The Sleeping Point

From the incomparable Matt Levine in today’s Money Stuff: Avoid the sleeping point.

If there is one simple lesson from this case, and from virtually every other piece of financial news, it is that if people are doing something for you and charging you zero for it then they’re making money somewhere else, and you should probably figure out where that is.

Compare to the equally incomparable Burton G. Malkiel in A Random Walk Down Wall Street: Move toward the sleeping point.

We would all like to double our capital overnight, but how many of us can afford to see half our capital disintegrate just as quickly? J.P. Morgan once had a friend who was so worried about his stock holdings that he could not sleep at night. The friend asked, “What should I do about my stocks?” Morgan replied, “Sell down to the sleeping point.”

May you remain appropriately awake and asleep this weekend and forevermore.

Discourse / Tumblr

I started this 21 Day Challenge today and opted to read an article about microaggressions. The images and main point in the article were not new to me, but I was intrigued by the author’s brief history of the term microaggression.

While the term “microaggressions” has been a part of academic discourse for some time (“micro-inequities” was coined by an MIT Ph.D. in 1973), it became better known through the popular Tumblr Microaggressions. (Heben Nigatu)

A visit to the Tumblr page reminded me of the power of the current “Black @ ___ Instagram pages emanating from schools across the nation. The students creating and commenting on these images are often extremely nimble in their use of academic discourse AND the kinds of practical and popular communication channels that allow messages to not only spread, but also to shift thinking, policy, and behavior. They are teaching us so much right now.