Visionaries and independent thinkers are found in every societal segment, but I’m focusing this post on the business world, which is where I first learned to recognize lone voices.
Most conversation is a lot of noise. The further inside you are, in circles of influence where pundits and the powerful enjoy up to the minute intelligence and sophisticated analysis, the louder the noise. Sure, it can be more ‘interesting’, or at least diverting, noise in those circles, but noise it remains.
Spend a few years in the ivory towers or even just the fast lane and you’ll see the epitome of viral spreading of information. The web version pales, although the mechanics are the same.
The smartest businessmen and their attendant analysts are highly discerning, constantly sorting through the clamor and making many fine distinctions between fact, spin, and rumor, in order to anticipate the consequences. A businessman and a true entrepreneur, however, are two completely different animals.
Businessmen manage money. Their motivation is to both protect it and make it grow. Innovation is not their thing. Of course the biggest returns are found on the leading edge, hence the awkward flirtation between money and ideas. Even more central to that flirtation is the fact that the innovation that hits the bullseye, that becomes the next big thing, will be hands down the sexiest girl at the dance. The guy that gets her will sit at the head table and be feted as brilliant.
True entrepreneurs don’t generally care much for businessmen, not least because their own visions are foreign, outside conventional view, and therefore often hard to convey. The extent of affluence in our time, together with technology, has created a breed of quasi entrepreneur, individuals whose raison d’etre is to plug in on one side to emerging trends and on the other to aggressive investors. This breed exists to sell out. They’re the loudest proponents of the money mantra that everyone is for sale.
The lone voice belongs to the independent thinker, and being one requires a much broader spectrum of motivation than money alone can provide.
My first strong memory of a lone voice dates to 1980. It belonged to local a real estate developer who had built an empire on the absolute best of old fashioned values, and also always made my (and most people’s) top ten in terms of class and integrity. His name is Eph (Ephraim) Diamond.
In the 50s, Eph and 2 partners created a residential development company called Cadillac, developing housing at a time of 3% interest rates and 30 year mortgages. It was also a time when long term bank lending at under prime was the norm rather than the exception. In the 60s, Cadillac merged with Fairview, which had originally been a builder of shopping centers, but was by then focused on urban commercial development. The combination, at that time, was in itself also remarkable. Think Sun merging with eBay. Cadillac Fairview went public around the time of the second oil crisis in ‘79, as markets headed into what would come to be called stagflation (high inflation plus high unemployment), with Eph as chairman.
In 1980, when interest rates hit and passed 20%, the ‘conversation’ or noise in the business world was so loud as to be almost deafening. Real estate development at that time was still dominated by private interests, a reality that would change dramatically over the following decade. A large number of the developers, in various major urban centers, were Jewish and of the builders Italian. (The first came from the history of private lending and the second from a wave of 20th century immigration to North America that settled in the construction business.) So the development industry’s contribution to the raucous noise on the high interest rates was particularly colorful, with Orthodox and Conservative members of the community seeking and transmitting the educated opinions of their rabbis on usury, opinions that even found their way into proposed laws in Ottawa and Washington.
Thousands of voices chattered at hyperspeed in an alarmed quest for revision of all future business planning based on this financial apocalypse. Eph, meanwhile, had come to his own conclusion, which he would state calmly to anyone who asked him. He said that the high interest rates were a temporary and unsustainable phenomenon, and that we would all see 6% (although not 3%) again in our lifetimes. No one agreed with him at the time.
This was the voice of an independent thinker. Large scale real estate developers, by the nature of their business, think in decades not quarters. Are they smarter than everyone else? Do they always get it right? Hell, no. As a matter of fact they are, for the most part, close to extinct today, replaced by an evolved hybrid in response to institutional investment rather than private style lending and the last of merchant banking.
The point of my story is about whether we hear and consider a lone voice amid the noise. Our economic dynamics change, but human nature doesn’t. Not everything said by every lone voice is prophetic or correct, but a much wider perspective can be gained by stepping back from the wave of noise, in order to hear ourselves, and others, think.
Heard a lone voice lately?