Weekend Reading #115

Photo by Iñaki del Olmo on Unsplash

This is the hundred-and-fifteenth weekly edition of our newsletter, Weekend Reading, sent out on Saturday 24th April 2021.

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What we're doing.

We were flat out this week on many fronts. Putting the finishing touches on our mobile EMS offering was a proud moment as we move to beautifying the product before release. Away from this we kept our eyes both on the equity and crypto markets as both provided volatility once again.  

The weekend just gone was the first weekend we had out of lockdown, and we were sure to make the most of it. In England, pubs and restaurants have been able to open provided that they can provide outside service. As a result, many of which have adapted to the times, building temporary structures, putting up marquees and laying chairs in the streets in a bid to attract prospective pub-goers. We were able to enjoy a delicious Japanese meal close to Oxford Street, before proceeding towards Carnaby Street in what was dubbed by many news outlets as the ‘Fab Friday’, allowing us Brits to embark upon a booze-filled frenzy to make up for lost time over lockdown. In addition to that the warm temperatures allowed for barbecuing weather resulting in a thoroughly enjoyable weekend. Let’s hope it stays this way as we move into the next weekend. HS

What we're thinking.

This week, I've been thinking a little about momentum. In physics, it's a pretty simple concept that means, unless critically altered, an object put into motion tends to remain that way. On the flip side, if an object has no motion, it is hard for it to gain momentum of any kind without a stiff initial nudge (a Big Bang, if you like) in the right direction. The past year has presented a unique set of challenges, many of which have allowed interruptions and stumbling blocks that seem to halt work momentum at the most inopportune moments. A child's illness. A burst car tire. A home computer that gives up the ghost during a Zoom. Small events, but each can stymie and reduce momentum back to near zero, the point where regaining it is most challenging. But, whilst challenging, the great thing about compounding is that all you need is 0.01 of motion, and momentum will soon set you on your way again. So, over the past week or so, when things have gone ever so slightly wrong or veered off the planned path, all I've thought about is putting one foot back in front of the other and getting even the smallest win and a modicum of motion back in the right direction. Following this thought, in time, great things get done, regardless of burst tires and ill kids, as the magic of momentum takes over once again. Tiny first steps... significant eventual outcomes. EJP 

This week we saw arguably the most controversial development in European football in history. 12 top clubs (some may differ on this) announced plans for a breakaway European super league. The plans lasted roughly 48 hours before immense public pressure caused a retreat.  

This got us thinking about alignment once again. Here we have a classic case of the adversarial relationship between shareholders and other stakeholders. The shareholders saw the commercial opportunity that a super league would bring in a time when revenues have been under pressure due to closed stadiums. But it caused a revolt amongst fans, players, managers, government and pretty much everyone else. The shareholders (whatever they may subsequently have said) believed that they could bully their way through the opposition.  

It highlights the lack of alignment. Profits go to shareholders. The utility and “nachas” goes to the fans and the reputational “value” to the managers and players.  

Now what if the football clubs had a tokenised structure whereby ALL stakeholders were aligned to make decisions for the benefit of the community and all a shared together in upside and downside? Have a look at our Theory of Nachas which we wrote some time ago now. We can’t think of a better example than this recent debacle to illustrate it. DC 

What we're playing.

After months of resisting the temptation, we finally decided to treat ourselves to Call of Duty Black Ops Cold War whilst it was in the PlayStation Spring Sale. It wasn’t much off, but the slight discount was just enough to push us over the line and finally commit. Having been developed by Treyarch, arguably the best of the three developers in the CoD franchise’s rotation, it was well worth a try and given that it is set in between the Black Ops I and II games (also some of our favourites of all time) it was inevitable that we’d be buying it at some point. This weekend we plan on making a start on the campaign, having a ‘quick’ few games of Zombies, and of course, will be thrashing some players in the multiplayer. HS

What we're reading.

This superb piece on implications of a Chinese invasion of Taiwan by Jon Stokes was a real find this week. I highly recommend this as a long read. It covers the geopolitical permutations as well as the commercial effects it would have on the most important industry in the world today – semiconductors. Taiwan Semiconductor (TSMC) is the crown jewel and Mr Stokes lays out a number of scenarios for its future under assumption of an invasion. I have signed up for his newsletter going forward. DC 

Another really cool article I stumbled across was this one about an experiment called Prospera. Prospera is a private, tech city situated in Honduras.  

“In 2009, Nobel-winning economist Paul Romer proposed a new type of governance  structure. Underdeveloped countries looking for an economic boost could donate  territory to some entity considered non-corrupt and skilled at governance - for example, a successful country like Switzerland. The recipient entity would govern the territory as effectively as it could, bringing improved human rights and economic growth.” 

Prospera is exactly this. It hasn’t been a straight line of progress but after a false start or two, the experiment is ongoing. This piece digs into it. Really thought provoking! DC 

Whatever your view on Brexit, it’s important to try to understand why it happened. Whether it was a good idea or not, largely, remains to be seen but now, some 5 years on from the referendum, there is still so much written about what went on and why Britain ended up heading for a European exit. An excellent, short summation that assesses many of the core reasons why is This Sovereign Isle: Britain In and Out of Europe by Robert Tombs which does its best to place Brexit in its historical and geographical context. Truth be told, the reasons for leaving the EU ran far deeper than, say, economic security and immigration and went far further back into history than the 2 months of wild and loose campaigning that went on in the lead up to the vote. As Tombs sets out, it is much more important to look at the fundamental reasons behind such an outcome and he believes they lie in history and, more deeply, in geography. Islands, Tombs writes, cannot have the same history as continental plains and, whilst the United Kingdom is a European country, it is not, never has been and never will be, the same kind of European country as, say, Germany, Poland or Hungary simply because of its geographic location. Tombs shows how the decision to leave the EU is historically explicable because of Britain's different historical experience, especially in the twentieth century, and because of its more extensive and deeper ties outside Europe. Like Brexit and its many controversies, it’s not necessarily a viewpoint that everyone will wholeheartedly agree with, but it sure is an interesting viewpoint that is required reading for anyone who is still trying to get their head around what happened and why we are, as an island nation, where we are. EJP 

For those of you who don’t know who Arthur Hayes is, he is one of the original crypto OGs as founder of Bitmex. Apart from recent battles with the SEC in the US, he is an incredible mind and also a long running Ethereum bear. In this eloquently put together blog post he reverses his view and puts together some numbers regarding where he thinks Ether should be valued. What I like about this piece is that it is not cast in stone and more like a range of outcomes. For anyone who wants to get their head around Ethereum this is highly recommended. DC 

What we're watching.

The premise of Designated Survivor on Netflix is, I believe, one of the simplest and most effective in television history. If you haven’t heard of it or watched the show – here comes one big spoiler! – as the plot kicks off with a terrorist attack on the Capital during the State of the Union in Washington. The attack decimates the government, killing the sitting President and Vice President. In the US, a designated survivor (and the person who becomes this show’s hero played by Kiefer Sutherland, who pretty much does his Jack Bauer again, minus the torture scenes) is chosen to stay at an undisclosed secure location, away from events such as State of the Union addresses and presidential inaugurations just in case of catastrophe. Thus, Sutherland’s Tom Kirkman becomes President in the most unlikely of circumstances and Series 1 charts how he deals with the fallout from the attack and how he wins over America given his unelected status. Warning: This not great television! It is not the West Wing! It is pretty silly! There are many elements that have you shouting at the set, “this would never happen in real life!” But it is weirdly gripping and highly entertaining, and with a winning central premise, in fact, perhaps it is pretty good after all. We’re about half way through Series 1 and the levels of ridiculousness continue to rise, but, for some reason, most nights we’re still settling in waiting to find out what next level catastrophe the President must deal with. EJP 

Maybe it’s the standstill of the last year but somehow the pace of Luciano Visconti’s 1963 The Leopard, based on de Lampedusa’s 1958 novel, felt right, and not as slow at it had appeared to our, admittedly younger selves. Stunningly shot, the film tells the story of a Sicilian nobleman, the Prince of Salina, at the time of Garibaldi, confronting the changing world around him. A beautiful musing on time and impermanence, it is really a vehicle for some great observations such as the idea that “everything needs to change, so that everything can stay the same”. The world may be changing around Salina, and his life and world may be fading away, but there is much beauty and stillness, on top of a story about power and corruption that somehow feels strangely pertinent and topical. LM 

When Netflix applies its production prowess to making documentaries, the outcome is often brilliant. Age of Samurai: Battle for Japan is no exception. While many see Japan as this paradise of zen that it is now, its tumultuous and violent past is often forgotten. Age of Samurai zooms in on the period from 1551 up till the founding of the Tokugawa shogunate, and for the uninitiated and ignorant, perhaps not knowing what the ending of the story would be contributed greatly to the series’ intrigue. In fact, the twists and turns in the plot, starting from the resounding success of the warlord Oda Nobunaga early on in the period to Tokugawa Ieyasu being named Shogun, makes the storyline of Game of Thrones look relatively tame and simple. Then again, it was quite literally a game of thrones! EL 

What we're listening to.

Peter Sandberg is a Swedish neo-classical and multi-instrumentalist composer whose ambient sounds have been easing what has been a stressful and busy week. For most of his career, Sandberg has been creating the soundscapes for television and adverts, but the Spotify feed of his own compositions, especially the album Motion, are a great means of escape from the bustle of everyday life and a tool for achieving the focus required to hustle. It’s funny how music can do that – by plugging into something, you can push your attention solely onto something else. This has been especially true and required when the house is full of children or there are a million-and-one bigger worries than a couple of seemingly more mundane work tasks. During the last year, music has been an enormous help, a significant source of respite, and Sandberg has been one of the artists that our ears and minds have leaned most heavily upon. EJP