History Friday: The Wild Ride of Pony Bob Haslam

The most famous want-ad in the history of the Wild West appeared in a California newspaper in 1860: “Wanted. Young, skinny, wiry fellows not over 18. Must be expert riders, willing to risk death daily. Orphans preferred.”

What restless, fit and daring male teenager could resist? Besides considerable prestige, the Pony Express job paid north of $100 a month, or more depending – a higher rate of pay than for all but those at an executive-level for the transcontinental freighting company of Russell, Majors & Waddell. The Pony Express service was initiated partly as a stunt to attract public attention and partly for a deadly serious purpose; to fill in the communications gap between the established United States (Northern Division) and the outposts in the Far West – California, Oregon, Nevada and Utah – as a transcontinental telegraph line was being surveyed and constructed. The riders carried nothing valuable in their mochilas; only the mail, and newspaper dispatches; they depended for their safety on the speed of their horses, and perhaps a pair of Navy Colt revolvers in saddle holsters. Company policy was that riders would not engage in careless gunplay. Indeed, their horses – many of them pedigreed and in superlative condition – and those revolvers were the only items tempting the larcenous to even consider attacking a Pony Express rider.

The riders eventually hired did tend to be young; one began work at the age of eleven, and they did tend to be light of build physically. There was no uniform dress provided, although the straight-arrow member of their employer triad, Alexander Majors, did insist on them swearing an oath of teetotality, and also to abjure swearing and fighting with other employees. It was a prestigious thing, to be a rider for the Pony Express; both ‘Wild Bill’ Hickok and ‘Buffalo Bill’ William Cody later claimed to have been Pony Express riders. Hickok was a stage station employee of Russell, Majors and Waddell, and William Cody was a messenger, but neither of them were on strength as transcontinental express riders during the brief glory year of the Pony Express. The riders gained fame for spectacular feats of endurance; one of them was English-born Robert “Pony Bob” Haslam. He participated in the record-breaking feat of transmitting the written copy of Lincoln’s first inaugural address from St. Joseph, Missouri to Sacramento, California in seven days and seventeen hours. But that wasn’t Pony Bob’s most hazardous drive.

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“Career Resilience”

David Foster’s post included a link to this column about career risk. The author argues that it’s risky to bind yourself for the long run to an apparently-secure institutional job, because institutions can fail and leave you hanging. You are better off to keep trying new things and accepting failures and short-term uncertainty, in exchange for greater long-term adaptability. I think he’s half right about this.

He’s right that it’s a good idea to accept opportunities and take calculated risks, but he’s a bit off in his framing of the overall issue. What distinguishes the resilient from non-resilient career paths in his examples isn’t risk-taking per se, it’s diversification. Instead of investing all of your career effort in a relationship with one big company that is the sole buyer of your services, you should diversify among multiple, smaller customers, none of which is big enough to put you out of action if they fire you.

This is basic risk management. It is difficult to assess long-term risk going into a venture, no matter how smart or experienced you are. There are too many things that can change over time. The big-company job or big institutional customer may appear to offer security but that’s an illusion. They can be belly-up in a few years for reasons no one can anticipate. The rational strategy is therefore to diversify your income among multiple sources as smart people have always understood. Just as independent professionals know to keep a large enough number of clients that a loss of business from any one client won’t hurt them much, prudent people with institutional jobs may use their income streams to finance investments in real estate or other alternative revenue sources. There is no one career path that works for everyone. As America transitions from its 2.0 institutional model to a more decentralized and individualistic system, people increasingly will need to take account of risk and diversification in managing their careers. That’s probably better for everyone in the long run.

America 3.0: America’s Best Days Are In Front of Her

America 3.0 received a great review from Jeff Carter on his Points and Figures blog — which you should read daily.

Back when I was graduating from college, all I heard was how it was time for America to step aside from world leadership. The Japanese would run the show. Today’s college students hear how the American experiment has failed, and the Chinese will step in to fill the void. No doubt, China will be a force in the 21st Century, but America will be too. There is something in our DNA as a country. America 3.0 defines that core competency America has.

As we say in the book: “We are better equipped than most of us know to take advantage of the changes that are already underway, to turn them to our advantage, to once again astonish the world.”

Jeff is one of the people working on making this happen.

Thank you, Jeff.

Worthwhile Reading & Viewing

Former FDCI head Sheila Bair says that low interest rates are hurting, not helping, the economy

Boring, narrow, think-alike apparatchiks.

Educational credentialism and the landed aristocracy.

The irreversible decline of Sears

Rita King is not impressed with Marissa Mayer’s ban on remote work at Yahoo

How volatility boosts career resilience

Seven characteristics of creative people

Stephen Hawking’s warped moral calculus

19 emotions for which English has no words

AT&T predicted the future in these 1993 ads…but how many of these possibilities-turned-actualities was it really able to convert into sources of revenue and profit?

The CEO of Siemens USA thinks young people should seriously consider careers in manufacturing. (When he talks about high-level executives at Siemens who started as apprentices on the shop floor, I have to wonder how many of these success stories are in Siemens USA versus Siemens in Germany)

Some vintage air travel photos

The 22 most beautifully secluded places in the world