|Eric Fischl does a fabulous job explaining not just how he goes about the creative process, but how his creative process came to be what it is.|
Eric Fischl’s 2013 autobiography, Bad Boy, is quite the piece of work – literally. His name was familiar to me, though his paintings were not. One of the New Kids that came of age, and fame, in the early 1980’s by putting figurative back into contemporary art. Julian Schnabel and David Salle being his contemporaries. The book is split pretty evenly between his personal history, professional life, thoughts on art, and making for often-uncomfortable reading. Finding some modicum of peace in this world depends on ensuring your personal demons don’t get the upper hand. Mr. Fischl seems to have fought the hard fight and won.
The reason to read this book, though, is the fabulous job Eric Fischl does in explaining not just how he goes about the creative process, but how his creative process came to be what it is. While it has been argued (mostly, it seems, in reviews of the book) his self-introspection borders on navel-gazing in the worst possible sense. That view is completely wrong-headed.
Eric Fischl’s conviction of the artist as a storyteller resonates strongly with me. To hear the artist as a young man was motivated by the works of both Mondrian and Max Beckmann is a testament to his longstanding desire to understand art in all its richness, contrast and complexity. Though disagreeing with, for example, his assessment of artists like Sol Lewitt, Fischl still makes a solid case for how the ideas of what really good minimalist artists were trying to say were hijacked by the intellectually lazy.
In contrast, Fischl is adamant to a degree harmful for many of his personal relationships, that the artist must have something to say. More important, the artist must have something to say that someone else actually wants to hear. The failure of Art to retain its place of pride as a shared cultural touchstone is correctly blamed on hubris. On page 341, Fischl makes the following comment, “I can’t tell you how many times I’ve heard artists saying, ‘Fuck the audience.’ But I thought: Why fuck the audience? Why not involve the audience?”
The many, brilliant passages where Fischl discusses his creative process, for both individual works as well as his overarching philosophies, are illuminating, and oddly familiar. In 1983 the author Umberto Eco published a very small book, Postscript to The Name of the Rose. In the fifth chapter, Eco uses almost identical words to describe almost identical examples of how an author goes about creating an interesting narrative – interesting for both the writer and the audience. A touchstone for the creative process?
|The investment books most likely to improve one’s abilities to invest successfully will not be the ones providing recommendations of what stocks to buy, and right now. Most valuable are books providing information to help guide intelligent decision-making.|
The investment books most likely to improve one’s abilities to invest successfully will not be the ones providing recommendations of what stocks to buy, and right now. Nor will a book simply offering models of fund-centric portfolios based on the age, temperament or any other attributes of their intended audience. Most valuable are books providing information to help guide intelligent decision-making. Though the classic works of Benjamin Graham and Philip Fisher are often recommended, their extreme technical orientation serves mostly to alienate less obsessive investors. Below are some suggestions for the less rabid, but no less enthusiastic investor looking to get smarter.
A great place to begin is Winning the Loser’s Game by Charles Ellis, originally published in 1985. It is far too easy to be blinded by success stories like those of Warren Buffett and Peter Lynch. The simple reality – clearly demonstrated by Ellis – is that few people (or mutual funds and their managers, or individual stocks) manage to consistently beat the market over time. His explanation of how people can appear to be great investors when in fact their success is due to statistical survivorship bias is eye-opening. Understanding the damage we inflict on ourselves through preventable mistakes, high-risk gambles and most significantly the fees we choose to pay as investors is vital if we want to be successful as investors. How could have taken over thirty years for this message to sink in?
A personal favorite from 2012 and one, it should be noted that several Invest-Notes readers have been less impressed with, is Antifragile by Naseem Taleb. This investment book is a refinement of his first work, Fooled by Randomness, published about twenty-five years ago. Taleb goes way beyond the idea of a “Black Swan Event” (a term he coined, and title of his best selling book, though not a favorite of mine) and discusses not only how to avoid unexpected events, but how to benefit from them when, not if they happen. As Taleb cleverly explains: experts aren’t; things that can’t happen will; and like physical exercise, stress can be harnessed for self-improvement. Don’t let his arrogance distract you from the invaluable insights being offered. Taleb’s most recent book, Skin in the Game, published earlier this year is also terrific – but more valuable if read after Antifragile.
Another good primer is the original edition of The Millionaire Next Door published in 1996. That some of the book’s conclusions have been shown to be faulty does not take away from the value Millionaire can offer would-be Warren Buffett’s. Short of winning a lottery (and that includes the genetic lottery), fortunes are most likely to be built over time, through luck, hard work, and patience. The many stories discussed in Millionaire provide practical examples of how to make the most of our current situation. This includes the single best thing anyone hoping to accumulate significant assets can do: Live beneath your means. It also helps explain why on lists of the wealthiest Americans over three-quarters are self-made, having created a fortune rather than inheriting one. Yes, you can be the millionaire next door, just not right away.
While The Essays of Warren Buffett is on many lists (and is on my bookshelf), there is another text providing a more insightful overview of how great investors operate. This book from 2000 also demonstrates beyond any doubt that there is no one single path leading to success. Money Masters of Our Time, by John Train, provides provocative insights into the thinking of seventeen of the most successful investors of the 20th century. It is here you will see that Buffett’s earliest successes came with risk most of us would never consider and that he has never repeated. Also worth noting is that several of these investors, among them some of the richest people on the planet, don’t use their wealth as anything but a scorecard. If there was ever proof demanded that having all the money doesn’t necessarily equate to happiness, this book is it.
Finally, More Money Than God by Sebastian Mallaby can do more to explain hedge funds, what they do, and how they work than other investment books you can read. The U.S. financial system, and the Wall Street crowd, in particular, have never met a good idea that couldn’t be abused and corrupted. Read in tandem with Money Managers, the world of investing will look very different when you’re done. The origins of these curious investment vehicles (and the people who created them) are fascinating, with many of the concepts still applicable, even for the individual investors reading this note.