Spain Is Broken (and Nobody Wants to Fix It)
OIJ (#33) The Slow Drift of Morality and Rise of Incompetence in Spain
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As you know, we pride ourselves on being slightly-above-mediocre storytellers.
Today, we want to share a short anecdote that (while it may seem trivial) captures some of the deeper flaws in modern Spanish culture.
Why does this matter? Because when you're investing in companies, especially smaller ones, youāre ultimately backing a handful of people who keep the whole thing running.
In that sense, culture isā¦ a leading indicator.
For this reason (and a few others), itās worth paying close attention to how cultures evolve. More importantly, we should pay close attention to the incentives that shape how people behave.
Chapter 1: Living Slowly
Letās start with a bit of context. By now, itās become something of a tradition: the first ten days of August are reserved for family. For the past 20 years, weāve been heading to one of the Balearic Islands, Minorcaā¦ and itās proven to be one of our best decisions.
Itās a somewhat remote spot, drenched in summer vibes, where thereās really nothing to do except enjoy the company of loved ones, surrounded by ocean views.
Itās the kind of place where you unwind, dive into meaningful conversations, and inevitably get caught up in a few fiercely competitive family card games.
People on the island, especially the locals, seem to operate on an entirely different internal clock.
Circadian rhythms aside, their priorities are clear: they want to enjoy life.
Thereās little interest in chasing big money or obsessing over hyper-productivity. Most are perfectly content working a bit here and there, spending time with loved ones, and soaking in the simple pleasures of everyday living.
Chapter 2: The Boat
So, a few years ago, my dad āretired.ā And I say āretiredā in quotes because, letās be honest, heās the kind of guy who will never actually retireā¦ he just slowed down a bit. But with that slowdown came the chance to finally fulfill one of his long-standing dreams: he bought himself a boat.
Not just any boatā¦ a crazy 5.5-meter-long motorboat. For those of you who arenāt boat people, let me put it in car terms: a 5.5m boat is basically the Fiat Panda of the boating world.
Itās compact, a bit cramped, not exactly glamorousā¦ but it gets the job done.
It floats, it moves, and most importantly, it makes him (and us) ridiculously happy. š
This matters more than youād think. Having a boat completely transforms your experience on the island. The place is dotted with calas, stunning little coves and beaches that are often totally inaccessible by land. But with a boat, that inaccessibility turns into a feature, not a bug. You suddenly have front-row access to paradise, without the hassle of sharing it with a crowd.
Wellā¦ most of the time. Come August, the island gets swarmed with other boats, and those reserved spots start looking more like aquatic parking lots.
Still, having a small, easy-to-maneuver boat becomes a real advantage. You can sneak in, find a spot, and enjoy the best of the island pretty much on your own terms.
And so the story begins as we cruise along the islandās southern coast, eventually dropping anchor at one of its most iconic spots: Calaān Turqueta.
Chapter 3: Turqueta
We were cruising from cala to cala, and decided to stop for a quick soak and a bite of the food we packed from home.
For some reason, the sea always triggers two things in me: an intense hunger and a deep, almost meditative state of relaxation that quickly gives way to sleep.
After a quick lunch (a meaty sandwich and a Coke), I made my way to the rear of the boat, where a not-so-comfy cushioned bench, about 1.2 meters long, quietly awaited my arrival.
Within 30 seconds of lying down, I was out cold. Totally asleep. Totally content.
Life = perfect.
That isā¦ until about 15 minutes later.
I woke to the sound of people shouting. Groggy, I sat up and looked aroundā¦ and there it was: a small, license-free rental boat zigzagging between anchored vessels like itās a slalom course.
The couple on board? Absolutely clueless. Clearly their first time handling a boat.
And yet, here they were, legally afloat in a vessel that pushes the limits of whatās allowed without a license: under 5 meters long, with an engine barely skirting 10 horsepower, again, for the uninitiated, the maritime equivalent of a 50cc scooter with a steering wheel.
Quick tip interruption:
On the bow of every boat, youāll spot a kind of maritime license plate. If it starts with ā6ĀŖā, itās a rental.
The more you knowā¦
Now, back to the story.
Hereās a highly scientific, plotted-course of the chaos that unfolded. (This is not the most accurate representation, but they did spin in a circle 3 times next to us). š
After swerving around, bumping into a few boats, and shouting back at a few peopleā¦ they took offā¦ consequence-free.
I was too deep in my nap to join the shouting match, but waking up to the chaos didnāt spare me from the dose of confusion and disbelief.
Stupifiedā¦ I layed back down to continue with my well-deserved rest.
But waitā¦ thereās more.
About 20 minutes later, I woke up to another round of shouting.
This time, directed at me. Some random water taxi guy was yelling from a distance, insisting that I couldnāt be parked where I was.
Another quick tip interruption:
Boats are only allowed to enter and exit the beach through the corridor marked by the green and red buoys. Stray outside it, and youāre technically breaking the rules.
The more you knowā¦
Back to the storyā¦
Apparently, in his very subjective opinion, I was āblocking the entrance/exit to the beach.ā Never mind that the boat hadnāt moved an inch, and that I was the only one still onboardā¦ half-asleep, blinking into the sun, trying to figure out why I was suddenly the villain of the cove.
Iām not exactly sure how he got into the beach, but I can tell you with absolute certainty that he exited right between the two buoys, which kind of defeats his entire argument.
I gave him a polite-but-slightly-dismissive response, trying to calm him down without feeding the drama:
āSure, sure buddy. Iāll move it in a bit. Weāre all just trying to enjoy our time here.ā
The guy ā who, by the way, had about ten wide-eyed tourists onboard ā decided this was the perfect moment to double down on the drama. So naturally, he launched into a full-blown performance, threatening me with a ā¬6,000 fine for being āillegally parked.ā
Now, Iām not entirely sure what kind of authority he thought he had. Maritime police? Coastal prophet? Self-appointed Sheriff of the Sea? Either way, he was very committed to the bit. So committed, in fact, that he repeated the fine amount at least a half a dozen times, like he was trying to hypnotize me into submission.
Then, in a cinematic plot twist, he whipped out his phone and started filming my boat, circling the ship like a wannabe news anchor while repeating the ā¬6,000 mantra another four or five times. TBH, it was starting to feel more like a low-budget tourism scare campaign than an actual enforcement effort.
Eventually, the guy sailed off, mission unaccomplished, and since I was still in a relatively zen state, I did the only logical thing: went right back to sleep.
Oh yeah, babyā¦ the plot thickens.
Our usual modus operandi is pretty simple: boat around, stop for an hour or two, then head off to the next cala. So, about 20 minutes later, it was time to move.
What we didnāt realize was that someone had been waiting for this moment.
Enter one elderly local gentleman, parked a few dozen meters away near the exit of the beach. Beer in hand. Locked. Loaded. Ready for the action.
As we gently pulled away, he erupted, shouting profanities and calling us ācrazy drunks.ā Which, to be fair, was a pretty baseless accusation given that everyone onboard had either been swimming or napping for the past half hour. (I, personally, was still shaking off a post-sandwich coma).
But hey, I guess some people just live to point fingers and yell at strangers.
Honestly, the whole thing had major playground vibesā¦ like watching a school bully (cue the āSheriff of the Seaā from earlier) and his sidekick chiming in from the sidelines with awkward laughs and backup insults.
Not to get political, butā¦ letās just say there were not very fine people on both sides. (Kidding, obviously. Please donāt cancel me.)
Chapter 4: The Moral of It All
So yeahā¦ that was something.
I figured this little anecdote might be a useful (and mildly entertaining) way to highlight a few of the deeper flaws in present-day Spanish culture. Flaws that, in increasingly frustrating doses, are starting to erode my ability to trust and invest in Spanish business operatorsā¦ or in any business that relies heavily on servicing the Spanish market.
Just as a side note disclaimer, Iāve been coming to this island for over 20 years. The boatās a more recent addition (sure), but in all that time, Iāve never had a single incident.
This time? Threeā¦ in the span of an hour.
If thereās one thing you should take away from this whole story, itās this: Iām a pretty chill guy. I donāt stress easily. It takes a lot to get under my skin. š
Jokes aside, what Iām really getting at is something deeper: a noticeable decline in basic human behavior.
I recently read that average IQs are on the decline. Iām not sure if this is directly related, but what I am seeing is a growing sense of entitlement everywhere.
Everyone seems to believe they have all the rights, but none of the responsibilitiesā¦ and more importantly, none of the consequences.
That first incident reminded me a lot of people who loudly parade their opinions around, as if simply having one makes it valid. It doesnāt.
Just because you can say something doesnāt mean you should. Thereās a fading sense of shame these days, a kind of reckless confidence thatās replacing basic caution and self-awareness.
And this doesnāt just apply to the guy shouting. Iām also talking about the people renting out these boats.
Just because thereās money to be made doesnāt mean itās a good idea. Handing over a vessel to someone with zero experience might be legal under certain conditions, but itās still a recipe for disaster.
These folks can cause significant harm to others and themselves.
Thatās why licenses existā¦ because knowing how to operate a boat isnāt optional if you actually want to drive one.
(And yes, Iām supposed to be a full-blown libertarianā¦ so consider this my official dose of hypocrisy for the day) š
Just as conviction is a necessary, but not sufficient, condition for buying a company, we should strive to be more cautious in our actions and reactions.
The second incident is a textbook case of legality vs. common sense. Iām sure this guy thought he was the hero of his own little maritime drama. But, Captain Justice, just because you know a rule doesnāt mean you get to enforce itā¦ much less interpret it, weaponize it, and shout it at strangers like some seafaring hall monitor.
Even if he was technically in the right, threatening a fellow sailor, who (btw) has done no harm, is just not cool.
If screaming profanities and threatening random strangers with imaginary pecuniary consequences is how you get your validationā¦ man, you should get checked.
In market terms, losses (and even some wins) should be approached with calm indifference. Youāre not a better or worse investor based on the outcome of a single trade.
Focus on refining your process; if you get that right, the results will follow.
The third episode just made me sad.
Finding joy in someone elseās discomfort (even if temporary) isnāt cool. As a species, we should be lifting each other up, not piling on. Thereās not much more to say.
Bullying (or playing sidekick to a bully) is not okay, no matter your age, background, or situation.
For me, this rhymes a lot with choosing the right business partners. Every time you buy a company, you're effectively partnering with its management team. So ask yourself: Am I partnering with buildersā¦ or bullies?
If I could do one thing, Iād sit those three guys down and buy them a beer. Iām sure theyāre interesting people, each carrying their own invisible weight.
Maybe theyāve got a sick family member. Maybe theyāre struggling financially or dealing with a breakup. Or maybeā¦ they were just having a bad day.
Whatever it is, Iād want them to know they can do better.
We can do better. And thatās always worth toasting to. š»āØ
A toast to being better. š
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It's a good read and experiences like yours can really change your perspective. You need to be careful with the conclusions you draw from them though, one set of anecdotes is not enough to make sweeping statements about a country's' culture or cultural changes in general. You need more data for that, and if you are sincerely interested in it, there is a lot of research on the topic. Your final point still stands though: bad attitudes and values can ruin an otherwise good company, whether it's in Spain of anywhere else.
What an excellent story and an equally wellāfounded conclusion.
However, if this leads you to state that āSpain is broken,ā I canāt help but wonder what label would then apply to countries like the Netherlands and Belgium.
Count your blessings when it comes to those minor incidents in and around Menorca.
Visit the Netherlands, and within a single day you could write a book about countless ā and far more serious ā incidents!