Paul

I keep thinking I’m going to run out of things to write about The Beatles. I keep proving that notion wrong, at least to myself.

I recently enjoyed the final night of Paul McCartney’s Freshen Up Tour. He played to about 50,000 fans at a sold-out Dodger Stadium, where I last saw him five years ago. In fact, I included the setlist of that previous concert in the appendix of my second book, Endless Encores.

My key observation then was that Paul was as committed to his new music as he was to his historic catalog. That is what has allowed him not only to stay in the game for six decades, but to remain at the top of his own game—that constant hunger for reinvention. That is what has made him not just an artist, but a legend.

I had a new observation this time, partly about us, and partly about much more than us.

We are aging through time. These songs are becoming a constant.

Our memories are a snapshot in time. These songs bridge those snapshots.

We are temporal, driving the arcs of our lives. These songs are a continuum.

We will not be here forever. These songs could be.

These songs are ours to enjoy, but they don’t belong to us. They don’t even belong to Paul or The Beatles. They belong to the world.

These songs are universal. They bring us together. They make us happy. They make us remember.

We connect the dots of our life’s timelines from song to song, and in the moment of a single song played back at various points throughout those long and winding roads.

I remember first listening to “Sgt. Pepper” as a child and it takes me back to the record store where I bought the album. I remember first listening to “Band on the Run” as an adolescent and I am back in the hallways of school. I remember first listening to “Here Today” and I am transported to that sad December day when I was in college and John was murdered.

Each song fixes a moment in time that is never erased. Sometimes these moments get back-burnered for a while, but then the associated song reignites our memory. It’s a visceral reaction. It cannot be preempted.

Then there are the songs that pop up all through our lives. I remember “Blackbird” when I initially tried and failed to play it on my first guitar, scratching up my copy of The White Album with each needle reset. I remember hearing it at a New England rally protesting the war in El Salvador. I remember hearing at it the memorial service for a dear friend who loved The Beatles and left this world much too early in his own life. Whenever I think of the ceaseless work we still have to do in civil rights, I hear the lyrics in my mind: “You were only waiting for this moment to arise.”

A single song can traverse the entirety of our lives, inspiring one emotional reaction in our youth, an entirely different response in adulthood, and something even more profound as we continue to age. That’s an awful lot of punch for three minutes of commercial composition. Call it the miracle of creativity. Maybe we’re just very lucky to be in this audience.

Is this somehow unique to Paul, or even to The Beatles? Of course not. We all have our own take on the soundtrack of our lives. Yet sitting there in Dodger Stadium far from the stage but genuinely close to the music, my mind wandered from here to there and back again.

This night’s setlist spanned the entirety of an impossible 60something year career. All those perfect songs held me in the moment and connected the dots of my own journey. The songwriter’s inspirations became my timeline and all of our shared history.

In a single performance, all these songs come together in a temporal theme. We connect the dots of our lives in the collision of moments forced into relevancy. Sadness, joy, loss, love, babies born, children grown, the progression of our careers, the paths of our relationships, generations of sharing—it’s all there in the continuum.

For the performer on the grand stage, it’s his life’s work in stunning summary. For those beyond the proscenium, it’s pure accessibility, sheer singalong joy, and dancehall madness.

At the end of the show, Paul thanks us because we are one with his brilliant talent. We are part of it, and now we pass along the music to others who will not know The Beatles as more than a story. They will not see Paul play live. They will only know it is real because of the continuum. Their memories will replace ours. That is the continuum. It is why art is more permanent than we can ever imagine.

John Lennon is gone, but the songs remain.

George Harrison is gone,  but the songs remain.

George Martin is gone, but the songs remain.

Ringo Starr plays two songs live with his former mate, perhaps never again, and the songs remain.

Paul McCartney at age 77 puts on a three-hour rock show without a break that reminds us who we were, who we want to be, who we want to be with, and who we still can be. We connect the dots of our lives through his lyrics, rhythms, and melodies. There is something eternal about that.

Not convinced this is a form of magic that is as rare as it is tangible?

Listen again to the songs. Just listen to the songs.

This is awe.

Paul reminded us not to wait past the point of no return to say what needs to be said.

There’s one person I need to thank for bridging the continuum that is the almost six decades of my life.

His name is Paul.

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Photos: Bruce Friedricks

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My Beatles Top 10

Paul McCartney, John Lennon, Ringo Starr, George Harrison

Is it just me or we in the midst of a Beatles Renaissance? Each month of this decade offers a 50th anniversary of something surrounding The Beatles. I’ve already attended the 50th anniversary of The Beatles concert at Dodger Stadium. I’ve enjoyed a screening of Ron Howard’s documentary Eight Days a Week featuring the band’s live tours of the U.S. to celebrate the 50th anniversary of their final stadium appearance. I’ve bought the live performance audio CD with reengineered recordings from the new film. I’ve subscribed to the new Beatles Channel on SiriusXM. I’ve marveled at multiple “Deconstructing The Beatles” lectures by my friend Scott Freiman, whose live presentations are now memorialized on DVD.

Okay, maybe it’s just me. Then again, with my new novel coming about how the soundtrack of our lives is inescapable in charting our life paths, The Beatles have never been more in the forefront of my mind.

For many years I have wanted to suggest my own Beatles Top 10 song list, but I have resisted for multiple reasons. First, because it does seem to change from year to year, depending on what’s consuming my attention or memory. Second, because I have been strictly advised by most Beatles luminaries that this is a fool’s errand—to rate The Beatles catalogue is akin to publicly stating the order in which you love your family and friends (a 2017 noble but flawed attempt to force rank all 213 songs is strong evidence of this). Third, because a single omission or overstated opinion might start an argument far more volatile than any around religion or politics, again putting the goodwill of colleagues at high risk. And fourth, because for all these reasons and more, I would undoubtedly be on course to a retraction, apology, restatement, or mass deleting of this post from the digital world, which is of course impossible.

Lists have a sad tendency to become permanent, even if deemed ephemeral.

Well, too bad, I’m doing it, if for no other reason than to defy my own fears, which I am certain John, Paul, George, and Ringo would applaud. I’ve restricted the list to songs written and recorded by The Beatles in their organic whole, without covers or selections from their various solo careers. The list is not in a precise order 1 to 10, because that numeration does ebb and flow with my mood, and so they remain unnumbered out of sheer fear of regret. Directionally this is my set list, and I hope I can stick to it.

Ladies and gentlemen, The Beatles!

In My Life (1965)

Hey, it’s my wedding song. If I don’t put it in first position I’m really in trouble. But it’s my wedding song for a reason, and the lyrics sit in a silver frame on my wife’s dresser because I bought the frame and put them there for both of us to read every day. Have a look at the words sometime. You may want to change your wedding song. “In my life, I love you more.”

While My Guitar Gently Weeps (1968)

This George Harrison tune haunts me unendingly, even more so since we lost George in 2001. I remember walking into a rock memorabilia store in Las Vegas years ago and seeing The Concert for George playing from a DVD on a widescreen and just standing there mesmerized with the sound pouring out in tribute. The guitar licks emerge like spoken lyrics and weave in and out of the simple verses with delicacy and determination. If you wanted to solo within the voice of an originator, this song gives you the chance of a lifetime.

Get Back (1969)

Whenever the word “Beatles” crosses my eardrums, I think of this song. It’s the quintessential tune that harnesses the ethos of the band, emerging from the tension of the end of their career but harkening back to the earliest days at the Cavern Club. If you ever get a chance to see the amazing Cirque du Soleil show Love at The Mirage in Vegas, or simply immerse yourself in the soundtrack mixed by George Martin, note the placement of this song in the early transition of the show from one era to another. The back beat is railroad steady yet quiet, it roars and rumbles without being bombastic. It is sonic, uncompromised rock ‘n’ roll, with Billy Preston on the backing keyboards to bring it home.

Nowhere Man (1965)

Ever have a song you can’t get out of your head because you’re not supposed to get it out of your head? This song, which somehow found its way into the core of the Yellow Submarine screenplay and inspired the character Jeremy Hillary Boob Ph.D., sings to me at every level of interpretation and inspiration. It begins a capella, offers some of the band’s finest happy harmonies, and tells a story that reaches into our hearts. “Isn’t he a bit like you and me?”

I Saw Her Standing There (1963)

Should you have the poor fortune of walking into a karaoke bar when I’m the leadoff fodder, I will be kicking off with this standard. It’s simple, it’s lively, it’s old school, and it works. It’s my wife’s second-favorite Beatles song no matter how badly I botch it. There is also a bit of sentimentality in it for me, as I remember when Lennon came out of hiding in 1974 after a tough few years, he was brought onstage for this one by Elton John—even more ironic because it’s a McCartney vocal. It’s on the B-side of “Philadelphia Freedom.” If you don’t know what a B-side is, my apologies.

Here Comes the Sun (1969)

How can a song be purely joyous and enormously sad at the same time? George Harrison had a way not only with melody and instrumentation, but with short words as fuses of emotion. Similar to “While My Guitar Gently Weeps” (and for that matter, “Something,” which just barely misses my list), it seems as though this epic was meant to be covered and reinterpreted. Did you see George play it with Paul Simon on Saturday Night Live in 1976? Yes, you need to do that.

Come Together (1969)

This is one of those Beatles tunes that sort of doesn’t fit in with the rest of their discography. It’s almost too dark for the lads from Liverpool to pull off, yet they do. The drumbeat cooked up by Ringo is as hallucinatory as the lyrics are caustic and scary. Possibly the only good thing to come out of the disastrous movie adaptation of Sgt. Pepper’s Lonely Hearts Club Band was the Aerosmith cover of this piercing track. If John hadn’t envisioned it for The Beatles he might have handed it to Steven Tyler (to be fair, the Earth, Wind, and Fire cover of “Got to Get You into My Life” is the only other decent tune to come out of that movie, but I digress).

All You Need Is Love (1967)

As if it weren’t enough for it to be a perfect anthem for the 1960s and every decade to follow, this beautiful tune debuted on one of the first global satellite TV broadcasts of all time, adding science to art to a community be-in that included Mick Jagger and Eric Clapton sitting on the floor. It also was well placed as the denouement resolution to the Yellow Submarine movie in lovingly crushing the Blue Meanies. Love, love, love.

Eleanor Rigby (1966)

“Ah, look at all the lonely people.” Yeah, on many days I’m one of them. When I was in high school the lyrics to this song somehow appeared in our poetry anthology. It was one of the more controversial classroom moments I can remember as a young student of literature and music, and I never forgot it. The question posed in English class was how to differentiate the contemporary (where the root word is “temporary”) from the canon worthy of poetic study. I wondered why that was important. I still do. “Eleanor Rigby” still makes the canon for me.

“Abbey Road Medley” (1969)

As I wrestled with the rest of the catalogue, I honestly couldn’t come up with a tenth song. I argued with myself and couldn’t find a way to win. I know it’s cheating, but I settled on the Abbey Road Medley, which is technically up to eight songs that begin with “You Never Give Me Your Money” and close with “The End.” Some people think it starts five songs later with “Golden Slumbers” and “Carry That Weight,” which is the shorter version Paul has been playing in his latest live tours as an encore. Regardless, it’s a powerful collection that spans the band’s musicality from rhythm solo to storytelling to full orchestration. It finishes big as a rocker. It’s how a lot of people remember the band coming to an end, myself included.

Agree, disagree, or want to chime in? I’m all ears, and always up for a good Beatles chat. Let me hear from you. Pretty soon these 50th anniversaries will have expired and we won’t have such a good excuse.

_______________

Photo: Freda Kelly circa 1962 (a gift to the author)

Don’t Fear the Fad

As an investor, can you ever know for certain if that newfangled gizmo come to market is the real deal or a fad?

Let’s try it a different way—perhaps everything is a fad, until it’s proven otherwise.

Bread, most likely not a fad. But organic fair-market nine-grain soft crust, probably a fad.

Cars, probably not a fad. But eight-cylinder 130 mph muscle mobiles with no back seats could be a fad.

AM radio, possibly a fad, but one that has enjoyed a long shelf life—and now with news and sports retransmitted over the internet to mobile devices, probably a decent bit of runway left in the broadcast machine.

Farmville, Mafia Wars, and their brethren? You tell me.

Our attention spans are surely fickle, but just because something is a fad does not necessarily make it a bad investment. I am not certain internet keyword search will last forever, but the last decade and a half have proven pretty rewarding, at least for one company that currently commands better than 70% market share. Games? That’s where they come and go in a coughing breath—if you are going to bet at that crap table, come with a lot of chips and a jug of Pepto-Bismol.

The question of whether it makes sense to bet on a fad in a commercial, accelerated, low-loyalty, short-attention-span, vastly diverse, market-driven global economy seems moot. People have bet against railroads, phones, airlines, television, personal computers, and even guitar bands as fads—and that was before they had customers! Even after these “fads” had momentum, there were endless naysayers who said they were on their way out as fast as they’d found their way in. With that kind of outlook, eventually you have to be right, but you may be staring up at daisy roots when you finally win your bet.

There is tremendous Monday morning quarterbacking now about the dive in Web 2.0 companies, from Facebook to Zynga to Groupon to Pandora. Maybe they are all fads, but let’s separate the fad of stock market performance from the fad of consumer adoption as two separate issues. The shine may be off the stock, or the shine may be off the company’s products, but those are very different things. High-growth speculative stocks like these are most often valued on future earnings potential, not current performance, so if the stock is out of favor, that does not de facto mean the product or service has gone out of favor. Plenty of people are enjoying these consumables at the moment, though it is safe to say that they won’t all be in vogue for eternity. Styles change, tastes change, brand loyalties change. We know that to be Creative Destruction, an ever-present cycle, so when we criticize either an equity or a product as being a fad, let’s be careful to make the distinction, and even more careful not to level broad sweeping judgment that could lead to missed opportunity.

Can a company make money riding the wave of a fad? Seems to me that is more norm than anomaly. Can an investor make money owning the stock of a company that rides the wave of a fad without volatile exposure to market timing? Again this seems perfectly reasonable, depending on the window. Think Intel with micro-processing chips during the PC revolution, Electronic Arts with the rise of sports-based video games led by Madden NFL, and today’s True King of All Media, Apple. Equity markets in the long run reward smart risk and punish reckless risk, just as commercial markets reward desirable consumer offerings and reject cynical ones. There has to be risk for there to be reward or no one would invest, so the question is not whether something is a fad, but whether that fad represents some potential form of continuity recognized by visionary management as one in a string of ventures that together comprise opportunity.

Intel’s legendary former CEO Andy Grove clearly taught us, “Only the Paranoid Survive.” He knew at any strategic inflection point the difference between a fad and a trend was largely the expanse of the product life cycle. More importantly, he worried about management culture as the path to product culture, where innovation means never-ending creativity, not tossing the dice and getting lucky on a good roll. I don’t worry whether a company is profiting from a fad, I expect companies to be opportunistic. I worry whether the company is a one-trick pony, whether it has created a learning culture where success and failure are both studied. A company that has learned to learn, that can read data and understand how fads are perpetuated as trends that constitute periodically sustained disruptions—that is a company that can extract true shareholder value from a fad, foremost by surprising and delighting customers repeatedly with that which they never expected was possible.

I have a lot of criticism about this year’s poor performing new entries in the NASDAQ, but that criticism has nothing to do with whether those companies were beneficiaries of identified fads now assessed by pundits to be in decline. My own career has been the beneficiary of any number of fads that came and went—computer games that sold millions and now barely qualify as second round questions on Jeopardy, once immensely cool websites that scored millions of visits that no longer can be found, virtual communities that ranked with the best in loyalty and now would be lucky to make the card draw on Trivial Pursuit. Does that mean they weren’t good businesses that added significant value to their owners? To the contrary, in their useful lives they added exceptional shareholder value in earnings and lifetime contribution. We worked the brand promises as long as we could, but when their time was done, we moved on.

That’s why a sweeping statement like “don’t invest in fads” makes little sense, because if virtually everything is a fad with varying sustainability, there is no choice but to invest in fads. What I worry about is management vision, how the brand stewards of a company are migrating from one fad to the next, how maneuvering through Creative Destruction is an art and science unto itself. Edison did it over a very long period of time. So did Steve Jobs. The folks who run television networks have to do it, because no show lasts forever and formats are cyclical; yesterday’s Variety Shows are today’s Reality Shows, half-hour comedy goes in and out of style, so does one-hour drama. Walt Disney famously bet the ranch on 2D feature animation, clearly a fad, although one he created and that lasted more than 50 years—but that wasn’t the only trick he had in the magic shop, not even close. To invest wisely in the likelihood that originators can capitalize on a string of fads through creativity and experimentation is very different from investing in one hot rocket that goes straight up with full knowledge that gravity will send it back down with equal and opposite thrust.

As the contemplative George Harrison reminds us, All Things Must Pass. That doesn’t mean windows of opportunity aren’t always in abundance. Watch the fad-makers, not the fads themselves, and the game changes significantly. While even the best fad-makers can’t call winners forever, those longer windows leave plenty of room for upside, especially when you bet the full spectrum of an index rather than trying to call the hits in isolation. If you bet on a one-trick pony and lose your bait, that was most likely your mistake, not that you bet on a fad.