Was Gladwell Wrong?…….Moby Dick Management….Making the Shortlist….Econ Recon: Delusion at Jackson Hole and Gen Y Preppers

“There are no hopeless situations. There are only men who have grown hopeless about them.”

 Clair Boothe Luce

1903-1987

Playwright, Ambassador and Member of Congress

Was Gladwell Wrong?

Malcolm Gladwell’s book “Outliers” posits that Bill Gates, The Beatles, and other very successful persons attained that status by adhering to the “10,000 Hour Rule” of committing at least that much time to honing their skills. This brief but important article from the Smithsonian takes issue with Gladwell’s claim and holds that while practice is very, very important (up to 12% of mastery),  “The 10,000 Hour Rule is Not Real.” Some related article links in the article are worth a look as well.

Moby Dick Management

Strategic intent is key to the success of any business. A great (and cautionary) literary exposition of this is Herman Melville’s “Moby Dick.” In this timeless classic, the CEO  (Captain Ahab) clearly had the requisite strategic intent to succeed; but in the end failed utterly not only in his quest to kill the white whale which had maimed him, but loses his own life, all but one of his crew and his ship. What was missing? This one page article from the Dean of IE, an international business school, shares Captain Ahab’s fatal mistake: that strategic intent is simply not enough. Find out what Captain Ahab missed.

Making the Shortlist

Making the shortlist is more important than ever in a world of increasing competition and “make or break” contracts. In an era dominated by a short term mentality, Marketing Guru Seth Godin has some quick common sense for getting on this list that will  not only serve you and your team well, but the young people in your life, too.

Econ Recon:

Delusion at Jackson Hole:Later this week the Federal Reserve’s annual retreat to Jackson Hole Wyoming  will commence. This year’s scintillating theme will be “ Re-Evaluating Labor Market Dynamics.” The boring title notwithstanding, it’s an important discussion because after all the trillions of dollars added to the money supply to buy bonds and hold interest rates to near zero for nearly six years, the unemployment rate has only moved to 6.2 % (to say nothing of the millions who have left the labor market and are not captured in this statistic). In a one page summary, economist and Fed Watcher Brian Wesbury says the Feds efforts to impact the labor market with monetary policy (the only tool in its toolbox) are not only ineffective, but dangerous. Find out why he thinks the Jackson Hole Conference is a recipe for inflation instead.

Gen Y Preppers: If the next Great Depression is to arrive around 2030, as Alan and Brian Beaulieu predict in their new book: Prosperity in an Age of Decline, the Baby Boomers will be in the process of checking out and Gen Y will be in their peak earning years. The Brothers Beaulieu have some specific advice for today’s youngsters whom they feel may be especially hard hit. This recent newspaper article summarizes their counsel for the Millennials. More detailed advice for helping the young people in your life cope with what’s ahead can be found in the Beaulieu’s book.