Respecting Capital

Perhaps without exception, every dollar that you have in your possession originally was the product of your labor. That is significant. It represents your own time that could have been spent doing anything you want, but instead, you worked. Not only did you work, but that money is a function of your surplus after paying taxes, housing, food, and the myriad other costs that are part of daily living. There is an almost sacredness to the pool of capital that is your surplus because it is just about the only thing in the world that can have the capacity to make you richer while you sleep. 

With this in mind, I obsessively focus on things that can impair capital or cause it to be lost entirely. If an investment fails, it usually does so for one of three reasons: (1) the good or service fails in the marketplace; (2) the … Read the rest of this article!

The Well-Done Steak Problem

Most chefs learn pretty quickly that the customer’s idea of what tastes best is different their idea of what makes a good meal. More than any other food item, chefs are astonished by the amount of restaurant patrons that request that their steak be cooked well-done (i.e. steak cooked at over 160 degrees Fahrenheit with no pink on the inside, containing effectively no juiciness).

Given the flavorings and taste that is lost while cooking a well-done steak, many chefs will think back upon their culinary school experience and try to channel the inner wisdom of the Irish political philosopher Edmund Burke, who once said: “Your representative owes you, not his industry only, but his judgment; and he betrays instead of serving you if he sacrifices it to your opinion.”

Online chef forums discuss methods for trying to pull a fast one on customers that order their steaks fully cooked—ranging from … Read the rest of this article!