Why Succeeding Against the Odds Can Make You Sick

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The focus on black adolescents is significant. In much of this research, white Americans appeared somehow to be immune to the negative health effects that accompany relentless striving. As Dr. Brody put it when telling me about the Pittsburgh study, “We found this for black persons from disadvantaged backgrounds, but not white persons.”

Dr. Brody, who does much of his work in African-American communities in rural Georgia, focuses on people who overcome the odds to prosper, academically, professionally and financially. The personality trait that predicts this kind of success against the odds is known in psychology as resilience. Many consider it desirable. Dr. Brody’s summary of the classical tenets of resilient strivers sounds like something from a motivational poster: “They cultivate persistence, set goals and work diligently toward them, navigate setbacks, focus on the long term, and resist temptations that might knock them off course.”

In the United States, gaps in health and longevity between the wealthy and the poor are some of the greatest in the world. It seems natural to assume that jumping from one stratum to the next — being upwardly mobile — would come with gains in health. And conceivably it could work that way — like if a person won the lottery or achieved overnight fortune from writing a truly insightful tweet. But decades of research show that when resilient people work hard within a system that has not afforded them the same opportunities as others, their physical health deteriorates.

The effect has become known as John Henryism. The term was coined by a young researcher named Sherman James in the 1980s, after he met a man named John Henry Martin. Mr. Martin didn’t have any known relation to the John Henry of folk legend who beat a mechanical steam drill in a steel-driving contest, only to collapse dead from exhaustion. (It’s debated whether the original John Henry was himself an actual person with an actual nine-pound hammer that he used to drive metal stakes into Big Bend Mountain in West Virginia in the 1870s so that dynamite could be embedded in the rock and a tunnel could be built for the C.&O. Railroad, or possibly an amalgam of many former slaves who transitioned into freedom.)

Mr. Martin was born into a family of North Carolina sharecroppers in 1907. He worked tirelessly to escape the system and, by the time he was 40, owned 75 acres of farmland. But in his next decade he began to suffer from hypertension, arthritis and a severe case of peptic ulcer disease that required the removal of nearly half his stomach. As Dr. James saw it, John Henry Martin both won and lost his battle with the machine.

Dr. James went on to develop what he called the John Henryism scale, meant to identify people who use “high-effort coping” to manage challenges. The scale is based on how strongly people identify with statements like “When things don’t go the way I want them to, that just makes me work even harder” and “I’ve always felt that I could make of my life pretty much what I wanted to make of it.” He found that high scores correlated with worse health among poor and working-class blacks. Notably, like Dr. Brody, Dr. James found that working-class white Americans seemed unaffected by this phenomenon.

If striving against odds does cause physical harm, that could happen in multiple ways. Our environments affect how our DNA expresses itself. Dr. Brody and colleagues have found variations in DNA methylation patterns — indicators of how genes are translated — that seem to be the product of socioeconomic statuses. His team has also found elevated levels of cortisol, a stress hormone, and adrenaline circulating in the blood of strivers from a young age.

“Constantly bathing cells in stress hormones, the science would suggest, could sponsor more inflammatory responses,” Dr. Brody offered, potentially leading to autoimmune disorders like diabetes.

Of course, nothing about adrenaline or DNA expression should be unique to people with high levels of melanin in their skin. Why would white people appear to be immune?

There’s now a website where you can enter your address and find out how long you’re going to live.

At least it gives you an average. As a physician and a betting man, if I could know only one thing about a person to predict their longevity, it would probably be their address.

The site works only for people in California, unfortunately, because it’s run by the California Endowment, a charitable organization whose modest mission is to “ensure health and justice for all.” The group is among many now championing the new mantra in public health: Your ZIP code matters more than your genetic code. In the San Francisco Bay Area, discrepancies in average life span from one neighborhood to the next can exceed 10 years.

At the University of California, Berkeley, the public-health researcher Mahasin Mujahid works to understand the mechanisms behind these differences. There are the obvious elements: unsafe neighborhoods, food deserts, a dearth of yoga studios, etc. But it’s not always so straightforward.

Last month, Dr. Mujahid published findings from a study of a (needless to say, pale) population in Finland. Lower socioeconomic status correlated with more heart attacks (as expected) — but this effect was strongest among people who scored highest on the John Henryism scale.

“This is a significant step forward in understanding the generalizability of the John Henryism hypothesis,” said Dr. James, who collaborated with Dr. Mujahid on the new study. “Because we called it John Henryism, it carried a strong connotation of being unique to black men. But that wasn’t our original expectation.”

When Dr. James was first coming to appreciate the John Henryism effect in the mid-1980s in eastern North Carolina, he reminded me, “the economic resources and social standing of blacks and whites in that community were very different.” Very few African-Americans had even high-level blue-collar jobs, and virtually none had white-collar jobs. Almost all white people had one or the other.

“The items that speak to John Henryism don’t speak to gender or race or socioeconomic status,” said Dr. Mujahid. The scales are designed to measure repetitive, high-effort coping. Her conclusion is that because African-Americans encounter more overt and systemic discrimination, “the combination of adversity and high-effort coping is what’s having health consequences.”

Globally, there is no association between skin color and the length of one’s life. This is an American phenomenon. In medical school we are taught that black men are much more likely than other patients to have hypertension, as if this were simple biology.

But some data suggests that people in West African and Caribbean countries have much lower rates of hypertension than do people in the United States.

“There’s very little genetic basis for hypertension,” said Dr. Mujahid. “It’s much more about social context and lifestyle.”

And that social context is now changing in the United States.

“Because African-Americans experience so much more exclusion and degradation — something that working-class whites didn’t experience at the time — that probably created conditions that were ripe for us to only see the effects in blacks,” Dr. James said about his research in the ’80s. “But now white Americans are experiencing a great deal of economic — and, dare I say, psychological — pain because of their dislocation as a result of powerful macroeconomic forces.”

Dr. James expects John Henryism can now be seen across Western democracies, wherever people are inculcated with a Protestant sense of personal responsibility and belief in self-reliance. “When people act on that — really trying to make ends meet going up against very powerful forces of dislocation — their biological systems are going to pay a price,” he said.

“That’s the situation African-Americans have been in since the beginning,” he added. “Now we’re seeing other groups begin to be exposed to these same forces.”

In the spirit of the original John Henry, among those forces is technologically induced unemployment. The mechanization of labor once pushed rural Southern blacks into the factories of the North. Now mechanization is giving way to automation, affecting less-educated white Americans, especially men.

The Trump administration could do much more to damage Americans’ health than just repeal the Affordable Care Act and leave people without access to hospitals and medications. “The consequences around the divisiveness, and increased instability and uncertainty for families and children, combined with increased racial tension and overt acts of discrimination,” Dr. Mujahid noted, all stand to heighten the John Henryism effect.

“What we want is for people who overcome so much to achieve the American dream to have the health to enjoy the fruits of their efforts,” said Dr. Brody. “Right now that doesn’t seem to be happening.”

Or maybe people should simply have to overcome less in the first place — to have something close to equal opportunity to succeed. But as the middle class contracts and wealth gaps expand, the promise of equal opportunity seems to be receding.

“This is going to be a very difficult time,” said Dr. Mujahid. She added, not hopefully, “There will probably be some interesting natural experiments that emerge.”

Continue reading the main story


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The leaks coming out of the Trump White House cast the president as a clueless child - Washington Post

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President Donald Trump (Photo by Matt McClain/The Washington Post)

All White Houses leak. Sometimes the leaks are big, sometimes small. But there are always people willing to talk to reporters about the "real" story or about why the chief executive made a mistake in regards some decision he made.

That said, I've never seen so much leaking so quickly -- and with such disdain for the president -- as I have in the first six days of Donald Trump's presidency.

Two recent examples:

1.  This from the New York Times today on Trump's impulsiveness:

Mr. Trump’s advisers say that his frenzied if admittedly impulsive approach appeals to voters because it shows that he is a man of action. Those complaining about his fixation with fictional voter fraud or crowd counts at his inauguration, in their view, are simply seeking ways to undercut his legitimacy.

Yet some of his own advisers also privately worry about his penchant for picking unnecessary fights and drifting off message. They talk about taking away his telephone or canceling his Twitter account, only to be dismissed by a president intent on keeping his own outlets to the world.

2. This from WaPo on Trump's inauguration crowd estimates:

Trump’s advisers suggested that he could push back in a simple tweet. Thomas J. Barrack Jr., a Trump confidant and the chairman of the Presidential Inaugural Committee, offered to deliver a statement addressing the crowd size.

But Trump was adamant, aides said. Over the objections of his aides and advisers — who urged him to focus on policy and the broader goals of his presidency — the new president issued a decree: He wanted a fiery public response, and he wanted it to come from his press secretary.

Time and again, the image of Trump pushed by his "aides" is one of a clueless child -- someone who acts on impulse, disregarding the better advice of people who know better. We know he needs to be managed or else he will say and do stupid things, the message seems to be. We're working on it.

And, what we know about Trump from his presidential campaign is that some of his top staffers -- most notably Kellyanne Conway -- often communicated to the boss via the media.  What that strategy suggests is that Trump is influenced at least as much -- and, in truth, likely more -- by reading the sniping of his aides on background (meaning without their names attached) in the news than he is by private conversations. That the best way to reach him, change his mind or otherwise bend his ear is through a public airing of grievances.

Trump has shown that his tendency to obsessively consume media -- especially cable television -- is unchanged in the six days since he has become president. He appears to be making policy decisions via things he watches or reads. (Remember Trump's famous/infamous statement that he got his military information and advice "mostly from the shows.")

At odds with all of this, however, is the fact that Trump is both deeply proud and hugely image conscious. Having to read and watch allegedly loyal "aides" casting him as a sort-of feckless child constantly in need of guidance wouldn't seem to be the sort of thing that would sit well with him.

Tim Miller, a former spokesman for Jeb(!) Bush's presidential campaign and a frequent Trump critic, summed that sentiment up nicely:

It doesn't take much imagination to conjure up an image of an irate Trump surrounded by the various clips of his aides driving the perception that he badly needs to be managed at every moment.  If Trump's entire #brand is centered on being the best/classiest/smartest, these sort of leaks fundamentally undermine that image. And, we're only six days into his presidency!

The frequency -- and nature -- of these leaks are yet another reminder that the Trump presidency is nothing like anything that's come before it. There is no blueprint. We're through the looking glass.

But, my educated guess is that these leaks must be driving Trump absolutely crazy. And when he gets mad, history suggests he will try to get even. And quickly.



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Study: Cognitive Behavioral Therapy (CBT), not medication, drives long-term rewiring of the brain to help reduce psychosis symptoms

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Talking therapy changes the brain’s wiring, study reveals for first time (ScienceDaily):

“A new study from King’s College London and South London and Maudsley NHS Foundation Trust has shown for the first time that cognitive behaviour therapy (CBT) strengthens specific connections in the brains of people with psychosis, and that these stronger connections are associated with long-term reduction in symptoms and recovery eight years later.

In the original study, participants underwent fMRI imaging to assess the brain’s response to images of faces expressing different emotions, before and after six months of CBT. Participants were already taking medication when they took part in the study, and so were compared to a group receiving medication only. The group receiving medication only did not show any increases in connectivity, suggesting that the effects on brain connections could be attributed to the CBT…

For the new study, the health of 15 of the 22 participants who received CBT was tracked for eight years through their medical records…The results show that increases in connectivity between several brain regions — most importantly the amygdala (the brain’s threat centre) and the frontal lobes (which are involved in thinking and reasoning) — are associated with long-term recovery from psychosis. This is the first time that changes in the brain associated with CBT have been shown to be associated with long-term recovery in people with psychosis.”

Study: Brain connectivity changes occurring following cognitive behavioural therapy for psychosis predict long-term recovery (Translational Psychiatry)

  • From the abstract: Little is known about the psychobiological mechanisms of cognitive behavioural therapy for psychosis (CBTp) and which specific processes are key in predicting favourable long-term outcomes. Following theoretical models of psychosis, this proof-of-concept study investigated whether the long-term recovery path of CBTp completers can be predicted by the neural changes in threat-based social affective processing that occur during CBTp. We followed up 22 participants who had undergone a social affective processing task during functional magnetic resonance imaging along with self-report and clinician-administered symptom measures, before and after receiving CBTp…findings show that reorganisation occurring at the neural level following psychological therapy can predict the subsequent recovery path of people with psychosis across 8 years. This novel methodology shows promise for further studies with larger sample size, which are needed to better examine the sensitivity of psychobiological processes, in comparison to existing clinical measures, in predicting long-term outcomes.

To learn more:



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Activision Sets A Path For 25% Annual Return By 2020

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In my previous article about Activision Blizzard (NASDAQ:ATVI), I described the major catalysts that will push the company's stock higher and open new opportunities for investors. Since that time, Activision's shares have fallen by ~11%, but I still believe that Activision Blizzard is a great value play for the long-term and have a few reasons to think that way.

If we look at the earnings results for the third quarter of 2016, we will see that Activision Blizzard strongly outperformed its expectations and improved its major metrics Y/Y. Revenues for the period were $1.57 billion (+51% Y/Y) and EPS beat analyst expectations by $0.07. The company also has solid operating and net margins of 20% and 13%, respectively, and its ROIC is ~10%.

In addition, in late November, the company released its 8K filing, which described new employment agreement between Activision Blizzard's CEO Bobby Kotick and the company itself. This is an important document that a lot of Seeking Alpha contributors missed, which will play one of the biggest roles in the company's success in the next 4 years. According to the agreement, the Compensation Committee is going to grant its CEO the additional bonuses beyond its standard salary and already existing bonuses in the next 4 years, if the company manages to create more value for the shareholders during that period ("2020 Long Term Performance Grant Target Value"). In the graph below we could see CAGR rate in the left column and the payment that Mr. Kotick might receive if he manages to boost Activision Blizzard's stock:

Source: 8K Filling

In the conservative scenario, if Activision Blizzard achieves CAGR of 6% by the end of 2020, Mr. Kotick will receive 90% in bonuses to the already existing payment agreement. The aggressive scenario includes the possible annualized return of 25%, in which Mr. Kotick will receive a whopping increase of 500% in bonuses. In both cases, shareholders could expect the serious dedication from the executive team to create value, from which all parties will benefit. As a shareholder myself, I don't mind if the CEO gets a big paycheck if he makes me a great amount of money too.

Also, the aggressive scenario is very realistic. In the last 5 years, Activision Blizzard's stock increased from ~$12 per share to ~$40 per share, which represents an annual return of ~27%:

However, we need to understand that in order to keep the current pace of growth and to secure the 25% goal by 2020, the company will need to do a couple of another acquisitions and monetize new products, which will help it to increase its presence in the industry and benefit from the growth of gaming market.

In my opinion, there are a number of different opportunities that Activision Blizzard might pursue in order to achieve its major goals and create value in the long-term.

Activision and eSports

Activision as a publisher is famous mostly for its Call of Duty series. However, in the last few years, it constantly diversified its portfolio of franchises and now has a number of income streams that help it to stay afloat and bring profits for its shareholders. Its hit game Destiny in the day of its release netted more than $500 million and set the record for the industry. I believe that the already existing IPs along with the rise of paid downloadable content will help Activision to set new records and surprise its investors in a positive way.

Besides that, the company's recent purchase of gaming streaming service MLG will help it to create one of the biggest gaming media holdings in the industry and provide the premium content for the gamers. Taking into account the fact that the major goal of the platform would be to stream eSports tournaments, we might expect the growth of the competitive gaming community, which will play a big part in Activision's success in the future. Different studies suggest that eSports market will be worth around $5 billion by 2020 and, in my opinion, this is a great opportunity for Activision to capitalize from its growth.

Blizzard: Franchising At Its Best

Blizzard's recent hit Overwatch attracted more than 20 million users in the first five months since its release and set a new record in the first-person-shooter genre by user base growth. The company's recent bet to develop new IPs and diversify the existing ones will help it to target different audiences and drive growth from different areas of gaming.

Also, in summer, the company released its first ever movie based on its Warcraft universe, which became a hit among Asian consumers and made a hefty profit for Blizzard. With the budget of $160 million, the movie made $430 million in gross sales and opened up a lot of new opportunities for the company in the movie business. Considering such a success, we also might expect from Blizzard to explore the Asian-Pacific market more deeply.

King: The Growth is Already Here

Mobile gaming only recently became a part of Activision Blizzard business portfolio. A lot of people were skeptical about the fact that the company spent more than $5.9 billion to purchase King Digital in late 2015. However, since that time, Activision Blizzard's stock greatly appreciated in value and the company itself improved its financial metrics. Since the acquisition, its FCF nearly doubled to $2.93 per share in comparison with $1.46 in 2015, and the growth of mobile market will help the company to acquire new users and unlock value for the shareholders.

As we can see, Activision Blizzard has a lot going on. New employment agreement with its CEO will help the executive team to focus more closely on the opportunities in different gaming areas and improve its already existing businesses. I feel positive about the future of the company and still consider Activision Blizzard a solid buy for the long-term.

Disclosure: I am/we are long ATVI.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.



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US Stocks Are Now The Most Over-Priced Since The 2000 Crash

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Submitted by Tim Price via SovereignMan.com,

On March 30, 1999, the Wall Street Journal’s front page headline blasted the good news across the world:

“Dow Industrials Top 10,000”

The day before, the all-important US stock index, the Dow Jones Industrial Average, closed above 10,000 for the first time in history.

It was a major milestone, and investors cheered.

A few investors, however, were concerned.

They felt that US stocks were too expensive, and the entire market was in a dangerous bubble.

But the Wall Street Journal answered those naysayers, as the headline of the second article on the front page ominously read:

“If this is a bubble, it sure is hard to pop.”

They were right. Sort of. The Dow Jones Industrial Average continued to climb for the next 8 1/2 months.

But on January 14, 2000, it peaked… and then started a horrible 2-year decline that wiped $5 trillion of wealth from investors.

Yesterday the Dow Jones Industrial Average hit another major milestone: 20,000.

You might even have heard the sound of champagne bottles being simultaneously uncorked by jubilant traders at 4pm Eastern Time.

But Dow 20,000 should give any rational individual pause to reflect on the possible consequences.

After all, the single most important characteristic of any investment is the price when you buy it.

It doesn’t matter how spectacular your investment is. If you overpay for it, you have no margin of safety.

And as the market affirmed yesterday, US stock prices can be expressed in a single word: expensive.

It’s not the fact that the Dow hit 20,000 that makes US stocks so expensive. The price of a stock alone doesn’t tell you much.

It’s important to look at the price of the stock relative to other important metrics, like cash flow, book value, sales, earnings, etc.

US stocks right now are selling at the HIGHEST price-to-sales ratio in at least 15 years, and far higher than it was before the 2008 crash.

Similarly, the cyclically-adjusted Price/Earnings ratio of the US stock market is now at its highest level since the 2000 crash, and higher than it was before the 2008 crash.

Looking at other metrics like Enterprise Value to EBITDA (a measure of a company’s core business operating cashflow), US stocks are also at their most expensive levels since the 2000 crash.

Certainly, US stocks could continue to become more expensive. Perhaps they go up forever.

Or perhaps an astute investor should start looking for a margin of safety.

Once significant measure of safety is a company’s Price/Book ratio. This is essentially a reflection of how much an investor is paying relative to the value of a company’s “net worth”.

This matters.

In his book What Works on Wall Street, author James O’Shaughnessy conducted an analysis of the investment strategies that were the most (and least) successful in the US stock market for a period of over 50 years.

One of the most successful strategies? Buying companies with LOW Price to Book ratios.

One of the least successful strategies? Buy companies with HIGH Price to Book ratios.

Over the long run, value investing beats just about everything. And these extremely high multiples in the US market clearly do not qualify as good value.

This is not to say that the entire US market is overvalued; there are still pockets of value in North America. But they are becoming much more difficult to find.

Looking abroad, however, there are a number of other markets overseas where valuations are MUCH more attractive.

If North America stands out by way of high valuations, for example, Japan stands out by way of low and attractive ones.

One third of the entire Japanese stock market has a cash flow yield (Enterprise Value / Cash From Operations) of over 15%.

No other developed market comes close to that.

And as analysts from European bank SocGen point out, Japanese companies also have more net cash than listed businesses in any other country:

Graph: Japan has more net cash balances than other regions

More importantly, Japanese companies are being actively encouraged to pay higher dividends and buy back their shares.

Whereas the balance sheets of US companies are groaning with years of accumulated debt, Japanese balance sheets are the healthiest in the world, and they are awash with cash to give back to their shareholders.

Japan is very enticing to value investors, and it’s a great example of how looking abroad and expanding your thinking to the entire world can yield very compelling results.



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The Mid-Career Internship

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Economists studying women and work have consistently cited career interruptions as a one of the main reason that a variety of workplace inequalities persist—from long-term pay penalties for dropping out, to missing promotions that would (theoretically) put women in leadership positions. In fact, the gender pay gap is the most dire for married women. And while the overall pay gap has been slowly closing for decades, the motherhood penalty—whereby women with children experience wage penalties that women without children and men don’t—has not diminished over time.

The term “off-ramping” is used to describe women who are voluntarily leaving their job for an extended amount of time. In a 2015 survey from Pew Research, nearly 40 percent of women with children reported taking a significant amount of time off work, and 27 percent reported quitting their jobs for responsibilities at home. And for these women, the “on ramps” can be hard to locate when they’re ready to rejoin the workforce.

“I guess I had always just expected in my head that I would finish up to a certain point with my children, and then go back to work. When that time came, it was a lot more difficult than I thought it would be,” said Lisa Stephens, who left the workforce in 1992. Stephens had worked at IBM in the software department, and decided to stay home to raise her two sons. Twenty years later, Stephens wanted to go back to work and started strategizing how she could make that happen. She took courses online on software development, and started to pursue an advanced degree, but wasn’t seeing much interest from employers. Her break came in the form of an internship designed specifically for women who had taken career breaks with the data company Return Path. Stephens was part of the inaugural class or a 20-week paid “return internship” at the company, and was hired on full-time as a software engineer at the conclusion of the internship.

The term returnship was coined (and trademarked) by Goldman Sachs in 2008, when the investment bank started a 10-week program for women and men with career gaps who were looking to get back to full-time work. Since then, the returnship has gained momentum in the banking sector. Credit Suisse, Morgan Stanley, and JPMorgan all have work re-entry programs, and last year General Motors added one as well. A group of companies in the tech sector have also joined the endeavor, led by Path Forward, a non-profit that Return Path created last year. While return internship options are largely available for only white-collar jobs at the moment, it’s this population of professional women who tend to marry husbands with enough income to afford becoming a single-earner household while women in lower-paying jobs cannot afford to drop out.

There’s evidence that the success rate post-internship has been high: At the conclusion of the program, GM extended full-time offers to nine participants. The program at Goldman is similarly popular: The program sees hundreds of applications every year for the 20 to 30 spots available, and the company reports that about half of the returnship program participants now work at the company full-time. While promising, these re-entry programs are only part of the solution. The programs are small in size, in white-collar sectors, and demand outstrips actual positions. For example, GM’s Take-2 career re-entry program had 400 applicants competing for 10 internships.

Tami Forman, the executive director of Path Forward, says she sees reentry programs as a step toward helping women get back to work. Forman says that for tech companies struggling with diversity and competing for talent, these programs make business sense because it taps into a population of highly qualified women. Currently, Path Forward works with 20 companies, including PayPal, Instacart, and Quantcast on return-to-work programs. “What I think is also going to start to happen is as these companies see success with this model, they will grow that program over time and see that they can find great people who they want to hire and keep and who become really amazing employees,” said Forman.

But the question that remains is whether a woman with significant work experience would be interested in an internship instead of a full-time job—and if that’s her best option. That it’s even a consideration points to how difficult it can be to re-enter to workforce after a significant break, as well as how hard it is to find employers who will hire professional women with resume gaps.

“For a woman who’s been out for 15 years, it is a welcomed opportunity,” says Jennifer Gefsky, the co-founder of Après, a networking site for women with gaps in their resumes that boasts 20,000 members. Gefsky says that the women on Après have generally been out of the workforce for around two years, and 41 percent says they intend to return full-time. “There is not this message coming from corporate America saying ‘we want women who have gaps in their resumes.’ They don’t really think like that,” says Gefsky. “The more examples we can show of successful returners, the easier it is for companies to feel like they’re not taking a huge leap of faith.”

Gefsky, who was the general counsel for Major League Baseball before she took a career break, says that confidence is big part of the issue. She argues that return internship program helps women who have dropped out feel less isolated, with networking and job training helping to build confidence—the latter of which is particularly important since there’s an established confidence gap between men and women, which is exacerbated by dropping out of the workforce. “There’s so much fear factor,” says Gefsky. “I think it’s essential for women who are returning to work to network with one another. It makes the process easier, and the process is not easy. There will be rejection and it will take time. It can be scary.”

For Stephens, the internship was exciting and validating. But she also she felt unsure about whether it would jump-start her career. “Would that internship have been enough to have other employers take me seriously as a candidate? I still don’t know the answer to that. After being out for 20 years, would three months be enough?” reflects Stephens.

On the part of the companies, Forman says that it’s crucial to address these concerns by providing training and work that actually fill the resume gap. “The return internship needs to produce mission-critical work for the company,” explains Forman. For these programs to work for both parties, the company needs assign “real work” so to speak in order to reap value from the return internship. In turn, this aspect is important for the participants as well. Forman explains that doing real work, and not busy work often associated with post-college internships, is what helps women returning to the workforce to update her resume with relevant experience. Further, Forman says that companies shouldn’t feel like they’re getting a discount. Once returnship interns become employees, they should be compensated at the same rate as others in the same job function.

Of course, another part of the solution is to make sure that the off-ramps don’t turn into dead ends. Forman says that in addition to return internships, better paid-leave policies and measures to ensure that women return to the workforce faster can help. According to research by economists Francine Blau and Lawrence Kahn at Cornell University, the U.S. has fallen far behind other OECD countries in female labor-force participation in the last decade as other countries embraced and expanded family-friendly workplace policies. (On the flip side, however, they speculated that generous leave mandates could lead to women taking longer leaves, and employers discriminating women for high-level positions in anticipation that they’ll drop out.)

For women who return to the workforce via return internships, Forman says most don’t mind starting off in a temporary, intern position, “What they want is to get back and be able to be productive and accomplish things again.” With the rise of return internships, there’s at least some hope that employers are taking note of just how serious the need to support women in the workplace is, as well as how they can create better incentives and policies for women that keep workforce long-term.



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Usain Bolt loses Olympic gold over teammate's failed dope test

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Carter's positive test means Bolt must return one of his nine Olympic gold medals.

The 30-year-old Bolt cemented his status as an all-time great by completing an unprecedented 'triple triple' in Rio 2016, becoming the only man to win all three sprint events at three Olympic Games.

But the gold the Jamaican won in the 4x100m relay in Beijing 2008 will no longer count after governing body the International Olympic Committee (IOC) disqualified the Caribbean island's sprint team Wednesday.

Re-analysis of Carter's samples from Beijing resulted in a positive test for the prohibited substance methylexaneamine.

All four members of the team - Bolt, Asafa Powell, Michael Frater and Carter, a bronze medalist at the 2013 World Championships - lose their titles.

Last summer Bolt, the 100m and 200m world record holder, said returning one of his golds would be "heartbreaking" but added that he "would not have a problem" doing so.

Bolt's agent Ricky Simms was not immediately available for comment.



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Doomsday Prep for the Super-Rich

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An armed guard stands at the entrance of the Survival Condo Project, a former missile silo north of Wichita, Kansas, that has been converted into luxury apartments for people worried about the crackup of civilization. An armed guard stands at the entrance of the Survival Condo Project, a former missile silo north of Wichita, Kansas, that has been converted into luxury apartments for people worried about the crackup of civilization.CreditPhotograph by Dan Winters for The New Yorker

Steve Huffman, the thirty-three-year-old co-founder and C.E.O. of Reddit, which is valued at six hundred million dollars, was nearsighted until November, 2015, when he arranged to have laser eye surgery. He underwent the procedure not for the sake of convenience or appearance but, rather, for a reason he doesn’t usually talk much about: he hopes that it will improve his odds of surviving a disaster, whether natural or man-made. “If the world ends—and not even if the world ends, but if we have trouble—getting contacts or glasses is going to be a huge pain in the ass,” he told me recently. “Without them, I’m fucked.”

Huffman, who lives in San Francisco, has large blue eyes, thick, sandy hair, and an air of restless curiosity; at the University of Virginia, he was a competitive ballroom dancer, who hacked his roommate’s Web site as a prank. He is less focussed on a specific threat—a quake on the San Andreas, a pandemic, a dirty bomb—than he is on the aftermath, “the temporary collapse of our government and structures,” as he puts it. “I own a couple of motorcycles. I have a bunch of guns and ammo. Food. I figure that, with that, I can hole up in my house for some amount of time.”

Survivalism, the practice of preparing for a crackup of civilization, tends to evoke a certain picture: the woodsman in the tinfoil hat, the hysteric with the hoard of beans, the religious doomsayer. But in recent years survivalism has expanded to more affluent quarters, taking root in Silicon Valley and New York City, among technology executives, hedge-fund managers, and others in their economic cohort.

Last spring, as the Presidential campaign exposed increasingly toxic divisions in America, Antonio García Martínez, a forty-year-old former Facebook product manager living in San Francisco, bought five wooded acres on an island in the Pacific Northwest and brought in generators, solar panels, and thousands of rounds of ammunition. “When society loses a healthy founding myth, it descends into chaos,” he told me. The author of “Chaos Monkeys,” an acerbic Silicon Valley memoir, García Martínez wanted a refuge that would be far from cities but not entirely isolated. “All these dudes think that one guy alone could somehow withstand the roving mob,” he said. “No, you’re going to need to form a local militia. You just need so many things to actually ride out the apocalypse.” Once he started telling peers in the Bay Area about his “little island project,” they came “out of the woodwork” to describe their own preparations, he said. “I think people who are particularly attuned to the levers by which society actually works understand that we are skating on really thin cultural ice right now.”

In private Facebook groups, wealthy survivalists swap tips on gas masks, bunkers, and locations safe from the effects of climate change. One member, the head of an investment firm, told me, “I keep a helicopter gassed up all the time, and I have an underground bunker with an air-filtration system.” He said that his preparations probably put him at the “extreme” end among his peers. But he added, “A lot of my friends do the guns and the motorcycles and the gold coins. That’s not too rare anymore.”

Tim Chang, a forty-four-year-old managing director at Mayfield Fund, a venture-capital firm, told me, “There’s a bunch of us in the Valley. We meet up and have these financial-hacking dinners and talk about backup plans people are doing. It runs the gamut from a lot of people stocking up on Bitcoin and cryptocurrency, to figuring out how to get second passports if they need it, to having vacation homes in other countries that could be escape havens.” He said, “I’ll be candid: I’m stockpiling now on real estate to generate passive income but also to have havens to go to.” He and his wife, who is in technology, keep a set of bags packed for themselves and their four-year-old daughter. He told me, “I kind of have this terror scenario: ‘Oh, my God, if there is a civil war or a giant earthquake that cleaves off part of California, we want to be ready.’ ”

When Marvin Liao, a former Yahoo executive who is now a partner at 500 Startups, a venture-capital firm, considered his preparations, he decided that his caches of water and food were not enough. “What if someone comes and takes this?” he asked me. To protect his wife and daughter, he said, “I don’t have guns, but I have a lot of other weaponry. I took classes in archery.”

Cartoon“I released a lot of emotion with my drumming, but I still need to have a tantrum.”

For some, it’s just “brogrammer” entertainment, a kind of real-world sci-fi, with gear; for others, like Huffman, it’s been a concern for years. “Ever since I saw the movie ‘Deep Impact,’ ” he said. The film, released in 1998, depicts a comet striking the Atlantic, and a race to escape the tsunami. “Everybody’s trying to get out, and they’re stuck in traffic. That scene happened to be filmed near my high school. Every time I drove through that stretch of road, I would think, I need to own a motorcycle because everybody else is screwed.”

Huffman has been a frequent attendee at Burning Man, the annual, clothing-optional festival in the Nevada desert, where artists mingle with moguls. He fell in love with one of its core principles, “radical self-reliance,” which he takes to mean “happy to help others, but not wanting to require others.” (Among survivalists, or “preppers,” as some call themselves, FEMA, the Federal Emergency Management Agency, stands for “Foolishly Expecting Meaningful Aid.”) Huffman has calculated that, in the event of a disaster, he would seek out some form of community: “Being around other people is a good thing. I also have this somewhat egotistical view that I’m a pretty good leader. I will probably be in charge, or at least not a slave, when push comes to shove.”

Over the years, Huffman has become increasingly concerned about basic American political stability and the risk of large-scale unrest. He said, “Some sort of institutional collapse, then you just lose shipping—that sort of stuff.” (Prepper blogs call such a scenario W.R.O.L., “without rule of law.”) Huffman has come to believe that contemporary life rests on a fragile consensus. “I think, to some degree, we all collectively take it on faith that our country works, that our currency is valuable, the peaceful transfer of power—that all of these things that we hold dear work because we believe they work. While I do believe they’re quite resilient, and we’ve been through a lot, certainly we’re going to go through a lot more.”

In building Reddit, a community of thousands of discussion threads, into one of the most frequently visited sites in the world, Huffman has grown aware of the way that technology alters our relations with one another, for better and for worse. He has witnessed how social media can magnify public fear. “It’s easier for people to panic when they’re together,” he said, pointing out that “the Internet has made it easier for people to be together,” yet it also alerts people to emerging risks. Long before the financial crisis became front-page news, early signs appeared in user comments on Reddit. “People were starting to whisper about mortgages. They were worried about student debt. They were worried about debt in general. There was a lot of, ‘This is too good to be true. This doesn’t smell right.’ ” He added, “There’s probably some false positives in there as well, but, in general, I think we’re a pretty good gauge of public sentiment. When we’re talking about a faith-based collapse, you’re going to start to see the chips in the foundation on social media first.”

How did a preoccupation with the apocalypse come to flourish in Silicon Valley, a place known, to the point of cliché, for unstinting confidence in its ability to change the world for the better?

Those impulses are not as contradictory as they seem. Technology rewards the ability to imagine wildly different futures, Roy Bahat, the head of Bloomberg Beta, a San Francisco-based venture-capital firm, told me. “When you do that, it’s pretty common that you take things ad infinitum, and that leads you to utopias and dystopias,” he said. It can inspire radical optimism—such as the cryonics movement, which calls for freezing bodies at death in the hope that science will one day revive them—or bleak scenarios. Tim Chang, the venture capitalist who keeps his bags packed, told me, “My current state of mind is oscillating between optimism and sheer terror.”

In recent years, survivalism has been edging deeper into mainstream culture. In 2012, National Geographic Channel launched “Doomsday Preppers,” a reality show featuring a series of Americans bracing for what they called S.H.T.F. (when the “shit hits the fan”). The première drew more than four million viewers, and, by the end of the first season, it was the most popular show in the channel’s history. A survey commissioned by National Geographic found that forty per cent of Americans believed that stocking up on supplies or building a bomb shelter was a wiser investment than a 401(k). Online, the prepper discussions run from folksy (“A Mom’s Guide to Preparing for Civil Unrest”) to grim (“How to Eat a Pine Tree to Survive”).

The reëlection of Barack Obama was a boon for the prepping industry. Conservative devotees, who accused Obama of stoking racial tensions, restricting gun rights, and expanding the national debt, loaded up on the types of freeze-dried cottage cheese and beef stroganoff promoted by commentators like Glenn Beck and Sean Hannity. A network of “readiness” trade shows attracted conventioneers with classes on suturing (practiced on a pig trotter) and photo opportunities with survivalist stars from the TV show “Naked and Afraid.”

The living room of an apartment at the Survival Condo Project.The living room of an apartment at the Survival Condo Project. Photograph by Dan Winters for The New Yorker

The fears were different in Silicon Valley. Around the same time that Huffman, on Reddit, was watching the advance of the financial crisis, Justin Kan heard the first inklings of survivalism among his peers. Kan co-founded Twitch, a gaming network that was later sold to Amazon for nearly a billion dollars. “Some of my friends were, like, ‘The breakdown of society is imminent. We should stockpile food,’ ” he said. “I tried to. But then we got a couple of bags of rice and five cans of tomatoes. We would have been dead if there was actually a real problem.” I asked Kan what his prepping friends had in common. “Lots of money and resources,” he said. “What are the other things I can worry about and prepare for? It’s like insurance.”

Yishan Wong, an early Facebook employee, was the C.E.O. of Reddit from 2012 to 2014. He, too, had eye surgery for survival purposes, eliminating his dependence, as he put it, “on a nonsustainable external aid for perfect vision.” In an e-mail, Wong told me, “Most people just assume improbable events don’t happen, but technical people tend to view risk very mathematically.” He continued, “The tech preppers do not necessarily think a collapse is likely. They consider it a remote event, but one with a very severe downside, so, given how much money they have, spending a fraction of their net worth to hedge against this . . . is a logical thing to do.”

How many wealthy Americans are really making preparations for a catastrophe? It’s hard to know exactly; a lot of people don’t like to talk about it. (“Anonymity is priceless,” one hedge-fund manager told me, declining an interview.) Sometimes the topic emerges in unexpected ways. Reid Hoffman, the co-founder of LinkedIn and a prominent investor, recalls telling a friend that he was thinking of visiting New Zealand. “Oh, are you going to get apocalypse insurance?” the friend asked. “I’m, like, Huh?” Hoffman told me. New Zealand, he discovered, is a favored refuge in the event of a cataclysm. Hoffman said, “Saying you’re ‘buying a house in New Zealand’ is kind of a wink, wink, say no more. Once you’ve done the Masonic handshake, they’ll be, like, ‘Oh, you know, I have a broker who sells old ICBM silos, and they’re nuclear-hardened, and they kind of look like they would be interesting to live in.’ ”

I asked Hoffman to estimate what share of fellow Silicon Valley billionaires have acquired some level of “apocalypse insurance,” in the form of a hideaway in the U.S. or abroad. “I would guess fifty-plus per cent,” he said, “but that’s parallel with the decision to buy a vacation home. Human motivation is complex, and I think people can say, ‘I now have a safety blanket for this thing that scares me.’ ” The fears vary, but many worry that, as artificial intelligence takes away a growing share of jobs, there will be a backlash against Silicon Valley, America’s second-highest concentration of wealth. (Southwestern Connecticut is first.) “I’ve heard this theme from a bunch of people,” Hoffman said. “Is the country going to turn against the wealthy? Is it going to turn against technological innovation? Is it going to turn into civil disorder?”

The C.E.O. of another large tech company told me, “It’s still not at the point where industry insiders would turn to each other with a straight face and ask what their plans are for some apocalyptic event.” He went on, “But, having said that, I actually think it’s logically rational and appropriately conservative.” He noted the vulnerabilities exposed by the Russian cyberattack on the Democratic National Committee, and also by a large-scale hack on October 21st, which disrupted the Internet in North America and Western Europe. “Our food supply is dependent on G.P.S., logistics, and weather forecasting,” he said, “and those systems are generally dependent on the Internet, and the Internet is dependent on D.N.S.”—the system that manages domain names. “Go risk factor by risk factor by risk factor, acknowledging that there are many you don’t even know about, and you ask, ‘What’s the chance of this breaking in the next decade?’ Or invert it: ‘What’s the chance that nothing breaks in fifty years?’ ”

One measure of survivalism’s spread is that some people are starting to speak out against it. Max Levchin, a founder of PayPal and of Affirm, a lending startup, told me, “It’s one of the few things about Silicon Valley that I actively dislike—the sense that we are superior giants who move the needle and, even if it’s our own failure, must be spared.”

To Levchin, prepping for survival is a moral miscalculation; he prefers to “shut down party conversations” on the topic. “I typically ask people, ‘So you’re worried about the pitchforks. How much money have you donated to your local homeless shelter?’ This connects the most, in my mind, to the realities of the income gap. All the other forms of fear that people bring up are artificial.” In his view, this is the time to invest in solutions, not escape. “At the moment, we’re actually at a relatively benign point of the economy. When the economy heads south, you will have a bunch of people that are in really bad shape. What do we expect then?”

Cartoon“I said, ‘Crush your enemies, see them driven before you, and hear the lamentation of the women,’ but the media took that totally out of context.”

On the opposite side of the country, similar awkward conversations have been unfolding in some financial circles. Robert H. Dugger worked as a lobbyist for the financial industry before he became a partner at the global hedge fund Tudor Investment Corporation, in 1993. After seventeen years, he retired to focus on philanthropy and his investments. “Anyone who’s in this community knows people who are worried that America is heading toward something like the Russian Revolution,” he told me recently.

To manage that fear, Dugger said, he has seen two very different responses. “People know the only real answer is, Fix the problem,” he said. “It’s a reason most of them give a lot of money to good causes.” At the same time, though, they invest in the mechanics of escape. He recalled a dinner in New York City after 9/11 and the bursting of the dot-com bubble: “A group of centi-millionaires and a couple of billionaires were working through end-of-America scenarios and talking about what they’d do. Most said they’ll fire up their planes and take their families to Western ranches or homes in other countries.” One of the guests was skeptical, Dugger said. “He leaned forward and asked, ‘Are you taking your pilot’s family, too? And what about the maintenance guys? If revolutionaries are kicking in doors, how many of the people in your life will you have to take with you?’ The questioning continued. In the end, most agreed they couldn’t run.”

Élite anxiety cuts across political lines. Even financiers who supported Trump for President, hoping that he would cut taxes and regulations, have been unnerved at the ways his insurgent campaign seems to have hastened a collapse of respect for established institutions. Dugger said, “The media is under attack now. They wonder, Is the court system next? Do we go from ‘fake news’ to ‘fake evidence’? For people whose existence depends on enforceable contracts, this is life or death.”

Robert A. Johnson sees his peers’ talk of fleeing as the symptom of a deeper crisis. At fifty-nine, Johnson has tousled silver hair and a soft-spoken, avuncular composure. He earned degrees in electrical engineering and economics at M.I.T., got a Ph.D. in economics at Princeton, and worked on Capitol Hill, before entering finance. He became a managing director at the hedge fund Soros Fund Management. In 2009, after the onset of the financial crisis, he was named head of a think tank, the Institute for New Economic Thinking.

When I visited Johnson, not long ago, at his office on Park Avenue South, he described himself as an accidental student of civic anxiety. He grew up outside Detroit, in Grosse Pointe Park, the son of a doctor, and he watched his father’s generation experience the fracturing of Detroit. “What I’m seeing now in New York City is sort of like old music coming back,” he said. “These are friends of mine. I used to live in Belle Haven, in Greenwich, Connecticut. Louis Bacon, Paul Tudor Jones, and Ray Dalio”—hedge-fund managers—“were all within fifty yards of me. From my own career, I would just talk to people. More and more were saying, ‘You’ve got to have a private plane. You have to assure that the pilot’s family will be taken care of, too. They have to be on the plane.’ ”

By January, 2015, Johnson was sounding the alarm: the tensions produced by acute income inequality were becoming so pronounced that some of the world’s wealthiest people were taking steps to protect themselves. At the World Economic Forum in Davos, Switzerland, Johnson told the audience, “I know hedge-fund managers all over the world who are buying airstrips and farms in places like New Zealand because they think they need a getaway.”

Johnson wishes that the wealthy would adopt a greater “spirit of stewardship,” an openness to policy change that could include, for instance, a more aggressive tax on inheritance. “Twenty-five hedge-fund managers make more money than all of the kindergarten teachers in America combined,” he said. “Being one of those twenty-five doesn’t feel good. I think they’ve developed a heightened sensitivity.” The gap is widening further. In December, the National Bureau of Economic Research published a new analysis, by the economists Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, which found that half of American adults have been “completely shut off from economic growth since the 1970s.” Approximately a hundred and seventeen million people earn, on average, the same income that they did in 1980, while the typical income for the top one per cent has nearly tripled. That gap is comparable to the gap between average incomes in the U.S. and the Democratic Republic of Congo, the authors wrote.

Johnson said, “If we had a more equal distribution of income, and much more money and energy going into public school systems, parks and recreation, the arts, and health care, it could take an awful lot of sting out of society. We’ve largely dismantled those things.”

Cartoon“It’s only until spring.”

As public institutions deteriorate, élite anxiety has emerged as a gauge of our national predicament. “Why do people who are envied for being so powerful appear to be so afraid?” Johnson asked. “What does that really tell us about our system?” He added, “It’s a very odd thing. You’re basically seeing that the people who’ve been the best at reading the tea leaves—the ones with the most resources, because that’s how they made their money—are now the ones most preparing to pull the rip cord and jump out of the plane.”

On a cool evening in early November, I rented a car in Wichita, Kansas, and drove north from the city through slanting sunlight, across the suburbs and out beyond the last shopping center, where the horizon settles into farmland. After a couple of hours, just before the town of Concordia, I headed west, down a dirt track flanked by corn and soybean fields, winding through darkness until my lights settled on a large steel gate. A guard, dressed in camouflage, held a semiautomatic rifle.

He ushered me through, and, in the darkness, I could see the outline of a vast concrete dome, with a metal blast door partly ajar. I was greeted by Larry Hall, the C.E.O. of the Survival Condo Project, a fifteen-story luxury apartment complex built in an underground Atlas missile silo. The facility housed a nuclear warhead from 1961 to 1965, when it was decommissioned. At a site conceived for the Soviet nuclear threat, Hall has erected a defense against the fears of a new era. “It’s true relaxation for the ultra-wealthy,” he said. “They can come out here, they know there are armed guards outside. The kids can run around.”

Hall got the idea for the project about a decade ago, when he read that the federal government was reinvesting in catastrophe planning, which had languished after the Cold War. During the September 11th attacks, the Bush Administration activated a “continuity of government” plan, transporting selected federal workers by helicopter and bus to fortified locations, but, after years of disuse, computers and other equipment in the bunkers were out of date. Bush ordered a renewed focus on continuity plans, and FEMA launched annual government-wide exercises. (The most recent, Eagle Horizon, in 2015, simulated hurricanes, improvised nuclear devices, earthquakes, and cyberattacks.)

“I started saying, ‘Well, wait a minute, what does the government know that we don’t know?’ ” Hall said. In 2008, he paid three hundred thousand dollars for the silo and finished construction in December, 2012, at a cost of nearly twenty million dollars. He created twelve private apartments: full-floor units were advertised at three million dollars; a half-floor was half the price. He has sold every unit, except one for himself, he said.

Most preppers don’t actually have bunkers; hardened shelters are expensive and complicated to build. The original silo of Hall’s complex was built by the Army Corps of Engineers to withstand a nuclear strike. The interior can support a total of seventy-five people. It has enough food and fuel for five years off the grid; by raising tilapia in fish tanks, and hydroponic vegetables under grow lamps, with renewable power, it could function indefinitely, Hall said. In a crisis, his SWAT-team-style trucks (“the Pit-Bull VX, armored up to fifty-calibre”) will pick up any owner within four hundred miles. Residents with private planes can land in Salina, about thirty miles away. In his view, the Army Corps did the hardest work by choosing the location. “They looked at height above sea level, the seismology of an area, how close it is to large population centers,” he said.

Hall, in his late fifties, is barrel-chested and talkative. He studied business and computers at the Florida Institute of Technology and went on to specialize in networks and data centers for Northrop Grumman, Harris Corporation, and other defense contractors. He now goes back and forth between the Kansas silo and a home in the Denver suburbs, where his wife, a paralegal, lives with their twelve-year-old son.

Hall led me through the garage, down a ramp, and into a lounge, with a stone fireplace, a dining area, and a kitchen to one side. It had the feel of a ski condo without windows: pool table, stainless-steel appliances, leather couches. To maximize space, Hall took ideas from cruise-ship design. We were accompanied by Mark Menosky, an engineer who manages day-to-day operations. While they fixed dinner—steak, baked potatoes, and salad—Hall said that the hardest part of the project was sustaining life underground. He studied how to avoid depression (add more lights), prevent cliques (rotate chores), and simulate life aboveground. The condo walls are fitted with L.E.D. “windows” that show a live video of the prairie above the silo. Owners can opt instead for pine forests or other vistas. One prospective resident from New York City wanted video of Central Park. “All four seasons, day and night,” Menosky said. “She wanted the sounds, the taxis and the honking horns.”

Some survivalists disparage Hall for creating an exclusive refuge for the wealthy and have threatened to seize his bunker in a crisis. Hall waved away this possibility when I raised it with him over dinner. “You can send all the bullets you want into this place.” If necessary, his guards would return fire, he said. “We’ve got a sniper post.”

The swimming pool at Larry Hall’s Survival Condo Project. These days, when North Korea tests a bomb, Hall can expect an uptick in phone inquiries about space in the complex.The swimming pool at Larry Hall’s Survival Condo Project. These days, when North Korea tests a bomb, Hall can expect an uptick in phone inquiries about space in the complex. Photograph by Dan Winters for The New Yorker

Recently, I spoke on the phone with Tyler Allen, a real-estate developer in Lake Mary, Florida, who told me that he paid three million dollars for one of Hall’s condos. Allen said he worries that America faces a future of “social conflict” and government efforts to deceive the public. He suspects that the Ebola virus was allowed to enter the country in order to weaken the population. When I asked how friends usually respond to his ideas, he said, “The natural reaction that you get most of the time is for them to laugh, because it scares them.” But, he added, “my credibility has gone through the roof. Ten years ago, this just seemed crazy that all this was going to happen: the social unrest and the cultural divide in the country, the race-baiting and the hate-mongering.” I asked how he planned to get to Kansas from Florida in a crisis. “If a dirty bomb goes off in Miami, everybody’s going to go in their house and congregate in bars, just glued to the TV. Well, you’ve got forty-eight hours to get the hell out of there.”

Allen told me that, in his view, taking precautions is unfairly stigmatized. “They don’t put tinfoil on your head if you’re the President and you go to Camp David,” he said. “But they do put tinfoil on your head if you have the means and you take steps to protect your family should a problem occur.”

Why do our dystopian urges emerge at certain moments and not others? Doomsday—as a prophecy, a literary genre, and a business opportunity—is never static; it evolves with our anxieties. The earliest Puritan settlers saw in the awe-inspiring bounty of the American wilderness the prospect of both apocalypse and paradise. When, in May of 1780, sudden darkness settled on New England, farmers perceived it as a cataclysm heralding the return of Christ. (In fact, the darkness was caused by enormous wildfires in Ontario.) D. H. Lawrence diagnosed a specific strain of American dread. “Doom! Doom! Doom!” he wrote in 1923. “Something seems to whisper it in the very dark trees of America.”

Historically, our fascination with the End has flourished at moments of political insecurity and rapid technological change. “In the late nineteenth century, there were all sorts of utopian novels, and each was coupled with a dystopian novel,” Richard White, a historian at Stanford University, told me. Edward Bellamy’s “Looking Backward,” published in 1888, depicted a socialist paradise in the year 2000, and became a sensation, inspiring “Bellamy Clubs” around the country. Conversely, Jack London, in 1908, published “The Iron Heel,” imagining an America under a fascist oligarchy in which “nine-tenths of one per cent” hold “seventy per cent of the total wealth.”

At the time, Americans were marvelling at engineering advances—attendees at the 1893 World’s Fair, in Chicago, beheld new uses for electric light—but were also protesting low wages, poor working conditions, and corporate greed. “It was very much like today,” White said. “It was a sense that the political system had spun out of control, and was no longer able to deal with society. There was a huge inequity in wealth, a stirring of working classes. Life spans were getting shorter. There was a feeling that America’s advance had stopped, and the whole thing was going to break.”

Business titans grew uncomfortable. In 1889, Andrew Carnegie, who was on his way to being the richest man in the world, worth more than four billion in today’s dollars, wrote, with concern, about class tensions; he criticized the emergence of “rigid castes” living in “mutual ignorance” and “mutual distrust.” John D. Rockefeller, of Standard Oil, America’s first actual billionaire, felt a Christian duty to give back. “The novelty of being able to purchase anything one wants soon passes,” he wrote, in 1909, “because what people most seek cannot be bought with money.” Carnegie went on to fight illiteracy by creating nearly three thousand public libraries. Rockefeller founded the University of Chicago. According to Joel Fleishman, the author of “The Foundation,” a study of American philanthropy, both men dedicated themselves to “changing the systems that produced those ills in the first place.”

During the Cold War, Armageddon became a matter for government policymakers. The Federal Civil Defense Administration, created by Harry Truman, issued crisp instructions for surviving a nuclear strike, including “Jump in any handy ditch or gutter” and “Never lose your head.” In 1958, Dwight Eisenhower broke ground on Project Greek Island, a secret shelter, in the mountains of West Virginia, large enough for every member of Congress. Hidden beneath the Greenbrier Resort, in White Sulphur Springs, for more than thirty years, it maintained separate chambers-in-waiting for the House and the Senate. (Congress now plans to shelter at undisclosed locations.) There was also a secret plan to whisk away the Gettysburg Address, from the Library of Congress, and the Declaration of Independence, from the National Archives.

But in 1961 John F. Kennedy encouraged “every citizen” to help build fallout shelters, saying, in a televised address, “I know you would not want to do less.” In 1976, tapping into fear of inflation and the Arab oil embargo, a far-right publisher named Kurt Saxon launched The Survivor, an influential newsletter that celebrated forgotten pioneer skills. (Saxon claimed to have coined the term “survivalist.”) The growing literature on decline and self-protection included “How to Prosper During the Coming Bad Years,” a 1979 best-seller, which advised collecting gold in the form of South African Krugerrands. The “doom boom,” as it became known, expanded under Ronald Reagan. The sociologist Richard G. Mitchell, Jr., a professor emeritus at Oregon State University, who spent twelve years studying survivalism, said, “During the Reagan era, we heard, for the first time in my life, and I’m seventy-four years old, from the highest authorities in the land that government has failed you, the collective institutional ways of solving problems and understanding society are no good. People said, ‘O.K., it’s flawed. What do I do now?’ ”

A dental chair in the Survival Condo Project’s “medical wing,” which also contains a hospital bed and a procedure table. Among the residents, Hall said, “we’ve got two doctors and a dentist.”A dental chair in the Survival Condo Project’s “medical wing,” which also contains a hospital bed and a procedure table. Among the residents, Hall said, “we’ve got two doctors and a dentist.” Photograph by Dan Winters for The New Yorker

The movement received another boost from the George W. Bush Administration’s mishandling of Hurricane Katrina. Neil Strauss, a former Times reporter, who chronicled his turn to prepping in his book “Emergency,” told me, “We see New Orleans, where our government knows a disaster is happening, and is powerless to save its own citizens.” Strauss got interested in survivalism a year after Katrina, when a tech entrepreneur who was taking flying lessons and hatching escape plans introduced him to a group of like-minded “billionaire and centi-millionaire preppers.” Strauss acquired citizenship in St. Kitts, put assets in foreign currencies, and trained to survive with “nothing but a knife and the clothes on my back.”

These days, when North Korea tests a bomb, Hall can expect an uptick of phone inquiries about space in the Survival Condo Project. But he points to a deeper source of demand. “Seventy per cent of the country doesn’t like the direction that things are going,” he said. After dinner, Hall and Menosky gave me a tour. The complex is a tall cylinder that resembles a corncob. Some levels are dedicated to private apartments and others offer shared amenities: a seventy-five-foot-long pool, a rock-climbing wall, an Astro-Turf “pet park,” a classroom with a line of Mac desktops, a gym, a movie theatre, and a library. It felt compact but not claustrophobic. We visited an armory packed with guns and ammo in case of an attack by non-members, and then a bare-walled room with a toilet. “We can lock people up and give them an adult time-out,” he said. In general, the rules are set by a condo association, which can vote to amend them. During a crisis, a “life-or-death situation,” Hall said, each adult would be required to work for four hours a day, and would not be allowed to leave without permission. “There’s controlled access in and out, and it’s governed by the board,” he said.

The “medical wing” contains a hospital bed, a procedure table, and a dentist’s chair. Among the residents, Hall said, “we’ve got two doctors and a dentist.” One floor up, we visited the food-storage area, still unfinished. He hopes that, once it’s fully stocked, it will feel like a “miniature Whole Foods,” but for now it holds mostly cans of food.

We stopped in a condo. Nine-foot ceilings, Wolf range, gas fireplace. “This guy wanted to have a fireplace from his home state”—Connecticut—“so he shipped me the granite,” Hall said. Another owner, with a home in Bermuda, ordered the walls of his bunker-condo painted in island pastels—orange, green, yellow—but, in close quarters, he found it oppressive. His decorator had to come fix it.

That night, I slept in a guest room appointed with a wet bar and handsome wood cabinets, but no video windows. It was eerily silent, and felt like sleeping in a well-furnished submarine.

I emerged around eight the next morning to find Hall and Menosky in the common area, drinking coffee and watching a campaign-news brief on “Fox & Friends.” It was five days before the election, and Hall, who is a Republican, described himself as a cautious Trump supporter. “Of the two running, I’m hoping that his business acumen will override some of his knee-jerk stuff.” Watching Trump and Clinton rallies on television, he was struck by how large and enthusiastic Trump’s crowds appeared. “I just don’t believe the polls,” he said.

He thinks that mainstream news organizations are biased, and he subscribes to theories that he knows some find implausible. He surmised that “there is a deliberate move by the people in Congress to dumb America down.” Why would Congress do that? I asked. “They don’t want people to be smart to see what’s going on in politics,” he said. He told me he had read a prediction that forty per cent of Congress will be arrested, because of a scheme involving the Panama Papers, the Catholic Church, and the Clinton Foundation. “They’ve been working on this investigation for twenty years,” he said. I asked him if he really believed that. “At first, you hear this stuff and go, Yeah, right,” he said. But he wasn’t ruling it out.

Before I headed back to Wichita, we stopped at Hall’s latest project—a second underground complex, in a silo twenty-five miles away. As we pulled up, a crane loomed overhead, hoisting debris from deep below the surface. The complex will contain three times the living space of the original, in part because the garage will be moved to a separate structure. Among other additions, it will have a bowling alley and L.E.D. windows as large as French doors, to create a feeling of openness.

Hall said that he was working on private bunkers for clients in Idaho and Texas, and that two technology companies had asked him to design “a secure facility for their data center and a safe haven for their key personnel, if something were to happen.” To accommodate demand, he has paid for the possibility to buy four more silos.

If a silo in Kansas is not remote or private enough, there is another option. In the first seven days after Donald Trump’s election, 13,401 Americans registered with New Zealand’s immigration authorities, the first official step toward seeking residency—more than seventeen times the usual rate. The New Zealand Herald reported the surge beneath the headline “Trump Apocalypse.”

The shooting range at the Survival Condo Project. Hall said that the hardest part of the project was sustaining life underground. He studied how to avoid depression (add more lights) and prevent cliques (rotate chores).The shooting range at the Survival Condo Project. Hall said that the hardest part of the project was sustaining life underground. He studied how to avoid depression (add more lights) and prevent cliques (rotate chores). Photograph by Dan Winters for The New Yorker

In fact, the influx had begun well before Trump’s victory. In the first ten months of 2016, foreigners bought nearly fourteen hundred square miles of land in New Zealand, more than quadruple what they bought in the same period the previous year, according to the government. American buyers were second only to Australians. The U.S. government does not keep a tally of Americans who own second or third homes overseas. Much as Switzerland once drew Americans with the promise of secrecy, and Uruguay tempted them with private banks, New Zealand offers security and distance. In the past six years, nearly a thousand foreigners have acquired residency there under programs that mandate certain types of investment of at least a million dollars.

Jack Matthews, an American who is the chairman of MediaWorks, a large New Zealand broadcaster, told me, “I think, in the back of people’s minds, frankly, is that, if the world really goes to shit, New Zealand is a First World country, completely self-sufficient, if necessary—energy, water, food. Life would deteriorate, but it would not collapse.” As someone who views American politics from a distance, he said, “The difference between New Zealand and the U.S., to a large extent, is that people who disagree with each other can still talk to each other about it here. It’s a tiny little place, and there’s no anonymity. People have to actually have a degree of civility.”

Auckland is a thirteen-hour flight from San Francisco. I arrived in early December, the beginning of New Zealand’s summer: blue skies, mid-seventies, no humidity. Top to bottom, the island chain runs roughly the distance between Maine and Florida, with half the population of New York City. Sheep outnumber people seven to one. In global rankings, New Zealand is in the top ten for democracy, clean government, and security. (Its last encounter with terrorism was in 1985, when French spies bombed a Greenpeace ship.) In a recent World Bank report, New Zealand had supplanted Singapore as the best country in the world to do business.

The morning after I arrived, I was picked up at my hotel by Graham Wall, a cheerful real-estate agent who specializes in what his profession describes as high-net-worth individuals, “H.N.W.I.” Wall, whose clients include Peter Thiel, the billionaire venture capitalist, was surprised when Americans told him they were coming precisely because of the country’s remoteness. “Kiwis used to talk about the ‘tyranny of distance,’ ” Wall said, as we crossed town in his Mercedes convertible. “Now the tyranny of distance is our greatest asset.”

Before my trip, I had wondered if I was going to be spending more time in luxury bunkers. But Peter Campbell, the managing director of Triple Star Management, a New Zealand construction firm, told me that, by and large, once his American clients arrive, they decide that underground shelters are gratuitous. “It’s not like you need to build a bunker under your front lawn, because you’re several thousand miles away from the White House,” he said. Americans have other requests. “Definitely, helipads are a big one,” he said. “You can fly a private jet into Queenstown or a private jet into Wanaka, and then you can grab a helicopter and it can take you and land you at your property.” American clients have also sought strategic advice. “They’re asking, ‘Where in New Zealand is not going to be long-term affected by rising sea levels?’ ”

The growing foreign appetite for New Zealand property has generated a backlash. The Campaign Against Foreign Control of Aotearoa—the Maori name for New Zealand—opposes sales to foreigners. In particular, the attention of American survivalists has generated resentment. In a discussion about New Zealand on the Modern Survivalist, a prepper Web site, a commentator wrote, “Yanks, get this in your heads. Aotearoa NZ is not your little last resort safe haven.”

An American hedge-fund manager in his forties—tall, tanned, athletic—recently bought two houses in New Zealand and acquired local residency. He agreed to tell me about his thinking, if I would not publish his name. Brought up on the East Coast, he said, over coffee, that he expects America to face at least a decade of political turmoil, including racial tension, polarization, and a rapidly aging population. “The country has turned into the New York area, the California area, and then everyone else is wildly different in the middle,” he said. He worries that the economy will suffer if Washington scrambles to fund Social Security and Medicare for people who need it. “Do you default on that obligation? Or do you print more money to give to them? What does that do to the value of the dollar? It’s not a next-year problem, but it’s not fifty years away, either.”

New Zealand’s reputation for attracting doomsayers is so well known in the hedge-fund manager’s circle that he prefers to differentiate himself from earlier arrivals. He said, “This is no longer about a handful of freaks worried about the world ending.” He laughed, and added, “Unless I’m one of those freaks.”

Every year since 1947, the Bulletin of the Atomic Scientists, a magazine founded by members of the Manhattan Project, has gathered a group of Nobel laureates and other luminaries to update the Doomsday Clock, a symbolic gauge of our risk of wrecking civilization. In 1991, as the Cold War was ending, the scientists set the clock to its safest point ever—seventeen minutes to “midnight.”

Cartoon“I accidentally picked up my daughter’s backpack this morning.”June 28, 2010

Since then, the direction has been inauspicious. In January, 2016, after increasing military tensions between Russia and NATO, and the Earth’s warmest year on record, the Bulletin set the clock at three minutes to midnight, the same level it held at the height of the Cold War. In November, after Trump’s election, the panel convened once more to conduct its annual confidential discussion. If it chooses to move the clock forward by one minute, that will signal a level of alarm not witnessed since 1953, after America’s first test of the hydrogen bomb. (The result will be released January 26th.)

Fear of disaster is healthy if it spurs action to prevent it. But élite survivalism is not a step toward prevention; it is an act of withdrawal. Philanthropy in America is still three times as large, as a share of G.D.P., as philanthropy in the next closest country, the United Kingdom. But it is now accompanied by a gesture of surrender, a quiet disinvestment by some of America’s most successful and powerful people. Faced with evidence of frailty in the American project, in the institutions and norms from which they have benefitted, some are permitting themselves to imagine failure. It is a gilded despair.

As Huffman, of Reddit, observed, our technologies have made us more alert to risk, but have also made us more panicky; they facilitate the tribal temptation to cocoon, to seclude ourselves from opponents, and to fortify ourselves against our fears, instead of attacking the sources of them. Justin Kan, the technology investor who had made a halfhearted effort to stock up on food, recalled a recent phone call from a friend at a hedge fund. “He was telling me we should buy land in New Zealand as a backup. He’s, like, ‘What’s the percentage chance that Trump is actually a fascist dictator? Maybe it’s low, but the expected value of having an escape hatch is pretty high.’ ”

There are other ways to absorb the anxieties of our time. “If I had a billion dollars, I wouldn’t buy a bunker,” Elli Kaplan, the C.E.O. of the digital health startup Neurotrack, told me. “I would reinvest in civil society and civil innovation. My view is you figure out even smarter ways to make sure that something terrible doesn’t happen.” Kaplan, who worked in the White House under Bill Clinton, was appalled by Trump’s victory, but said that it galvanized her in a different way: “Even in my deepest fear, I say, ‘Our union is stronger than this.’ ”

That view is, in the end, an article of faith—a conviction that even degraded political institutions are the best instruments of common will, the tools for fashioning and sustaining our fragile consensus. Believing that is a choice.

I called a Silicon Valley sage, Stewart Brand, the author and entrepreneur whom Steve Jobs credited as an inspiration. In the sixties and seventies, Brand’s “Whole Earth Catalog” attracted a cult following, with its mixture of hippie and techie advice. (The motto: “We are as gods and might as well get good at it.”) Brand told me that he explored survivalism in the seventies, but not for long. “Generally, I find the idea that ‘Oh, my God, the world’s all going to fall apart’ strange,” he said.

At seventy-seven, living on a tugboat in Sausalito, Brand is less impressed by signs of fragility than by examples of resilience. In the past decade, the world survived, without violence, the worst financial crisis since the Great Depression; Ebola, without cataclysm; and, in Japan, a tsunami and nuclear meltdown, after which the country has persevered. He sees risks in escapism. As Americans withdraw into smaller circles of experience, we jeopardize the “larger circle of empathy,” he said, the search for solutions to shared problems. “The easy question is, How do I protect me and mine? The more interesting question is, What if civilization actually manages continuity as well as it has managed it for the past few centuries? What do we do if it just keeps on chugging?”

After a few days in New Zealand, I could see why one might choose to avoid either question. Under a cerulean blue sky one morning in Auckland, I boarded a helicopter beside a thirty-eight-year-old American named Jim Rohrstaff. After college, in Michigan, Rohrstaff worked as a golf pro, and then in the marketing of luxury golf clubs and property. Upbeat and confident, with shining blue eyes, he moved to New Zealand two and a half years ago, with his wife and two children, to sell property to H.N.W.I. who want to get “far away from all the issues of the world,” he said.

Rohrstaff, who co-owns Legacy Partners, a boutique brokerage, wanted me to see Tara Iti, a new luxury-housing development and golf club that appeals mostly to Americans. The helicopter nosed north across the harbor and banked up the coast, across lush forests and fields beyond the city. From above, the sea was a sparkling expanse, scalloped by the wind.

CartoonNovember 30, 2015

The helicopter eased down onto a lawn beside a putting green. The new luxury community will have three thousand acres of dunes and forestland, and seven miles of coastline, for just a hundred and twenty-five homes. As we toured the site in a Land Rover, he emphasized the seclusion: “From the outside, you won’t see anything. That’s better for the public and better for us, for privacy.”

As we neared the sea, Rohrstaff parked the Land Rover and climbed out. In his loafers, he marched over the dunes and led me down into the sand, until we reached a stretch of beach that extended to the horizon without a soul in sight.

Waves roared ashore. He spread his arms, turned, and laughed. “We think it’s the place to be in the future,” he said. For the first time in weeks—months, even—I wasn’t thinking about Trump. Or much of anything. ♦



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