Saturday, May 17, 2025, Paris, France


Inside This Issue...

No Comments

I’m devoting most of this issue to what I’ve been up to here in France. I’m also (as you’ve come to expect) giving you my take on what I consider to be important and/or thought-provoking stories in the news, and (what you may not expect) I’m getting back to writing about two subjects that I pretty much abandoned when I started this blog in 2020.

As you’ve undoubtedly noticed, I’ve been covering a lot of territory here. From a business perspective, it might have been smarter for me to stick to subjects I could “monetize” (as young people are so fond of saying), especially wealth building, which was my focus when I was writing Creating Wealth. But when I started this blog, I had spent 29 years thinking and writing about topics related to making money, and I was burned out.

Now, though, I’m getting back into the trenches of business and finance, and I’m enjoying it. So, once again, I’m going to be writing about those broad and interesting subjects.

What I won’t be doing, however, is giving up writing in-depth pieces about the admittedly controversial topics I’ve been covering for the past five or so years, because I still enjoy thinking about them. But I’ll try to keep those issues to a reasonable number of words by having J, my editor, cut out more of the fluff in the future.

Notes From My Journal

No Comments

Paris – the World’s Most Beautiful City 

K and I are in Paris again. Happily. Nostalgically. Our first trip here was in 1976, halfway through my stint as a Peace Corps volunteer in Chad, a former French colony in north-central Africa. The plan was to get married in the city, take a honeymoon along the Normandy coast, and then spend the first year of our life together in Africa.

We were unable to get married there (Welcome to French Bureaucracy!), but we went ahead with our honeymoon in Normandy before returning to Chad as planned – except that the day after we got back, a rebel group launched an attack on the government, starting with an assault on the president’s house, which was a five-minute walk from the apartment where I lived.

Never mind.

I meant to say that although Paris is not our favorite city (Rome has that distinction), we believe it to be the world’s most beautiful.

If your aesthetic palate for cities includes history, art, architecture, and green spaces, Paris will certainly be in your top two or three. It has more than a dozen world-class public buildings, including the Louvre, the Musée d’Orsay, and – if you include the city’s outskirts – the opulent Palace of Versailles and as many spectacular gardens, including the Jardin des Tuileries, the Jardin du Luxembourg, and Parc des Buttes-Chaumont.

If charm is on your menu, you’ll have your fill strolling along the cobbled streets of the city’s centuries-old neighborhoods, including Montmartre, Le Marais, and Saint-Germain-des-Prés. And something that you may not notice but will affect you is the ubiquity of stately mid-19th century Haussmann-designed limestone-faced buildings with their wrought iron balconies and mansard roofs.

When we travel to our old haunts, K likes to find us highly rated new hotels. This time, it was the SO/ Paris Hotel, which opened in late 2022 and is a five-star facility in all respects. The décor, the common areas, the bar, the restaurant, the room configurations, and the service. It’s even got an indoor pool and spa, which I intend to use before we leave.

One Surprising New Frustration: My French Is Pas Bonne 

Forty years ago, after spending two years living and working in Chad, my French had progressed to the point where I was dreaming in that language. Since then, the opportunities I’ve had to practice it have been fewer and further between – so when I returned to France over the years, it took me a day or two of pausing and stuttering before I felt fluent again.

This time, it’s worse. Because of six weeks of studying Italian several years ago and speaking to the gardeners in Spanish every day, I’m struggling. Italian nouns and Spanish verb conjugations are inserting themselves uninvited into the sentences I’m trying to speak. That’s making me nervous, which only makes my speaking worse. Something that’s never happened before is that bilingual French people are responding to my French by speaking English. Oh, the inhumanity!

K and I will be in Paris for a week and then may head over to Nice for a week. But on days two, three, and four, I’ll be at a marketing and copywriting retreat at Courtomer, one of the two chateaux that BB, my partner, owns in France. Here it is:

Chateau de Courtomer is one of the last grand 18th century chateaux built in France during the waning days of the “Ancien Regime” (1787 to 1789). It was purchased by BB in 2005, and has since been carefully and beautifully restored. As it says on its website, Courtomer is an architectural salute to “a way of life and a system of privilege that ended conclusively with the execution of the French king Louis XVI in 1793.”

Today, it is used primarily as an event center – business retreats, like the one I’m attending, or weddings, as you can see from the image below.

This is my bedroom…

Nice, huh?

If you think this might be a good location for something you’re planning, you can book here.

As for the conference itself, it was organized by GG, VV, and JJ, three marketing and copywriting experts I’ve known and worked with for many years, The attendees are senior marketing executives and freelance copywriters who have come here to catch up on the fast-changing landscape of sales and marketing since AI disrupted the way products and services are sold today. The presentations and discussions so far have been intense and high-level. I’ve been taking notes of what I think are the best ideas, which I’ll be sharing with you in coming weeks (starting with my bit in “Business & Marketing,” below).

News & Views

No Comments

All the news you miss when you get your news from the mainstream media… 

Trump Issues Order to Slash Drug Prices by 50% 

President Trump has done it again – signing an executive order that he probably has no right to sign but that, if put into action, will help his already strong poll numbers move even higher.

I’m talking about an order that directs the Dept. of Health and Human Services (HHS) to work with pharmaceutical companies to drastically lower the prices of many of their most expensive drugs.

The order has a 30-day deadline for compliance, which means that if companies fail to meet these targets, the administration may implement regulatory actions, including tariffs and antitrust measures. Click here.

The New ID Cards: Are They Keeping Us Safe?

Sometime soon you will no longer be able to board a plane in the US without a new type of ID card.

They call it Real ID, and, unlike previous ID requirements, it is digital and will put you into a centralized federal data base, which gives the government the ability to track you and stop you wherever and whenever you travel.

The program was introduced in response to the 9/11 attacks, ostensibly to standardize identification across states and enhance national security, which it surely will do. But in doing so, it will also enormously increase the federal government’s ability to know what you are doing 24/7, and will allow government bureaucrats to charge you and prosecute you for high crimes and misdemeanors without your knowledge or consent.

Real ID requires stringent documentation, such as proof of residency, your Social Security number, and your birth certificate, creating concerns about privacy and data security. A recent essay published by the Mises Institute argues that the program is a federal power grab and contends that it is not about enhancing safety but about expanding surveillance – a charge I not only agree with but have been predicting for many years.

The next step will be the Digital Dollar. After that, outlawing and eventually confiscating non-inflatable currencies such as Bitcoin and gold. Remember – you heard it here first.

Here’s what you need to know about the Real ID.

And here’s how to get one and use it for transportation.

The Consequential Trump Move No One’s Noticed 

On April 23, in yet another bold move early in his presidential term, Donald Trump signed Executive Order 14281, titled “Restoring Equality of Opportunity and Meritocracy.”

The order targets the judicial doctrine of “disparate impact,” established in the 1970s. Under disparate impact, practices can be deemed discriminatory based on outcomes, even without intent to discriminate. Examples include aptitude tests or job requirements that disproportionately affect certain minority groups.

This is a radical move. It represents a significant shift in civil rights enforcement, moving away from outcome-based assessments. The order is based on the view that the doctrine of disparate impact has effectively created a “second Constitution” by redefining discrimination.
 
What’s Going on with Stacy Abrams? 

In April 2024 – when it was already clear that Trump was going to replace Biden as president – the EPA awarded a grant to Power Forward Communities (PFC), under the National Clean Investment Fund, to fund energy-efficient housing projects in low-income communities.

That may have been another “nothingburger” (see below), except that the primary beneficiary of the grant was none other than Stacy Abrams, who became famous for trying to put Trump in jail, and that the amount of the grant was an astonishing $2 billion.

To make matters worse, PFC, formed just months earlier, reported only $100 in revenue in 2023. Upon further investigation, it was revealed that Stacey Abrams served as senior counsel at Rewiring America, a PFC member organization.

EPA Administrator Lee Zeldin criticized the allocation as “extremely concerning,” and the DOJ and FBI launched investigations into possible financial mismanagement. The grant has since been frozen, pending the outcome of the investigations. Senator Kennedy addressed the issue in a recent Congressional session.

Click here and here.

The Donald’s Art of the Nothingburger 

President Trump and his Make America Richer Again team have been touting the tariff agreement they made last week with the United Kingdom. Unsurprisingly, the Never Trump pundits began criticizing it before the ink was dry.

I didn’t bother to waste my time finding out what they had to say, but when I saw the headline on this article – “The Donald’s Art of the Nothingburger” – I felt I owed it to myself to read it. It’s by David Stockman, arguing that the deal is going to cause a $1 billion to $6 billion increase in the costs of US imports from the UK, and that the touted increase in US beef exports and Boeing aircraft sales will be negligible.

Profiles

No Comments

Georges-Eugène Haussmann: 
The Architect of Modern Paris

 

Georges-Eugène Haussmann (1809–1891) was a civic planner who, during the reign of Napoleon III, led a vast renovation of the city in 1853.

He had no formal architectural training. His working experience was in administration and law. In one way, that worked in his favor in that his knowledge of how to make things happen in Napolean’s government, combined with a reputation as a demanding, almost authoritarian task master, allowed him to get done in a few short years what should have been impossible.

Haussmann’s Mandate: 

Renovating Paris was Napoleon III’s idea. Before the transformation, it was a fast-growing, densely populated, and historically important city that was dirty, decaying, and dysfunctional. The mandate he gave Haussmann was to make it modern, clean, and beautiful – and to get it done asap.

Among his many accomplishments, Haussmann replaced the city’s ancient and unsanitary sewer and water systems with an underground network that significantly improved public health. He widened many of the city’s narrow, medieval streets, and added the grand, tree-lined avenues that define Paris today.

Another major contribution that Haussmann made to Paris was the introduction of public parks and squares. Our favorites: Bois de Boulogne, Bois de Vincennes, Parc Monceau, and Parc Montsouris.

In looking into Haussmann’s transformation of the hardscapes and softscapes of Paris, I wondered how it might have impacted the city’s population – i.e., how they lived and worked. I asked Nigel, and this is what he said:

Impact on Parisian Society: 

* Social Segregation: Haussmann’s restructuring forced many working-class Parisians to relocate to the city’s outskirts, as the newly designed central districts became too expensive. This effectively pushed the poorer populations to the periphery, a socio-economic pattern that persists to this day.

* Modernization vs. Heritage: While the new Paris was visually stunning and functionally modern, it came at the cost of demolishing entire neighborhoods. Thousands of buildings were razed, and residents displaced. Haussmann was accused of destroying the old Paris to build an imperial city, prompting mixed reactions from the public.

* Economic Implications: The project was immensely costly, plunging the city into debt. Critics dubbed the project “Haussmann’s Folly,” but the improved infrastructure laid the foundation for Paris to become a global metropolis.

The Economy & Investing

No Comments

Uncle Mark: Where Should I Put This Money?
(Why Silver Might Be a Better Investment Than Gold) 

TH, a nephew whom I greatly admire because he may be the only nephew who has read any of my books, emailed me to say:

Bonjour!

I hope you are enjoying France and eating some lovely snails.

At the moment, I have some money that I’m not sure what do with. Usually, I’d put it in your Legacy Portfolio, but I am lately feeling I should have some other investment options. I have looked at Gold, which is now at £2,444.85 per ounce, so I wouldn’t be able to purchase much. And based on your lessons on collecting art, I’m thinking that might be another option. However, I feel like the best decision for the long run is the stock market. Are you able to advise me or point me in the right direction please?

Thanks
TH

I told him that I thought his thought about the stock market was a safe bet for the long term because of the sort of stocks I keep in the Legacy Portfolio – but, at the same time, the thought he had about putting this extra cash into another asset class was a good idea.

“The primary benefit of putting this money outside the stock market is not the eventual ROI, but the opportunity for you to begin to explore and understand another asset class now, while you are still young,” I said. “The knowledge you can get from reading about alternative investments is one thing. The knowledge you’ll acquire by investing in them will be deeper and more valuable.

“If you do decide to diversify, I’d avoid art for the moment. First, because art collecting is more complicated than investing in gold. And second, because investment-grade art is too expensive for you now.

“Gold is, as you point out, expensive. But since I see gold as a hedge against inflation and hyperinflation, it doesn’t matter terribly how much you pay for it.

“One thing you can consider is an investment in silver. The value of silver tracks gold in the long run, but sometimes you can buy it as a relative discount. That’s true now.”

I sent him the following argument I found that explains the advantages of silver:

1. Affordability and Accessibility 

Silver is significantly less expensive than gold on a per-ounce basis, making it more accessible for small investors. This lower entry point allows for greater flexibility in investment amounts and the potential for higher percentage gains.

2. Industrial Demand 

Approximately 50% of silver demand comes from industrial applications, including electronics, solar panels, and medical devices. This industrial demand can drive silver prices higher, especially as technology and renewable energy sectors expand.

3. Gold-to-Silver Ratio 

As mentioned above, the gold-to-silver price ratio is currently above 100, meaning gold is over 100 times more expensive than silver. Historically, this ratio averages around 60-70. A reversion to the mean could imply a significant upside for silver prices.

4. Potential for Higher Returns 

Due to its lower price and higher volatility, silver has the potential for greater percentage gains compared to gold. During certain market conditions, silver has outperformed gold, offering substantial returns for investors willing to accept higher risk.

5. Supply Constraints 

Silver mining is often a byproduct of other metal mining, which can lead to supply constraints. Additionally, recycling rates for silver are relatively low, potentially leading to shortages and price increases as demand grows.

Business & Marketing

No Comments

The Pareto Principle in Action 
Knowing Where Your Profits Come From

My three days at Courtomer (see “Notes from My Journal,” above) was great on several levels.

After more than ten years away from it, I got to see the chateau that I knew from way back in its current state – as a beautiful and comfortable country retreat for business events and family reunions.

I reconnected with 35 or 40 colleagues I rarely see these days because they are working from remote outposts in Europe and the Far East. I was reminded that despite the immensely valuable tool that Zoom is, there is nothing quite like spending time with people with bodies.

I’m on a bus now headed back to Paris and my brain is buzzing with new ideas, as well as great old ideas I’d somehow forgotten.

One of these ideas came from Rory Sutherland, a senior exec at Ogilvy & Mather and a much beloved advertising expert who is frequently on talk shows about business in the UK.

We were talking about market testing – i.e., running several different ads simultaneously in different media to see which version is strongest. Rory said that he follows what he calls the 70/20/10 rule – i.e., that in developing marketing plans for clients, he allocates 70% of the marketing budget towards existing ads that are working, 20% to ads that are new and different but only marginally, and 10% to ads that are far away from what has traditionally worked to see if there might be some new appetite out there in the market that has not yet been discovered.

I think that’s a very smart allocation model – giving the business (and the marketing department) a good chance to make incremental improvements and a remote but still possible chance to make radical improvements, but without risking taking a beating on the bottom line.

I also like the idea because a similar ratio has occurred to me many times when discussing the Pareto Principle – the justly famous idea that in almost any endeavor, 80% of the positive outcomes arrive from 20% of the inputs.

I love the Pareto Principle because of its simplicity. (I’ve been using it since I discovered it because it’s so widely applicable and so often transformative.) Many times, when thinking about how it applies to profits, I’ve come to a similar conclusion – except my ratio is 80, 15, and 5. Twenty percent of the effort made will indeed create 80% of the profits. But if you look more closely at that 20%, you’ll find that 50% of the 80% comes from just 5% of the input.

Just the Facts

No Comments

Eight Curious/Surprising Facts About Paris

1. There Are No Stop Signs in Paris 

Paris has no stop signs. The last one was removed from Quai Saint-Exupéry in 2016. Instead, drivers follow the right-of-way rule.

2. The World’s Largest Art Museum 

The Louvre is the biggest museum in the world by size. It began as a fortress, then became a royal palace. Since 1793, it has collected art from around the globe and now draws 7.8 million visitors each year.

3. Why It’s Called the City of Light 

I don’t know. One source I found said it is because Paris was one of the first cities in Europe to install streetlights. Another source says the term comes from its role as a center of the Enlightenment in the 17th century.

4. Why the Eiffel Tower Was Hated by Artists 

The story is that when the Eiffel Tower was first planned in 1887, many artists hated it. They called it a “giant smokestack.” Gustave Eiffel defended the design, comparing it to the pyramids of Egypt. And today, the Iron Lady is a symbol of Paris.

5. Paris Is Going Green 

Paris has around 500,000 trees, thanks to King Henry IV, who started lining streets with them in the 16th century. According to a city planning group, that number will increase to 670,000 by 2026.

6. The Hidden Tunnels 

This is crazy. Under the streets of Paris there are 200 miles of tunnels known as the Catacombs. In the 1700s, the remains of six million people were moved there from overcrowded cemeteries.

7. The Eiffel Tower Gets a Fresh Coat of Paint Every Seven Years 

If you’ve never taken a ride to the top of the Eiffel Tower, you probably don’t realize what an engineering marvel it is. This is hard to believe, but it’s said that it draws more than 300 million visitors a year. To keep it looking new, workers repaint it by hand every seven years.

8. France Has 12 Time Zones 

France spans 12 time zones because of its overseas territories. This gives it the world record for the most time zones of any country.

What Is This?

No Comments

1. There Are No Stop Signs in Paris 

Paris has no stop signs. The last one was removed from Quai Saint-Exupéry in 2016. Instead, drivers follow the right-of-way rule.

2. The World’s Largest Art Museum 

The Louvre is the biggest museum in the world by size. It began as a fortress, then became a royal palace. Since 1793, it has collected art from around the globe and now draws 7.8 million visitors each year.

3. Why It’s Called the City of Light 

I don’t know. One source I found said it is because Paris was one of the first cities in Europe to install streetlights. Another source says the term comes from its role as a center of the Enlightenment in the 17th century.

4. Why the Eiffel Tower Was Hated by Artists 

The story is that when the Eiffel Tower was first planned in 1887, many artists hated it. They called it a “giant smokestack.” Gustave Eiffel defended the design, comparing it to the pyramids of Egypt. And today, the Iron Lady is a symbol of Paris.

5. Paris Is Going Green 

Paris has around 500,000 trees, thanks to King Henry IV, who started lining streets with them in the 16th century. According to a city planning group, that number will increase to 670,000 by 2026.

6. The Hidden Tunnels 

This is crazy. Under the streets of Paris there are 200 miles of tunnels known as the Catacombs. In the 1700s, the remains of six million people were moved there from overcrowded cemeteries.

7. The Eiffel Tower Gets a Fresh Coat of Paint Every Seven Years 

If you’ve never taken a ride to the top of the Eiffel Tower, you probably don’t realize what an engineering marvel it is. This is hard to believe, but it’s said that it draws more than 300 million visitors a year. To keep it looking new, workers repaint it by hand every seven years.

8. France Has 12 Time Zones 

France spans 12 time zones because of its overseas territories. This gives it the world record for the most time zones of any country.

Close Menu