift?”

He’s got me there. Economics definitely hasn’t crossed my mind at all.

Clamps lunges at a bright green Lexus sedan.  Probably targeting a tire. I haul back on the leash and quickly lose my balance.  Lonagan grabs the lead and lifts me by the collar before I tip over.  A broad smile spreads over his mug.

“But now we’s free, John boy! Take a deep breath! We can talk ‘bout anything youse guys want.  And get some real food!”

“Yah,” says Don.  “Good talk. Good food.  This is place.”

We’re at Michael Jordan’s Steak House.

“Just hook Clamp’s lead over that post.” Lonagan points toward the curb where cars whoosh past on Michigan Avenue.

“Loop, this is a rare and valuable animal. Somebody will steal him.”

“Can’t take ‘im inside. It’ll be okay.” 

We leave the dog at the curb, get ushered to comfortable red leather seats, and immediately order our steaks.

Loop leans back, takes a healthy sip of beer, and exhales in satisfaction—a clear signal he’s opening up a topic of conversation. “I saw Robert Shiller talk the other day. Big deal economist.  Know the guy?”

Robert Shiller

Robert Shiller – from Wikipedia

It takes me a moment. “Uh…financial guru? Yale, I think.  Nobel prize in econ?”

Don: “He share prize with Eugene Fama and Lars Peter Hansen. They—both of them—University Chicago boys.”

Loop slams his empty glass to the table. “Them guys never agree on nothin’. Fama gave us that crazy Perfect Market Hypothosis.”  He spins his index finger around his temple—an unmistakable and insulting gesture.

I lean back to enjoy the fireworks.

Ludditis raises his voice a notch. “Perfect Market Theory—it settled science

Loop: “Well, I guess a guy’s gotta believe in somethin’. I hate t’ contradict a good Chicago boy but that theory is a load o’ bunk.”

Don: “Big finance thinkers—they all say is true.”

Loop: “Only in universities ‘n’ now Shiller proved otherwise. Da big brokers ‘n’ traders always knew better.  It’s so stupid, it’s—” 

Loop stops. Cocks his head.  Switches to a conciliatory tone. “Okay Don—why doncha explain it to us in simple terms, so’s we understand?”

Don raises himself erect in his chair. “I try. With you, is not so easy.  I give example:  Once upon time, news come out on certain stock.  Investors, they predict it go up.  Everybody buy.  Drive up price.  Stock no longer good value.  Fall again.  Price chart show no logic or reason—what they call Random Walk.”

“Bullshit!” Loop’s thick fist pounds our heavy table and beer sloshes out of my glass.  “Sure they drive up da price.  It’s a determined strategy.  Once that happens, the trade is done, ‘n’ all da smart money is already out with fat gains leavin’ da retail crowd high ‘n’ dry.  Markets move due t’ aggression.  It ain’t some disconnected perfect market.   Real traders profit in real dollars. 

“But now that’s changing too. Da High Freaks—I mean da big brokerage houses—is tradin’ with powerful computer algorithms, in ‘n’ out in miliseconds.  Hell, they make over 70% of the volume ever’where ya look.  They pushed all da floor traders off the edge of the world.  Kaput!  Short term gets killed off by shorter term ‘n’ da universities still say it don’t exist!”

Me: “That’s why you switched to private equity?”

“Yeah, I saw it comin’ years ago.” Loop shows both palms.  “But I still wanna talk about Bob Shiller.

S&P Price Earnings, Div, Int from Irrational Exuberance Shiller

S&P Index Price vs Dividends – from Irrational Exuberance

“Ever’body thinks investors make rational decisions.  Shiller’s a completely different animal.  He takes into account all da crazy stuff goes on. He gave us Behavioral Finance.  He called da internet bubble o’ 2000 right to the month. Then he gave us da Case-Shiller Index ‘n’ called the housing bubble.” 

Loop turns his palms back down.  “Fama never predicted nothin.’   

Loop pauses—for effect I suppose—then goes on: “Shiller says, you can predict asset prices. Fer an economist, dis is big stuff!  How does he do it?  Way too much volatility caused by illogical decisions compared to future cash flow.  Turns out you can measure it.  That shakes up da whole academic world.” 

Home Prices, Irrational Exuberance Shiller

Home prices – from Irrational Exuberance

So this is this the news flash I missed while embroiled in such excellent and enjoyable physical therapy.

Don: “You not correct about Shiller study.  It predict long term only.  To quote famous economist, ‘In long run, we all dead.’”

Loop: “Yeah, Shiller’s model’s limited t’ dividend-paying stocks, so that’s as far as he can go fer now. Maybe someday he gets the resta the story.” 

Our steak is served and we all tuck in. When dinner is done, Lonagan surprises me by paying the bill.

We exit the premises to find Clamps crouched on the pavement, his short, powerful tail wagging vigorously. The dog is happily chewing on an electric green Nike sneaker.  I always thought dogs were color blind.

Loop bends down to inspect the shoe. “Just makin’ sure there ain’t no foot in it.”

READ – THROW THE BUM OUT

 READ SERIES FROM BEGINNING

Sources:

Wikipedia bio on Robert Shiller.

IRRATIONAL EXHUBERANCE – Robert Shiller

The Royal Swedish Academy of Sciences – Prize in Economice 2013

 

Image Credits –Irrational Exuberance—Shiller,  Bio on Wikipedia

Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link. This is not investment advice. We do not guarantee accuracy. It’s not our fault if you lose money.

.Copyright © 2016 John Jonelis – All Rights Reserved

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WHAT MAKES IT GOOD

Techweek Part 4 –

Two Points T

by storied business consultant, Joe Perogi,

as told to John Jonelis –

Been hearin’ complaints ‘n’ controversy about Techweek this year. People gripe so you figure there’s gotta be a good reason, right? Yeah, I hear you. Yer sayin’, where there’s smoke there’s fire. But all them critics completely miss THE HIDDEN ROOM that you and me stumple upon—the hidden room that makes this thing truly amazing. Now the dust is settled, lemme take you on a tour o’ what I seen.

First, permit me t’ introduce myself. Name’s J. P. Pierogiczikowski, but you can call me Joe Perogi. Everybody else does. They say I have way too much fun. Maybe they’re right. Confidentially, there’s alotta money in it, too.

Da Speakers

We meet at the office in the backroom o’ Ludditis Shots & Beer.

Ludditis Shots and Beer 3

It’s just a good stretch o’ the legs from here to the Chicago Merchandise Mart and we get there in fifteen minutes easy. This event takes up a whole floor and gets a special elevator.

On this tour, you and me start in a room packed with chairs and people eager to hear Sal Khan of Khan Academy—one o’ da featured speakers. I wanna hear this guy. His company solves problems in education. Uses technology to help the kids learn ‘n’ helps the teachers make better use o’ their time. That’s huge. I’m figure this is gonna be good.

Khan Academy’s gonna partner with big business—a move that’ll give ‘em a longer reach. None of us know about that at the time—all we wanna do is hear the guy talk.

Look at that outrageously pretty lady on stage. Now she’s tellin’ us how great the speaker is. Now she points out the big screen. Hey, Sal Khan ain’t even here. You’re here. I’m here. We paid to be here. All these other people are here, too. But no Sal. He’s on Skype. So I’m a little bit offended, but whaddaya gonna do? They call it Techweek, so I figure we’ll give it our best shot.

All the computers crash at Sal’s office out in California or wherever he really is. But Sal’s no quitter. He carries on—with his smartphone. Ever notice how people believe them smartphones can do anything? Maybe it’s ‘cause they call ‘em smart when they’re really just pocket-size computers waitin’ to go wrong.

THE MERCHANDISE MARTWe look at the big screen and see this faded picture of Sal Kahn. You can tell he’s holdin’ the phone too close to his face. That’s why he looks kinda distorted. And he’s got a lousy connection—maybe one bar, tops. Truth be told, none of us can get our phones working here in the Chicago Merchandise Mart. Too much concrete. But apparently the organizers think smart phones is a smart move. So we sit through snips and swipes o’ Sal’s voice, cutting in and out. Nobody knows what the hell he’s saying. It creates a feeling of suspense, doncha think? I mean, the way that distorted face skips and jerks across the faded auditorium screen.

Why don’t anybody get up and walk out? Easy. It’s that gorgeous gal on stage—she’s really somethin’. Class. Intelligent-looking. Businesslike. She apologizes. Now she’s promising they’s gonna fix the problem. Now she’s watching that big screen with such intense interest—like she can understand what he’s sayin’ and she’s hangin’ on every word. She creates in us what they call a sense of suspended belief. (I read that somewhere.) And it keeps everybody in their seats.

Sal keeps cutting in and out till his battery dies and that means, lecture over. It teaches me a lesson: It’s usually more about marketing than technology. But you don’t know that till the technology breaks down.

Did I mention that the Blackhawk’s rally is going on downtown today?Blackhawk logo You don’t wanna go? Hey—they won the Stanley Cup. It’s a big deal. Okay then, let’s crash a few more presentations.

So we take in summore lectures. Seems like every speaker talks in some important-sounding corporate lingo. It’s all meaningful stuff, right? Maybe it’s what they call high-elf—I dunno. I’m wishin’ I can be with the Blackhawk fans. So you and me ditch the lectures and hit the booths.

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Da Booths

There’s rows ‘n’ rows o’ these little islands o’ commerce packed side-by-side, with all sortsa people plugging up the floor and it all seems to go on forever. Pretty soon I get turned around and confused and everything’s a blur. Don’t it hit you that way, too? This place is so big, a guy can get lost in here real fast.

Look around. Everywhere it’s corporations hawking their wares. (There’s that word Hawk again.) Notice how most people just mill past the booths. Except fer that one—the one serving free booze. We stop there for a while. Pretty good, huh?

FREE BOOZE

So I learn a second lesson, but it don’t hit me till later: Big corporations waste lots of money. But they help an event pay the bills.

Then, just when I’m about to give up and say goodbye, we find the hidden room.

startup city logo

Da Hidden Room

See that wall with the huge Startup City logo painted on it? Looks like a dead end, don’t it? We walk up and take a closer look at the artwork. There’s a small door on our right. We go through there and WHAM! It’s a whole ‘nother room packed with booths ‘n’ people ‘n’ lotsa noise. These is all startup companies. Seventy of ‘em. Ambitious entrepreneurs, brilliant inventors and gutsy financiers ready to take a risk on a new idea. This is where the action is. So let’s do the rounds. Hey, I know summa these people! I like this place!

And whaddaya know—they got a competition goin’. The judges go from booth to booth and try to pick out the five best startups. Which o’ these folks is the judges? I can’t tell. It’s kinda like a benched dog show.

Now we find out the winners are gonna get announced at a special event with the mayor. Our tickets ain’t good enough to get in—those tickets musta cost thousands! No problemo. We crash it.

We’re in and now the mayor’s up there giving a speech:

“…I think the city of Chicago will become the mecca of the Midwest in startup cities,” he says. IMG_9067“The city of Chicago is building the digital economy as the fifth pillar…” I gotta ask you: Where’d he get all that mecca and fifth pillar stuff? I mean I like the guy but them terms don’t feel right coming outa him. Maybe if he wore a keffiyeh or a turban er somethin’. Naw, that ain’t never gonna happen.

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Da Shortlist

Then they announce the winners. But I’m an investor and I got my own short list. Lemme tell you about ‘em:

cervia diagnostic logoCervia Diagnostic Innovations is gonna wipe out cervical cancer by replacing the age-old pap smear with a better test. They got all the research and their team’s fulla PhDs and Nobel Prize winners.

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PaletteApp logoPaletteApp is bringing architects and interior designers outa da closets and into the digital world and saving companies a whole lot of money.

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youtopia logoYoutopia is gettin’ high school kids emotionally involved in those service projects they gotta do and documenting the results fer the colleges they wanna get into. You got a high school kid? Then you know that’s something worthwhile.

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faspark logoFaspark is helpin’ us all find street parking for our jalopies. It’s based on data analytics and probability of success and reduces time cruising the streets by 70%. Shows up as a map on your phone. They’re setting up in Chicago and Munich at the same time.

UPDATE – Faspark now gives you parking garage information in addition to the street parking.  Check out this article in Crain’s Chicago Business.  

None o’ them great companies made the finals ‘n’ that makes me scratch my head. And now they announce the winner:

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Da Official Finalists

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wedeliver logoWeDeliverFirst Place. I gotta say, this one’s on my short list now I get to know ‘em, and there’s an article about them in this magazine. But this is my first look at ‘em. You ever see these guys before? Great business model. Terrific CEO. Tech enabled same-day local delivery for brick and mortar businesses. These guys is gonna level the playing field with Amazon and create a buncha jobs right here in Chicago—and that’s just fer starters.

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Crowdfynd LogoCrowdFynd is a lost-n-found service that uses crowdsourcing to find yer stuff.

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Furywing LogoFurywing is is a gambling play. I don’t like online gambling, but it ain’t my place to judge.

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24Fundraiser logo24Fundraiser is a one-stop solution fer online auctions.

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neststepio logoNextStep.io helps you get yer daily workout by usin’ yer daily routine. I like that idea a lot. Gotta find out more about this one.

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trinet logoThe whole Startup City production is sponsored by TriNet. I talked to them folks at length and came away impressed.

Then I get a big surprise on the way home:

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Da Hawks

I ride the water taxi to the train and it turns out I don’t miss the Blackhawks celebration after all. The train’s loaded with drunken smiling people singin’ songs, makin’ a whole lotta noise, and generally havin’ a great time. Now it’s my turn, so I belt out The Wreck of the Edmund Fitzgerald.

IMG_9086-001

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Back to Part 3 – BNC TUESDAY NIGHT SMACKDOWN

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Photos courtesy Techweek, The Chicago Blackhawks, John Jonelis.  Logos courtesy companies.

Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link . This is not investment advice. We do not guarantee accuracy. It’s not our fault if you lose money.

.Copyright © 2013 John Jonelis – All Rights Reserved

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THE DUEL

The Story of Ray Markman – Part 2

by John Jonelis

Ray Markman

Friday, 1:30 am

Ray Markman claims, ‘I never worked a day in my life.’ Now I wait for Alexander Harbinger and Loop Lonagan to give their analysis based on boxes of old documents and memories. The clock reads 1:30 when Loop and Alex finally file in. They each carry thick note pads and plunk down in soft chairs across from my desk. From the way Loop pats his belly, I know they’re straight from some heavy lunch spot.

Lonagan is first to speak. “Me and Alex want you should go first.”

“What?” I say. “There’s some problem?”

Harbinger responds in his heavy German accent. “Vee are at a point of disagreement. Perhaps, Yon, you vill set ze right tone for this meeting.”

I lick my lips. That sounds like trouble and I hesitate a moment wondering what’s under the surface. Each of us started with a bulging box of documents and I like what I found in mine. Finally: “Okay, I’ll kick it off.” I glance at my clipboard of notes. “Ray Markman is living one of the most interesting business careers I’ve ever researched. Right from an early age, I get the picture of an enthusiastic entrepreneur, just playing with the world. He attends Erasmus—first public high school in the country. Barbara Streisand is there. Ray sees Sid Luckman play high school football. Lainie Kazan, some Nobel prize winners, and other luminaries come out of that program. Ray runs the school paper. He figures he can get a scholarship to an Ivy League college but the faculty sells him on the University of Missouri—the first formal school of journalism in the world. Lots of illustrious figures go there. He sees Walter Cronkite. Meets the head of CBS, the head of NBC—all those guys. Connections that pay dividends later on.”

Harbinger shakes his head. “Zat is veak. You vill not prove your point based on such information. Have you nussing  from his vork life?”

“Well, yeah.” I turn a page. “This one’s interesting. He creates the Britannica Achievement in Life Award—you remember that. The award goes to people like Louis Armstrong, Hank Aaron, Ella Fitzgerald, Olympians, astronauts, singers, artists, athletes, academics, actors—it must be quite a rush doing that.”

Both men nod but nothing registers in their eyes. They’re still waiting.

Ray Markman

Is that Polly Bergen with Ray Markman?

I turn another page. “Okay, try this one. He finds out that National Geographic has lots of fantastic footage—reels and reels of film. Underwater clips of Jacques Cousteau, footage of Americans climbing Everest, Jane Goodall and the wild chimpanzees, even discovering the first Homo Sapiens. But they aren’t TV shows—just footage. So he gets John Allen and a team to help him create shows. Allen is the genius that got the Peanuts shows on prime time. So that’s how the National Geographic Series happens. Certainly you’ve seen that.”

“Yes, ziss I remember vell.”

“Well here’s where it gets good. They make the whole series on spec. Then Ray tells his client—Encyclopaedia Britannica, ‘We won’t sell it to you unless we get prime time.’ Wrap yourself around the moxie behind that. He doesn’t want it aired on Sunday afternoon the way Hallmark does at that time. He figures people are watching football that day and he’s right. After finishing the shows, he’s saying if they’re not a raging success, he’ll chuck ‘em. He’s taking a huge risk.”

Lonagan shakes his head and scowls. “A guy shouldn’t never oughta let his ass hang out dat far on a deal.”

“Maybe, but Ray doesn’t seem to have any fear in his makeup. So he takes the show to NBC. They turn it down. Same old story: They don’t know where it fits—it’s not news and it’s not a documentary. It’s a whole new genre. Always hard to sell a new genre. And ABC? Same story.

“Anyway, he realizes there’s only one man who’ll buy this show—the head of CBS—the king of the documentaries back then. So he spends a whole month and works up a super-detailed 30-minute presentation. All the visuals, the financial projections, the entire picture.”

I lean back and glance at my two guests. “So the big day finally arrives. Ray and the agency meet the head of the network face to face. Ray’s just three minutes into his presentation when the guy says ‘I got it. Let’s do it.’ Just like that.”

Lonagan nods. “I seen stuff like that happen.”

“Well Ray’s not done. He tells them there’s one caveat. ‘We gotta have prime time.’ Seems to me he’s pressing his luck but the guy says, ‘Done. You got early prime time four times a year.’ So Ray goes ahead and gets Britannica to sponsor it for four years. Great show. I don’t think I missed a single episode.”

Lonagan leans across my beat-up desk. “I got somethin’ even better.” That close to my face, his breath stinks of corned beef and beer.  Smells worse than a cheap cigar. I roll my chair back, away from the stench and put my feet on the desk. “Fire away.”

He cracks a malicious grin. “Ray’s one o’ them born entrepreneurs. He loves every part of it.”

Then Harbinger barges in. “Ze man spent his career in advertising, not as an entrepreneur.”

Lonagan reels on him. “Listen, you candy-assed school boy. Everything he does, he goes at like an entrepreneur. It’s impossible to figure out where his corporate work stops and his entrepreneurship begins. When he ain’t bettin’ his dough, he’s bettin’ his job.”

Once I watched a debate between Loop Lonagan and Alexander Harbinger almost escalate to blows and I need to head that off quick. “You guys are off on a tangent. Entrepreneurship isn’t the question on the table. I’m looking to prove or disprove his statement that he never worked a day in his life.”

“No John, yer wrong,” says Lonagan. “Bein’ an entrepreneur’s the heart of it all. In da mindset of an entrepreneur work ain’t work. It’s doin’ what you love for the love of it. It’s creatin’ somethin’ new, then creatin’ somethin’ else that’s new. That’s why Ray makes that statement—‘cause that’s how he lives his whole life. Don’t matter if yer workin’ in a startup or a big organization. If you got enough freedom and love what you do, you’re an entrepreneur. Ray’s a serial entrepreneur. Anybody says different don’t know his keister from a hole in the ground.”

Harbinger scowls. “I cannot agree wiss you. Your premise—it iss badly flawed.”

I’m keeping a close eye on Loop’s reaction. He doesn’t respond immediately and his face slowly swells purple. If they start swinging, I sure hope they take it outside.

Then Lonagan blurts out, “Ever hear of a little thing called a hedge? That’s how the smart guys do it. A paying job’s nothin’ but a ‘covered call.’ It counters da capital risk on all dem companies he starts. That’s a real smart setup if you got the energy to pull it off.” He raises his voice. “But then, you never been in the trading world riskin’ real money. You hang out at that college and teach bullshit like ‘random walk theory.’ You don’t know nothin’ about business, you lousy Kraut.”

Harbinger rises from his chair. Stands erect like a soldier.  Dignified—all six foot five of him in his impeccable gray handmade suit. “I cannot accept such personal abuse—zis slur on my nationality—and ziss from an inarticulate, uneducated, and ignorant man. I demand an immediate apology.”

Lonagan jumps to his feet, pulls off his sports jacket, and throws it to the floor. “Apology nothin’. And whadaya mean, callin’ me ‘little’?” Standing in a crouch with his fists raised, he cranes his neck to meet Harbinger’s eyes. “You kin cram that where the sun don’t shine, mister.”

Harbinger looks down his nose at Lonagan and hands him a card. “Zen I vill have satisfaction. Ze Union League Club. Vee meet at Five p.m.”

I can hardly believe it. I am witnessing the preamble to a formal duel. The only thing missing is a slap to the face or a glove hurled down. Will it be pistols or foils?

“Okay, Mr. PhD.” Loop flashes an evil grin. “You’re on. Boxing gloves. Three rounds. And make sure you show up.”

I let out a sigh of relief.

A boxing match.

And after a moment’s thought, I’m actually looking forward to it. But somehow I need to find a way to get these two back in their chairs and working on the subject at hand.

 

Continue to Part 3

Go back to Part 1

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Find Chicago Venture Magazine at www.ChicagoVentureMagazine.com Comments and re-posts are welcomed and encouraged. This is not investment advice – do your own due diligence. I cannot guarantee accuracy but I give you my best.

Copyright © 2012 John Jonelis – All Rights Reserved

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I NEVER WORKED A DAY IN MY LIFE

The Story of Ray Markman – Part 1

Ray Markman

by John Jonelis

“What he says is—” I pause to confront the two men across my battered old WWII Air Force desk.  “What he says is this: ‘I never worked a day in my life.’  Far as I can tell, Ray Markman never stopped working a day in his life.  Should’ve retired years ago and he’s still working.  Day and night he’s working.”

“It is merely a paraphrase from ze great inventor, Thomas Edison.” Alexander Harbinger PhD, sits erect, speaking in his German baritone.  “Most likely, Mr. Markman does not intend such a statement to be taken seriously.”

Loop Lonagan slams his fist on the scarred maple desktop.  “No.  I heard ‘im say it.  Two times I heard ‘im.  That guy always says what he means and I believe him.”

I smile.  I believe Ray, too.  I glance at my notes and read Ray’s words: I loved what I did.  To me working was the greatest things in the world.  I still average twelve hours a day.  I never felt I worked a day in my life.’  How can you argue against that kind of heart?

Ray Markman

Ray Markman – Bachrach Photography

Again the baritone from the tall man, but more animated:  “Voicing such an outlandish opinion does not make it fact.  The very idea iss… what is ze word…”  He pauses.  “Vimsical.  It iss vimsical.”

It tickles me to hear Alex’ accent thicken when he gets excited.

“Proof,” he says.  “I cannot accept it vithout proof and I do not believe that you can produce evidence that vill convince an educated person that such a statement is…that it iss justified.”

“Waddaya mean educated?  You callin’ me illiterate?”  I don’t like the look Lonagan gives Harbinger.  Dangerous.  Personally, I never want to find myself on Lonagan’s bad side.

For a moment, the tall PhD appears nonplussed.  Then he stammers, “No—no.  Present company excepted, of course—of course.”  An amazing concession from the tall, cold scholar.

I roll my chair out of the way, stoop to the floor and work my fingers under a cardboard box, remembering what I learned working in factories as a boy—lift with your legs, not your back.  The massive old desk shifts when I drop the first box on the scored maple top.  I dump the second next to it.  Then the third.

Still standing, I heave a sigh. “Glad you’re taking it that way.  This is everything I have.  I’d appreciate each of your perspectives.  It’s short notice but I need your opinions by Friday.  Will you take it on?”

The room goes silent as the three of us stare at the bulging boxes, each with the name, RAY MARKMAN, printed in neat letters.  I know I’m asking a lot. Gazing down at Alex and Loop I am unable to read their eyes.

Loop is first to speak.  “You want I should dig through all this stuff by Friday?”

I lean forward on my fists.  “Listen—you are two of the smartest guys I know.  Loop, you traded huge money on the floor of the CME and later funded a lot of winning companies.  Your street smarts and business savvy make your opinion beyond value to me.  Alex, you’re academic credentials are legendary but at the same time you keep your feet solidly on the ground.  I trust your judgment—trust it thoroughly.  I’m hoping we can put our heads together on this.”

After a pause, Harbinger stands tall.  “I vill begin immediately.”  He turns to Loop.  “I meet you here Friday.”  Then he lifts a box of documents and ducks as he marches out the door.

Loop grunts when he hefts a box.  “Lug dis.  Lug dat.”  Leaning well back, he steps out of the room with the heavy burden.

I park my duff in my chair and stare at the remaining box.  A lot of documents to examine.  But I link my fingers behind my head and lean back into the plush leather, lifting my feet to the desktop, smiling to myself.  I’ve just succeeded in lighting a fire under two divergent thinkers.  I wonder what they’ll bring back with them.

Continue to Part 2

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Find Chicago Venture Magazine at www.ChicagoVentureMagazine.com Comments and re-posts are welcomed and encouraged. This is not investment advice – do your own due diligence. I cannot guarantee accuracy but I give you my best.

Copyright © 2012 John Jonelis – All Rights Reserved

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Filed under Biography, BNC Venture Capital, Chicago Ventures, Midwest Renaissance Fund, Nobel Prize, Northwestern

BOYCOTT WHO?

A dear friend forwarded this powerful article to me.  It shows yet another face of the human condition–one worthy of our constant attention and diligence.  I reproduce it here.  My only addition is the familiar photo of the most brilliant man known to history.  

Albert Einstein  

 A Jewish Boycott

A short time ago, Iran’s Supreme Leader Grand Ayatollah Ali Khomenei urged the Muslim World to boycott anything and everything that originates with the Jewish people.

In response, Meyer M. Treinkman, a pharmacist, out of the kindness of his heart, offered to assist them in their boycott as follows:

“Any Muslim who has Syphilis must not be cured by Salvarsan discovered by Dr. Ehrlich, a Jew. He should not even try to find out whether he has Syphilis, because the Wasserman Test is the discovery of a Jew. If a Muslim suspects that he has Gonorrhea, he must not seek diagnosis, because he will be using the method of a Jew named Neissner.

“A Muslim who has heart disease must not use Digitalis, a discovery by a Jew, Ludwig Traube.

Should he suffer with a toothache, he must not use Novocaine, a discovery of the Jews, Widal and Weil.

If a Muslim has Diabetes, he must not use Insulin, the result of research by Minkowsky, a Jew. If one has a headache, he must shun Pyramidon and Antypyrin, due to the Jews, Spiro and Ellege.

Muslims with convulsions must put up with them because it was a Jew, Oscar Leibreich, who proposed the use of Chloral Hydrate.

Arabs must do likewise with their psychic ailments because Freud, father of psychoanalysis, was a Jew.

Should a Muslim child get Diphtheria, he must refrain from the “Schick” reaction which was invented by the Jew, Bella Schick.

“Muslims should be ready to die in great numbers and must not permit treatment of ear and brain damage, work of Jewish Nobel Prize winner, Robert Baram.

They should continue to die or remain crippled by Infantile Paralysis because the discoverer of the anti-polio vaccine is a Jew, Jonas Salk.

“Muslims must refuse to use Streptomycin and continue to die of Tuberculosis because a Jew, Zalman Waxman, invented the wonder drug against this killing disease.

Muslim doctors must discard all discoveries and improvements by dermatologist Judas Sehn Benedict, or the lung specialist, Frawnkel, and of many other world renowned Jewish scientists and medical experts.

“In short, good and loyal Muslims properly and fittingly should remain afflicted with Syphilis, Gonorrhea, Heart Disease, Headaches, Typhus, Diabetes, Mental Disorders, Polio Convulsions and Tuberculosis and be proud to obey the Islamic boycott.”

Oh, and by the way, don’t call for a doctor on your cell phone because the cell phone was invented in Israel by a Jewish engineer.

Meanwhile I ask, what medical contributions to the world have the Muslims made?”

The Global Islamic population is approximately 1,200,000,000; that is ONE BILLION TWO HUNDRED MILLION or 20% of the world’s population.

They have received the following Nobel Prizes:

Literature:
1988 – Najib Mahfooz

Peace:
1978 – Mohamed Anwar El-Sadat
1990 – Elias James Corey
1994 – Yaser Arafat:
1999 – Ahmed Zewai

Economics:
(zero)

Physics:
(zero)

Medicine:
1960 – Peter Brian Medawar
1998 – Ferid Mourad

TOTAL: 7 SEVEN

The Global Jewish population is approximately 14,000,000; that is FOURTEEN MILLION or about 0.02% of the world’s population.

They have received the following Nobel Prizes:

Literature:
1910 – Paul Heyse
1927 – Henri Bergson
1958 – Boris Pasternak
1966 – Shmuel Yosef Agnon
1966 – Nelly Sachs
1976 – Saul Bellow
1978 – Isaac Bashevis Singer
1981 – Elias Canetti
1987 – Joseph Brodsky
1991 – Nadine Gordimer World

Peace:
1911 – Alfred Fried
1911 – Tobias Michael Carel Asser
1968 – Rene Cassin
1973 – Henry Kissinger
1978 – Menachem Begin
1986 – Elie Wiesel
1994 – Shimon Peres
1994 – Yitzhak Rabin

Physics:
1905 – Adolph Von Baeyer
1906 – Henri Moissan
1907 – Albert Abraham Michelson
1908 – Gabriel Lippmann
1910 – Otto Wallach
1915 – Richard Willstaetter
1918 – Fritz Haber
1921 – Albert Einstein
1922 – Niels Bohr
1925 – James Franck
1925 – Gustav Hertz
1943 – Gustav Stern
1943 – George Charles de Hevesy
1944 – Isidor Issac Rabi
1952 – Felix Bloch
1954 – Max Born
1958 – Igor Tamm
1959 – Emilio Segre
1960 – Donald A. Glaser
1961 – Robert Hofstadter
1961 – Melvin Calvin
1962 – Lev Davidovich Landau
1962 – Max Ferdinand Perutz
1965 – Richard Phillips Feynman
1965 – Julian Schwinger
1969 – Murray Gell-Mann
1971 – Dennis Gabor
1972 – William Howard Stein
1973 – Brian David Josephson
1975 – Benjamin Mottleson
1976 – Burton Richter
1977 – Ilya Prigogine
1978 – Arno Allan Penzias
1978 – Peter L Kapitza
1979 – Stephen Weinberg
1979 – Sheldon Glashow
1979 – Herbert Charles Brown
1980 – Paul Berg
1980 – Walter Gilbert
1981 – Roald Hoffmann
1982 – Aaron Klug
1985 – Albert A. Hauptman
1985 – Jerome Karle
1986 – Dudley R. Herschbach
1988 – Robert Huber
1988 – Leon Lederman
1988 – Melvin Schwartz
1988 – Jack Steinberger
1989 – Sidney Altman
1990 – Jerome Friedman
1992 – Rudolph Marcus
1995 – Martin Perl
2000 – Alan J. Heeger

Economics:
1970 – Paul Anthony Samuelson
1971 – Simon Kuznets
1972 – Kenneth Joseph Arrow
1975 – Leonid Kantorovich
1976 – Milton Friedman
1978 – Herbert A. Simon
1980 – Lawrence Robert Klein
1985 – Franco Modigliani
1987 – Robert M. Solow
1990 – Harry Markowitz
1990 – Merton Miller
1992 – Gary Becker
1993 – Robert Fogel

Medicine:
1908 – Elie Metchnikoff
1908 – Paul Erlich
1914 – Robert Barany
1922 – Otto Meyerhof
1930 – Karl Landsteiner
1931 – Otto Warburg
1936 – Otto Loewi
1944 – Joseph Erlanger
1944 – Herbert Spencer Gasser
1945 – Ernst Boris Chain
1946 – Hermann Joseph Muller
1950 – Tadeus Reichstein
1952 – Selman Abraham Waksman
1953 – Hans Krebs
1953 – Fritz Albert Lipmann
1958 – Joshua Lederberg
1959 – Arthur Kornberg
1964 – Konrad Bloch
1965 – Francois Jacob
1965 – Andre Lwoff
1967 – George Wald
1968 – Marshall W. Nirenberg
1969 – Salvador Luria
1970 – Julius Axelrod
1970 – Sir Bernard Katz
1972 – Gerald Maurice Edelman
1975 – Howard Martin Temin
1976 – Baruch S. Blumberg
1977 – Roselyn Sussman Yalow
1978 – Daniel Nathans
1980 – Baruj Benacerraf
1984 – Cesar Milstein
1985 – Michael Stuart Brown
1985 – Joseph L. Goldstein
1986 – Stanley Cohen [& Rita Levi-Montalcini]
1988 – Gertrude Elion
1989 – Harold Varmus
1991 – Erwin Neher
1991 – Bert Sakmann
1993 – Richard J. Roberts
1993 – Phillip Sharp
1994 – Alfred Gilman
1995 – Edward B. Lewis
1996- Lu RoseIacovino

TOTAL: 129

The Jews are NOT promoting brainwashing children in military training camps, teaching them how to blow themselves up and cause maximum deaths of Jews and other non-Muslims.

The Jews don’t hijack planes, nor kill athletes at the Olympics, or blow themselves up in German restaurants.

There is NOT one single Jew who has destroyed a church.

There is NOT a single Jew who protests by killing people. The Jews don’t traffic slaves, nor have leaders calling for Jihad and death to all the Infidels.

Perhaps the world’s Muslims should consider investing more in standard education and less in blaming the Jews for all their problems.

Muslims must ask ‘what can they do for humankind’ before they demand that humankind respects them.

Regardless of your feelings about the crisis between Israel and the Palestinians and Arab neighbors, even if you believe there is more culpability on Israel ‘s part, the following two sentences really say it all:

‘If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel.”

Benjamin Netanyahu: General Eisenhower warned us. It is a matter of history that when the Supreme Commander of the Allied Forces, General Dwight Eisenhower, found the victims of the death camps he ordered all possible photographs to be taken, and for the German people from surrounding villages to be ushered through the camps and even made to bury the dead.

He did this because he said in words to this effect: ‘Get it all on record now – get the films – get the witnesses – because somewhere down the road of history some bastard will get up and say that this never happened’

Recently, the UK debated whether to remove The Holocaust from its school curriculum because it ‘offends’ the Muslim population which claims it never occurred.

It is not removed as yet. However, this is a frightening portent of the fear that is gripping the world and how easily each country is giving into it.

It is now more than 65 years after the Second World War in Europe ended.

Now, more than ever, with Iran, among others, claiming the Holocaust to be ‘a myth,’ it is imperative to make sure the world never forgets.

This e-mail is intended to reach 400 million people. Be a link in the memorial chain and help distribute this around the world.

How many years will it be before the attack on the World Trade Center ‘NEVER HAPPENED’ because it offends some Muslim in the United States?

Tami

¸…¸ / __//\___ ___\
,·´º o`·, /__/ _/\_ ____/\
“`)¨(´´´ | | | | | | | || |l±±±±
¸,.-·²°´ ¸,.-·~·~·-.,¸ `°²·-. :º° ·~·~·-.,¸

As for me and my house, we will serve the Lord. (Joshua 24:15)

We are not human beings going through a temporary spiritual experience.
We are spiritual beings going through a temporary human experience.

 [end letter]

Thanks Tami.  And to my readers, especially those saved by faith, please pass this on.

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