The Quest for a Billion Dollar Red

This is an interesting piece in Bloomberg on Mas Subramanian, “the biggest celebrity in the uncelebrated world of pigment research,” and his quest to find a safe and stable red pigment:

The world lacks a great all-around red. Always has. We’ve made do with alternatives that could be toxic or plain gross. The gladiators smeared their faces with mercury-based vermilion. Titian painted with an arsenic-based mineral called realgar. The British army’s red coats were infused with crushed cochineal beetles. For decades, red Lego bricks contained cadmium, a carcinogen.

More than 200 natural and synthetic red pigments exist today, but each has issues with safety, stability, chromaticity, and/or opacity. Red 254, aka Ferrari red, for example, is safe and popular, but it’s also carbon-based, leaving it susceptible to fading in the rain or the heat. “If we sit out in the sun, it’s not good for us,” says Narayan Khandekar, director of Harvard’s Straus Center for Conservation & Technical Studies and curator of the Forbes Pigment Collection. “That’s the same for most organic systems.” One red is stable, nontoxic, and everlasting: iron oxide, or red ocher, the ruddy clay found in Paleolithic cave paintings. “It’s just not bright in the way that people want,” Khandekar says.

Among Subramanian’s 50+ patents is this one:

Patent No. 8,282,728 is for something potentially far more valuable than YInMn itself. In fact, it only briefly mentions “intense blue color.” Subramanian’s true invention was the crystal structure—or the atomic arrangement—of the material, called trigonal bipyramidal coordination. The manganese imparts the blueness, and by adjusting its proportion in the compound, you can lighten or darken its tint. But, as Subramanian’s jars of lilac and mossy green demonstrate, the structure is also capable of absorbing (and, conversely, reflecting) other colors. This discovery was like finding a hidden door in a bookshelf.

Below is a video of how the famous YInMn (pronounced “yin-min”), the bright blue pigment, was accidentally created in Subramanian’s lab (starts at about 3:35 in the video):

Another fact of the day: titanium dioxide accounts for almost two-thirds of the pigments produced globally; valued at about $13.2 billion, it’s responsible for the crisp whiteness of traffic lines, toothpaste, and powdered doughnuts.


Gary Shteyngart Goes Deep on Hedge Funds and Bitcoin

I really enjoy all that Gary Shteyngart publishes (see here and here, for example) . In his latest year-long project, Shteyngart has been researching finance, bitcoin, and has written an interesting article about Michael Novogratz for The New Yorker:

I like how Shteyngart brings his own life events into the story:

As a hungry, insecure kid growing up in eastern Queens, I remember watching the movie “Wall Street” and fantasizing about how I would look in suspenders and a contrasting collar. The men on the big screen did not have to understand themselves; the money made them understood. Although my greed had been expunged at Oberlin, and the financial crisis of 2007-08 had left me with a more or less permanent view of finance as an industry built on fraud, I found it hard to dislike some of my new acquaintances. The more intellectually vibrant ones came with backgrounds in advanced math and physics; they approached their trades like a puzzle, albeit one they were increasingly unable to solve. Others seemed to be flirting with the edges of sociopathy, or, at least, an inability to pass “Blade Runner” ’s Voight-Kampff empathy test.

Reflecting on the competitive nature from high school days:

At Stuyvesant High School, a competitive math-and-science school in Manhattan with a high proportion of first-generation immigrants, my classmates and I would get up every morning to wage battle over a hundredth of a percentile on our grade-point average; my new friends were fighting over so many basis points on their Bloomberg monitors. When we failed, we failed in front of our families, our ancestors, our future and our past.

Novogratz on Bitcoin:

He doesn’t think that cryptocurrencies will replace the dollar or the yen, but he believes that they will be a boon to countries in the developing world, where people don’t have trust in their fiat currencies, and that blockchain can revolutionize the way information is logged and shared and, in our age of data breaches, protected. “I’m good at selling the dream,” he said. “I can get onstage and get people to start saying ‘Hallelujah! Hallelujah!’ ”

Perhaps the most cogent piece of wisdom comes near the end of the piece:

After six years of exploring finance, I concluded that, despite the expertise and the intelligence on display, nobody really knows anything. 

Worth the read if you enjoy Shteyngart’s writing and/or are curious about the evolution of bitcoin and what some hedge fund managers are trying to do in the space.