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I focus on relevant business & finance articles while frequently drifting to topics such as sports, art, technology and more! MMR was created because I'm passionate about sharing what I find interesting.

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The defense industry and silicon valley have had a long history in tandem – there is even a lot of evidence that defense spawned the technology industry there. Whatever the case, an interesting parallel that popped into my head while reading this article. That thought was about the creation of the OSS (Office of Strategic Services) during WWII that preceded the CIA. While traditionally technologies were developed for military use first, could there be a new era of consumer-/industrial-driven advances being applied to warfare? Rather than the target customer for technology companies, the DoD is now more of a(n) sub-sector/afterthought due to companies focusing on problems that affect the mass population – and the military is tough to do business with for many reasons. While DARPA focuses on challenges that are 20-30 years out, the new task is to find challenges that need fixing which are much more immediate.

This is obviously a super-long read but I find it fascinating. We’re living through a truly unique time in the history of finance with all the extraordinary experimentation going on via central banking. There is no good way to sum up the essay but I think that this quote is pretty on-the-money: “History shows us that economic recovery from a depression has never been successfully engineered without a major debt reduction, default, hyperinflation, political revolution, or world war.” Now that is a pretty wide statement of possibilities, but I think that currently the mentality of the market is that – at least for the Fed – central banks have “beaten” the recession. The essay really is about volatility rallying for any of the stated reasons. I think it’s a pretty good bet vol is relatively cheap compared to all the “shadow convexity” that exists with these multi-dimensional risks playing out in real-time.

I’m a huge fan of Charlie Munger and the “mental-model” school of thinking. That’s why when I read this article it was just another confirmation that if you can find certain patterns in nature, they can be applied across a variety of disciplines. Here’s a good quote: “...the same basic species-area curve was found regardless of the species or habitat. To put it mathematically, the curve followed a power law, in which the change in species number increased proportionally to the square root of the square root of the area. ... Power laws are common in science, and are the defining feature of universality in physics.”

Oxford American - Ride Along With The Cow Police < 5min

Cattle rustling, signature crime of the Old West, has returned to Texas. Rates of cattle theft in the state have risen fivefold in less than a decade. The thefts take many forms. Some resemble the Alvarado case, in which cattle are carried off and sold to a third party. Other times, rustlers will shoot and field strip the animals, then sell their meat to an unscrupulous abattoir. There also exist white-collar variants, whereby cattle are acquired fraudulently or invested in byzantine Ponzi schemes. ... Lawmen and rustlers now find themselves reenacting a centuries-old drama, one central to the creation myth of the American frontier. If the cowboy was the great American folk hero, the cattle rustler was his villainous twin. They were both lone figures seeking their fortune in the hinterlands, unbound by government or caste. But the rustler lacked an essential sense of nobility and fair play—he stole what the cowboy earned. ... In Texas, when a cow or bull is reported stolen, the case is assigned to one of twenty-seven men, the employees of a trade group called the Texas and Southwestern Cattle Raisers Association. The TSCRA traces its origins to 1877, when forty ranchers, plagued by rustlers, gathered outside the courthouse in Graham and pooled their money to hire men with guns to protect their herds. The group now serves more than 17,000 businesses and ranching families who collectively manage 4 million head of cattle on 76 million acres of range and pastureland.

Bloomberg - The $2 Trillion Project to Get Saudi Arabia’s Economy Off Oil 5-15min

“From the first 12 hours, decisions were issued,” says Prince Mohammed. “In the first 10 days, the entire government was restructured.” He spoke for eight hours over two interviews in Riyadh that provide a rare glimpse of the thinking of a new kind of Middle East potentate—one who tries to emulate Steve Jobs, credits video games with sparking ingenuity, and works 16-hour days in a land with no shortage of sinecures. ... The prince plans an IPO that could sell off “less than 5 percent” of Saudi Aramco, the national oil producer, which will be turned into the world’s biggest industrial conglomerate. The fund will diversify into nonpetroleum assets, hedging the kingdom’s nearly total dependence on oil for revenue.

New York Magazine - Democracies end when they are too democratic. 5-15min

Plato, of course, was not clairvoyant. His analysis of how democracy can turn into tyranny is a complex one more keyed toward ancient societies than our own (and contains more wrinkles and eddies than I can summarize here). His disdain for democratic life was fueled in no small part by the fact that a democracy had executed his mentor, Socrates. And he would, I think, have been astonished at how American democracy has been able to thrive with unprecedented stability over the last couple of centuries even as it has brought more and more people into its embrace. It remains, in my view, a miracle of constitutional craftsmanship and cultural resilience. There is no place I would rather live. But it is not immortal, nor should we assume it is immune to the forces that have endangered democracy so many times in human history. ... Part of American democracy’s stability is owed to the fact that the Founding Fathers had read their Plato. ... Many contend, of course, that American democracy is actually in retreat, close to being destroyed by the vastly more unequal economy of the last quarter-century and the ability of the very rich to purchase political influence. This is Bernie Sanders’s core critique. But the past few presidential elections have demonstrated that, in fact, money from the ultrarich has been mostly a dud. ... The evidence suggests that direct democracy, far from being throttled, is actually intensifying its grip on American politics. ... it is precisely because of the great accomplishments of our democracy that we should be vigilant about its specific, unique vulnerability: its susceptibility, in stressful times, to the appeal of a shameless demagogue.

National Geographic - The World's Newest Major Religion: No Religion < 5min

The religiously unaffiliated, called "nones," are growing significantly. They’re the second largest religious group in North America and most of Europe. In the United States, nones make up almost a quarter of the population. In the past decade, U.S. nones have overtaken Catholics, mainline protestants, and all followers of non-Christian faiths. ... A lack of religious affiliation has profound effects on how people think about death, how they teach their kids, and even how they vote. ... There have long been predictions that religion would fade from relevancy as the world modernizes, but all the recent surveys are finding that it’s happening startlingly fast. France will have a majority secular population soon. So will the Netherlands and New Zealand. The United Kingdom and Australia will soon lose Christian majorities. Religion is rapidly becoming less important than it’s ever been, even to people who live in countries where faith has affected everything from rulers to borders to architecture. ... But nones aren’t inheriting the Earth just yet. In many parts of the world—sub-Saharan Africa in particular—religion is growing so fast that nones’ share of the global population will actually shrink in 25 years as the world turns into what one researcher has described as “the secularizing West and the rapidly growing rest.” (The other highly secular part of the world is China, where the Cultural Revolution tamped down religion for decades, while in some former Communist countries, religion is on the increase.)