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   Investment Thoughts - Beyond Finance
Salt in Their Veins
"The social structure of the inland Maine community is unlike anything you might meet with anywhere else. The kids never move out of the town they were raised in, there is no theft, the center of town is the fish store, or the post office."

 

 

Salt in Their Veins by Charles Wing is an inspiring book consisting of interviews with the ingenious, hardworking coastal Mainers from Portland to Eastport by Wing, a professor who wrote 7 books while living on a boat for 8 years. There are chapters about 4 boat builders, 3 restauraters, 7 fisherman of all sorts from local lobsterman to deep sea swordfisherman, a wharfinger, a docker, 3 businessman, 2 artists, 2 fish store operators, a teacher, 2 racers, and a mechanic.

 

All of those interviewed have been living in Maine for many generations, and have a work ethic second to none that I have encountered.


They are drawn together by a love of the ocean, jacks of all trades, flexibility, a loathing for those who are from away from Maine, and those who rely on anything other than their own hard work and self reliance. Maine has more millionaires per capita than any other state, and perhaps the least migration in and out of any state.
After reading the book, you want to tip your hat to many geniuses you meet with. Typical of these are a self taught mechanic who builds submarines and planes without plans, a businessman who runs Bath Iron Works with 10,000 employees and builds the best boats in the world, there are master boat builders in wood, and fiberglass, there are racers who routinely cross the Atlantic in sail boats in 30 days 3 or 4 times a year.

 

The social structure of the inland Maine community is unlike anything you might meet with anywhere else. The kids never move out of the town they were raised in, there is no theft, the center of town is the fish store, or the post office. Half the population is related to each other, promiscuity and drinking a la Peyton place is rampant especially in the winter. And above all, there is loathing for those from away, even after 90 years, if you weren't born there you're not one of them.

 

Almost all those interviewed had their boats overturned in 40 degree water and survived in one way or another even without knowing how to swim. I found the preparations for these accidents and coolness in the face of imminent death, quite edifying in my own business. One can't compliment the author Charlie Wing, enough. He's the kind of person you would like to meet and sit on a log with and learn from. Every chapter has home grown wisdom form him, that inspires those he interviews to elicit the inner working of their lives.

 

I loved the book, couldn't put it down, and recommend it heartily. I have an enforced vacation planned at Vinyl Haven in a few weeks, and will keep my ears open while there to learn about life from the locals.


A typical Maine anecdote: Martha Stewart comes to Bar Harbor and of course her cell phone doesn't work, as is typical of most of the Maine coast. There's a line at the pay phone. She cuts in. "I have to make a very important call involving millions of dollars." An elderly gentleman says that "in Maine we all wait our turn no matter how important we are". She says, "Don't you know who I am. I'm Martha Stewart". He says, "Yes I know, I'm John Rockefeller". (He donated Acadia National Park to the state).

 

Daily Speculations, July 19, 2016-Victor Niederhoffer

22.07.2016


 

Themes

 

Asia

Bonds

Bubbles and Crashes

Business Cycles
Central Banks

China

Commodities
Contrarian

Corporates

Creative Destruction
Credit Crunch

Currencies

Current Account

Deflation
Depression 

Equity
Europe
Financial Crisis
Fiscal Policy

Germany

Gloom and Doom
Gold

Government Debt

Historical Patterns

Household Debt
Inflation

Interest Rates

Japan

Market Timing

Misperceptions

Monetary Policy
Oil
Panics
Permabears
PIIGS
Predictions

Productivity
Real Estate

Seasonality

Sovereign Bonds
Systemic Risk

Switzerland

Tail Risk

Technology

Tipping Point
Trade Balance

U.S.A.
Uncertainty

Valuations

Yield