Charles Hollis “Chuck” Taylor looked down at his shoes and saw opportunity.
His Spaulding basketball sneakers were killing his feet.
Tired of the pain, the player hobbled into Converse Rubber Co. in 1921 and told owner Marquis Converse what he wanted — a sneaker with a higher ankle and a patch for better support, and a rubber sole with treads that made for a better grip for faster running and breaks.
Converse agreed to cobble one together. The upgraded All-Star shoe was born.
Over the next half-century, Taylor almost single-handedly established the Converse All-Star as the most popular athletic shoe ever.
Known as Chucks in tribute to Taylor, the shoes sold 750 million pairs before Converse was bought by Nike in 2003.
Taylor didn’t just build a brand. He also changed the face of basketball through integration, boosted the careers of some of the game’s most legendary coaches and helped make roundball one of the most popular sports in the world, notes Abraham Aamidor, author of “Chuck Taylor: Converse All Star.”
Category: Business
Madison’s Building “Boomlet”
Even as Madison, Wis., suffers arctic-like temperatures, there is a warm ray of hope for the commercial real-estate industry.
The city’s academic sector is seeing a building boomlet while developers in other parts of the country slam the brakes on new office buildings, stores and shopping centers.
A student-services hub at the University of Wisconsin-Madison is part of a larger mixed-use project called University Square.
About $600 million of new building projects are under construction on the University of Wisconsin-Madison campus and more than $450 million of additional projects are in the planning stage, said Alan Fish, associate vice chancellor of facilities planning and management at the university.A student-services center will officially open to students this week in a larger mixed-use development called University Square. The 1.1-million-square-foot project developed by Executive Management Inc., of Madison, also includes a rooftop garden, rental housing and about 125,000 square feet of retail space that is about 55% leased. The project, on the edge of the campus, is on land previously occupied by a one-story retail property, Mr. Fish said. Also under construction is the $150 million Wisconsin Institutes for Discovery, an interdisciplinary research complex scheduled to open in 2010.
The construction, part of a continuing effort to update the campus’s facilities since the 1990s, isn’t just changing the face of secluded ivory towers. “We’re smack dab in the middle of Madison,” Mr. Fish said. “Clearly the dynamism the campus has exhibited in the last five years has had a big ripple effect.”
Failure: The Secret to Success
Can the US economy afford a Keynesian stimulus?
Economic policy is based on a collection of half-truths. The nature of these half-truths changes occasionally. Economics as a scholarly discipline consists in the periodic rediscovery and refinement of old half-truths. Little progress has been made in the past century or so towards understanding how economic policy, rules, legislation and regulation influence economic fluctuations, financial stability, growth, poverty or inequality. We know that a few extreme approaches that have been tried yield lousy results – central planning, self-regulating financial markets – but we don’t know much that is constructive beyond that.
The main uses of economics as a scholarly discipline are therefore negative or destructive – pointing out that certain things don’t make sense and won’t deliver the promised results. This blog post falls into that category.
Much bad policy advice derives from a misunderstanding of the short-run and long-run impacts of events and policies. Too often for comfort I hear variations on the following statements: “The long run is just a sequence of short runs, so if we make sure things always make sense in the short run, the long run will take care of itself.” This fallacy, which I shall, unfairly, label the Keynesian fallacy, compounds three errors.
Via Yves Smith.
The Marshfield Clinic’s Electronic Medical Records System in the News
Joseph Calderaro, 67, is one of health care’s quiet success stories. Over the last four years, he has carefully managed his diabetes by lowering his blood sugar, blood pressure and cholesterol with diet, exercise and medication.
To keep on track, Mr. Calderaro visits his doctor, attends meetings for diabetes patients and gets frequent calls from a health counselor. It is a team effort, orchestrated by the Marshfield Clinic here. And it is animated by technology, starting with Mr. Calderaro’s computerized patient record — a continuously updated document that includes his health history, medications, lab tests, treatment guidelines and doctors’ and nurses’ notes.
To visit the Marshfield Clinic, a longtime innovator in health information technology, is to glimpse medicine’s digital future. Across the national spectrum of health care politics there is broad agreement that moving patient records into the computer age, the way Marshfield and some other health systems have already done, is essential to improving care and curbing costs.
There has been some loose talk about the Obama administration providing “incentives” for health care automation. These investments should be made on their merits, rather than funded by yet another taxpayer give-away.
Marshfield apparently built their own system, a competitor to Verona based Epic Systems.
Might this article be part of their initial marketing efforts to other health care organizations?
Milwaukee’s Eisner Museum of Advertising & Design
Current exhibits include: “Ads from the past: Coca Cola”. This fascinating museum is a gem in Milwaukee’s Third Ward, and at $5.00 a bargain as well.
The Year in Business: 2008
Party of the year: The $86,000 partridge-hunting trip funded by AIG, a government-rescued insurance firm, for some top clients. They had fun, but the public outcry was such that lots of other firms cancelled their holiday parties lest they be accused of wasting money in tough times. Cheers!
Badly-timed nickname: Awarded jointly to Whole Foods Market and Starbucks. Being known, respectively, as Whole Paycheck and Fourbucks is fine when the going is good, but not when consumers are obsessed with value for money. Both of these pricey retailers have had a miserable year. Whole Foods’ shares are down by 75% so far in 2008, and shares in Starbucks are down by over half.
In memoriam: A posthumous award for this year’s notable departures. Contenders include Alan Greenspan’s reputation as a great central banker; investment banks; the newspaper industry; sport-utility vehicles; fiscal prudence; the inexorable rise of BRIC economies and the theory that BRICs had “decoupled” from rich world economies; pay increases; and capitalism. But the winner is economic growth—gone, though one hopes not forever.
Delight Your Customers
Perhaps it is a sign of the times. Air travel, but for private jets that the very rich and our politicians use, rarely involves “delighting customers”. Happily, I can report an exception to this “rule”. While on travel recently, I visited the tourist class lavatory, only to find this flower gracing the cammode. Props to the United Airlines employee who took the time to add a smile to my face on that journey. More, please!
America’s Debt to Income Ratio as Compared with Other Countries
Seven of the top ten debtor nations are included in the world’s top ten economies. Not surprising. This is largely a result of widespread availability of affordable credit, and relatively large middle classes in these countries, and consequently a large ratio of home/property owners. Most popular rhetoric on the topic would claim that wealthy countries have grown accustomed to being wealthy and they are enthralled by consumerism – it could be argued that this high level of debt could be a result of a culture that is used to and willing to buy now, and pay later…even if it means with interest.
According to our data, Japan has the highest positive income (in gross terms) at US $2,892 Billion. Similarly, the US economy is $1,594 Billion. At the other side of the spectrum, Great Britain’s income to debt ratio is a US -$7,677 Billion, and that of France is -$1,890 Billion. But what do these statistics mean on an individual level? Well, if you were to boil down what each person in this country contributed to the nation’s income vs. debt ratio, the results would be startling. We would have to take into consideration the nation’s population to better understand this. And some may be surprised to see that the US does not fare quite as bad as imagined, comparatively:
Time to look at bonds but keep an eye on our heroes
Someone once said there are certain things that cannot be adequately explained to a virgin, either by words or pictures. It is therefore with some trepidation that I attempt to outline our investment policy. We are bullish on agriculture and bearish on the financial community. For 10 years we have contended that equity markets can, and do, stagnate for periods as long as a quarter of a century. Accordingly, we have refused to follow the market, choosing instead to invest in unleveraged sectors which have endured long bear markets.
However, there are complicating cycle considerations. A process of debt liquidation is under way that resembles a turning point heralding weaker global growth. This undermines almost all risk taking, including agriculture, and for this reason we presently favour only government bonds.
According to Prada: “There is a rejection of fakeness – the fake avant-garde.” And the inflation scare that took the price of oil to almost $150 per barrel, and created a hawkish central banking community, was perhaps the biggest head-fake of all. Certainly, the market for 10-year government bonds is beginning to think so. It is trading near a record high.
And today, even those regional Fed governors and hawkish European central bankers seem to see it as well. As I say, this is the time to own government bonds. But we are aware of just how out of sync we are with our heroes. Can the combined intellectual weight of Mark Faber, George Soros and James Grant all be wrong? Why do they insist on shorting Treasuries during the worst financial crisis since the Depression? I blame the Romans.