Money for The Rest of Us

Investment help and financial guidance for the rest of us.

  • Podcast
  • Guides
        • Asset Classes

        • A Complete Guide to Investing in I Bonds and TIPS (2025)
        • A Complete Guide to Equity REIT Investing
        • A Complete Guide to Mortgage REIT Investing
        • A Complete Guide to Investing in Gold
        • A Complete Guide To Investing In Convertible Bonds
        • Investing in Bitcoin, Oil, and Volatility ETFs
        • Carbon Investing and its Effect on Climate Change
        • Farmland Investing
        • The Opportunity and Risk of Frontier Markets
        • Investment Vehicles

        • A Complete Guide to Investment Vehicles
        • How to Invest in Closed-End Funds
        • What Are SPACs and Should You Invest in Them?
        • Money and Economics

        • A Complete Guide to Understanding and Protecting Against Inflation
        • Understanding Web3 Investing
        • Strategy

        • Why You Should Rebalance Your Portfolio
        • What Is Risk vs Uncertainty?
        • Tail Events and Tail Risk
  • Resources
        • General Resources

        • Topic Index
        • Glossary
        • Most Influential Books
        • Member Tools

        • Member - Getting Started Guide
        • Asset Allocation and Portfolio Tools
        • Current Investment Strategy Report
        • All Investment Conditions Reports
        • Strategic and Adaptive Model Portfolios
        • Member Tools and Downloads
        • Member Resources

        • Plus Premium Episodes
        • Submit A Question to the Plus Podcast
        • Member Forums
        • David’s Current Portfolio
        • David's Portfolio Trades
        • Courses

        • Investing in Closed-End Funds
  • Members
  • Join
  • Log In
You are here: Home / Podcast / 101: Why Markets and Economies Are Ceaselessly Creative and Radically Unpredictable

101: Why Markets and Economies Are Ceaselessly Creative and Radically Unpredictable

March 30, 2016 by David Stein · Updated February 12, 2022

How memes, stories, people, systems, goods and services mix and interact to create an expanding economic web that is ceaselessly creative and radically unpredictable.

Solar Eclipse - November 13, 2012

In this episode you’ll learn:

  • What is the adjacent possible.
  • What is a meme.
  • Why we need both stories and memes to survive.
  • How inferior ideas and technology can trump superior technology and ideas.
  • How complementary and substitute goods and services lead to new economic niches.
  • Two way to invest in a radically unpredictable world.
  • Why all investors are active even if they own mostly index funds and ETFs.

Show Notes

Our Adjacent Possible – Silence Like Thunder

What Technology Wants – Kevin Kelly

The Selfish Gene – Richard Dawkins

The Abundance – Annie Dillard

Introduction To Ancient Greek History – Donald Kagan – Yale Open Courses

Antifragile: Things That Gain From Disorder – Nassim Nicholas Taleb

Reinventing the Sacred – Stuart A. Kauffman

Become a Better Investor With Our Investing Checklist

Become a Better Investor With Our Investing Checklist

Master successful investing with our Checklist and get expert weekly insights to help you build your wealth with confidence.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Summary Article

Last weekend at a wedding reception I visited with my wife LaPriel’s uncle. In the course of our conversation, I mentioned his last name, which is also LaPriel’s maiden name.

I pronounced the name “Christi-AN-sen” with the accent on the letters “AN.” I’ve been saying it that way for over twenty-five years since that is how LaPriel’s father, mother and siblings pronounce it.

“It’s CHRIST-en-sen,” the uncle said, accenting the first syllable. “I’ve pronounced my name CHRIST-en-sen my entire life. That’s how my father pronounced it.”

I was dumbfounded. All those years of mispronouncing the family name. This uncle didn’t know why some members started saying his name differently, but he suspected it might have been to help others spell it correctly.

What I find amazing about this is many of LaPriel’s nieces and nephews have adopted this revised pronunciation and within a generation no one will have known it was ever spoken differently.

Memes

In 1976, the evolutionary biologist Richard Dawkins published a book titled “The Selfish Gene” in which he introduced the term “meme.” A meme, according to his definition, is a noun that describes a “unit of cultural transmission, or a unit of imitation.”

Essentially, a meme is an idea or behavior that passes from person to person and from generation to generation by non-genetic means.

Memes, like genes, can experience mutations, or permanent changes. The pronunciation of Christiansen is a mutation of a meme.

Our culture gets passed to the next generation via memes, much of it non-verbally through example. This is tacit knowledge. The most critical memes are those that ensure our survival.

Yet, so much is lost from one generation to the next, particularly within families.

Origin Stories

My great-grandfather Peter emigrated to the United States and settled in Cincinnati in 1883. He arrived with his father and mother from the Netherlands.

When I asked my grandfather why his father and grandparents had left their native land, he said he didn’t know. His father never told him. My grandfather had no stories or memories to share from his father, other than he heard that they had brought a pair of wooden shoes with them. He didn’t know where the shoes were.

Apparently, knowing why someone would pick up and leave their home to undertake a dangerous ocean voyage to a new land was not necessary information to pass along to ensure survival.

Total Solar Eclipse

Annie Dillard writes in her essay, “Total Eclipse” that, “We teach our children one thing only, as we were taught: to wake up. We teach our children to look alive there, to join by words and activities the life of human culture on the planet’s crust.”

Dillard’s essay is a remarkable account of the total solar eclipse she witnessed in 1979 on a hillside in central Washington.

She describes when the moon began to cover the sun, “the sky to the west deepened to indigo, a color never seen.” How the color of “the grasses were wrong; they were now platinum…the hues were metallic.” Her hands were silver.

And then how the people screamed when, “the second before the sun went out we saw a wall of dark shadow come speeding at us. We no sooner saw it than it was upon us, like thunder. It roared up the valley. It slammed our hill and knocked us out. It was the monstrous swift shadow cone of the moon.”

“Language can give no sense of this sort of speed…It rolled at you across the land at 1,800 miles an hour, hauling darkness behind it like a plague. Seeing it and knowing it was coming straight for you, was like feeling a slug of anesthetic shoot up your arm. If you think very fast, you may have time to think, ‘Soon it will hit my brain.’ You can feel the appalling, inhuman speed of your own blood. We saw the wall of shadow coming, and screamed as it hit.”

I sat in my classroom at a Catholic elementary school in Ohio when this total solar eclipse occurred. We watched it on television and then looked outside where there was only a partial solar eclipse. It was a non-event to me. It was only when I read Annie Dillard’s words this past week did the magnitude and profundity of the total solar eclipse hit home.

On August 21, 2017, the first total solar eclipse in North America since 1979 will cover our little piece of Idaho. I will be there; awake and ready to scream.

Dillard’s terrifying account of the eclipse will live on because she wrote it down. My family’s origin story of why they left their native land is dead and gone. Lost in one generation.

Through memes and writing, cultures can endure for millennia, but at times they collapse and only remnants remain.

Cultural Collapse

The Mycenaeans were the first advanced civilization in Greece whose culture flourished from 1,600 to 1,200 BC. They formed city states, each ruled by a king, with citadels and palaces located on formidable hills near the coast, surrounded by farmland.

The Mycenaeans had no soap. In order to clean themselves, they would rub perfumed olive oil on their bodies and scrape it off before taking a bath.

While these ancient Greeks grew olives, the perfume used in their baths came from North Africa. The Mycenaeans conducted trade throughout the Mediterranean and Mesopotamia regions, primarily by ship.

The Mycenaean writing that survives, the earliest form of Greek, was written on clay tablets. It contains no stories or myths, but economic transactions and inventory lists, transcribed in minute detail including debts owed.

For unknown reasons, the Mycenaean culture collapsed around 1,100 BC, ushering in a dark age. The cities were abandoned. Trade with far off regions, such as Egypt and Mesopotamia stopped. The Mycenaean population fell as settlements were no longer powerful city-states but small, poor, weak villages. There was no writing that originated in Greece for the next 350 years.

Most of the Mycenaean memes died, but some memories of those better times survived in the form of folk wisdom and legends. Epic oral poems, such as the “Illiad” and the “Odyssey,” originated from the remnants of Mycenaean world, preserving some of the cultural traditions. These poems were eventually written down in the forms we have today.

While memes with their tacit knowledge can show us what to do, it is the stories we preserve and share that explain why. We need both.

Ready to get serious about your investing?

Access professional-grade portfolio tools, training, and a community to help you stay on track, tune out the noise, and grow your wealth with confidence.

Learn How

Filed Under: Podcast

Contact | Team | Topic Index


Darby Creek Advisors LLC
P.O. Box 68544 • Tucson, AZ • 85737

Copyright © 2025 • Disclosures, Privacy Policy, and Cookie Policy • Site by Tempora

Manage Cookie Consent

We use cookies to optimize our website, marketing, and services. 

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
Manage Cookie Consent
We use cookies to optimize our website, marketing, and services. We never sell users' data.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}