AS an old man, it never ceases to amaze me how much information is available on the Internet at the push of a button. While we take it all for granted, this easily accessible storehouse of data and ideas has changed the way we think and, obviously, what we know about the world.
But there’s a problem: We have begun to substitute information for experience, and information does not tell the complete story.
An example: One of the most unique things about New York City is its food carts and trucks. There are literally thousands of them that look like small personal businesses, similar to our own fish-ball stands and food kiosks. But nothing could be farther from the truth: A simple hotdog cart outside of New York’s Central Park costs $290,000 a year in city fees. The cart owner has to sell $500,000 worth of hotdogs a year just to earn enough. A small bottle of water costs $3.
But that’s only information. What you’ll discover there in person is this: The sidewalks of New York are filled with some of the most incredible food on the planet. In the space of a few blocks you can sample the cuisines of dozens of countries, including the Philippines. From vegetarian dishes to greasy sausages and everything in between, and with websites devoted to reviewing these food stalls as if they’re five-star restaurants—that’s the experience.
The point is, we cannot understand the true situation just by knowing the information.
Information is a two-way street that, we sometimes forget, carries the bias of the “speaker.” When you are actually speaking with someone, untruths are often hard to conceal. On the Internet, lies are common. Further, in this age of the Internet, even what we see around us can be distorted by the information we get from outside.
Have you ever gone to a hotel or restaurant because of the positive reviews you read on a website, and then hated it? Immediately you judge other people’s opinions. “What exotic herb were those dummies smoking?” you might say. Or: “What did I do wrong? How come they enjoyed the place, and I didn’t?”
However, outsiders often have a better perspective than we do. There has been much scorn about public officials talking about Metro Manila’s terrible traffic being a result of increased economic growth, and that is partly true.
Nevertheless, we see problems; others see opportunities.
On the capitalistexploits.at website we find this analysis written by a man, Chris, who has maintained an outsider’s view, despite having traveled around our region enough to know it. He writes: “Don’t get me wrong. There are a lot of things in Asia that need fixing…a lot. Traffic can be horrendous, and crossing the street in Manila, Saigon or Jakarta requires balls of steel, several tranquilizers and luck. Traffic lights are decorative.”
Chris also writes, “These are all problems [that] increasingly get resolved. Expecting farmhands from the boonies [the English version of bundok] to understand traffic signs is neither fair nor reasonable. Expecting DHL-like services, air-conditioned subways and decent plumbing used to be unreasonable. Not so much anymore. Now I ask you…where would you think the most attractive growth comes from? An established environment or one busily establishing itself?”
Yet, a Manila-based Filipino recently told me that he would never invest in the Philippines, as there are too many problems.
Coffee consumption in the Philippines has always been low. But since 1997 per-capita coffee consumption has been up 264 percent. The first Starbucks branch opened here on December 4, 1997. Starbucks Chairman Howard Schultz said this recently: “With a population of more than 600 million people, an emerging middle class that is driving strong consumption, and a robust and resilient economy, Southeast Asia presents a compelling growth opportunity for Starbucks.”
The best opportunities come from finding ways to fill needs and solve problems without complaining. As my good friend, stockbroker executive Ramon Tejero, recently reminded me, it’s better to light a candle than to curse the darkness. And you make more money, too.
E-mail me at mangun@gmail.com. Visit my website at www.mangunonmarkets.com. Follow me on Twitter at @mangunonmarkets. PSE stock-market information and technical analysis tools provided by the COL Financial Group Inc.