I’m reading Daniel Mendelsohn’s NYRB review of Patrick Leigh Fermor’s last book.

It’s a fine review — perceptive, affectionate but also critical. PLF was a charming writer but he was also a show-off and a bit of a cad. Still, when he was on song he was terrific. As in this passage from another of PLF’s books, Mani, quoted by Mendelsohn:

I often have the impression, listening to a Greek argument, that I can actually see the words spin from their mouths like the long balloons in comic strips…:the perverse triple loop of Xi, the twin concavity of Omega,…Phi like a circle transfixed by a spear…. At its climax it is as though these complex shapes were flying from the speaker’s mouth like flung furniture and household goods, from the upper window of a house on fire.

Wonderful.

From this morning’s Observer:

Theresa May is facing a growing revolt among party donors, with one senior backer warning that the Tories will be “decimated” at an election unless the prime minister ends her indecision and shows leadership.

With mounting accusations across the party that May is dithering over Brexit and lacking an inspiring domestic agenda, Sir John Hall, the former owner of Newcastle United, told the Observer that the prime minister was facing a make-or-break period of her premiership. wipeout

If one is being pedantic (and one is) this doesn’t sound like much of a threat. Losing a tenth of her MPs in an election would not be good news for Mrs May, but it wouldn’t be the wipeout that Sir John is envisaging. Could it be that he has fallen prey to the dreaded Etymological fallacy?

Seen from Clare bridge, one evening recently. I was walking in to give a talk in Trinity Hall and just stopped briefly to take in the scene.

Click on the image to see a larger size.

This (from The Register) made my day:

One Boxing Day (December 26th for US readers who inexplicably don’t get it as a holiday) Ant met “an especially unpleasant and angry woman” who showed up with a computer in a shopping trolley.

“She stormed straight past the lengthy queue shouting ‘you’re all a bunch of stupid wankers’ and loudly proclaiming things like ‘how can you be so fck!ng stupid and sell fck!ng computers that don’t f*ck!ng work’.”

Ant and his crew decided it was better to let her jump the queue than let her stand in it shouting obscenities, so made her case a priority even as she continued to complain that her sound and CD drive were both “f*ck!ng faulty”.

This incident took place back when speakers slotted into the side of the monitor. The customer’s were still in their plastic wrapping with the cables tied up inside. Ant rated this fix “pretty easy”.

So did other customers still waiting behind the abusive woman in the queue. Ant told us those other shoppers “found it amusing when we pointed out – super and artificially nicely – that you had to plug the speakers in.”

The rude customer responded with “Well the CD’s f*ck!ng stuck”. She was right, Ant told us, because when he used the manual eject button to pop the tray open there was a a CD-ROM in the tray. Still in its plastic sleeve, which rather impaired the drive tray’s operation.

“It was lovely explaining to her, in front of the now openly laughing queue, that you had to take CDs out of their covers before putting them in anything.”

“That made the rest of the day fly by.”

Lovely!

You became a professor at Cornell without ever having received a Ph.D. You seem almost proud of that fact.

Oh, yes. I’m very proud of not having a Ph.D. I think the Ph.D. system is an abomination. It was invented as a system for educating German professors in the 19th century, and it works well under those conditions. It’s good for a very small number of people who are going to spend their lives being professors. But it has become now a kind of union card that you have to have in order to have a job, whether it’s being a professor or other things, and it’s quite inappropriate for that. It forces people to waste years and years of their lives sort of pretending to do research for which they’re not at all well-suited. In the end, they have this piece of paper which says they’re qualified, but it really doesn’t mean anything. The Ph.D. takes far too long and discourages women from becoming scientists, which I consider a great tragedy. So I have opposed it all my life without any success at all.

From a lovely interview with Dyson on his 90th birthday.

Well, well. This from Fortune, no less:

Tyler and Cameron Winklevoss—the brothers who tried and failed to gain control of Facebook after alleging that it had been appropriated from them—have rebounded big-time.

The Winklevoss twins own one of the largest portfolios of Bitcoin in the world—and recent surges in the digital currency’s value have put the value of that portfolio at over $1 billion. That’s an impressive return on an $11 million investment just four years ago.

The brothers have reportedly not sold a single one of their Bitcoins, sitting on them and watching them accrue value. And it’s been a stunning thing to witness: when the Winklevoss’s invested in Bitcoins, the currency was trading at just $120. As of Monday morning, a single Bitcoin’s value was $11,247, according to Coindesk.

My favourite clip from The Social Network is their encounter with Larry Summers (then President of Harvard).

Larry Summers thought it was broadly accurate too:

From Bob Cringely:

This is probably the last picture ever taken of our house in Santa Rosa, California. The time was 11:30PM Sunday and a neighbor had just pounded on our door. Fifty mph winds had been blowing all day but nobody expected fire. Yet the glow you see is from burning houses behind and beside ours. They, too, are gone.

We left with what clothes we could grab. I forgot my computer. I’m still blind and awaiting surgery so Mary Alyce drove one car and we left the other to burn.

By 8AM we were on the Mendocino coast with crappy Internet service and this iPhone. But we were all safe.

Certainly I’d been stupidly feeling a bit sorry for myself, but that ends now.

The schools are closed so with Fallon at my side we’ll buy a notebook and resume writing. Look for my next column as early as tomorrow.

The heading on this blog post is what caught my attention. “I Have No Boils” it read. Bob explains:

Finally, about the headline, my old neighbor Ella Wolfe complained to her doctor once that she was suffering all the trials of Job from the Bible (Ella was approaching 100). “You have no boils,” said her doctor.

Neither do I.

Heartwarming stuff. The good news is that he and his family are safe.

It all came from a list he maintained on the blackboard in his office under the heading: “Dumb Stuff People Do”. Eshe Nelson has a nice piece in Quartz which summarises some of them. They include:

• The endowment effect — the theory that people value things more highly when they own them. In other words, you’d ask for more money for selling something that you own than what you would be willing to pay to buy the same thing

• Loss aversion. “People experience the negative feeling of loss more strongly than they feel the positive sense of a gain of the same size.“

• Anchoring. “If you are selling an item, your reference point is most likely to be the price you paid for something. Even if the value of that item is now demonstrably worth less, you are anchored to the purchase price, in part because you want to avoid that sense of loss. This can lead to pain in financial markets, in particular.”

• Planning vs doing. The internal struggle between your planning self and doing self. One way to avoid this conflict is to remove short-term courses of actions. Goes against the traditional economic notion that more choices are always better.

• Nudges. “Thaler and Sunstein pioneered the idea of using nudges to create alternative courses of actions that promote good long-term decision making but maintain freedom of choice. One method of doing this they found is simply changing the default option—switching users from opt-in to opt-out, for example. “ (Piece includes interesting map of the world showing countries where nudging has become government policy.). The overall philosophy is: if you want people to do something, make it easy to do. Internet companies have become very rich by understanding this.

• The availability heuristic. “People are inclined to make decisions based on how readily available information is to them. If you can easily recall something, you are likely to rely more on this information than other facts or observations. This means judgements tend to be heavily weighted on the most recent piece of information received or the simplest thing to recall.” So if you’ve been to a store that had a few spectacularly low-priced items you’re inclined to think that it is, in general, a low-priced store.

• Status-quo bias. “Most people are likely to stick with the status quo even if there are big gains to be made from a change that involves just a small cost. In particular, this is one of the implications of loss aversion. That’s why a nudge, such as changing the default option on a contract, can be so effective. Thaler’s research on pension programs shows that while employees can choose to opt-out of a plan, the status quo bias means once they are in it, they are actually more likely to stay put.”

In a way — as the FT points out — Thaler’s biggest contribution was in persuading the economics profession that behavioural traits ought to be included in economic theory and practice. “If economics does develop along these lines”, he wrote, “the term ‘behavioral economics’ will eventually disappear from our lexicon. All economics will be as behavioral as the topic requires.”

Asked how he proposed to spend the money, he replied “as irrationally as possible”.

Lovely column in today’s FT (behind a paywall, alas) about the MBA degree, a qualification that I’ve long regarded as pernicious. The peg for the piece is the fact that King’s College London is launching a new business school which is very pointedly not offering an MBA. At one point, Broughton retells a story about the “marshmallow challenge” invented by Peter Skillman (a former smartphone company executive):

A team of four or five people is asked to build the tallest possible structure using 20 strands of dry spaghetti, a roll of tape, a ball of string and a marshmallow, in 18 minutes. Mr Skillman found that the most successful were children just out of kindergarten. They immediately began building, and if their tower collapsed they would build again. The worst were recent MBA graduates. They would start by arguing about who had the most expertise, then sketch blueprints and make calculations before constructing a tower. If it collapsed, they had no time to start over.

That sounds too good to be true. Still, as the Italians say, if it’s not true it ought to be.