The maxim of the British people is “Business as usual.”

- Winston Churchill, Speech, 9 November 1914

A macroeconomist once told me that the two institutions with the longest investment horizons were university endowments and the Vatican.

From Kevin Davis at Bull City Rising, an interesting intro to his article on what the Citi buyout of Wachovia may mean to Charlotte:

Try to imagine, if you will, how it would feel to see a news story like this one cross the wire services:

Posted at 9:19pm on July 24, 2013

RALEIGH, N.C. (AP) — The trustees of Duke University announced today a breathtaking combination with Princeton University in the latest reverberation from the higher education market collapse.

The takeover, valued at $8.7 billion (U.S.), comes on the heels of last week’s Johns Hopkins-University of Chicago merger.

The Duke-Princeton deal, like the activity in Baltimore last week, was brokered at the eleventh hour by Federal regulators at the U.S. Department of Education concerned about the financial stability of another one of the country’s most prestigious universities.

“This is an important step in restoring American’s confidence in our higher education system,” said Secretary of Education Dan Quayle.

It’s utterly impossible to picture — and no, I don’t mean the bit about Quayle being secretary of education.

For better or worse, a university town has some immunity to the economic pain that afflicts the private sector.

Remainder of article here.

How old would you be if you didn’t know how old you were?

– Satchel Paige

It may seem strange, but Paige’s quote made me think of zero-based budgeting: creating each year’s budget from scratch instead of making incremental changes to last year’s budget.  More importantly, it reminds me to ask on occasion, “Never mind what my business is today. What would I turn it into and what would I expect of it if I were starting from scratch?”

How many times do we shape our days and decisions with the assumption that it can only be an incremental change from what existed the days before?  Too often, I fear.

What’s the cash value of your network? The folks at XING.com (a business social networking resource like LinkedIn) have come up with a methodology that requires but 5 minutes of your time. Click here: mynetworkvalue.com

Oh and mine? $1,222,000. High for my age and field. Hooray for me! If you are reading this, please send me one dollar

Shout out to Barry at enrevanche.com for the link.