Lehman Trilogy review: gripping in places, but missing elements

“The Lehman Trilogy is a three-act play by Italian novelist and playwright Stefano Massini. It follows the lives of three immigrant brothers from when they arrive in America and found an investment firm/brokerage  through to the collapse of the company in 2008.”


As a playwright and equities market participant I should have made time to see Lehman Brothers earlier. I think logistics and its length had put me off. 


I’m glad I went. In part because I certainly feel there is room for more plays about financial markets. 


My arguments would be that financial markets as a human construct reflect much and enable much  of what human society does… the good, the bad,  the ugly; the sublime, the silly, the pointless and that markets are powered by people and people are all of that. 


Dramaturgically, it was insightful to observe that the vast amounts of expositional story telling - performed well written sharply - was often gripping to many. 


(Not all, as some were switched off; and not at all moments - perhaps the difficulty of the story). 


In many ways, the direct to audience story telling is a technique I use in both my latest shows - and stand up comedy uses it as its major technique - but I’ve sometimes been cautious as to how well it will hold. 


I’m now convinced that good writing and performance can hold it well. 


The live music provided emotional and dramatic counter point.  I found those aspects of the  theatre instructive.  (Although I have minor quibbles with some aspects of  the performative story telling; a little too much one note shouting in places; not enough use of the quiet). 


In terms of finance and economic history, or even the cultural history of persons then I  learned new things in the first act about immigration, Jewish culture, slavery, cotton and the civil war.  I could even draw some links even when there were not overt references. 


You’d still learn more from a history book if the time or on economic history by listening to my podcast with, for instance, Mark Koyama (!). 


These ideas weakened in act two and were very slim in the last act. 


The play tackles the financialization (money!)  of real goods (eg cotton!) with a passage about words which hints of the truth. 


The Lehman brothers trading in the words of cotton.  There is no cotton but the word cotton. There is no coffee but the word coffee. 


This abstraction is true and not true on many levels and I liked it.  Mathematics is a language that seems to describe properties of how we perceive the real world. Mathematics is not the real world. A contract on coffee is not coffee, but it represents how coffee will trade. 


Financial market contracts or the words between men - are a human language construct that allows the movement, trade and manufacture of real goods like cotton to be turned into shirts - which people can buy for a promise (a money note) - to wear to keep them warm or to signal their desirability. 


They are a language of trust. They are not - mostly - a description of the “real world”. 


But I bring my views to that. The play touched only lightly on what financialisation of goods might mean and how it comes about. 


That was even weaker in the third act suggesting that computer magic - buying numbers low and selling numbers high - was at the heart of trading - the universal language of computers.  


I think you could argue this - I would not buy this but there could be an element of truth that trading is this human construct - but the play did not - more stating it as the truth of what these financial players were doing. 


I was disappointed but heartened to find this lacuna - because it means there is still a play for me to write.


The other disappointment in particular into act 3 is the increasingly perfunctory treatment of the personality and characters. 


I think liberties with the timelines for dramatic effect would be reasonable. Robert - Bobby - Lehman died in 1969  and wasn’t dancing, right to the end of Lehman Bros.


The most famous dancing metaphor was given by Citigroup CEO/Chair, Chuck Prince around 2007. 


"As long as the music is playing, you've got to get up and dance. We're still dancing."


One small example on the characters:  


Pete Peterson was given one short main scene - one that was mean to represent an internal political battles. 


But Peterson went on into government and then on to found one of the biggest and most influential private equity firm in the world today.  He became a billionaire and a major billionaire philanthropist- in that other grand graduation. 


the strong links between finance and politics - foreshadowed by Herbert Lehman in the 1930s - and even before in the links of the civil war, north and south - New York - Alabama - 


were absent into Act 3 - 


If people think this is the modern day story of finance - with politics absent - then people are missing  a major piece of the stroy.


The play makes the arguments in Act 2 that banks were going to fail before the government would step in to help the stronger remaining banks to survive.  This was in 1929


This same echo happened in 2008 


Some of the players were the same - Lehman Brothers, Goldman Sachs -


Similarly the politicians involved - were surrounded by ex-finance people.  Look them up.


There would have been a very true and lovely ellipsis pattern to this history if it had been more fully explored. 


Dick Fuld and many of the 2008 players are still alive so perhaps that makes it harder.


Still for someone who had lived this history and see within it the echoes of a longer arc of history (and even echoes with  today's bank runs) it was unsatisfactory.

That said, much of the play is narrated in a gripping fashion and it does bring some character to a world which really does bring the money for the rest of the world to function.  So I think it’s recommended viewing. 

ThenDoBetter Grant Winner: Fan Shen

I’ve awarded a grant to Fan Shen. She writes:

Creation has always been my passion, my way to interact with the world around me and I have been writing ever since I could remember things. I grew up in China in an era when drastic changes were constantly happening with a widening gap between the rich and the poor. My working-class family background and my gender have made me one of the marginalized with less access to social resources and less visibility in society. But writing has helped me to find my voice, the voice of the marginalized.

 

At the age of 10, I was sexually assaulted. This trauma brought me years of depression and having been exposed to the very dark side of human reality and emotions at a very young age, I once again found my strength and resistance in creation. I taught myself to paint as a way to let out my anger and grief. Because of this, painting has since then become a way of expression and healing for me.

 

Creation through writing and painting has helped me to understand myself, and the world around me. At first, I wrote about my own experience and reflections, but gradually I started to write about human conditions, the shared human experiences of pain and love, convictions, darkness, and transcendence. I want to grasp the truth of our time, to reflect the reality of society and human conditions in it. I care specifically about how political powers invade private lives, and how private individuals make their daily resistance to the power.

 

Luckily, my creation has not just offered me self-healing, but also attracted external recognition of my creativity. I was admitted by the Royal College of Arts in the UK because of my painting. At the age of 18, I was awarded the national first prize in the New Concept Writing Competition, one of the most prominent writing competitions in China. As a result of this award, I was offered to choose to study at any top university in China. Quite fatefully, instead of choosing the highest-ranked comprehensive university, I made my choice for Shanghai Theatre Academy. I was expecting something that would channel my passion and light my life.

 

And I was right about my expectation. Theatre turns out to be the art format that is closest to my heart. I see theatre as the deep dialogue of souls, the most intensive and emotional format of story-telling and expression. Theatre reveals the most essential and painful issues of its time, and it attacks and embraces the audience in the most drastic way. In theatrical creations and performances, I can transcend myself from merely a victim, a survivor, one of the oppressed, to someone who has grasped her situation and the world around her, and more importantly, has the agency to change fate. There is somehow a redeeming nature in theatre that my mind resonates with.

 

During my undergraduate education, I read and watched theatre extensively. My undergraduate thesis was on Edward Albee’s theatre work where I discussed the reflection and critiques of theatre works of his time when people were pursuing social status and wealth at the cost of alienation and neglect of humanity. I am particularly in love with modernized theatre works, because they are much more decentralized, telling stories of the insignificant and depicting the absurdity of reality. Rooting deeply in the concerns for social problems, modernized theatres carry so much more power to make an impact on the audience. The boundary between the audience and the performers can be blurred, and theatre, therefore, becomes a resistant action toward social and economic injustice.

 

With this view about theatre, I found Lars Norén’s work particularly interesting because he made such a detailed observation of the everyday life of the impoverished. His take on living theatre and his focus on family and personal relationships created such powerful stories and emotions that I can truly relate to. I have also found a lot of inspiration from reading the works of Ingmar Bergman and Susan Sontag. Bergman has inspired me with his inexhaustible curiosity and compassion for humanity, whereas reading Sontag has helped me liberate myself from my past traumatic experiences. I feel that strength as a creator, and that I share that passion to create works that can truly connect with the audiences.

 

During and after my time at Shanghai Theatre Academy, I have actively taken many internships/projects in theatres and film companies where I have become experienced in taking many different roles in theatre creation. In collaborative projects, I work closely with the director to help decide on many factors for the play. I also work as a team player with other production staff and actors. Mostly, I would hold leading roles in collaborative creation projects, both as the playwright and as the dramaturgy. For example, in the original play *White-tailed Crow*, I wrote the script and also sorted out the themes, rhythms, cores, and expressions of the play from a critical and creative perspective. This award-winning play is currently being performed in Shanghai as I am writing this cover letter. I have had several solo productions and exhibitions as well.

 

On one hand, I seem to be a budding young creator in the local theatre scene, ready to devote myself to theatre creation, on the other hand, I do struggle a lot with the limitations in the world I live in. In my mind, theatre is about sincerity, actions, queries, and resistance. My background and experience have facilitated me to see from different perspectives on very complex situations, and I love to keep using theatre practice to interfere with social problems, being a voice of resistance. But the resistance has been so restricted by censorship in China. I have been longing for freedom in the creative environment for a long time. This is why I am preparing for the application of theatre master programme abroad. I really want to try to live and study in a performance art environment in the real world’s social, political and economic conditions.

 

I am very excited to receive the grant and have the chance to chat with professional theatre maker. I have made a play which will show on stage at Shanghai soon. It is a drama about human insecurity and existence. It is about an old lady, who leaves her previous life to build a new one in the middle of a desert, after she has made her move. The story gathers a group of people who are an intellectual, a peasant. a dumb girl who and some merchants who are angles. They are lost. At the end of the story, when death takes everyone, there are no concrete answers to whether these people are saved, but the audience can get that in listening the old woman has unwittingly saved these disturbed people.

 

It was because I had felt a great wave of unease and loss these years. There is no hope, no security, no way back for creators, yet theatre has always been rooted in my soul again, and I feel that what I actually want to do is to appeal the hope. I’m calling for a power to listen, to see, to understand others. I think that in the midst of the modern spiritual crisis, listening itself contains a great power. What I am calling for is also communication, listening, the substance of love.

 

Now, several of the plays I am working on are about:

-Pneumoconiosis workers in China;

-The voguing dance of underground transgender people and its power to create families;

-One of my previous novels, which is being censored, is about a woman who hangs herself for a pearl and benevolence.

-A work about secretly ill children, a group of children who committed suicide in the internet corner of the millennial, and another group of people who witnessed the suicide of children.

-A work about micro-society and political experimentation, the whole society is the inner externalization of a person in power, about an extremely mediocre person who is held up on the altar by the times, and his heart will provoke feedback in every corner of society.

With this said, I truly thanks to Mr.Yeoh, and I hope to complete those works and get in touch with theatre makers. Please feel free to contact me [BY: I will pass on any messages]

Why host events, talent, unconference, weak social ties

I recommend Tyler Cowen and Daniel Gross’ book on Talent. I’m still sifting through my notes as the book applies to both how I think about people I collaborate in my theatre making as well as my Angel investing, microgrant making and my main job of global equity investing. 

I wanted to pull out one idea which is almost an aside in the book. The holding of an unstructured event/meet-up/conference. The unstructured part is important.  They write: 

Send Them to an Event (or Create an Event) One advantage of an event is that it may expose the attendee to top achievers and performers and help make those trajectories vivid alternatives. In those regards the event is similar to a travel grant, except you are sending them to a location that is important only temporarily. But event attendance may serve other purposes as well. An event may convince the attendee that a social or tech movement is real, or that it is benevolent, or that it is popular and desirable to belong to, or that it is not crazy. Events make that knowledge vivid in a way that reading about a movement does not: “Look, here are all the other people interested in nuclear fusion!”—or cryptocurrency, or venture capital. For exactly the same reason, events are risky, as they may scare some people off (“Hey, those people are crazy!”). Usually, though, the scared-off individuals were not going to make major contributions to that cause anyway, and so event attendance speeds up their possible reallocation to another cause or venture, one that might prove a better match. Or maybe those people really are crazy; if so, it’s better to find that out sooner rather than later. Events are an accelerated test of cultural fit. Creating your own event is costly in terms of time and money, but it can be an ideal way of raising the aspirations of those you consider talented. You get to control everything, from the invitees to the program to what they will eat for breakfast. Daniel has organized successful events for Pioneer winners, and Tyler has done the same for Emergent Ventures. But here is the important thing to understand about organizing your own event: the group has to gel. You can raise their aspirations a bit, but the group itself creates most of its own dynamic and its own theater. The members of the group will raise each other’s aspirations, at least if you have selected well and structured your event to give them enough interaction with each other. When the leader (you) and the peers are pushing in a common direction—the raising of aspirations—the effect can be very powerful indeed. But you will need to give them the freedom of letting them contribute to defining what the group is all about. [BY: my emphasis]


When I went to check out the Effective Altruism, EAG conference,  there was an element of this, EA were raising each other’s aspirations but I don’t think the main structure of the EAG I went to is quite the best. (I am told UnConference formats happen in their smaller events).


Much better, in my view are forms of “UnConference”. Tyler Cowen hosts one for Emergent Venture winners very much in this model. Kyle writes about the EV 2021 UnConference here.


I have co-hosted with my Chatham House Sustainability Accelerator friends now two Unconferences with sustainability themes. Here is Nina Klose on coming to my UnConference. Attendees who have been both to Tyler’s and my UnConferences report there are differences (I used a moderator to help people along) but the vibe and principles work similar. People found much value in the events and much more fun than a “standard” conference.  I also host even less structured mingle/parties.


I have several reasons for this. First, I think there is much (under-rated) value in “weak social ties” (here is the wiki on the work, https://en.wikipedia.org/wiki/Interpersonal_ties). These connections are valuable to everyone. 


Second, in particular for UnConferences you have these benefits:


Advantages

  • (Easier) Discovery of people with similar project interests 

  • More inclusive, less hierarchical 

  • Opportunity for everyone to share ideas 

  • Higher use of agency

 Although there can still be disadvantages… Disadvantages : Can be harder for introverts, can still be dominated by extravert characters and less well known norms can leave people uncertain on how to react.


if you are trying to solve problems by creating more social capital and ideas is a much better form of conference. There is much more interaction and the interaction is with like-minded peers who have typically selected themselves for a similar broad purpose. 


Lastly, there is the point on Talent that Cowen and Gross are making. These forms of unstructured meet-ups are an excellent way of gaining sense of whether you might have a talent fit if you are looking to hire or collaborate with new people. I found a recent hire this way, or perhaps, a recent hire found me this way as well - as the process is two way.


Many more soft skills, characteristics and a muce border and deeper sense of understanding about someone is discovered in these types of events. They synergise well with information you will glean from an interview but I suggest they will be much more revealing. UnConferences are also much much more fun.

ThenDoBetter Grant winner: Bryan Kam

I awarded a grant to Bryan Kam, he writes:

I am developing a methodology for healthy philosophical inquiry, which aims to provide better strategies for thinking about problems at an individual and collective level. This approach will identify warning signs in thinking and discourse. I’ll propose strategies which have worked historically to prevent us from doing either too much abstraction without testing, or too much action without reflection.

Philosophy must be contextual and alive. It is just as dangerous to leave intellectuals in an insulated realm of abstractions as it is to encourage unwise action by those with no understanding of history and theoretical context.

I think of this approach as “neither pure theory nor pure action, but both at once” or Neither/Nor for short. We need both strategies to thrive.

The current consensus is that truth is something objective and static, and that the scientific method is the only way to unveil this truth. This narrow conception of truth, which restricts how science must be practiced and communicated (“scientism”) impedes us rather than empowering us and is preventing the experimentation we need for progress. Thus, rather than something static we uncover, we should be aiming for a practical methodology for inquiry.

I do not oppose science but I believe that a narrow vision of it will limit our ability to understand the problems we face. However, I also oppose relativism and resist the modern tendency to dichotomize which makes it easy to leap to the conclusion that if there is no objective truth, then the only alternative is the opposite extreme: “everything is equal.”

As the first part of this project, I am working on an article, which will become a chapter in a book that I’m writing, about how a better understanding of philosophy and history can help innovation. This is a project I’ve been working on for the past two years (self-funding), but I’m now out of savings, just as I near the first public milestone. As part of writing the article, I plan to record podcasts and video lectures.

My main goal for this stage and for all my work is to move beyond theoretical formulations. I seek to also test and enact the conceptual framework I am elaborating, through a series of dialogical experiments. In the near future, I will look at how conceptions of selfhood have changed over time, and what impact this has had on society. I will question when a commitment to abstract truth might contribute to technological and scientific progress, and when such a commitment might impede progress. I’m also planning a practical guide to the technique of Buddhist “dependent origination,” which promises to end suffering through an analytical method. These would appear in a series of lectures, podcasts, and gatherings.

As part of this effort, I’m drafting video lectures on YouTube. You can also see a 2 minute summary of one of the main ideas here.

The microgrant has allowed me more time to make progress on this writing and the conversations that will support it.

If any of this sounds exciting, I’m searching for collaborators, so please reach out.

If you want daily updates on this work, please check out my Patreon. I post everything there, nearly all of it for free. If you just want the big news, please check out my Substack.

Shape of Friendship

Shape of friendship. I went to my friend, David Finnigan’s, performance piece at the Barbican Theatre, last week.

I took my 10 year old. From what I could tell, there were no other young people in the audience which was a shame in many respects.

A shame because this form of theatre is more relevant, more exciting, more dramatic than, say, a standard piece of Shakespeare performed in a standard type of way.

A shame because if we want to engage young people in live performance, we are still an art form where liveness and vividness counts.

You can observe this in the music gig scene which is still strong.

I also think you can engage young people in serious, fun and thoughtful art from a very young age and that’s better for everyone. In a world where rich nations are - in part - moving more digital and remote, then the importance of liveness and vividness increases.

The Barbican is a living piece of visual and performing art history. Considered a brilliant example of Brutalist architecture, it was considered by the Queen in 1982:

“...one of the wonders of the modern world”

The Barbican is built from and atop ruins from World War 2, atop ruins which stretch to Roman times, atop ruins which stretch back further.

The site is within a javelin distance of where a Roman Amphitheater used to be. There is history that stretches back and back…

Performers and audiences on occasion are sensitive to this history. I have worked in and around the Barbican area, on and off, for 20 - 30 over years.

By no means, do I see even a small sliver of everything at the Barbican but the space has held some of the most profound pieces of human expression that have occurred in modern times across music, dance, theatre and arts.

And so into that space we walk.

David is a friend and we have collaborated. You can listen to us/read on podcast here and below.

It’s a privilege then to see how a show develops (I saw it in one of its earliest incarnations) and live with its creative’s hopes and fears.

Shows performed by friends then have a special resonance. You can not watch them as strangers any more than you can watch friends kiss differently from strangers arriving at a station.

This echo plays into the lives of those who create – and we all create – so plays into all our lives.

My son can have a level of emotion and experience richer for knowing David. Especially in a piece such as this which plays to stories in David’s life.

The show I saw might well be the last time the performance is ever staged.

Certainly, it is the last time it will be staged in that time and place and audience (and so we can suggest all performance is fleeting like this). There is an aphorism which comes about in Open Space and UnConference that people in the room are the ones that matter and thus we can only have the conversations we can have.

Live performances have these lives and these lives are mostly short-lived.

There is a sensation joyous and deep in experiencing live and vivid art with other humans in a fashion never to be repeated.

At its best an urgency and richness which changes you and leaves you changed forever more.

Unlike books or even visual art, performance is not an object to last, performance is a shared experience.

Books and paintings, arguably, are not completed without a reader or a viewer but they can have a life of their own.

Performance lives when experienced together. Anything else is mostly only rehearsal.

Perhaps that is partly why performance through storytelling or dancing seems to have been around before writing and likely at the dawn of homo sapiens.

There is a sadness as well for events that can not be replayed. There is a part of us that wishes to capture part of that dream and bottle the feelings as keepsakes.

Therein lies all the countless visual snaps and videos of live gigs and events hardly ever to be viewed again. The liveness was in the moment and – if we were to be honest – never to be captured again. Live performance shared is a singular experience. Those video snaps are wasted. (Be like the lady at the top photo).

I am both happy and sad then to be part of a final showing. There near the beginning of its journey. There near its end.

David is a newer friend. We first met in the tail end of the last decade. I cherish being able to make new friends and create experiences together.

I cherish that we collaborate deeply in making art.

But, we also tell ourselves the myths that all our types of friendship last forever. Relationships form and crumble. Made and re-made.

Some burnout due to their intensity, others fade due to accidental or intentional neglect. We can be sorry for these things too.

I still have friends from school, but I think I have lost many more. That is not to devalue the friendships when those relationships are alive.

And like that – friendships also are like live performance – they thrive in shared experience, they can end in sadness and in joy, they can go on long lifetime journeys.

We can fool ourselves about them too because someone always dies, and shows always end. 

Still – we can and should nurture and celebrate them where we have them.

Tend, repair and grow – and dare I say perhaps prune – like flabby parts of performance – parts which are already dying

But, if possible, in full recognition of the joy they gave while alive.

What are the shapes of our friendships and relationships? Pocket-shaped, world-shaped, love shaped?

We would not think to measure and manage them.

And so… my tangent into “ESG” - these are the intangible (though sometimes tangible) often difficult, sometimes impossible to measure parts of business, they have a shape and importance, but exactly what that shape is… well perhaps like the shape of friendship.

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