Reviews are weird things for theatre makers. Antibodies amazingness.
Reearch Antibodies. Theatre reviews. Bartley Madden on systematic sustainability vs linear ESG. Carbon accounting. Podcast: Building a £30m sales company, Carl Saxton-Pizzie. Grantham lecture, links.
Unexpected insights into Nashville
The amazingness of research Antibodies
Reviews are weird things for theatre makers.
Bartley Madden on systematic sustainability vs linear ESG
IIGCC paper on hedge fund carbon accounting
Podcast: Building a £30m sales company, Carl Saxton-Pizzie
Links end: Jeremy Grantham gives his climate lecture (recommended) ; Life writing from David Sedaris; A theatre piece on a Jew who was a trusted adviser to the King of Hawai’i; Jobs internship / ASD; An insightful essay on trucking; Leftist economist Branko Milanovic reviews Amartya Sen’s memoir; Ecomodernist essay; Autism and Education podcast; Break up the Treasury (Westlake); I love watercress.
Reviews are weird things for theatre makers. We give them an oversized space in our brain partly because they become (if we are “lucky” enough to gain one) the comment of record. Partly - we must admit - from the human sin of vanity. There are few pieces of journalism I remember over the years, and perhaps to my dismay, theatre reviews are some of them! I think on this as Arifa Akbar - now chief theatre critic at the Guardian - wrote on how her opinion on a play changed over time.*
In 2003, I watched one of my first plays, Lost in Peru, almost every single night and if you count the rehearsals this probably took viewings over 40 times which eclipsed the viewing of everyone else, even the director. (The actors counting differently.) Performed at Camden People’s Theatre with the sound of traffic drifting through.
On one level, without the play, I would not have met the love of my life (who came to watch the play), it also impacted at least some of the audience who came to see it, taking them places and challenging them to think about matters (in this case torture survivors, also love) they had never thought about in such ways. This is probably the better measure (and not a measure we can really count), if we should or can measure this form of art at all; and also the development of the artists involved (for instance, designer theatre maker, Mamoru Ichiguru, actor Lucy Ellinson, director, Sarah Levinsky, who have all gone on to create extraordinary art). But, the play’s most notable record is a 2 star review in the Guardian by Lyn Gardner. You can read it still*. Why on earth do I remember this, 19 years later? And am I still the person she wrote of: “But, goodness, it is great to see a young writer reaching out beyond his own experience.” Perhaps, she reached the truth of it, as I am certainly still reaching out.
I think I watched the play so many times for many reasons. I am fascinated by the art of live performance, how it changes with audience, performers, time and yourself. How - even as the writer - I discovered new aspects to my own work. Do visual artists ever speak about finding the same - a painting revealing new insights to them as they view their own work over time? And because, underlying I sensed I might never produce theatre work again. And certainly never see this work again.
I was incorrect on not making theatre as in 2007, I adapted a Noh play, won a prize and had Nakamitsu performed at the Gate Theatre. Here I remember, to the positive, Sam Marlowe’s review* in the Times which probably remains my “best” review still with the quote:
“Rare and Riveting”
Sam remembers the show still!
Although blogger Travis Seifman* probably produced the most insightful review* [Travis has now been blogging 20 over years, and thus is one of many archives of essays hidden on the interweb] and my blogging friends, Westend Whingers, one of the more fun reviews*.
Nakamitsu sold out and probably touched perhaps 500 to 1000 people maximum. On one level, making fringe theatre is a minor art, although quite possibly the impact it had on some of those people may have been great. I reflect that now a single podcast episode* I make likely is heard by more people than who will ever see Nakamitsu.
Marlowe and Gardner are still reviewing, and I am sure artists are still remembering. I happen still to be making theatre! My work still plays to tiny audiences - Thinking Bigly: How We Die has been seen by 80 people [and in some elliptical fate was performed at Camden People’s Theatre where Lost in Peru was shown - but this time minus the traffic sounds], but I’m told has heavily impacted some. I may only perform it a handful of times more, or maybe never. At least, I feel I am almost over never having a critic see it.
The record of note will be in the thoughts and dreams of others. Blog with links to the reviews here.
Investing week: The world needs and is researching new biopharmaceuticals and the science behind proteins and biological processes. To do this, university research labs and science companies need antibodies to understand biological processes such as the immune systems or inflammation, how proteins work, or how the brain transmits signals.
I went to visit a British company that makes some of the world’s best research antibodies and ships them to labs around the world.
To understand such a business, you need to have an appreciation for the (growing) importance of antibodies, how they are made (in China and shipped to Cambridge to be validated), how validation happens (fancy names: immunohistochemistry, cytoflow, western blots), and who buys the antibodies (plus their value and cost).
I was shown round by an expert immunohistochemist who’d be working there 20 years.
It was a fascinating insight into this part of science and is a hopeful take on future innovation and continues to make investing one of the best jobs in the world for a curious person.
Also, I had major debate on how much corn is going to get planted and harvested in 2022 and 2023. And risk of recession by end 2023 (readers, risk is high, between 30 and 80%?).
Talking about downturns. If you are running a start-up or anything similar here are two links on thinking about managing in a downturn. a16z letter: https://future.a16z.com/framework-valuation-navigating-down-markets/
YC letter:
Mostly everyone is feeing the cost of living challenge. I think you need to be prepared for recession.
I was talking to a healthcare services analyst and discovered that Nashville is a US hub for healthcare services companies. Also one of the fastest growing cities in the US, a Democrat city surrounded by Republican voting areas. There seems to be a cluster effect on healthcare services and now VC funds as well. Everyone on Twitter is talking about Miami, and Texas to some extent. But Nashville looks pretty hot too. $200 - $400 per sq ft lovely real estate available too tho prices rocketing as so many people moving there. Taxes are super low! My skim suggests this growth likely to continue, as hybrid/remote working continues and you have agglomeration cluster effects as well.
Systems thinking ESG….Bartley J Madden (a key thinker behind HOLT's CFROI and valuation process) proposes systems thinking, innovation, and purpose, ahead of linear ESG metrics to solve for NetZero:
"The conventional Net Zero perspective with its emphasis on ESG metrics represents linear cause-and-effect thinking. That is, implementation of the metrics will then change company behavior with the eventual effect of a successful Net Zero transition. Different perspectives are presented rooted in systems thinking. Numerous company examples explain why innovation, not ESG metrics, will be the prime mover in achieving Net Zero. The crux of the argument for systems thinking is that a company like Honeywell, currently given an "F" ESG score, is delivering stellar innovations that will enable its customers to significantly reduce their greenhouse gas emissions. As to behavior, boards of directors should demand new information from management with particular attention to returns-on-capital versus the cost of capital under scenarios that include a price (tax) on carbon."
Madden emphasises importance of intangibles (cf. Stian Westlake, Jonathan Haskel).
argues,
"the real action in the Net Zero transition takes place with innovation that can easily be missed (especially in the early stage) by ESG
metrics. Game-changing innovation at the firm level is how society truly benefits from freemarket capitalism."
advises Boards,
"The Net Zero transition puts a premium on boards motivating, compensating, and monitoring management consistent with long-term value creation, including sustaining a pro-innovation
culture with potential to gain competitive advantage. Surely, innovative ways will be developed to reduce emissions from firms’ internal processes."
He is very anti-FDA regulation (which is libertarian leaning) but is quite supportive of corporate purpose (which is typically progressive leaning), so he’s interesting from that perspective. I would suggest “systems thinking” is what unites the ideas.
He writes:
An application of systems thinking is the Pragmatic Theory of the Firm. It asserts that maximizing shareholder value is the result of a firm successfully achieving its four-part purpose. The components to the firm’s purpose include:
Communicating a vision that can inspire and motivate employees to work for a firm that is committed to behaving ethically and making the world a better place.
Surviving and prospering through continual gains in efficiency and sustained innovation, which depend on a firm’s knowledge-building proficiency. Importantly, nothing works long term if a firm fails to earn at least the cost of capital.
Working continuously to sustain win-win relationships with all of the firm’s stakeholders.
Taking care of future generations. Management and the board need a genuine commitment to the sustainability of the environment, with particular attention to the design of products and manufacturing processes to minimize waste and pollution, which again depends on a firm’s knowledge-building proficiency.
The theory concludes that a firm’s knowledge-building proficiency is the key determinant of innovation that drives long-term performance and connects a firm’s performance to its market valuation via a life-cycle framework. An advantage of the four-part purpose is its emphasis on four oars in the water that need to work in unison in order to effectively generate progress.
Worth pondering… Pdf and blog link here.
Podcast with entrepreneur Carl Saxton-Pizzie
Carl Saxton-Pizzie trained as an actor and worked in tv before founding a sustainable grocery delivery company, Wholegood, in 2007 (with a van and £500). Wholegood is on track for £30m in revenue and employs 160 people. This is a small business success story, a start up in the “old economy” but very much touching “new economy” ideas such as sustainability and delivery services. You can find Wholegood products in most UK retailers, Ocado one of the largest examples.
We talk about Carl’s entrepreneur journey, what acting taught him and the importance of sustainability and purpose. I ask him what he wished he had known in 2007.
Carl thinks over some of his best ideas and worst ideas including why organic coconut water didn’t work out and how brilliant his non-plastic packaging is.
We discuss the importance of mental health, resilience and managing and why story telling is important.
What it might mean to have a great career, why trucking is under rated and who the fastest packer is.
We think on the plastic bag tax, minimum wages and being scared of failure.
We chat on how being an actor is a kind of “classlessness” but why qualifications can be over rated.
Carl ends with his career and life advice.
It's so easy to become blinkered with your single vision of what success or your current success looks like that you stop forgetting that there will be other successes. You can get up and you can carry on. You have to be brave and you have to be able to not get lost in the idea that you're currently in. Step back or step out and do something else.
PODCAST INFO
Apple Podcasts: https://apple.co/3gJTSuo
Spotify: https://sptfy.com/benyeoh
Anchor: https://anchor.fm/benjamin-yeoh
IIGCC paper on hedge fund carbon accounting, hedgefunds + netzero. Further detailed in comments in another blog, I think but to highlight here. I think they miss some indirect theories of change (via a social political channel) but it’s probably beyond the scope of the paper…
Shows how investors’ strategy towards net zero can be enhanced through the use of derivatives
Considers possible approaches to account for derivatives within portfolios aligning to net zero
Proposes potential solutions to the challenges of reporting.
Download the paper below. IIGCC is encouraging feedback on the proposals of the discussion paper here.
(This continues the debate as to what impact shorting has on cost of capital, and real world impacts of decarbonisation)
Jeremy Grantham gives his climate lecture. It’s a good one for investors, and climate thinkers alike.
Life writing from David Sedaris.
A theatre piece on a Jew who was a trusted adviser to the King of Hawai’i
Autistic intern, for autism charity
From the podcast archive.
An insightful essay on trucking… (see Carl’s comments in podcast above) - somewhat moving as well.
A leftist capitalist progressive Branko Milan reviews Amartya Sen’s memoir. (Two great economic thinkers)
Ecomodernist essay, but many climate friends can not stomach him or his tone.
Autism and Education podcast
Break up the Treasury
I love watercress