ABOUT CHANGE...

Heraclitus is quoted as saying,

"There is nothing permanent except change."

While we can rationally process and accept this as being accurate, as humans we really struggle to adapt to new and different things.

We recently posted two articles on our website (Making rules, breaking convention and Downward Dogs and Cheery Consensus) in which we reflect on Gryphon’s somewhat unconventional approach to investing—this inspired us to share two interesting stories about the reluctance to adapt to change:

The first is a piece found on the website of Dr Dean Allen called ‘On this Day’. It is a post that appeared for the 15th January entitled ‘Top Hat Causes Sensation’. It reports the impact of an astonishing new fashion sensation, a top hat! It charmingly illustrates the uproar caused by breaking the conventional dress code of the time.

The post recounts the tale of a haberdasher, John Hetherington, who, on that day in 1797, appeared in court charged with disturbing the peace in London after a crowd gathered around him when he went out in his top hat.

Hetherington was found guilty of wearing a hat “calculated to frighten timid people”, and was bound over to keep the peace in consideration of a sum of ￡50. The arresting officer told the court that nobody had seen anything like it before: “He had such a tall and shiny construction on his head that it must have terrified nervous people. The sight of this construction was so overstated that various women fainted, children began to cry and dogs started to bark. One child broke his arm among all the jostling.”

The following day, The Times newspaper reported: “Hetherington’s hat points to a significant advance in the transformation of dress. Sooner or later, everyone will accept this headwear. We believe that both the court and the police made a mistake here.” The newspaper was right. The top hat, which went by several names including Toppers, Chimney Pots, and Stove Pipes, grew in popularity, finally achieving the ultimate stamp of respectability in 1850 when HRH Prince Albert began to wear one, giving the headgear the royal seal of approval.

The second story comes from one of my favourite sources, Morgan Housel. It is a contender for his Darwin Awards.

Thirty-seven thousand Americans died in car accidents in 1955, six times today’s rate adjusted for miles driven.

Ford began offering seat belts in every model that year. It was a $27 upgrade, equivalent to about $190 today. Research showed they reduced traffic fatalities by nearly 70%.

But only 2% of customers opted for the upgrade. Ninety-eight percent of buyers preferred to remain at the mercy of inertia.

Things eventually changed, but it took decades. Seatbelt usage was still under 15% in the early 1980s. It didn’t exceed 80% until the early 2000s – almost half a century after Ford offered them in all cars.

It’s easy to underestimate how social norms stall change, even when the change is an obvious improvement. One of the strongest forces in the world is the urge to keep doing things as you’ve always done them, because people don’t like to be told they’ve been doing things wrong. Change eventually comes, but agonizingly slower than you might assume.

In conclusion, a poem that is credited to an iconic original thinker, Steve Jobs It was, however, apparently developed?by a collective including Rob Siltanen, Lee Clow, and others. Regardless of who did in fact write it, it has become the anthem of traveller on the road less travelled.

“Here's to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They're not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can't do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do.”