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The uncomfortable truth is that most of us don’t come across the way we intend. We can’t see ourselves truly objectively, and neither can anyone else. Human beings have a strong tendency to distort other people’s feedback to fit their own views. We know this intellectually, and yet we rarely seem to recognize it as it’s happening.
No One Understands You and What to Do About It
Heidi Halvorson
Some cities surrendered without fighting. Others fought for a few days or weeks, and only the hardiest of defenders held out for more than a few months. Genghis Khan had learned much from his campaigns against the Jurched cities: not only how to capture heavily fortified cities, but how to treat them afterward, in particular how to most efficiently plunder them. He did not want to repeat the mistakes of the chaotic plunder of Zhongdu. In Khwarizm, he introduced the new and more efficient system of first emptying the city of all people and animals before beginning to loot, thereby minimizing the danger to his men as they plundered. Before the plundering began, the Mongol warriors followed a similar procedure toward the enemy population in each hostile city. First, they killed the soldiers. The Mongols, dependent on cavalry, had little use for an infantry trained to defend fortress walls, and, more important, they did not want to leave a large army of former enemies blocking the route between them and their homeland in Mongolia. They always wanted a clear, open way home. After executing the soldiers, the Mongol officers sent clerks to divide the civilian population by profession. Professional people included anyone who could read and write in any language—clerks, doctors, astronomers, judges, soothsayers, engineers, teachers, imams, rabbis, or priests. The Mongols particularly needed merchants, cameleers, and people who spoke multiple languages, as well as craftsmen. These workers would be put to use by the Mongols, who themselves practiced no crafts other than war, herding, and hunting. Their growing empire needed skilled workers in almost every service imaginable, including smiths, potters, carpenters, furniture makers, weavers, leather workers, dyers, miners, papermakers, glassblowers, tailors, jewelers, musicians, barbers, singers, entertainers, apothecaries, and cooks. People without occupations were collected to help in the attack on the next city by carrying loads, digging fortifications, serving as human shields, being pushed into moats as fill, or otherwise giving their lives in the Mongol war effort. Those who did not qualify even for these tasks, the Mongol warriors slaughtered and left behind. In Genghis Khan’s conquest of central Asia, one group suffered the worst fate of those captured. The Mongol captors slaughtered the rich and powerful. Under the chivalrous rules of warfare as practiced in Europe and the Middle East during the Crusades, enemy aristocrats displayed superficial, and often pompous, respect for one another while freely slaughtering common soldiers. Rather than kill their aristocratic enemy on the battlefield, they preferred to capture him as a hostage whom they could ransom back to his family or country. The Mongols did not share this code. To the contrary, they sought to kill all the aristocrats as quickly as possible in order to prevent future wars against them, and Genghis Khan never accepted enemy aristocrats into…
Genghis Khan and the Making of the Modern World
Jack Weatherford
In theory, unless a business has a moat or competitive advantage that will keep it unusually profitable, changing its growth rate will not change its value much. Many companies don’t do anything unique that others can’t do, and they don’t put capital to work with special skill. For the general run of stocks, this means that the annuity formula works fine without any adjustment for growth. To calculate the value of growth, one must first estimate the period over which a firm maintains a competitive advantage that keeps profits elevated, and then the amount of profits. The period of competitive advantage ends before an enterprise fails, but they are related. Prosperous enterprises survive longer. If we had perfect foresight, what we would aim for is a low current price relative to earnings at some future date.
Big Money Thinks Small
Joel Tillinghast
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