Can't you feel 'em swimmin' around?
You got fins to the left, fins to the right,
and you're the only bait in town.
You got fins to the left, fins to the right,
and you're the only girl in town.
"Fins" by Jimmy Buffett
The day started off clear and blue, and as we backed away from the terminal thoughts of palm trees swayed in our heads. Then we sat there, 5 minutes, 10 minutes, 15 minutes. Finally the pilot's voice came over the PA system, "Well it looks like today is just not our day, seems that we have some engine trouble and it will probably be a couple of hours to get it fixed". Fast forward thirty hours, and we finally hear the beautiful sound of clinking mojito's and mango smoothies pool-side in San Juan, Puerto Rico. For spring break, the girls and I exchanged the shark infested waters of Wall Street, for the shark infested waters of the Caribbean, and we loved every thing about it other than the commute. And the airlines wonder why their customer satisfaction ratings rival those of Congress.
For beach reading, I switched gears, slightly, to focus on real pirates versus those in Washington and New York. Pirate Latitudes is the new book by Michael Crichton that was found on his computer last year after his death. In typical Crichton fashion it was very well researched, full of colorful characters, and vivid action that will have you turning page after page (Steven Spielberg has acquired the movie rights). The adventure is set in the Caribbean in 1665 and revolves around the privateer Captain Charles Hunter, a Massachusetts born, Harvard educated, rouge. Privateers and pirates are close cousins, and depending on which end of the cutlass you found yourself, often confused. The main distinction was that pirates attacked for their own benefit, while the privateer attacked with the support and blessing of the government, and then split the spoils with said government. Captain Hunter worked for the British Governor of Jamaica, and in an early passage he is dining with the Governor's new Secretary, Mr. Hacklett.
"I have heard of this man," Hacklett said. "Further, I have heard he is a murderer, scoundrel, whoremonger, and a pirate." "At the word 'pirate', (apparently the only offensive word), Hunter's arm flicked across the table with extraordinary speed. It fastened in Hacklett's hair and plunged his face into his half-eaten mutton. Hunter held him there for a long moment." "Dear me," the Governor said. "I warned him about that earlier. You see, Mr. Hacklett, privateering is an honorable occupation. Pirates, on the other hand, are outlaws."
Since the Governor of Jamaica had very little financial or military support from Britain, he actively recruited and used privateers to defend and grow his empire.
While Spain and France were the early conquerers of the New World, we learn that the British had a unique and eventually superior method of colonization. Spain and France exerted tight military control over their colonies. In contrast the British took a laissez-faire approach, hiring and rewarding privateers to fight their battles, and leaving the British colonials mostly alone to grow and prosper. The British entrepreneurial model worked so well that by 1750 British North America had a population of 2 million, while the French territories had only 60,000, and the Spanish were mostly gone. Of course this self-reliant, independence worked a little to well, and eventually led to the Revolutionary war.
We also learn that with appropriate incentives people will take extraordinary risks, not much has changed in hundreds of years.
Be careful out there, "Just behind the reef are the big white teeth, of the sharks that can swim on the land."
Chris Wiles
This article contains the current opinions of the author but not necessarily those of the Rockhaven Capital Management. The author’s opinions are subject to change without notice. This article is distributed for informational purposes only. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.
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