The Life Report: Byron R. Wien

What a fantastic read! He’s an incredible market commentator and is featured in Barron’s this week. Loved the writing and his insights. Selections/reactions:

“Eventually I developed the necessary skills and became a partner of the firm. The lesson here is that you shouldn’t try to decide what you want to do for the rest of your life when you are a teenager.  Pursue your passion in college and the rest of your life will take care of itself.”

This is both common advice and also somewhat controversial. I’ve heard it argued that this only works if your passion is in something w/obvious commercial value. I don’t agree. In today’s world — with so much rapidly being automated and everything rote eventually to be absorbed by the borg — original thought, creative expression, and innovative thinking will be what earns value. I find it hard to see how one stumbles into these things without deeply caring, and dedicating oneself to an area. Working in an area well, without passion, without deep interest, seems like a fool’s errand. His advice is more valuable today than ever.

When giving career advice to young people, I tell them there is a perfect job out there for everyone, but most people never find it.  Keep looking.

Yes. I so agree with this. Now that I can afford to be selective with what I do, I spend the most time thinking about fit. Of late, it has certainly served me well. I only wish I grokked this earlier. I don’t see how this isn’t universally applicable.

In my job I’m expected to understand what is happening in the world and to identify secular change.  It seems clear that the United States and Europe are mature, overleveraged economies with dysfunctional governments.  Since growth will be slow, unemployment will be high and the standard of living for many people will decline.  Opportunities for young people will be fewer than the ones I could take advantage of.  There will be more social unrest.  I was born in the Depression and lived through the glorious years for America after World War II.  The future for these born now is not so bright.

I agree w/his general thrust on the nature of Western economies. But I disagree w/his final conclusion. I would amend as: The future for those being born, in a future projected forward as it looks today, is not bright. If one were to just project forward, I agree with him. But major advances in health, travel, energy, etc — could, of course, radically restructure our mode of living and economic system. In such a world, who’s to say creative freedom and the ability to find meaningful work won’t be greater?