Born Standing Up

born_standing_up.jpgDon’t miss this Smithsonian.com excerpt from comedian Steve Martin’s new autobiographical book, Born Standing Up: A Comic’s Life (Scribner 2007). Take, for example, Martin’s hilarious description of the implementation of his novel theory of comedy in one of his initial shows:

A skillful comedian could coax a laugh with tiny indicators such as a vocal tic (Bob Hope’s “But I wanna tell ya”) or even a slight body shift. Jack E. Leonard used to punctuate jokes by slapping his stomach with his hand. One night, watching him on “The Tonight Show,” I noticed that several of his punch lines had been unintelligible, and the audience had actually laughed at nothing but the cue of his hand slap.
These notions stayed with me until they formed an idea that revolutionized my comic direction: What if there were no punch lines? What if there were no indicators? What if I created tension and never released it? What if I headed for a climax, but all I delivered was an anticlimax? What would the audience do with all that tension? Theoretically, it would have to come out sometime. But if I kept denying them the formality of a punch line, the audience would eventually pick their own place to laugh, essentially out of desperation. This type of laugh seemed stronger to me, as they would be laughing at something they chose, rather than being told exactly when to laugh.

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The faux-analyst

earnings%20call.jpgOne of the funniest things I read from this past weekend was this W$J article about the earnings conferences calls being crashed by a faux-analyst named Joe Herrick:

At least seven times just the past three weeks, a mystery caller has cleverly insinuated himself into the normally well-manicured ritual of the quarterly calls. As top executives of publicly traded companies respond to securities analysts’ questions about their balance sheets, he impersonates a well-known analyst to get called upon. Then, usually declaring himself to be “Joe Herrick of Gutterman Research,” he launches into his own version of analyst-speak.
“Congratulations on the solid numbers — you always seem to come through in challenging times,” he said to Leo Kiely, president and chief executive officer of Molson Coors Brewing Co., on Feb. 12, convincingly parroting the obsequious banter common to the calls. “Can you provide some more color as to what you are doing for your supply chain initiatives to reduce manufacturing costs per hectoliter, as you originally promised $150 million in synergy or savings to decrease working capital?”

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Importantitis

Orson%20Welles.jpgTheater critic Terry Teachout made an interesting point the other day in this W$J op-ed about one of the hazards of great achievement relatively early in one’s career:

Leonard Bernstein set Broadway on fire in 1957 with “West Side Story,” a jazzed-up version of “Romeo and Juliet” in which the Capulets and Montagues were turned into Puerto Rican Sharks and American Jets. It was the most significant musical of the postwar era — and the last successful work that Bernstein wrote for the stage. His next show, 1976’s “1600 Pennsylvania Avenue,” closed after seven performances. For the rest of his life he floundered, unable to compose anything worth hearing.
What happened? Stephen Sondheim, Bernstein’s collaborator on “West Side Story,” told Meryle Secrest, who wrote biographies of both men, that he developed “a bad case of importantitis.” That sums up Bernstein’s later years with devastating finality. Time and again he dove head first into grandiose-sounding projects, then emerged from the depths clutching such pretentious pieces of musical costume jewelry as the “Kaddish” Symphony and “A Quiet Place.” In the end he dried up almost completely, longing to make Great Big Musical Statements — he actually wanted to write a Holocaust opera — but incapable of producing so much as a single memorable song.

Teachout goes on to discuss the career of Orson Welles, another performer who peaked early with “Citizen Kane” and then spent the remainder of his career attempting to scale that peak again. Teachout compares Welles and novelist Ralph Ellison to choreographer, George Balanchine:

Contrast Ellison’s creative paralysis with the lifelong fecundity of the great choreographer George Balanchine, who went about his business efficiently and unpretentiously, turning out a ballet or two every season. Most were brilliant, a few were duds, but no matter what the one he’d just finished was like, and no matter what the critics thought of it, he moved on to the next one with the utmost dispatch, never looking back. “In making ballets, you cannot sit and wait for the Muse,” he said. “Union time hardly allows it, anyhow. You must be able to be inventive at any time.” That was the way Balanchine saw himself: as an artistic craftsman whose job was to make ballets. Yet the 20th century never saw a more important artist, or one less prone to importantitis.

I’ve admired the trait that Teachout notes in Balachine in Texas novelist, Larry McMurtry, who churned out interesting novels and short stories for 25 years or so until he reached the pinnacle of his profession at the age of 50 with his 1985 Pulitizer Prize-winning novel, Lonesome Dove. Even after hitting a grand slam with Lonesome Dove, McMurtry didn’t rest on his laurels; he went back to work producing a novel every several years or so. Although many of those novels and other works (the screenplay to Brokeback Mountain, for example) have been highly entertaining, he has not been able to produce a work on the level of Lonesome Dove. The odds are that McMurtry won’t (he is 72 now), but my sense is that he is much more likely to do so pursuing his craft the way in which he is doing it rather than sitting around contemplating what the next great American novel should be.

An emerging risk of youth sports

ACL%20injury.jpgAs youth sports become increasingly specialized, a family from The Woodlands is the subject of this Gina Kolata/NY Times article on one of the big risks to children of that trend — increased torn anterior cruciate ligaments (“ACL”), the main ligament that stabilizes the knee joint:

The standard and effective treatment for such an injury in adults is surgery. But the operation poses a greater risk for children and adolescents who have not finished growing because it involves drilling into a growth plate, an area of still-developing tissue at the end of the leg bone.
Although there are no complete or official numbers, orthopedists at leading medical centers estimate that several thousand children and young adolescents are getting A.C.L. tears each year, with the number being diagnosed soaring recently. Some centers that used to see only a few such cases a year are now seeing several each week.

A friend of mine and I were discussing last week how unfortunate it is that most children these days depend on their parents to organize athletic activities for them rather than simply playing sports informally with neighborhood friends. Increased specialization is the natural evolution of organized sports, which means more games, more practice and more pressure on growing muscles, joints and bones. Not a particularly healthy risk in my book.

Alltop, all the time

guy2.0.jpgHave you checked out Guy Kawasaki‘s new venture, Alltop? If not, you should. Guy is adding categories and new links frequently, so Alltop is turning into a great launching pad for finding informative blogs on a wide range of topics. Check it out.

An interesting headline choice

reliant-astrodome%20Google%20Earth.jpgKevin Whited and Cory Crow continue to express amazement at the delusional nature of county officials and the Houston Chronicle over the proposed Astrodome hotel project that is now in its fourth year of being bandied about. The latest Chronicle effort to breath life into this boondoggle is this weekend article that carries the following headline:

“Dome plan could bring in millions”
“Report also says hotel would have 72 percent occupancy rate”

More realistically, the headline could have read as follows:

“Dome plan could cost County millions”
“Report says that hotel would have only 72 percent occupancy rate”

All depends on one’s point of view, eh?
Given my extensive blogging on this boondoggle, I won’t go into all the reasons why converting the Astrodome to a destination hotel is unlikely to happen without a large public subsidy. Suffice it to say that if private financing for Astrodome hotel could not be arranged over the past several years when the market for such financing was quite good, then it’s not going to happen in the foreseeable future now that credit and equity markets have pulled back from such speculative investments. So, if this deal is going to proceed, then get ready to provide a bountiful public subsidy for it.
However, one name mentioned in the Chron story reminded me of an instructive legal matter I handled back in the mid-1980’s. The matter involved an Astrodome-area hotel that had been promoted to investors and built immediately before the bottom fell out of the local commercial real estate market when the price of oil and gas tumbled to record lows at the end of 1985. I ended up representing the promoters, who had guaranteed a large portion of the construction financing on the hotel.
During the year or so that my clients owned the hotel, it never came close in any month to generating enough revenue to cover the operating expenses of the hotel, much less generating anything for my clients to use to pay debt service on the construction financing. Not surprisingly, the bank eventually foreclosed on the hotel. The promoters and investors lost their entire investment in the hotel.
Guess who the consultant was who prepared the glowing feasibility study that helped persuade my clients to promote and finance that boondoggle?
Yup. John Keeling.

BP’s PECOTA projection for the 2008 Stros

Astros-Logo%20021807.jpgThe sabermetricians over at Baseball Prospectus have developed a statistical system for projecting baseball player performance called PECOTA, which is short for “Player Empirical Comparison and Optimization Test Algorithm.” PECOTA player performance based on comparison with thousands of historical player-seasons and analyzes similarities with past player-seasons based not only on rate statistics, but also height, weight, age, and many other factors. It is a remarkably accurate predictor of player performance.
BP annually prepares PECOTA projections on each Major League and minor league ballplayer, so it is a simple process to aggregate those individual numbers and project how each MLB team will do. BP’s projection for each MLB Division in the 2008 season is here ($), although you will have to subscribe to BP to review the entire PECOTA projections.
Not surprisingly, BP projects the Stros to finish 74-88 (or one game better than last season), good for fourth in the NL Central behind the Cubs, Brewers and Reds. PECOTA projects the Stros’ hitting to continue to be league-average with no meaningful improvement in the abysmal pitching that the club endured last season.
Well, at least we’ll have the Craig Biggio number retirement ceremony to look forward to. ;^)
By the way, Baseball Prospectus 2008, BP’s annual book that is the best source of knowledge about baseball, is scheduled to be published in the next week or so. If you enjoy following baseball, then I highly recommend it.

Local college hoops update

Houston%20Coogs%20hoops.jpgNormally, when a team shoots 4-12 from the field on two-point goals in a college basketball game, that’s a pretty good indication that they were thoroughly throttled by the other team.
Unless, that is, the team shoots 18-43 on three-point goals during the same game. Which is what the Houston Cougars did this past Saturday night in pummeling SMU by 22.
The Cougars are now 19-5 (8-2 in Conference USA) and, absent a bad streak at the end of the regular season, appear to be a good bet to make their first NCAA Tournament appearance since the 1991-92 season. The Coogs’ RPI has settled at 50 for the time being, which should be good enough to qualify for the NCAA tournament so long as the team maintains that RPI for the remainder of the season. Remarkably, it has now been almost a quarter century since the storied University of Houston basketball program last won an NCAA Tournament game.
Meanwhile, down on South Main, Chronicle columnist Jerome Solomon agrees with me regarding Rice basketball coach Willis Wilson. As noted in my earlier post, if Rice fires Wilson before he has had an opportunity to recruit players to — and have his teams compete in — a reasonably modern facility, then Rice will make the hypocrisy of former Rice football coach Todd Graham look benign in comparison. Besides, does the Rice Administration really want the Marching Owl Band to have an opportunity to comment on such an unfair firing?

Letterman on body painting

David Letterman discusses body painting with Sports Illustrated cover girl Marisa Miller, who is a good sport about it all.

A lingering question about Refco

refco%20021608.jpgSo, Refco’s former CEO and chairman Phillip Bennett pled guilty late Friday in a Manhattan federal court to fraud and other charges stemming from the 2005 collapse of the company (previous posts here). Peter Henning analyzes the plea here.
Bennett’s guilty plea appears to have been prompted by the plea deal last December of Santo C. Maggio, Refco’s former executive vice president, who was expected to testify against Bennett and the other Refco-related criminal defendants, former Refco executives Robert C. Trosten and Tone N. Grant, and former Mayer Brown partner and primary Refco outside counsel, Joseph P. Collins. Trosten and Grant’s case is scheduled to go to trial in March.
Although not entirely unexpected, Bennett’s guilty plea nevertheless leaves hanging the most intriguing question about the entire Refco affair:
Why on earth did Bennett ever take Refco public?
Let’s recall the story. Refco — a well-known Wall Street commodities and futures trading broker — filed a chapter 11 case in mid-October 2005 a week after the company announced that a $430 million debt owed to the company by a firm controlled by Bennett had been concealed and then repaid by Bennett. Refco’s board placed Bennett on indefinite leave and he was arrested on federal securities fraud charges shortly thereafter.

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