Following my article on the implications of the so-far-very-profitable “sustainable capitalism” approach of Al Gore’s Generation Investment firm in London, and the previous call-and-response you’ll see further down on this page, some more reader response.
First, from a veteran of the U.S. high tech industry who is now a professor in Israel:
Like Felix Salmon, I have an active BS detector that begins to buzz when the success of what is essentially a technical advance (usually something that I encounter in a popular treatment of an engineering breakthrough, like recent stories on i-phone sized cameras with 16 different lenses and imaging chips) is defended by one number and a lot of good intentions.
The Institutional Investor article which you link to leaves me feeling much better about the likelihood that Generation is really doing well for fundamentally sound reasons, and will have a broader impact. It does make the case that others are following similar directions.
A theme in these two articles which caught my interest is that European investors and governments take a broader, more philosophical approach to capitalism than does the US. (Leaving aside the London Whale and similar stories.)
In the world that I see, European support for research in science and technology, this is definitely true. The EU's programs, such as Horizon 2020, have broader boundaries, and their goals combine technical excellence with sustainability and industrial exploitation. "Welfare capitalism" is accepted, e.g. Airbus. In the US, the NSF and DARPA seem to care most about continuing US scientific and military dominance on steadily shrinking uncertain budgets. Perhaps each side of the Atlantic is still thinking in terms that have not changed much since the 1950s.
And from an American with extensive experience in big-project investments (and also environmental projects):
It is going to be a stretch just to get investors to put their money into things that are good for the world and also yield no more than the level of returns that the investors are otherwise accustomed to (especially at no greater than customary risk to the investors). In fact, it is also going to be quite difficult just to find such investment opportunities for them, and to structure them so that they actually are good for the world and also actually do yield even customary returns with customary levels of risk.
It may be possible to invest in things that are good for the world and also produce HIGHER than customary returns at no more than ordinary levels of investor risk. But people familiar with finance and investing will so skeptical of that proposition that even if Generation has indicated that it has already accomplished this (to some extent), the cognoscenti are likely to think: Really? To what extent, exactly? And how scalable/replicable is this – currently – even if Generation has actually accomplished it (to some extent).
Cut through Salmon’s screed, and those are essentially the questions he’s asking. A subsidiary set of questions, to which he also alludes, arises around how acting largely like a hedge fund buying and trading securities – not investing in projects directly, or in start-up companies – actually advances the “good for the world” cause.
On politics, from a reader in California:
I know that Mr. Gore has done a lot to bring the climate change issue to the fore and that with Current TV he promoted progressive ideas, but this Generation thing is a bit of a head-scratcher.
Here is a man who had built the mechanism and personal brand to influence tens of millions of Americans to take action (i.e., vote) on progressive ideas. One would think that he could have carved out a larger roll for himself being involved in the public discourse and getting people more active in politics.
But instead he chooses to get into investment management? Seriously? It seems that the guy he really admired was not Gandhi but Mitt Romney. And meanwhile, after building Bain, Mitt Romney longed to attain to the status and influence that already belonged to Al Gore as a trusted political voice and leader.
I can’t help but think that the 52 year old Gore could have used his energies much better than running after pension funds to play with their money and get returns that were 2-3% higher than average. Whooopde do. I wish he had instead worked in building coalitions to elect leaders that make a difference.
I have responses on many of these points but will save them for an upcoming round. For now, thanks to these and other readers. Again the point of my article was to try to get the “sustainable capitalism” concepts into broader discussion, and scrutiny, by the non-financial-pro part of the public. So responses pro and con all advance the cause.
The new issue has my piece on the Generation Investment Management firm co-founded more than a decade ago by Al Gore, and why Gore thinks its profitable track record can shift capitalist incentives in a pro-environmental direction. I hope you’ll read it, because I think the arguments Gore and colleagues are making bear directly on the “saving capitalism from itself” debate that has been running for years in Europe and which the Democratic candidates waded into during this week’s debate.
Yesterday I posted a long, largely skeptical response by the financial writer Felix Salmon, of Fusion. You’ll see it lower down on this page. Salmon had once looked into Generation himself, and he had questions about both the details of its operation and the significance of its example.
My purpose in this story is different from that of some others I’ve written. For instance, in the big Chickenhawk Nation piece I did in January, the narrative structure boiled down to: I’ve been wrestling with this topic for years, I’ve been reporting on it in recently, and now I have a line of argument. So sit back and let me see if I can convince you. Some other long stories, on fields I’ve dealt with for decades, follow that same structure (for instance this and this and this and this or this.)
Many other stories are in more straightforwardly reportorial mode. (The Atlantic is one of a handful of publications comfortable with both.)
For those stories the narrative structure boils down to: I heard about some new subject, I found out what I could, and now I am going to show and tell you what I’ve seen, which you may not have heard about before. Most of my reporting from China was in this second category, and so in this current story about Generation.
At face value, I find the Generation story an example very much worth taking seriously, on a subject of tremendous world-wide importance. And at a minimum I find very interesting. But my main ambition with this story was to move the “sustainable capitalism” argument closer toward the limelight of public attention and discussion, both by financial experts and by informed amateurs. Toward that end, even a note as querulous as Salmon’s helps the discussion.
Nothing that follows should be construed as an response from Al Gore, David Blood, Miguel Nogales, Mark Ferguson, or the other Generation co-founders I write about in the story. I haven’t spoken with any of them. These are my answers, based on things I learned during my reporting or inferences I make. Their intention is to put in context questions like those Salmon raises. Here goes, starting with a lot of specific points.
Is the Generation team cooking the books, index-shopping, “p-hacking,” or in other ways cheating by choosing the MSCI World Index as the benchmark for their success? (Over the past 10 years, that MSCI index had a 7 percent average annual return. Generation averaged 12.1 percent.) Answer: Not as far as I can see. From the start the broadly accepted MSCI World Index was the benchmark for their global-equity fund, which accounts for most of their holdings.
Why not use the better-performing S&P 500 as a benchmark? Because that is a U.S. index; their holdings are international.
What is the MercerInsight assessment that shows Generation’s results to be so strong? It’s from Mercer, a well-known firm that among its products offers a proprietary assessment of asset-manager performance. That is where I got my figures. Also a recent article in Institutional Investor quoted another source, eVestment, as saying that Generation’s returns had been 12.14 percent over the past decade, versus the 12.1 percent I attributed to Mercer.
Does Generation really have $12 billion under management? That’s what they tell the regulators.
Why has Generation closed its best-performing global equity fund? In London they told me they were deliberately capping its size because they did not want to let it get unmanageably large. Instead they have been opening new funds.
Why do they have a $3 million minimum-investment threshold? Their clients are mainly big institutional investors.
Do they hold any bonds? The global-equity fund is mainly for stocks.
Do they actually hold shares longer than other managers? When I asked, they said that their average share-holding duration was 3 years. I didn’t check systematically, but published reports suggest that many managers turn over their entire portfolio within a year or less.
Why are they buying only companies they like, rather than shorting companies they don’t? I asked this in London and was told that they consider themselves an investment fund, not a hedge fund. That is, as one of their people put it to me, “We want to reward companies we think are doing well, not penalize ones we think are doing poorly.” For better or worse it’s a deliberate choice.
Why do they hold less of the Irish company, Kingspan, than they used to? Because (as they told me when I asked) they have a “value” measure as well as a “sustainability” measure. If they like a company but it’s too expensive, they don’t buy. If they like it but it gets too expensive, they sell.
Do they really interact with management, as active “owners”? That’s what they said. “We want to be active owners, not activists,” one said.
Is Al Gore more than a rainmaker? They claim he is.
Why didn’t I write more about the mechanics of buying and selling? I thought I did a fair amount, but for more you can check an explicitly financial publication (Institutional Investor) or a business case study (this proprietary one from Harvard Business School).
Now, the big and important question:
Does anyone at Generation imagine that, on their own, they’re changing the course of capitalism? That’s not what I understood. I understood them to say that their track record deserved consideration as a test case of the proposition that “sustainable” investment could bring high returns.
As it happens, that’s just what I said in the piece: “Their demonstration has its obvious limits: It’s based on the track record of one firm, which through one decade-long period has managed assets that are merely boutique-scale in the industry’s terms…. Generation’s goal is to present an example of a less environmentally and socially destructive path toward high returns.”
Where can you read more, for the sorts of things I didn’t get to in the piece? Here is a start:
“Sustainable Capitalism,” the main “what we’re trying to accomplish” policy paper from the Generation Foundation, the advocacy arm of Generation, published in 2012.
“From the Shareholder to the Stakeholder,” an influential report last year from Oxford University and Arabesque partners, which I mentioned in my piece. It argued that recent evidence showed that long-term-minded, “sustainability”-conscious investors made more rather than less money.
The new issue (subscribe!) has my article on Generation Investment Management, the London-based financial firm Al Gore co-founded more than a decade ago. Generation has been very profitable, and Gore and his colleagues contend that its success should draw attention toward the rewards of environmentally conscious “sustainable capitalism.”
Felix Salmon, the prominent financial writer and senior editor for Fusion, has some thoughts about this piece, what Al Gore and his colleagues are up to, and what it all does or does not mean. As will become obvious, there are parts of Salmon’s letter I like and agree with more than other parts, and I think that many of his complaints boil down to this not being a different kind of article for a different kind of readership in a different, more financial-insidery kind of newspaper or magazine. Or by a different writer! Some other parts, I think, are versions of the “$20 bill on the sidewalk” outlook I mention in the article: the Gore/Generation practices can’t really be that successful, because if they were everyone would already have adopted them. (“That can’t be a $20 bill on the sidewalk, because if it were someone would already have picked it up.”)
But there are also some good fundamental questions he asks about the implications of this model, which I’m resisting answer piecemeal and will begin responding to tomorrow. For now, I’m grateful to Salmon for letting me quote it in full and kick off the discussion.
Felix Salmon writes:
This is a fascinating and yet frustrating article, at least for me. It’s by far the most in-depth thing that has ever been written about Generation, but I feel like it doesn’t really answer any of the questions I had about the company, most of which arose when I wrote this piece about why more investors don’t divest from fossil fuels. The Generation view would have involved me putting something in there about how solar is a much better investment than coal, or some such, but because Generation is so secretive about its results, I couldn’t really do that.
1: *How*, exactly, does the Generation model “shift the incentives of financial and business operations to reduce the environmental, social, political, and long-term economic damage being caused by unsustainable commercial excesses”? Is it basically just by saying to companies “if you behave this way, then we will be more likely to buy your stock”? It seems to me that whether or not Generation has done well for itself and its investors, there’s really no evidence at all that it has shifted any incentives even in the companies it invests in, let alone in the companies that it *doesn’t* invest in.
To take a big example, how, say, are Exxon Mobil’s incentives shifted by the the existence of Generation, and companies like it? The story says that Generation is “reducing the destructive side effects of modern capitalism”, but I don’t see any evidence of that?
2: The benchmark being used here is the MSCI World, which, fine, is as good a benchmark as any, I guess. (Although it ignores the bulk of all investable global assets, in that it includes no fixed-income bonds. Does Generation invest in bonds at all? Or anything other than publicly-listed stocks? From the story I’d guess not, but who knows.)
Still, you have to set your benchmark ex ante, not ex post. Did Generation say, when it was founded, that its benchmark was going to be the MSCI World? Because if it didn’t, this is basically the investment version of p-hacking. [JF note: More on p-hacking here.] The main benchmark that investors tend to use is the S&P 500, which has significantly outperformed the MSCI World over the past 10 years.
3: What is this Mercer “survey” on which the claims of outperformance are based? The piece annoyingly has no hyperlinks, even to things like public Andy Haldane speeches, so I’m unclear on whether the survey is even public. [JF note: I’ll try to restrain myself in general, but this doesn’t have links because it’s an article from the print magazine.] And is the 12.1% figure before or after Generation’s fees? How much is Generation charging for its revolutionary model?
4: More p-hacking: all we’re being told about here is the 10-year return of a single Generation fund, which may or may not be the one which is closed to new investment. Remember that because Generation is highly secretive about its results, it gets to open itself up to Jim Fallows on its own schedule, at exactly the point at which it can claim the best results. What we don’t see in the article is even a simple chart of the value of $1,000 invested in Generation: all we get is a single datapoint of the 10-year annualized return. Which is interesting enough, as far as it goes, but how’s the 5-year return? The 3-year return? And, more importantly, what are the *investor* returns, as opposed to the *investment* returns?
If I could only get one number from Generation, this is the one I’d be most interested in: what is the average annualized return per dollar invested with the company? Here’s my suspicion: that Generation launched with a small amount of seed investment from its founders and maybe a passel of other Davos Man types. (Big institutional investors don’t even tend to consider a fund for investment until it’s at least 3 years old.)
During its first three years, when it was very small, Generation managed to do extremely well — so well, indeed, that it was able to attract billions of dollars in institutional capital. (We’re told Generation has $12 billion in AUM, although investment firms have all manner of ways of exaggerating that number, and I’m not sure I believe it.) But in the years since — in the years in which it has been a multi-billion-dollar investment fund — Generation has not been able to replicate the results it had when it was small, and as a result, none of its institutional investors have seen the 12% returns that you talk about. Has Generation actually managed to prove that it can deliver above-market returns to investors? I’m still unconvinced on that front.
5: Talking of which: Why is the fund closed to new investment? Ambitious investment managers like Blood and Gore don’t tend to do such things unless there’s some kind of problem with the fund in question. Best case scenario is that the fund can’t scale: it works when it’s small, but not when it has real money. Worst case scenario is that the fund is just doing really badly, however well it did in the early years.
For that matter, what’s with the $3m minimum, not being open to normal investors, etc? If this is going to revolutionize capitalism, rather than just being a feel-good diversification play for the ultra-rich, why can’t all of us be part of it? And why is Al Gore, of all people, gating himself off from 99.9% of the population who might be interested in going down this road?
6: The noncommittal quote from David Rubenstein is golden. But isn’t it that case that the likes of Rubenstein have vastly more ability to actually change the way that companies are run than the likes of Blood & Gore? Rubenstein has almost total control of the companies he buys. He can run them as sustainably as he likes, with an eye to as many different bottom lines as he likes. He can change them in deep, far-reaching ways. Whereas all that Generation can do, really, is buy and sell stocks on the secondary market.
Even Larry Fink, with his trillions under management, can’t do much more than that: look how much of his company is iShares, for instance, and other passive investment vehicles which give managers essentially no discretion over what to buy and sell.
7: But also, Rubenstein is right about constraints. Generation is trying to make money by trading in and out of roughly 125 companies, all of which are, to a greater or lesser degree, “sustainable”. That’s great. But what would happen if it then gave itself the *option* to trade in and out of other companies which are *not* sustainable? That option has some value, no? Would it not help if Generation understood Exxon Mobil well enough to be able to short it, rather than just taking long positions in its cleantech competitors?
8: There’s lots of talk in this piece about the problems of short time horizons, with a hinted implication that Generation’s time horizons are long, or at least longer. But some numbers would be really helpful here. Are Generation’s time horizons longer than any other institutional fund manager? How long does Generation hold on to its positions, on average, and how does that number compare to its more conventional competitors? That kind of thing. I’m perfectly willing to believe that Generation’s *analysis* involves a long-term outlook. Almost all stock analysis does. But does its investment behavior reflect that?
9: There’s also a bunch of talk about inequality, and wealth disparity, and that kind of thing — but how does running billions of dollars for major institutional investors, and delivering above-market returns on those billions, *decrease* inequality? Surely the more successful Generation is, the richer rich people like Al Gore become, and the more that inequality goes up.
10. It seems obvious to me that Gore’s job at Generation is the classic chairman job of asset-gathering. He’s not picking stocks, or making buy or sell decisions, or anything like that: he’s a sales guy, trying to persuade huge institutions to give him some of their billions. He’s also had ten years to perfect his sales pitch. When faced with a guy like that, you naturally need to have a certain degree of skepticism about what he’s selling, unless you can independently come to the same conclusions.
But it seems to me that Gore has almost complete control over what he chooses to reveal about Generation’s results, when he chooses to reveal it, and what he keeps secret. No one can do the kind of independent analysis on Generation that Generation does on the companies it invests in. Or if they can, they can only do so under strict NDAs. I’d love to know whether you talked to any of the investors in Generation, to see whether they are actually as happy with Generation’s returns as Gore would like us to think that they are. [JF: OK, I can’t resist on this either. Yes.] Or, better yet, whether he talked to anybody who kicked the tires and decided *not* to invest.
11. How does the actual business of buying and selling work? This is incredibly vague to me. The only example in the article is that of Kingspan, where we’re told that Generation bought 5% of the company in 2007, and then bought more and more stock when it got cheaper. Which implies to me that it should have well over 5% of Kingspan right now — but a quick Google search shows that in fact it only has 3.87%. Did Generation cash out when its investment became profitable? Did it even make money on Kingspan? I’m very unclear on what the Kingspan story is meant to be telling us.
12. There’s a lot of mean stuff written in this article about other firms on both the buy side and the sell side, and how short-termist they are, and how obsessed they are about stock price, and how their live events and conferences are incredibly narrowly focused, and stuff like that. But of course no names are named, at least on the buy side, and I do wonder how much of a straw man this is. The investors I know tend to spend a very great deal of time looking at long-term trends and the like, while it’s obvious to me that Generation, just like any other shop, has traders who are ultimately in charge of buy and sell decisions and who Jim probably didn’t talk to at all. Is Generation really all that different? Isn’t compensation based on 3-year performance, for instance, pretty standard for this kind of company?
13. In any event, even if Generation and investors like it do succeed in getting above-market returns from long-term investments in sustainable companies, how does that change anything? If you’re a long-term investor, after all, then pretty much by definition you’re not a marginal price-setter; that’s always going to be a short-term hedge fund or algobot. The effect on companies’ share prices is going to be de minimis, and the effect of companies’ share prices on the planet is going to be even smaller. I really don’t see how a tweaked investment strategy for rich institutions is going to Reform Capitalism, let alone change the planet, or reduce inequality, or anything like that. I mean, Al Gore is (sorry) no Warren Buffett. And even Warren Buffett hasn’t really changed anything!
Thanks to Felix Salmon for a bracing kickoff to a discussion. Stay tuned for more.
In every issue and most every article, we try to tell you about ideas and developments you might not have come across before. As a reporter, I like the job best, and feel most alive, when being exposed to some new-to-me culture or organization or approach to life. A Chinese factory, a software startup, a genomics-research lab, an aerospace design center, a Border Patrol unit—these are the sorts of places that I’ve had the luck to spend time inside, begin learning about, and try to describe in the magazine. The structure of a great many of our Atlantic stories, and nearly all of mine, then boils down to: “Here’s a question I had, here’s how I looked for answers, and here’s what I found.” That’s what I’ve done in this case, and I think the results contain genuine news.
Through the past few months I’ve had what I found one of the most engrossing of these exposures. It’s the one this piece describes, involving the Generation Investment Management firm of London, which Gore helped found. In the article I do my best to describe why the firm’s approach to the world is interesting, unusual, and potentially quite significant — and why its approach has led to better returns than virtually any other asset-manager in its class. I’ll let you go there yourself to judge the case the company is making. Why the “green Warren Buffett” comparison? Because Buffett shifted investment strategies by showing that his could pay outsized returns. That is what Gore is attempting as well.
Just one other word of set-up: perhaps the most interesting substance sections of tonight’s Democratic debate on CNN about the future of capitalism. That wasn’t something you’d expect from this kind of event, but it came up — and it isdirectly connected with the ideas Gore is dealing with. Over to the article for more.
Meanwhile, I talked with Kai Ryssdal of Marketplace about the piece, for a segment they ran this evening. You can find it here.
An overlooked corner of the Constitution hints at a right to be protected from infection.
Ever since state governors began implementing stay-at-home orders to contain the coronavirus pandemic, protesters have resisted such safety measures under the belief that they violate constitutionally guaranteed liberties. Proposals to mandate mask wearing have collided with allegations of First Amendment violations. Orders to close gun stores have clashed with concerns about Second Amendment freedoms. But a profound historical counter-vision to these ideas about “individual liberty” can be found in one of the most neglected and underappreciated corners of the Bill of Rights: the Third Amendment.
“No soldier,” the amendment reads, “shall, in time of peace be quartered in any house, without the consent of the owner, nor in time of war, but in a manner to be prescribed by law.” Federal courts have rarely invoked it, and in 2015 even rejected a Third Amendment claim against police officers’ occupation of a house. Now the subject of memes, the amendment, in the words of the legal historian Morton Horwitz, is an “interesting study in constitutional obsolescence.”
“Our boyfriends, our significant others, and our husbands are supposed to be No. 1. Our worlds are backward.”
Kami West had been dating her current boyfriend for a few weeks when she told him that he was outranked by her best friend. West knew her boyfriend had caught snatches of her daily calls with Kate Tillotson, which she often placed on speaker mode. But she figured that he, like the men she’d dated before, didn’t quite grasp the nature of their friendship. West explained to him, “I need you to know that she’s not going anywhere. She is my No. 1.” Tillotson was there before him, and, West told him, “she will be there after you. And if you think at any point that this isn’t going to be my No. 1, you’re wrong.”
If West’s comments sound blunt, it’s because she was determined not to repeat a distressing experience from her mid-20s. Her boyfriend at that time had sensed that he wasn’t her top priority. In what West saw as an attempt to keep her away from her friend, he disparaged Tillotson, calling her a slut and a bad influence. After the relationship ended, West, 31, vowed to never let another man strain her friendship. She decided that any future romantic partners would have to adapt to her friendship with Tillotson, rather than the other way around.
Some of Trump’s most committed Catholic supporters have leveled dark charges against Biden as they battle to sway the vote in crucial swing states. And wait until you hear what they think of the pope.
Joe Biden or Donald Trump: Who’s the better Catholic? If this seems like an odd question to raise in the context of a race for the highest secular office in America—and a race in which one of the two candidates is Protestant—never mind. Both campaigns, and their surrogates, are hotly contesting the answer.
The ex–Notre Dame football coach Lou Holtz slammed Biden as a “Catholic in name only” in his appearance at the Republican National Convention.
“President Trump is ignoring Catholic teachings on care for the Earth, feeding the hungry, welcoming the immigrant,” Sister Simone Campbell, a social-justice activist who led a prayer at the Democratic convention, fired back in an interview with me not long after.
How anti-Trump women in America’s suburbs are ushering in a new era of political activism
To say that Susan Polakoff Shaw is a delight is to say nothing particularly controversial. The 61-year-old Ohioan’s charm is an objective fact, like snow being cold or a square having four equal sides. She laughs loudly and swears often. Her strawberry-blond curls are piled on the top of her head, like Ms. Frizzle, and she wears jean jackets, chunky jewelry, and blue plastic-framed glasses, like the kooky aunt you wish you had. She is also, importantly, a woman of action—“a mover and a shaker,” as one of her friends put it to me. Her one-woman communications firm, which she founded in 1991, has been hired by the International Olympic Committee to work press operations for 15 Olympic Games.
So naturally, when Shaw attended her first meeting of a local Democratic club in 2018, she saw it as her next big project. The gathering was fairly dull, a handful of older people seated around tables in an echoey ballroom on Cleveland’s west side. There was pizza, sure, and a lineup of local speakers. But there was no attendance-taking, no callouts for volunteers, no planning for weekend projects—even though the midterm-primary season was under way. Things have got to change if we’re going to beat Donald Trump, Shaw thought to herself as the meeting wrapped. And things did.
Totally Under Control delivers a damning—and essential—report card on the White House’s mismanagement of the pandemic.
Given the ongoing nature of the pandemic, it may seem senseless to make a two-hour film that looks back on how the coronavirus ran rampant in the U.S. And yet, Totally Under Control—from the Oscar-winning writer-director Alex Gibney and his co-directors, Ophelia Harutyunyan and Suzanne Hillinger—not only documents the chaos of 2020 with clear-eyed precision, but also successfully argues for its own existence.
Filmed in secret over five months, Totally Under Control (streaming on Hulu) uses news footage and interviews with experts and government whistleblowers to show how the administration missed each opportunity to either stop the virus from arriving in the U.S. or prevent its spread. The filmmakers present these events in rapid, blow-by-blow succession, lending the doc an urgency that contrasts with the languid federal response to the pandemic. The result is a film that—unlike 76 Days, the moving and intimate documentary on the lockdown in Wuhan, China, made without talking heads—feels shocking to watch in retrospect for its crisp frankness. Viewers may have grown numb to the constant churn of distressing news and learned to stomach the administration’s failure to contain the virus. But Totally Under Control refuses to look away, and being reminded of how many warnings went unheeded is unnerving.
Editor’s Note: Every Wednesday, James Hamblin takes questions from readers about health-related curiosities, concerns, and obsessions. Have one? Email him at firstname.lastname@example.org.
Dear Dr. Hamblin,
I’m perfectly healthy. I’m 42 and I exercise routinely, eat a whole-food, plant-based diet, and have excellent biomarkers. If I get the flu, chances are it will be mild and run its course. So why risk any potential negative side effects of a vaccine? To protect me against something that I might still get even with the shot? Even though I’m sure the risk is low, why should I potentially jeopardize my health? I guess I see only downsides and no upside.
Your concerns are widely shared, and your question is important. The answer is especially worth considering because the same logic that guides your decision will apply to the coronavirus vaccines in coming years.
The pandemic has revealed that higher education was never about education.
American colleges botched the pandemic from the very start. Caught off guard in the spring, most of them sent everyone home in a panic, in some cases evicting students who had nowhere else to go. School leaders hemmed and hawed all summer about what to do next and how to do it. In the end, most schools reopened their campuses for the fall, and when students returned, they brought the coronavirus along with them. Come Labor Day, 19 of the nation’s 25 worst outbreaks were in college towns, including the University of Mississippi in Oxford, Iowa State in Ames, and the University of Georgia in Athens. By early October, the White House Coronavirus Task Force estimated that as many as 20 percent of all Georgia college students might have become infected.
Where the desperation of late-stage meritocracy is so strong, you can smell it
Photo illustrations by Pelle Cass
Updated at 10:03 a.m. ET on October 19, 2020.
To make the images that appear in this story, the photographer Pelle Cass locked his camera onto a tripod for the duration of an event, capturing up to 1,000 photographs from one spot. The images were then layered and compiled into a single digital file to create a kind of time-lapse still photo.
Image above: Cornell versus Dartmouth, women’s lacrosse, October 2019
On paper, Sloane, a buoyant, chatty, stay-at-home mom from Fairfield County, Connecticut, seems almost unbelievably well prepared to shepherd her three daughters through the roiling world of competitive youth sports. She played tennis and ran track in high school and has an advanced degree in behavioral medicine. She wrote her master’s thesis on the connection between increased aerobic activity and attention span. She is also versed in statistics, which comes in handy when she’s analyzing her eldest daughter’s junior-squash rating—and whiteboarding the consequences if she doesn’t step up her game. “She needs at least a 5.0 rating, or she’s going to Ohio State,” Sloane told me.
On the Rocks, starring Rashida Jones and Bill Murray, is a dose of much-needed escapism.
Sofia Coppola is no stranger to ennui. From the death-obsessed ’70s teens of her directorial debut, The Virgin Suicides, to the disaffected heroines of Lost in Translation, Marie Antoinette, and Somewhere, the filmmaker has long fixated on emotionally and physically isolated characters looking for a sense of purpose. Coppola should be the perfect storyteller for 2020, a year when monotony has ruled so many people’s lives. And boredom certainly plays a role in her new movie, On the Rocks, which is available to stream on Apple TV+ this week. But the film is a surprisingly fizzy bit of escapism, one that unfolds in a nearly forgotten, dreamlike environment of yesteryear: the crowded bars and restaurants of Manhattan.
QAnon has become a linchpin of far-right media—and the effort to preemptively delegitimize the election.
Whether President Donald Trump wins or loses, some version of QAnon is going to survive the election. On the day of the vice-presidential debate between Mike Pence and Kamala Harris, the individual or group known as “Q” sent out a flurry of posts. “ONLY THE ILLUSION OF DEMOCRACY,” began one. “Joe 30330—Arbitrary?—What is 2020 [current year] divided by 30330? Symbolism will be their downfall,” read another, darkly hinting at satanic numerology in Joe Biden’s campaign text-messaging code. Vague, foreboding messages that could mean anything or nothing—these are the hallmarks of QAnon, the far-right conspiracy theory, built around Q’s postings on internet message boards, in which Trump is heroically battling a global cabal of devil-worshipping pedophiles. But something noteworthy lurked in Q’s final post of the night: “SHADOW PRESIDENT. SHADOW GOVERNMENT. INFORMATION WARFARE. IRREGULAR WARFARE. COLOR REVOLUTION. INSURGENCY.”