The need for good money managers has never been greater. Total investable assets are continuously rising. High-net-worth individuals are now influential sources of capital in both established and emerging markets. Baby boomers are living longer in retirement, and as they stop working they'll need their assets to last longer. Yet for investors too few good options exist. ... Many of our colleagues don't believe that disruption is imminent. After all, asset management is one of the world's most profitable and exciting businesses. Why should we even worry about disrupters? The challenge, according to innovation expert Clayton Christensen, is that incumbents have a blind spot toward disruption. It is difficult to see because it goes against a set of ingrained assumptions that most likely have led to success so far. As a result, the profitable big players have a hard time seeing threats, especially when these are coming from smaller and more innovative players or outside their traditional set of competitors. ... We expect that asset management is about to go through a particularly dynamic period of disruption, for three reasons: high profits, new technologies and a new set of client demands resulting from global social changes. ... Roughly half of the world's $270 trillion-plus of investable assets are in real estate and cash, which were also the most popular investment areas in the 1800s. ... Our research suggests the power base will eventually shift from the money managers to the money holders.
People tell me about miniaturization, about electric motors the size of the nail on your finger. There is a device on the market by which you can write the Lord's Prayer on the head of a pin. But that's nothing. That's the most primitive, halting step. ... Why not write the entire 24 volumes of the "Encyclopaedia Britannica" on the head of a pin? ... Let's see what would be involved. The head of a pin is a sixteenth of an inch across. If you magnify it 25,000 diameters, the area of the head of the pin is equal to the area of all pages of the encyclopedia. All it is necessary to do is reduce the writing in the encyclopedia 25,000 times. Is that possible? One of the little dots on the fine halftone reproductions in the encyclopedia, when you demagnify it by 25,000 times, still would contain in its area 1,000 atoms. So, each dot can easily be adjusted in size as required, and there is no question that there is enough room on the head of a pin to put all of the "Encyclopaedia Britannica."
Virtual reality overlaid on the real world in this manner is called mixed reality, or MR. (The goggles are semitransparent, allowing you to see your actual surroundings.) It is more difficult to achieve than the classic fully immersive virtual reality, or VR, where all you see are synthetic images, and in many ways MR is the more powerful of the two technologies. ... Magic Leap is not the only company creating mixed-reality technology, but right now the quality of its virtual visions exceeds all others. Because of this lead, money is pouring into this Florida office park. ... At the beginning of this year, the company completed what may be the largest C-round of financing in history: $793.5 million. To date, investors have funneled $1.4 billion into it. ... to really understand what’s happening at Magic Leap, you need to also understand the tidal wave surging through the entire tech industry. All the major players—Facebook, Google, Apple, Amazon, Microsoft, Sony, Samsung—have whole groups dedicated to artificial reality, and they’re hiring more engineers daily. Facebook alone has over 400 people working on VR. Then there are some 230 other companies, such as Meta, the Void, Atheer, Lytro, and 8i, working furiously on hardware and content for this new platform. To fully appreciate Magic Leap’s gravitational pull, you really must see this emerging industry—every virtual-reality and mixed-reality headset, every VR camera technique, all the novel VR applications, beta-version VR games, every prototype VR social world. ... The recurring discovery I made in each virtual world I entered was that although every one of these environments was fake, the experiences I had in them were genuine. ... The technology forces you to be present—in a way flatscreens do not—so that you gain authentic experiences, as authentic as in real life.
Conventional wisdom says that globalization has stalled. But although the global goods trade has flattened and cross-border capital flows have declined sharply since 2008, globalization is not heading into reverse. Rather, it is entering a new phase defined by soaring flows of data and information. ... Remarkably, digital flows—which were practically nonexistent just 15 years ago—now exert a larger impact on GDP growth than the centuries-old trade in goods ... although this shift makes it possible for companies to reach international markets with less capital-intensive business models, it poses new risks and policy challenges as well. ... The world is more connected than ever, but the nature of its connections has changed in a fundamental way. The amount of cross-border bandwidth that is used has grown 45 times larger since 2005. It is projected to increase by an additional nine times over the next five years as flows of information, searches, communication, video, transactions, and intracompany traffic continue to surge. In addition to transmitting valuable streams of information and ideas in their own right, data flows enable the movement of goods, services, finance, and people. Virtually every type of cross-border transaction now has a digital component.
According to scientists I spoke with, the quality of your slumber has more repercussions on your happiness, intelligence, and health than what you eat, where you live, or how much money you make. Not to be a downer, but chronic sleep deprivation, which Amnesty International designates a form of torture, has been linked to diabetes, cancer, high blood pressure, heart disease, stroke, learning difficulties, colds, gastrointestinal problems, depression, execution (the sleep-starved defense minister of North Korea is rumored to have been shot after dozing in the presence of Kim Jong-un), world disasters (the Challenger explosion, the Three Mile Island meltdown), and non-disasters ... Many scientists have come to believe that while we sleep the space between our neurons expands, allowing a cranial sewage network—the glymphatic system—to flush the brain of waste products that might otherwise not only prevent memory formation but muck up our mental machinery and perhaps eventually lead to Alzheimer’s. Failing to get enough sleep is like throwing a party and then firing the cleanup crew. ... A National Institutes of Health study showed that twenty-five to thirty per cent of American adults have periodic episodes of sleeplessness and twenty per cent suffer from chronic insomnia. On the advice of sleep doctors, fatigue-management specialists, and know-it-alls on wellness blogs, these tossers and turners drink cherry juice, eat Atlantic perch, set the bedroom thermostat between sixty-seven and seventy degrees, put magnets under the pillow, curl their toes, uncurl their toes, and kick their partners out of bed, usually to little avail. ... The ancient Romans smeared mouse fat onto the soles of their feet, and the Lunesta of the Dark Ages was a smoothie made from the gall of castrated boars.
The Blackwater of surveillance, the Hacking Team is among the world’s few dozen private contractors feeding a clandestine, multibillion-dollar industry that arms the world’s law enforcement and intelligence agencies with spyware. Comprised of around 40 engineers and salespeople who peddle its goods to more than 40 nations, the Hacking Team epitomizes what Reporters Without Borders, the international anti-censorship group, dubs the “era of digital mercenaries.” ... The Italian company’s tools — “the hacking suite for governmental interception,” its website claims — are marketed for fighting criminals and terrorists. ... “Privacy is very important,” Vincenzetti says on a recent February morning in Milan, pausing to sip his espresso. “But national security is much more important.” ... Between 2003 and 2004, Vincenzetti and two college friends worked in their dank, underground apartment and coded what would become the Hacking Team’s flagship software. Called the Remote Control System (RCS), it commandeers a target’s devices without detection, allowing a government to deploy malware against known enemies. (The product was later dubbed Da Vinci, then Galileo.) Think of it as a criminal dossier: A tab marked “Targets” calls up a profile photo, which a spy must snap surreptitiously using the camera inside the subject’s hacked device. Beside the picture, a menu of technologies (laptop, phone, tablet, etc.) offers an agent the ability to scroll through the person’s data, including email, Facebook, Skype, online aliases, contacts, favorite websites, and geographical location. Over time, the software enables government spooks to build a deep, sprawling portfolio of intelligence. ... A hacktivist known as Phineas Fisher had hijacked the Hacking Team’s official Twitter account and posted an ominous message: “Since we have nothing to hide, we’re publishing all our emails, files, and source code.” Following the message was a link to more than 400 gigabytes of the company’s most sensitive data.
If Las Vegas is the most profligate place on earth, where chance is king and the future is routinely gambled away, it is also possibly the most frugal and forward-looking American city in one respect: water. And now it’s trying to leverage that reputation by turning itself into a hub for new and innovative water technology. ... In the thirstiest city in the nation’s driest state (it gets just 4 inches of rain a year), water is the last thing Las Vegas wants to gamble on. After 16 years of drought, water levels in nearby Lake Mead, the city’s primary water source, have dropped so precipitously that white rings have formed on its banks. Las Vegas, like a bankrupt gambler who suddenly realizes that things have to change, has responded with a host of water conservation measures. ... The water industry is by nature risk averse, since a mistake can have catastrophic health consequences (see Michigan; Flint). But with more pressure on water supplies around the United States and the world, innovation is increasingly important. Las Vegas’ focus on water—and the constant pressure on its supply—has driven years worth of public experimentation, establishing the area’s umbrella water utility, the Southern Nevada Water Authority, as a nationally recognized leader in water quality treatment. The utility boasts a state-of-the-art laboratory that produces ground-breaking research and a roster of scientists who routinely publish in major academic journals.
Most start-up offices look the same — faux midcentury furniture, brick walls, snack bar, bar cart. Interior designers in Silicon Valley are either brand-conscious or very literal. When tech products are projected into the physical world they become aesthetics unto themselves, as if to insist on their own reality: the office belonging to a home-sharing website is decorated like rooms in its customers’ pool houses and pieds-à-terre; the foyer of a hotel-booking start-up has a concierge desk replete with bell (no concierge); the headquarters of a ride-sharing app gleams in the same colors as the app itself, down to the sleek elevator bank. A book-related start-up holds a small and sad library, the shelves half-empty, paperbacks and object-oriented-programming manuals sloping against one another. ... My guide leads me through the communal kitchen, which has the trappings of every other start-up pantry: plastic bins of trail mix and Goldfish, bowls of Popchips and miniature candy bars. There’s the requisite wholesale box of assorted Clif Bars, and in the fridge are flavored water, string cheese, and single-serving cartons of chocolate milk. It can be hard to tell whether a company is training for a marathon or eating an after-school snack. Once I walked into our kitchen and found two Account Managers pounding Shot Bloks, chewy cubes of glucose marketed to endurance athletes. ... “Just add logic!” I advise cheerfully. This means nothing to me but generally resonates with engineers. It shocks me every time someone nods along. ... Around here, we nonengineers are pressed to prove our value. The hierarchy is pervasive, ingrained in the industry’s dismissal of marketing and its insistence that a good product sells itself; evident in the few “office hours” established for engineers (our scheduled opportunity to approach with questions and bugs); reflected in our salaries and equity allotment, even though it’s harder to find a good copywriter than a liberal-arts graduate with a degree in history and twelve weeks’ training from an uncredentialed coding dojo. ... Half of the conversations I overhear these days are about money, but nobody likes to get specific. It behooves everyone to stay theoretical.
- Also: Wall Street Journal - This Tech Bubble Is Bursting < 5min
- Also: Fortune - How Reddit Plans To Become a 'Real' Business 5-15min
- Also: BuzzFeed - Inside Palantir, Silicon Valley’s Most Secretive Company 5-15min
- Also: Quartz - Bill Gurley says Silicon Valley's unicorn fantasy is collapsing in on itself < 5min
- Also: McKinsey - The ‘tech bubble’ puzzle < 5min
- Also: Gawker - I Have No Idea What This Startup Does and Nobody Will Tell Me < 5min
- Also: Financial Times - China tech: Renminbi to burn < 5min
- Also: Bloomberg - For Sale! Vintage Internet Company 5-15min
By some estimates, the market for VR will be worth $150 billion within four years. A decade from now, who knows? It’s impossible to say because no one’s clear on what the platform is best suited to do. But the race is on to figure it out. Never mind that some of the largest players have tried to put things on your face before: 3-D spectacles, Google Glass, and previous incarnations of VR headsets. Those were inferior technologies, they say. This time is different. Try it for yourself and you’ll understand that those technologies died so this one could live. ... Despite feverish press coverage of VR, two-thirds of the U.S. population remains unaware of the technology, according to a survey by research firm Horizon Media. That suggests a definition is in order. There are a few flavors of the technology: virtual reality, augmented reality, and a combination known as mixed reality. They all use a special headset to alter human perception and, in effect, take you somewhere or enable you to see something that would otherwise be invisible. We’re lumping all the technologies under the term VR in this article, both for simplicity’s sake and because all the permutations share the same roots. ... In 1943, IBM’s Thomas Watson predicted “a world market for maybe five computers”—most likely because he was thinking about computers in terms of what they were (the size of a room) rather than what they would become (the size of a fingernail).
The so-called cognitive revolution started small, but as computers became standard equipment in psychology labs across the country, it gained broader acceptance. By the late 1970s, cognitive psychology had overthrown behaviorism, and with the new regime came a whole new language for talking about mental life. Psychologists began describing thoughts as programs, ordinary people talked about storing facts away in their memory banks, and business gurus fretted about the limits of mental bandwidth and processing power in the modern workplace. ... This story has repeated itself again and again. As the digital revolution wormed its way into every part of our lives, it also seeped into our language and our deep, basic theories about how things work. Technology always does this. During the Enlightenment, Newton and Descartes inspired people to think of the universe as an elaborate clock. In the industrial age, it was a machine with pistons. (Freud’s idea of psychodynamics borrowed from the thermodynamics of steam engines.) Now it’s a computer. Which is, when you think about it, a fundamentally empowering idea. Because if the world is a computer, then the world can be coded. ... Code is logical. Code is hackable. Code is destiny. These are the central tenets (and self-fulfilling prophecies) of life in the digital age. ... In this world, the ability to write code has become not just a desirable skill but a language that grants insider status to those who speak it. They have access to what in a more mechanical age would have been called the levers of power. ... whether you like this state of affairs or hate it—whether you’re a member of the coding elite or someone who barely feels competent to futz with the settings on your phone—don’t get used to it. Our machines are starting to speak a different language now, one that even the best coders can’t fully understand.
There are a lot of directions in which to point fingers. There is Holmes, of course, who seemed to have repeatedly misrepresented her company. There are also the people who funded her, those who praised her, and the largely older, all-white, and entirely male board of directors, few of whom have any real experience in the medical field, that supposedly oversaw her. ... But if you peel back all of the layers of this tale, at the center you will find one of the more insidious culprits: the Silicon Valley tech press. They embraced Holmes and her start-up with a surprising paucity of questions about the technology she had supposedly developed. They praised her as “the next Steve Jobs,” over and over (the black turtleneck didn’t hurt), until it was no longer a question, but seemingly a fact. ... The system here has been molded to effectively prevent reporters from asking tough questions. It’s a game of access, and if you don’t play it carefully, you may pay sorely. Outlets that write negatively about gadgets often don’t get pre-release versions of the next gadget.
The United States Air Force, which runs the G.P.S. Master Control Station, in Colorado, calls G.P.S. “the world’s only global utility.” Wholly owned by the U.S. government, the system is available free to everyone, everywhere; an ISIS terrorist glancing at his phone for a position fix benefits from the Pentagon’s largesse as much as a commuter on I-95. Since the first G.P.S. satellite was launched, in 1978, the system has steadily become the most powerful of its kind. (Other countries have navigation satellite networks, but none are as dependable or as widely available.) There are now around seven G.P.S. receivers on this planet for every ten people. Estimates of the system’s economic value often run into the trillions of dollars. ... The Pentagon’s Defense Advanced Research Projects Agency recently determined that, within thirty seconds of a catastrophic G.P.S. shutdown, a position reading would have a margin of error the size of Washington, D.C. After an hour, it would be Montana-sized. Drivers might miss their freeway exits, but planes would also be grounded, ships would drift off course, commuter-rail systems would be tied up, and millions of freight-train cars with G.P.S. beacons would disappear from the map. ... Fortunately, a worldwide G.P.S. failure is unlikely. A hacker or terrorist would require either a weapon powerful enough to destroy the satellites or a way to infiltrate the heavily fortified Master Control Station. The bigger worry is spoofing, the transmission of a bogus G.P.S. signal that nearby receivers mistake for the real thing.
Since banks charge transaction fees and bake in markups to exchange rates, the duo’s frequent currency transfers were costing them a small fortune. One year Käärmann thought HSBC had lost some of his Christmas bonus because 500 euros less than expected arrived in his account. ... The Estonian software engineers devised a simple solution: Hinrikus would transfer euros from his Estonian bank account into Käärmann’s Estonian account, while Käärmann would transfer pounds from his British HSBC account to Hinrikus’ at Lloyds. This would save them on international transfer fees, as well as on currency drag since they used the real exchange rate, known as the midmarket rate. Soon they had a Skype chat going with other Estonians who wanted to exchange money this way. Eventually this Skype-linked money exchange forum morphed into TransferWise. ... TransferWise uses a system not unlike the ones big financial institutions use to “cross-trade” securities, without incurring costs or commissions, by internally matching buyers and sellers. In this case the official midmarket price offers clarity–neither side is speculating–so it’s simply a balancing process, as TransferWise’s computers simultaneously verify that both sides have the money ready to swap. Indeed, its matching system means funds rarely cross international borders. ... The company is now producing roughly $5 million in revenue a month versus about $1 million per month a year ago. ... Of the $150 trillion in currency-transfer volume annually, the consumer portion amounts to an estimated $3 trillion. ... Still, that’s a decent-size market, with the revenue generated from it exceeding $45 billion.
In the booming economy of drone technology, North Dakota has been an early and enthusiastic adopter. The Federal Aviation Administration chose it as one of six official drone test sites, and the entire state permits unmanned flights at night and at altitudes of 1,200 feet (as opposed to daylight and up to 200 feet, as per the rest of the nation). The U.S. Air Force, Air National Guard, and border patrol all pilot drones from Grand Forks Air Force Base. Adjacent to that, Northrup Grumman is building a facility as the anchor tenant at the Grand Sky unmanned aerial systems business and aviation park—the nation’s first. And the University of North Dakota launched the nation’s first undergraduate program in drone piloting in 2009. ... as oil prices plummet and production drops off, North Dakota sees drones as its chance to develop a bust-proof tech sector. ... This flat state’s chief selling point as a nascent drone industry, though, might not be what it has, but what it lacks: There are fewer people and things to collide with should your craft, as one airman put it, “come into contact with the ground.”
Let us say it plainly: Monsanto is almost surely the most vilified company on the planet. To its diehard critics it embodies all that is wrong with big, industrial agriculture—the corporatization of farming, the decline of smallholders, the excessive use of chemicals, a lack of transparency, and, of course, the big one: the entry of genetically modified organisms into our food supply. The tri-letter acronym GMO has become a four-letter word to millions of people, from earnest middle-schoolers to purist Whole Foods shoppers. ... The United Nations’ Food and Agriculture Organization estimates that we must double the current level of food production to adequately feed a population predicted to hit 9.7 billion by 2050—and we’ll have to do it on less land (much of it scarce of water), using fewer resources. ... Historically, Monsanto has tried to increase farm yields through advancements in seed technology alone. Grant calls this “hubris”: “Twenty years ago,” he says, “we thought biotech was going to be the panacea.” In the past half-decade the company has begun to look beyond seed for answers. ... Breeding better seed has contributed to a more than 1% annual increase in corn yields, experts say. Biologists, for instance, have created corn plants that can be clustered closer together, meaning there can be more stalks per acre. Still, that yearly growth rate would leave the U.S. average below 200 bushels by the end of the decade—far from Hula’s corn bonanza and nowhere near enough to feed the planet. ... Combined, those seeds now fill some 400 million acres around the globe. That’s a fraction of the nearly 4 billion acres of land the UN estimates is being cultivated. Climate Corp.’s chief technology officer Mark Young doubts that that Monsanto could ever get to a billion-acre footprint just by being a seed company, “but as a decision-based company, it seems to have a really good shot.” Monsanto, for example, doesn’t sell grape seeds, but it could some day advise grape growers on how to increase their yields.
The production of plastic requires large amounts of fossil fuels, and its disposal has led to landfills and oceans overflowing with waste. ... If we’re to get out from under the all the plastic we’ve created and thrown away, we’re going to have to do two things: find renewable sources from which we can make environmentally friendly plastics, and devise ways to clean up the plastic we’ve already discarded. ... Fortunately, researchers are working on solutions to address both these needs.
Xiaomi’s tale may sound like merely another iteration of that now familiar headline, tech unicorn gallops into wall. But Xiaomi (pronounced “SHAO-me,” with the first syllable sounding like the “show” in “shower”) isn’t just any privately held, multibillion-dollar startup. It’s a rising power in a nation eager to prove that its consumer-oriented companies can compete globally. ... The company didn’t attain that valuation on the strength of its phones, though those get raves in the tech press (and have even made Xiaomi modestly profitable) while selling for half the price of an iPhone. No, private investors judged Xiaomi to be more valuable than FedEx or Caterpillar or Delta Air Lines because of the promise that it could build a network of products, services, and recurring revenues—an ecosystem like Apple’s—not just in China but around the world. ... If anything, Xiaomi’s idea of an ecosystem is more ambitious than Apple’s. Apple focuses on services like iTunes and a tightly focused suite of tablets, computers, and smartphones. Xiaomi envisions a sprawling Internet of things. The company hopes you will someday control your Xiaomi water purifier, Xiaomi air filter, and Xiaomi mood lighting—an entire Xiaomi smart home, essentially—with a few taps on your phone. ... as Xiaomi’s progress slows, there’s growing skepticism that a startup without innovative technology of its own or much success outside of smartphone sales can produce an ecosystem anywhere nearly as big or “sticky” as Apple’s and Google’s. ... Xiaomi’s team works primarily with outside companies. The company partners with hardware startups (and often creates new ones), providing seed money for ecosystem products. Xiaomi avoids taking full control, encouraging the founders to act like risk-taking entrepreneurs. The company gets an exclusive deal to sell most of the startups’ products, and in turn the startups, now numbering 55, get access to Xiaomi’s supply chain, marketing, and even its industrial engineers.
Farms, then, are becoming more like factories: tightly controlled operations for turning out reliable products, immune as far as possible from the vagaries of nature. Thanks to better understanding of DNA, the plants and animals raised on a farm are also tightly controlled. Precise genetic manipulation, known as “genome editing”, makes it possible to change a crop or stock animal’s genome down to the level of a single genetic “letter”. This technology, it is hoped, will be more acceptable to consumers than the shifting of whole genes between species that underpinned early genetic engineering, because it simply imitates the process of mutation on which crop breeding has always depended, but in a far more controllable way. ... Understanding a crop’s DNA sequence also means that breeding itself can be made more precise. You do not need to grow a plant to maturity to find out whether it will have the characteristics you want. A quick look at its genome beforehand will tell you. ... Such technological changes, in hardware, software and “liveware”, are reaching beyond field, orchard and byre. Fish farming will also get a boost from them. And indoor horticulture, already the most controlled and precise type of agriculture, is about to become yet more so. ... In the short run, these improvements will boost farmers’ profits, by cutting costs and increasing yields, and should also benefit consumers (meaning everyone who eats food) in the form of lower prices. In the longer run, though, they may help provide the answer to an increasingly urgent question: how can the world be fed in future without putting irreparable strain on the Earth’s soils and oceans?
The group of European black-hat hackers who launched the attack against New York had spent much of the previous decade breaking into American corporate networks — credit-card companies, hospitals, big-box retailers — mostly for profit, and sometimes just because they could. When those attacks became routine, the group moved into more politically inclined hacks, both against and on behalf of various governments, rigging elections15 and fomenting dissent. In the summer of 2016, the hackers received an anonymous offer of $100 million to perform a cyberattack that would debilitate a major American city. ... to self-identified anarchists with a reflexively nihilistic will to power, the proposition had some appeal. Causing disruption was something that had been on their minds recently, as their conversations veered toward the problems with global capitalism, the rise of technocentrism, bitcoin, and the hubris required to nominate a man like Donald Trump. Their animus got more personal when American authorities arrested a well-respected white-hat hacker who had broken into an insulin pump in order to show the dangers of connecting devices without proper security. The black hats were on the opposite end of the ideological spectrum but had more empathy for their fellow hacker than they did for the American people, who, they felt, deserved a comeuppance ... The plan was to show how much of modern life in a city like New York could be disrupted by purely digital means. The hackers would get paid, but they also hoped their attack would dent America’s complacent faith in order and in the technology and political authority that undergirded it. As a bonus, their services would be in even greater demand.
No matter where we work in the future, Nadella says, Microsoft will have a place in it. The company’s "conversation as a platform" offering, which it unveiled in March, represents a bet that chat-based interfaces will overtake apps as our primary way of using the internet: for finding information, for shopping, and for accessing a range of services. And apps will become smarter thanks to "cognitive APIs," made available by Microsoft, that let them understand faces, emotions, and other information contained in photos and videos. ... Microsoft argues that it has the best "brain," built on nearly two decades of advancements in machine learning and natural language processing, for delivering a future powered by artificial intelligence. It has a head start in building bots that resonate with users emotionally, thanks to an early experiment in China. And among the giants, Microsoft was first to release a true platform for text-based chat interfaces ... The company, as ever, talks a big game. Microsoft's historical instincts about where technology is going have been spot-on. But the company has a record of dropping the ball when it comes to acting on that instinct. It saw the promise in smartphones and tablets, for example, long before its peers. ... Xiaoice, which Microsoft introduced on the Chinese messaging app WeChat in 2014, can answer simple questions, just like Microsoft's virtual assistant Cortana. Where Xiaoice excels, though, is in conversation. The bot is programmed to be sensitive to emotions, and to remember your previous chats.
The Hubble takes advantage of its position 360 miles above the surface to gather information that would be absorbed by the atmosphere. It sees mainly in the visible part of the spectrum, extended slightly into the near infrared and ultraviolet. But there is much information about the Universe that is invisible even to the Hubble Space Telescope—and that's where NASA's much hyped, two-decades-in-the-making, $8.8 billion-plus James Webb Telescope comes in. ... In space, no one can hear you scream, and there's precious little to taste or feel. We get some data from the flux of various particles, but most of what we know about the cosmos comes in the form of light. Some of this light falls in the visible part of the spectrum and forms the images brought to us by optical telescopes. These range in quality from nearly all amateur hardware to the orbiting Hubble. ... But there are crucial insights hiding in other parts of the electromagnetic spectrum, as well. The collection of microwave data led to the analysis of the cosmic microwave background, verifying key elements of the Big Bang model. The search for forming planets and advanced extraterrestrial civilizations is carried out using radio astronomy. ... The infrared part of the spectrum, just as the others, carries unique types of information. We’ve known for a long time that our Universe is expanding and that the farther away something is, the faster it is receding from us. The velocity of light in a vacuum is always the same, so its color is shifted if there is a relative velocity between us and its source. If we are moving closer together, the spectrum is shifted toward smaller wavelengths, a so-called blue shift. And if the source of light is moving away from us, its spectrum is shifted toward longer wavelengths: a red shift.
The costs of air traffic control have continued to rise, as has the size of the controller workforce. Decades of steadily increasing air traffic have put excess pressure on air traffic controllers. Planes fly around the clock, and the greenest controllers get saddled with overnight or odd shifts, often stuck in a dark room while senior employees opt for cushy positions in places with little air traffic and good weather. ... It's a mess. But it doesn't have to be this way. ... While the FAA accepted this kind of GPS-based system in theory, it took years to develop compatibility software to allow controllers to receive radar-like position information for their screens. Once this system became operational in Pacific and North Atlantic airspace, it took the FAA more than a decade of testing to adopt a similar program for domestic airspace. In 2003, the FAA put an indefinite hold on development. It wasn't until 2012 that the program relaunched with the capability to begin this year. Even so, it won't be fully operational until 2025. ... The FAA, a government agency, must prove competitive due diligence and receive authorized appropriations from Congress, whose representatives aren't always motivated to close down obsolete facilities, especially if it means losing jobs in their districts. Even the FAA's current plan for bringing in satellite-based nav relies heavily on radar as a backup for GPS surveillance, which reduces funding for a new and modern system. ... Sometimes a controller literally calls the next person in line. Sometimes controllers pass information written on plain old paper. ... What if the business of air traffic control were to break off from the FAA, freeing the system from the bureaucracy of a federal government agency? This isn't just idle talk. The International Civil Aviation Organization (ICAO), a specialized agency created by the United Nations to manage aviation standards among its 191 member states, recommends all nations separate air traffic control from aviation safety agencies. While nearly all member countries do so, the United States has not.
Risk scores, generated by algorithms, are an increasingly common factor in sentencing. Computers crunch data—arrests, type of crime committed, and demographic information—and a risk rating is generated. The idea is to create a guide that’s less likely to be subject to unconscious biases, the mood of a judge, or other human shortcomings. Similar tools are used to decide which blocks police officers should patrol, where to put inmates in prison, and who to let out on parole. Supporters of these tools claim they’ll help solve historical inequities, but their critics say they have the potential to aggravate them, by hiding old prejudices under the veneer of computerized precision. ... Computer scientists have a maxim, “Garbage in, garbage out.” In this case, the garbage would be decades of racial and socioeconomic disparities in the criminal justice system. Predictions about future crimes based on data about historical crime statistics have the potential to equate past patterns of policing with the predisposition of people in certain groups—mostly poor and nonwhite—to commit crimes.
Defaults are the settings that come out of the box, the selections you make on your computer by hitting enter, the assumptions that people make unless you object, the options easily available to you because you haven’t changed them. ... They might not seem like much, but defaults (and their designers) hold immense power – they make decisions for us that we’re not even aware of making. Consider the fact that most people never change the factory settings on their computer, the default ringtone on their phones, or the default temperature in their fridge. Someone, somewhere, decided what those defaults should be – and it probably wasn’t you. ... What if I told you there was one simple change you could make in a school cafeteria to get children to eat more salad? It doesn’t cost anything, force anyone to eat anything they don’t want, and it takes only a few minutes to fix. And it happened in real life: a middle school in New York moved their salad bar away from its default location against a wall and put it smack in the middle of the room (and prominently in front of the two cash registers, as seen in the diagram below). Salad sales more than tripled.
Even before all of Fuhu's money disappeared, Mitchell was having a doozy of a month. Three weeks before, he and his co-founder, Robb Fujioka--Fuhu's mastermind and headstrong president--had been contacted by attorneys representing the company's primary manufacturer, Foxconn. The Chinese giant was more than just a vendor. It was an investor and patron that had been instrumental in launching Fuhu on its meteoric rise. With gross revenue of $196 million and a three-year growth rate of 158,957 percent ... But behind the scenes, the company was falling apart. In recent months, it had racked up unpaid bills from just about everyone it did business with. And Foxconn--to which Fuhu owed between $60 million and $110 million, depending on who was counting--had finally reached its breaking point. The lawyers told Fujioka and Mitchell that until they paid their tab, their company would be cut off. ... The consequences of losing their supplier were laid out in a thick stack of a Tennenbaum loan agreement that the Fuhu bosses had never bothered to read. ... The rise and fall of Fuhu is a cautionary tale about the seductions of early success and the overconfidence it can breed. But most of all, it's the story of two entrepreneurs who pushed too hard to go big--one whose personal drive led him to take oversize risks against the advice of those around him, and one who failed to stop him.