ちなみにラクレフが社長を務めるウェルス・フロントは毎年、Career Launching Company List(キャリアを加速させるための企業名簿)を発表しており、今後飛躍的に成長する可能性の高い、上場前のスタート・アップを列挙している。(これらの企業は未上場、売上高$20-300M、3年先まで毎年50%超で成長見込み、魅力的なユニットエコノミクスを実現していることが条件となっている)
なお米国でインデックスファンドに投資する場合、世界で初めて個人向けインデックスファンドを売り出した運用会社で現在の運用資産総額が500兆円を超過しているバンガード社 (2017年現在、ブラックロックに次いで世界2番手だが、2020年には世界1位に、2023年には1000兆円を超えると予想されている)が提供するVTSAXあるいはS&P500 Index Fund(いずれも株式インデックファンド)と、同じくバンガード社が提供するVVTLX(債券インデックスファンド)がおすすめとされています。上記がおすすめなのは、圧倒的な規模に裏付けられた高い実績と信用力、ならびに他者より低い手数料のためです。
さらに、ウィリアム・シャープは、株式を複数組み合わせて作られる無限に考えられるポートフォリオの中で最もシャープレシオが高くなる(さらされているリスクに対して期待リターンのバランスが最も高くなるの)のは、市場ポートフォリオと呼ばれる、市場にあるすべての株式を時価総額の比率に応じて組み合わせたものであることを証明しました。(細かいことを理解したい場合、CAPM: Capital Asset Pricing Modelが参考になります。)
ウィリアム・シャープはもう一つ重要な考察をしています。アクティブ運用は必ず、市場平均以下のリターンを生むとしています(1991年に発表しているThe Arithmetic of Active Management参照)。その理由はごくごく単純で、アクティブ運用の方が請求されるフィーの分だけ、全体の平均リターンが抑えられるからです。すごく優秀な(あるいは運がよい)ポートフォリオマネージャについて、高額なフィーを差し引いてもベンチマーク以上の運用成績を残すことはあります。ただし、アクティブ運用の全体平均を見れば、フィーの分だけ市場平均リターンを下回ることは紛れもない事実です。もし、優秀な(あるいは運のよい)ポートフォリオマネージャを確実に特定できないのであれば、やはりフィーの低いパッシブ運用の方がリスクに対する期待リターンは高くなります。
世の中にはすごく優秀なポートフォリオアマネージャがいるのは事実です。また、ごく稀に何年も続けて好運用成績を残すウォーレン・バフェットのような奇跡的な存在がいるのも事実です。ただし、優秀なポートフォリオマネージャほどフィーが高いのが一般的です。かの有名なSteve Cohen氏がかつて代表を務めていたS.A.C. Capital Advisorsでは2000年代当時、3%のマネジメントフィー(毎年運用総額に対して課される運用報酬)に加えて、50%のキャリー(利益総額に課される追加の運用報酬)を請求していました。法外なフィーです。(余談だが、S.A.C.はその後、世界最大のインサイダー取引事件により起訴されています。)。運用成績を評価する際、ベンチマークとの差分をアルファと呼ぶことがあり、アルファがプラスであれば、ベンチマークを凌駕した運用成績を残したことになります。業界平均を見たとき、アルファに比例してフィーが高くなる傾向があり、結果的にアルファはフィーによって相殺される、あるいは負の数字になることがしばしばです。S.A.C.の場合、フィー後でもアルファを生んでいたようですが、Steve Cohen氏本人が1兆円以上の資産を築いたことも間違いありません。
This guide is intended to be read by overseas visitors who are planning to dine at a high-end sushi omakase in Tokyo for their very first time. Think price point above $200 per person. I’m also assuming that it is an “Edo-mae” type sushi. Edo is the old name for Tokyo and can be translated as Tokyo-style sushi. Some of what I’ve written is extremely accurate. Some of it is overly generalized. Some of it is completely fiction. It has all been derived from personal experience and direct conversations with multiple sushi masters. It is also full of my personal prejudice. I hope it is somewhat helpful in understanding the mysterious world of authentic sushi in Japan.
Rule 1 Never cancel within 3 days of your reservation. It is a felony. If you cancel, assume that you have to pay the full price. Fresh fish has been procured just for you and your group, a lot of it on the morning of. They will be forced to throw all of that out the window. The master never serves anything short of perfect. Reputation built over decades is far more important than saving a couple of pennies by reusing some of the ingredients. If you absolutely need to cancel, find a substitute and make sure that the fresh fish doesn’t get thrown out. Just in case you’re not misunderstanding, it’s totally NOT okay to pay the full price and cancel at your convenience. You have still wasted the food and all the human effort that went in. It’s not capitalism that prevails, its “iki.”
Rule 2 The sushi store is not a restaurant, it is the sushi master’s home. Behave as if you were invited into his home. Be respectful to the host and his other guests.
Rule 3 Once you enter his house and sit down, make sure to forget your bill. The sushi master can charge you whatever he wants now. Don’t complain that its not transparent. That’s just the way it is. Don’t take notice of the fact that he’s not really counting what you have ate either. Also, don’t get too upset with the fact that you’re not getting served the exact same dishes as other more experienced guests. Remember, you’re a newbie. The master has every right to have favorite guests. You know what the word “omakase” means, right? It means that you trust the master and you’ve willingly gave up control. Accept the fact that you are powerless and concentrate on enjoying the show. God forbid, do not negotiate the price or ask for an itemized receipt. That is totally not “iki.“
Rule 4 Don’t damage the magnificent cypress table with your cheap metal Rolex. Take it off when seated. The table is by far the most expensive piece in the store and is considered the face of the store. Enjoy the rich, 2 inch thick solid block of expensive wood. If the table is cheap, the store is also considered cheap. Keep it clean and unscratched.
Rule 5 As soon as you sit down, clearly communicate your preferences or food restrictions (if you have any) to the master (or sub-master) before he starts serving. It is an insult not to eat a dish once it’s served. Know what exotic shells you are not fond of in advance, and let him know so he can work around it. If you don’t know what you can or cannot eat, too bad, that’s your fault. If you suddenly realize that you don’t feel like eating whatever that has just been served, too bad, that’s your fault, too. Take responsibility and eat up. Wasting food is totally not “iki.”
Rule 6 Please don’t add extra seasoning or soy sauce based on your preference, unless you’re instructed to do so. Remember, its “omakase.” It’s already flavored and prepared perfectly to be devoured. The temperature of the rice, the type or blend of vinegar, the amount of vinegar, the size of the rice, the size and thickness of the sashimi, the direction the fish is cut, the amount of wasabi added are all basic variables that are controlled between dishes and also take into account who is being served. Don’t mess it all up by adding your “unique” preference. You don’t go to someone’s house and recook what’s been served. Also, don’t forget to eat the sushi within 20 seconds of arrival. It is a sin to leave a dish untouched just because you’ve got carried away with your unimportant conversation. As a side note, the master may prepare slightly smaller rice servings for females to make sure both the guy and the gal get equally full. These are small things that the master will do which is totally “iki.”
Rule 7 Don’t be fooled. The rice is where majority of the skills are concentrated, not the fish on top. A master will tell you that great sushi is determined 80% by the “shari (the rice portion)” and 20% by the “sashimi (fresh fish)” on top. There is tremendous attention put into where the rice has been procured, how to cook it, what vinegar to use and how they mix it with the rice, and at what temperature it is served at. For your average American sushi the shari is always cold. That’s unacceptable. At a high-end place, I will guarantee that it will be served at different temperatures depending on the sashimi it goes with. Also notice that a lot of places will use red vinegar, which you can see by inspecting the color of the rice (i.e., brownish rice vs pure white rice). This is one of the characteristics of Edo-mae sushi. Typically, fatty tuna-type sashimi goes well with thick red-vinegar shari, whilst more lighter fish goes well with your ordinary white vinegar shari. Pay attention and notice these subtle differences as you enjoy each dish.
Rule 8 Beware of the sheer amount of raw fish. You will be hit by a tsunami of sashimi and sushi, 20+ dishes in a row. If you haven’t eaten raw fish intensely in the past, you will easily be overwhelmed. Don’t assume that you will be able to glide through a full meal. Acknowledge that you are a beginner and be prepared. If you’re too full to continue, just admit it and the master will understand. As we all know, you’re just a newbie.
Rule 9 Appreciate the fact that there is a full team behind every dish. Assuming the store has a total of 8 seats, there is 1 master, 1 sub-master which will both be standing in front of the counter (99% will be male). Since you are a newbie you will be seated close to the sub-master. There will be 1-2 waiters behind you (99% female). There will be 1 person in the backyard in charge of the grill (99% male). There will be an additional 2 people in the backyard washing dishes and doing other various supportive roles (99% male). This means that the ratio between customers and store staff is 8 to 6, close to a one-to-one ratio. It is not easy preparing perfect dishes, providing seamless service, and getting you out the door within 2 hours. Appreciate the effortlessness at display.
Rule 10 Owning a sushi store is a lifestyle and an art and it’s a privilege to witness it. The owner, the CEO, and the chef are all one single person, the master. He comes into the store at 9-10am and starts preparing for the night (obviously high-end places don’t serve lunches). Edo-mae sushi is all about preparation and it is not about serving the freshest fish. Even a simple piece of red tuna will be aged over a few days, the dried seaweed will be slightly toasted using charcoal and not a gas burner, similarly seared bonito will be seared using dried rice straws. Every dish requires multiple steps to prepare in the background and requires years of dedication to evolve and perfect. The master will open doors around 6pm and serve two rounds (i.e., 8 people x 2 = 16 customers per night) until 10pm-11pm. The master will go home well after midnight. The store is open 6 days a week, 300-310 days a year. It is a full commitment to perfecting the art of sushi that will continue for the rest of the master’s life. It’s not about making money. It’s all about perfecting skills and satisfying customers. It’s all about “iki.”
(Just in case you were wondering, “iki” cannot be explained in plain English. If you look up the wikipedia definition, it’s totally confusing and not helpful. It’s sort of like a Japanese version of the word dapper without the poshness and obviousness)
1939年 Bill HewlettとDavid Packardがスタンフォード大学卒業後、Hewlett-Packard社を創業し、軍にむけての電子機器の発明と製造を開始する。なお、二人の学部時代の指導教官を務めていたのがTerman。(当時、創業したとされるPackardの車庫はPalo Alto市内の住宅街に今の残されており、「シリコンバレー誕生の地」として歴史的建造物に指定されている。)
1945年 第二次世界大戦が終結。世界大戦中にアメリカ軍用航空機はドイツ軍にことごとく撃退されたことを受け、その理由として、ドイツ軍の高性能レーダーがあることが発見される。そこで敵軍レーダーの解析を行うために Terman教授が指名され、スタンフォード大学にElectronics Research Labを創設し、マイクロ波の研究に取り組む。
“All happy families are alike; each unhappy family is unhappy in its own way” 「幸せな家族は皆似通っている。不幸な家族は皆それぞれ独特に不幸である。」
Peter Thielによればビジネスの世界はその逆。
“All happy companies are different in its own way; All unhappy companies are the same”「成功する企業は皆それぞれ独特の成功を遂げる。失敗する企業は皆似通っている。」
Bill GatesがMicrosoft OSを作ったが、それをマネて同じような成功をすることはできない。Larry PageとSergey BrinはGoogleのサーチ・エンジンを発明したが、それをマネて同じような成功をすることはできない。Mark ZuckerbergはFacebookでソーシャル・ネットワークを普及させたが、それをマネて同じような成功をすることはできない。
Peter Thielによれば上記の(幸せな)企業に共通しているのは、皆モノポリーであるという点。唯一無二の商品・サービス・ビジネスモデルを確立し、多くの競争にさらされないために巨大な利益を生み出している。逆に多くの(不幸な)企業に共通しているのは、皆熾烈な競争にさらされているという点。ミクロ経済の基本だが、熾烈の競争の果てには利益は何も残されない。