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Embedded Growth Obligation - Weinstein
Posted on 1/20/21 at 11:48 am
Posted on 1/20/21 at 11:48 am
Stumbled across this idea on Weinstein’s discussion with Glenn Beck. It really resonated with me on a corporate level.
In short, EGO, or embedded growth obligations, is “how fast a structure needs to grow to maintain its honest positions.”
I remember sitting in a budget planning meeting for a PBM I was working for and hearing the board expected 30% organic revenue growth in a year. When we inquired as to how they expected to achieve that growth, they said “sales.”
This predicate of constant growth means that absent actual innovations or efficiencies leveraged, it just devolves into a game. Outsource labor. Lower quality. Fudge the numbers. Fake a study.
And this creeps across every sector of our economy and culture. From our academics to our bankers.
It’s what is driving the illegal immigration push. It’s driving a $15 minimum wage. It’s driving outsourcing labor to China or Mexico.
Some additional thoughts from Weinstein
LINK
In short, EGO, or embedded growth obligations, is “how fast a structure needs to grow to maintain its honest positions.”
I remember sitting in a budget planning meeting for a PBM I was working for and hearing the board expected 30% organic revenue growth in a year. When we inquired as to how they expected to achieve that growth, they said “sales.”
This predicate of constant growth means that absent actual innovations or efficiencies leveraged, it just devolves into a game. Outsource labor. Lower quality. Fudge the numbers. Fake a study.
And this creeps across every sector of our economy and culture. From our academics to our bankers.
It’s what is driving the illegal immigration push. It’s driving a $15 minimum wage. It’s driving outsourcing labor to China or Mexico.
quote:
We have effectively entered a period in which we cannot trust our experts. I think that what began as a desire to contribute and to do real work, ended with an understanding that we’ve got two generations of institutional experts that are corrupted, and that we cannot wake up from this crazy fever dream that we’re all in, because we can’t figure out who we can still trust.
The doctors are compromised. The professors are compromised. The Journalists are compromised. The politicians are compromised.
About the only thing that isn’t badly compromised are people with an independent source of sustenance — individuals and very small groups are about the only thing that is free of this disease of the Embedded Growth Obligation (EGO).
Some additional thoughts from Weinstein
LINK
14
Posted on 1/20/21 at 11:54 am to the808bass
Probably over the head of a lot of people here but it applies to just about every aspect.
Someone in admin once told me “if you aren’t buying clinics, you’re getting bought”
No reason it wouldn’t also apply on a macro scale.
Someone in admin once told me “if you aren’t buying clinics, you’re getting bought”
No reason it wouldn’t also apply on a macro scale.
Posted on 1/20/21 at 11:57 am to Tiguar
If you’re not publishing, you’re perishing.
If you’re not making loans, you’re dying.
If you’re not making loans, you’re dying.
Posted on 1/20/21 at 11:57 am to the808bass
Thanks for posting this. This is the first I heard of EGO. I knew what it was but never heard it described like this.
With that said the source of EGO is the central banking system. We have our Federal Reserve, China has the People's Bank of China, England has the Bank of England, the rest of Europe has the European Central Bank, etc., etc.
Until these central banks continually backstop bond auctions (i.e., printing money) these engrained attitudes of EGO will never end.
With that said the source of EGO is the central banking system. We have our Federal Reserve, China has the People's Bank of China, England has the Bank of England, the rest of Europe has the European Central Bank, etc., etc.
Until these central banks continually backstop bond auctions (i.e., printing money) these engrained attitudes of EGO will never end.
This post was edited on 1/20/21 at 12:21 pm
Posted on 1/20/21 at 11:59 am to the808bass
Weinstein's recent two interviews this past week are absolute must listens. Long but well worth it.
Posted on 1/20/21 at 11:59 am to the808bass
Weinstein sounds like a godless atheist moron.
I don't believe in God because it makes me feel good.
I believe in God because the evidence points to the existence of God.
Liberals know they're evil, and simply do not care.
I don't believe in God because it makes me feel good.
I believe in God because the evidence points to the existence of God.
Liberals know they're evil, and simply do not care.
Posted on 1/20/21 at 12:00 pm to the808bass
quote:
From our academics
As an academic, I’d like a little explanation on how this applies to the academy because I see how it applies to institutional administration but not to the academy itself.
Posted on 1/20/21 at 12:01 pm to BiteMe2020
quote:
Weinstein sounds like a godless atheist moron.
I have significant issues with Weinstein’s whitewashing of progressivism’s sins. But we have to stop the binary labeling of people as bad or good. Jesus doesn’t even do that.
Posted on 1/20/21 at 12:03 pm to inelishaitrust
quote:
As an academic, I’d like a little explanation on how this applies to the academy because I see how it applies to institutional administration but not to the academy itself.
I think Weinstein would say that the drive to publish or to create landmark research drives some bad research and some deliberately fraudulent research.
Does that make sense? The social sciences are a mess. They can’t reproduce any of their results. And yet they soldier on, publishing like it means something.
Posted on 1/20/21 at 12:04 pm to GumboPot
quote:
This is the first I heard of EGO. I knew what it was but never heard it described like this.
Same. Having stared at the economic underbelly of healthcare for over a decade, this idea started to ruminate in me but I couldn’t distill it nearly as clearly as Weinstein manages to do in a paragraph.
Posted on 1/20/21 at 12:05 pm to the808bass
To be fair, the social sciences are published to manipulate.
Their specific intent is in a field different from their own.
Their specific intent is in a field different from their own.
Posted on 1/20/21 at 12:05 pm to the808bass
I got hooked on it last night to. Fantastic.
Posted on 1/20/21 at 12:07 pm to Tiguar
quote:
To be fair, the social sciences are published to manipulate.
That’s certainly a chunk of it.
Posted on 1/20/21 at 12:09 pm to the808bass
quote:
I have significant issues with Weinstein’s whitewashing of progressivism’s sins. But we have to stop the binary labeling of people as bad or good. Jesus doesn’t even do that.
No, he didn't. However, liberals would sacrifice you for a Klondike Bar. Liberals only care about maximizing pleasure, wealth and power in this lifetime - no matter how high up they are.
It's a non-starter. Liberals will NEVER recognize a truth higher than themselves, even if they were to view it as a useful fiction.
Which is why he's a moron. He completely misunderstands how evil liberals actually are.
Posted on 1/20/21 at 12:10 pm to sabanisarustedspoke
Bump - I saw the Weinstein one on Glenn Beck. Brilliant. Talks about logical basis of MAGA movement as a result of radical left. Worth the 90 minutes and I usually hesitate to even recommend something over 5 minutes
Posted on 1/20/21 at 12:12 pm to BiteMe2020
I think Eric Weinstein is a religious jew. I believe I heard him say in one of his podcast episodes that he believes but I could be wrong. Bret Weinstein, his brother, is a non believer.
Posted on 1/20/21 at 12:14 pm to the808bass
quote:
I think Weinstein would say that the drive to publish or to create landmark research drives some bad research and some deliberately fraudulent research.
Does that make sense? The social sciences are a mess. They can’t reproduce any of their results. And yet they soldier on, publishing like it means something.
Would the ridiculous proliferation of joke degrees and the selling of said degrees to millions of 19-22 year olds using borrowed money to purchase fit here also? I look at the growth of ASU over the last 15 years and it feels a whole hell of a lot like big companies I've been a part of. Growth for the sake of growth, at the end of the day regardless of the quality of business.
Posted on 1/20/21 at 12:17 pm to the808bass
quote:
Does that make sense? The social sciences are a mess. They can’t reproduce any of their results. And yet they soldier on, publishing like it means something.
I’m in the humanities and in the social sciences I follow (Poli Sci, Sociology, and Anthropology) reproduction of results isn’t a big deal. Studies typically aren’t looking for universal laws—they love the particular. It seems like psychology would be the discipline in which this is the biggest problem, but I don’t pay much attention to it.
In my discipline, we understand that we have to publish if we want career advancement but we see our research and teaching work as a public good and don’t feel obligated to produce value for the market.
Posted on 1/20/21 at 12:18 pm to the808bass
quote:
If you’re not publishing, you’re perishing. If you’re not making loans, you’re dying.
I watched the full Glenn Beck interview with Weinstein and he's a really a brilliant dude, maybe too brilliant. Beck seemed intimidated by Weinstein and when the discussion turned to left/right politics Beck failed to make effective arguments for the conservative cause.
Case in point was Weinstein trying to justify the the BLM and to a lesser extent Antifa behavior and violence this past summer. Weinstein approaches the conversation believing the George Floyd tragedy was racially motivated when there was never any proof Chauvin had a verifiable history of racism. Weinstein did condemn the federal courthouse siege but who in their right mind wouldn't?
Posted on 1/20/21 at 12:19 pm to BiteMe2020
quote:
However, liberals would sacrifice you for a Klondike Bar.
There is a strain of might makes right on the Left that is undeniable. If we believe there is no redemption, we should all just get guns and start shooting.
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