Turnabout is Fair Game

Featured Image by Lloyd Blunk on Unsplash

What happened to Gamestop was just as manipulative and false in the ‘save’ direction as being crushed in the ‘zero’ direction, and the ends attempting to justify the means is hypocrisy.

Have you seen this? You must have seen it, or else you heard something, I’m sure.

What this subreddit crew did was give hedge funds a taste of their own medicine, yet if you can imagine, they also put the people at Gamestop, and AMC, and BlackBerry too, into awkwardly middle positions they undoubtedly never asked to find themselves, to face grave uncertainty they definitely never expected, the likes of all this being rather unprecedented. The lives and livelihoods of those company people were taken for a joyride, which seems detached from what the redditors were out to defend. Where some Wall Street practice is questionable, doesn’t it remain questionable when practised by anybody else, likewise? Robbing the rich to give to the poor… it does have that certain romance, doesn’t it? Even so… ask yourself whether it comes justifiably at Gamestop’s expense. Gamestop and these other companies, it seems to me, already shorted and suffering, were basically used.

Photo by Vlada Karpovich from Pexels

All this began with a tweet from Chamath Palihapitiya, if I’ve understood the news correctly, which was answered by followers who must have thought how clever it would be to stop the hedge fund game this way. [*NB as of Feb. 03, 2021: read here a little more about the origins of this incident.] With no one from these ‘saved’ companies having a say, no one asking Gamestop’s permission, but simply hoisting them up onto heroic shoulders of retail… surely this would become momentum trading at its finest. Incidentally, I watched a live interview with Chamath Palihapitiya on CNBC while the Gamestop action was churning away on January 27 – it was truly fascinating television – and I will say that Palihapitiya stuck to a thesis that was clear and detectable in every statement he made. Also note that whether you agree with his thesis is beside the point that he had one and stuck to it.

Several times Palihapitiya explained what he’d ‘bought’ with his involvement. He said he’d learned more about the redditors – the range of who comprises their community, and the various motives they have. And he said he’d come to see more clearly the need for total transparency by all market participants – institutional as well as retail – if it’s to be an equitable venue for trade. As for me, I knew nothing about Palihapitiya before today and found him compelling and persuasive and, from his position, fully able to let anchor Scott Wapner dig himself deep into a hole with a +1 spade of ignorance. That was my interpretation, anyway, with no real dog in the fight – watch and judge for yourself.

Historically, the culture of the stock market has changed over time, particularly as the modes, tools, and products of investment and trading change with the times. Meanwhile, liars, grifters, and cheaters have always posed a problem; stock markets simply provide them a more sheltered, organised venue in which to ply their trade. But that’s no indictment of stock markets and honest practice; rather, it’s a call to regulators and enforcement officers, and an appeal to the measures of esteem and self-control by which any participant is willing to conduct themselves – and by ‘any’, of course, I mean ‘every’. In another context, I might well agree that some hedge fund is managed by a$$holes who deserve their come-uppance. However, the concern remains about Gamestop being taken up and used, and this remains whether hedge funds are right or wrong – even Palihapitiya didn’t address this question to my satisfaction.

Photo by Aditya Vyas on Unsplash

In a world with no hedge funds or shorts, saving Gamestop rests with Gamestop, full stop. What’s been demonstrated by the redditors as the power of ‘the people united who’ll never be defeated’ is the power of mob mentality. In fact, what actually happened to Gamestop was just as manipulative and false in the ‘save’ direction as being crushed in the ‘zero’ direction, and the ends attempting to justify the means is hypocrisy. That so much support of the r/wallstreetbets trading action doesn’t reflect that Wall is a two-way street suggests to me a position equally destructive for being equally one-way, just coming from another direction. One wonders if this game of chicken is, or ever really was, about Gamestop at all.

Somewhere along the way, this incident made me think that Occupy Wall Street had finally found a concrete objective which, you’ll recall, so few were able to assign ten years ago. I’m fully against the avarice of shorting more stock than exists, especially in the name of “our pensioner clients” and so forth… yet even as I can read that and roll my eyes, the defence of r/wallstreetbets – good intentions and all – is just as misguided. The road to hell with good intentions or, as some redditors have even said to Wall Street, be careful what you wish for.

That’s Your Opinion In My Opinion…

Playing soccer recently, my team grew more and more frustrated by what we felt was poor refereeing, as in calls that favoured the other team or else faulted us incorrectly, which amounted to the same thing. Granted, we’re none of us professional, so the only thing at stake was the satisfaction of winning. But, as the saying goes, that’s why we play the gamenobody plays to lose. So, on that basis, our team was frustrated, and it mattered.

Players on both teams knew each other fairly well, so there was plenty of on-field bickering and sharing of opinions. Finally, someone from their team – let’s call him Michel – said, “Instead of complaining about it, why not just try your best to help the team?” It’s a pretty common attitude, on account of being positive and constructive. How many coaches have encouraged their teams to take up the responsibility of controlling what’s in their control? I know I have – more on that below.

As soon as Michel said this, one of our more heated players – let’s call him Roy – aimed an outstretched finger towards the referee and shouted back, “What’s the point!” What he meant, of course, was that when the rules aren’t being enforced, striving to help the team is futile since any gains are ultimately clawed back or nullified. “It’s easy,” Roy added, “to say ‘Don’t complain’ when you have the advantage!” Michel said nothing, and this actually became the end of all the back-and-forth. As it happened, the game ended shortly after that, with one team – ours – and one referee each leaving the field feeling hard done by.

vs Wesburn at Pt Grey Secondary (11-0 W) - 17

People often say that sport teaches great lessons about life, and again, as a coach, I know I’ve said this to teams that I’ve coached. Yet we say such things under the assumption that the referee’s interpretation of players’ actions, when held up against the Laws of the Game, will match our own interpretation and, indeed, will match everybody else’s interpretations as well. The further we depart from this assumption, the heavier Roy’s outburst weighs upon us because, sure enough, the more futile it becomes trying to play a game by what amounts to a fluctuating set of rules.

As I say, I coached my teams to take up responsibility for what’s under their control, but I was always careful to elaborate my reason why: be responsible to control what you can control because the rest is out of your control. The other team, the field conditions, the ball, the weather, the referee – because any of these variables could work against us, we need to focus on playing well, score a lot, and put the game out of reach. That means beat the opponent, beat the field conditions, beat the equipment, beat the sideline supporters, beat the weather, and beat the referee.

How all that translates to ‘real life’ lessons could be construed as anarchy, beating everything under the sun, at any cost, which is not where I’m going with this. So I’ll reiterate: the way to beat all these things is to play well according to the rules as we understand them and put the game out of reach on the basis of our skill and teamwork. That goes for the ref, too: put criticism to rest by beating all questions of integrity with skill and teamwork. (For often having referees working alone, it’s a wonder that youth & amateur sport have any refs at all.)

And, I realise, this does assume that everyone else involved, besides us, shares – to some degree – our understanding of the rules. And I think it’s probably reasonable to assume that we all generally know the rules, even if we don’t precisely share their exact meaning. For that reason, I think it’s fair to assume that usually players will see the same things when they apply the rules to game play. There’s even one further consideration here, put so well by Spokesman-Review columnist, Norman Chad: “If you’re watching the games for the officiating, you’re not watching the games anymore.” There are always debates and such, but we don’t usually get a referee as poor as my team (thought we) did this last time. And on those rare days when all seems to work out, we’re as like to say, “Geez, I hardly even noticed the referee today.” Win or lose, that’s nearly always a good day.

But that’s sport, and sport is a self-contained world of rules, bounded by a playing field – in that respect, all is stable and predictable. Leaving aside physical fitness and training, the constraints posed in sport are rule-based, i.e. arbitrary, and out of fairness, we agree as players to abide by them – otherwise, we’d not be players but cheaters. To be clear, none of us in this recent game felt our opponents were cheating; this was strictly a case of feeling the referee was misinterpreting game play.

Matchday #2: INTER (5) vs New Westminster (0) (Warren Pitch, UBC)
“One more eye and he’d be a cyclops…”

For all this, how can sport possibly teach us about life? Maybe we can infer the law of the land as the Laws of the Game, but in life, who’s the referee, by analogy?

At soccer practice, you might argue that the referee is the coach although I can say, for me, when I’m coaching I prefer to be coaching. That leaves the players to collectively referee themselves, which boils down past 1v1 to each sole player bearing their share of the burden. Especially during some small-sided training game with modified rules, the players must each become a partial referee or else the arguments begin. This becomes a responsibility to the team by the players for the Game, which rings something akin to that statement about government “of the people by the people for the people.” Curious that we live for the Game in the one instance and the people in the other – makes you wonder about analogies as much as analogies make you wonder.

So how about in day-to-day living? Is the government our referee? Are the police a referee? In certain aspects of life, we’ve built a playing field with specified boundaries – out in traffic, for instance, are red and green lights, and “Stop” and “Yield” signs. Are these referees, of a sort? For me, they’re actually not. In these instances, while driving a car, we might feel the need to stay safe and not injure ourselves or anyone else. Or maybe we just want to keep our insurance rates as low as possible. But where the lights and signs are mere reminders of the law, we might say the referee is you, the driver, making decisions that have your vehicle propelling and halting down every street.

But traffic is hardly the only example, and those kinds of boundaries are more pragmatic, anyway, for safety. Other aspects of life and living are more, well, open to debate. How about your boss, your teacher, or your parents? How about a total stranger? There are lots of examples, but I’m reminded of that adult on the playground who takes it upon themselves to be parent, guardian, and disciplinarian to every child in sight. For some kids, somebody they’ve never met can still be a very effective referee. For some adults, too. So just who is in charge of enforcing as compared to laying down the law?

One might argue that the best candidate for referee as you make your way through life is you. Hmm… right, well, if the referee in life is our own self-conscience, then just how free do we feel to make our own decisions? Some would say we remain entirely free, which I think explains Michel’s esteem for striving to help the team against the odds: work hard and live up to your responsibility to others, as well as to yourself. Make society a better place. But not everyone is either so bold or else so enabled.

Buried in there, though, is one more subtle layer beneath this so-called esteem, and it’s this subtlety that I would characterise as the referee, this weight of social expectation to live up to your responsibilities – and here comes the unspoken part – just like everyone else. There’s a collective demand upon us, one we all feel but that is neither felt nor heeded equally by all. It’s the concept captured by the word conscience, a sense not simply of what you or I believe is correct and right but of what others believe is correct and right. It’s peer pressure and the source of contention in Roy’s retort to Michel: it’s a lot easier to say ‘Do what I do’ when you have an advantage of some kind. That said, you don’t always find someone like Roy on the other end of things, and maybe not everyone is as prone as their neighbour to the pressure of peer referees. If everyone else jumped off a bridge, Roy would simply be a little more lonely.

For different people under similar circumstances, rules might be interpreted differently or applied unevenly. Unlike sport, though, where the referee is a third party who might still get things right or wrong, the various arbiters we encounter in day-to-day living – just as prone to error – might not be parties of the third order but the first order, i.e. our own self. That might at least be reconcilable. But when they’re a party of the second order, i.e. someone else, perhaps face-to-face, we might more likely face dispute, especially if there’s advantage to be gained, one party over the other, which is why sport needs referees in the first place. In life, if we’re all soccer players, we all share the burden to be the referee. But surely some bear more of that share than others.

Well done to those people. Without the referee, there’s no game for players to play.

Goal!

Development and Learning: Part II – Youth Football

In the previous post, I proposed that development and learning co-exist alongside winning and that contriving debate to place them at odds actually misconstrues their concerted relationship. I add, here, that development and learning are characteristic of people, and winning and losing is inherent to the Game of Football and to sport in general. In other words, development & learning and winning & losing are not at odds; they arise in concert as people compete with one another by participating as opponents when they play a game.

I also suggest in that post that all sorts of people have fun playing the Game of Football for all sorts of reasons and that competition and fun, like development and winning, are not and should not be mutually exclusive.

Another facet to this topic, based on the inherent nature of winning & losing to sport, is that any and all attempts to win are justifiable. This discussion becomes especially heated in the context of youth sport because such a purist approach can be detrimental to the players as they learn how to play and be members of a team. In that light, what I discuss below is development & learning in youth sport – specifically, in youth football (soccer).

To those who say that the Game is purely about winning & losing: saying so is a red herring. We must account for the fact that youth football has been distinguished from the adult game, and this distinction is for good reason.

Although at first it might seem contradictory, I already grant that the objective of the Game of Football is to win. I have clearly claimed that every team plays to win. Nobody plays to lose – in sport, or cards, or board games, or any game. Youth modifications don’t change that. Yes, as in any game, the objective in the Game of Football is to win.

Old Trafford
Theatre of Dreams

But the objective lies apart from learning how to play and training to play to win. The modifications to Youth Football have come about on account of younger peoples’ traits and abilities. By analogy, it’s like when cars are modified for those learning to drive: two steering wheels, wider mirrors, or driving on quieter out-of-the-way roads, or using VR simulators. There’s a gradual learning process by which new drivers grow accustomed to the road.

Reversing that analogy, U9s play 7 a-side on a smaller field with a smaller ball and various rule alterations – the very existence of such modifications is evidence that the Youth Game differs from the Adult Game on account of youth differing from adults.

If someone is coaching a Youth team in accordance with the modifications, they tacitly acknowledge the difference. Therefore, to see nothing wrong with a purist viewpoint – that winning is utterly and always justifiable, even in the context of youth football – strikes me as insincere, perhaps in denial that young people differ from adults, or that priorities are skewed to place the self-security of winning above all else, or that someone is ignorant or uninterested in child growth & development , or some combination of these.

To simply say the Game is about winning… yes, it’s correct as far as the pure Game is understood, as a concept, but it reduces your margin for error. On that basis, we’d better be flawless now, and play with mastery, or else we amount to nothing more than a loser and a failure. I suspect none of our teams is flawless, as much as a purist belief might require them to be.

One youth team I coached (Ass’t Coach) years ago was successful enough that, during our U11 year, we were able to play versus three professional F.A. Academy sides. The results were 0-15, 0-5, 0-9. We had no illusions, and our players were shattered by the reality that same-age teams could have such quality and be so dominant, just as we were back home – that’s how we were accepted to play these Academies in the first place. In any event, there it was: a level of mastery relative to us that we were obliged to respect.

Match #4 vs Aston Villa Academy

So, given a belief in the purist objective of winning… unless you take on similar opponents, who can challenge your team, then purist winning reflects poorly upon you, making you look ignorant, if not cowardly. If the Game is simply to be played to its purest, then nothing short of mastery will do. And if that playing field is to be a level one, then the best example of mastery we have, in reality, is the pro game. To purists, I say this: if you test your youth team at that level, as I’ve done, you may well discover that…

(a) your challenge may not even be accepted but, if it is, then

(b) you may have a rude awakening.

In fact, that may be exactly what a purist needs. On the other hand, if it comes at your players’ expense, it’s not worth the cost. As I say, our team was shattered, and we had a great deal of respect for youth training and development, being professional educators and researchers as we (still) are.

Birmingham City FC Training Ground
A Visit to Birmingham City FC

Things are always much easier when all’s well and we’re winning. Real humility is found when we aren’t winning. To those who take a purist approach to sport, enjoy the ride at the top while it lasts because, someday, you may discover that you’ve not learned how to cope, yourselves.