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7 episodes with Charles T Munger
5 episodes with Charles T Munger
2 episodes with Charles T Munger
2 episodes with Charles T Munger
2 episodes with Charles T Munger
2 episodes with Charles T Munger
4 episodes with Charles T Munger
2 episodes with Charles T Munger
"In my whole life, I have known no wise people over a broad subject matter area who didn't read all the time. None. Zero. You'd be amazed at how much Warren reads; at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out." - Charlie MungerThe Investor Series rolls on today, but with a bit of a different look and feel. Our good friend and usual co-host Aleck Arena will not be joining in on this conversation. Instead, our very own Jay Doran will be flying solo and discussing one of the great great minds of the modern investing world, Mr. Charles T. Munger. When it comes to investing, there are few voices that ring out louder and clearer and have had more of an impact in the space than Charlie Munger. You don't come to be Warren Buffet's right hand for decades without knowing a thing or two. Today, Jay is discussing some of the finer points of Mr. Munger's work and why he will always be remembered as a titan in his industry. We hope you enjoy this episode of The Culture Matters Podcast.
Send us a textOn the latest episode of The Get Ready Money Podcast, I spoke with Jedidiah Collins, author, Founder and CEO of Money Vehicle about changing the way we think about money and why it's a vehicle for our financial journey.In this episode we discussed:Why education without action fails. What is a CFP? Stop worrying about the world sees in you, think about what you see in yourself. If we can change the way we see money, we can change our future.Questions are your framework for financial success. Jedidiah Collins has gone from NFL Player to Certified Financial Planner® in pursuit of empowering 1 million high school students to speak money. Author of best-selling Your Money Vehicle and Professor of Personal Finances, Jed then became the founder of EdTech company Money Vehicle. Money Vehicle delivers a Roadmap for educators and a License for students to Drive Financial Literacy.Connect with Jedidiah Collins, CFP®: Website: https://jedidiahcollins.comMoney Vehicle Website: https://yourmoneyvehicle.comLinkedIn: https://www.linkedin.com/in/jedidiah-collins/Instagram: https://www.instagram.com/fullbackoffinanceYouTube: https://www.youtube.com/@jedidiahcollins8198Book:Your Money Vehicle: How to Begin Driving to Financial Freedom! (Amazon). https://amzn.to/4djUIbvMentioned this episode:Number 1 resource - The Founders Podcast - biographies https://www.founderspodcast.comPoor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger by Charles T. Munger (Amazon) https://amzn.to/3ZgYj6FSupport the showThe Get Ready Money Podcast and its guests do not provide investment advice. All content is for educational purposes. Guest opinions do not necessarily reflect the opinions of The Get Ready Money Podcast and Tony Steuer.
Drew Houston is the co-founder and CEO of Dropbox. Under his leadership, Dropbox has grown from a simple idea to a service used by over 700 million registered users globally, with a valuation exceeding $9 billion. Drew has led Dropbox through multiple phases, from explosive viral growth, to battling all the tech giants at once, to reinventing the company for the future of work. In our conversation, he opens up about:• The three eras of Dropbox's growth and evolution• The challenges he's faced over the past 18 years• What he learned about himself• How he's been able to manage his psychology as a founder• The importance of maintaining your learning curve• Finding purpose beyond metrics and growth• The micro, macro, and meta aspects of building companies• Much more—Brought to you by:• Paragon—Ship every SaaS integration your customers want• Explo—Embed customer-facing analytics in your product• Vanta—Automate compliance. Simplify security—Find the transcript at: https://www.lennysnewsletter.com/p/behind-the-founder-drew-houston-dropbox—Where to find Drew Houston:• X: https://x.com/drewhouston• LinkedIn: https://www.linkedin.com/in/drewhouston/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Introduction to Drew and Dropbox(04:44) The three eras of Dropbox(07:53) The first era: Viral growth and early success(14:19) The second era: Challenges and competition(20:49) Strategic shifts and refocusing(29:36) Personal reflections and leadership lessons(40:19) Unlocking mindfulness and building support systems(43:14) The Enneagram test(50:35) The challenges of being a founder CEO(58:11) The third era: Rebooting the team and core business(01:22:41) Lessons and advice for aspiring founders(01:27:46) Balancing personal and professional growth(01:42:38) Final reflections and future outlook—Referenced:• Dropbox: https://www.dropbox.com/• Y Combinator: https://www.ycombinator.com/• Paul Graham's website: https://www.paulgraham.com/• Hacker News: https://news.ycombinator.com/• Arash Ferdowsi on LinkedIn: https://www.linkedin.com/in/arashferdowsi/• Sequoia Capital: https://www.sequoiacap.com/• Pejman Nozad on LinkedIn: https://www.linkedin.com/in/pejman/• Mike Moritz on LinkedIn: https://www.linkedin.com/in/michaelmoritz/• TechCrunch Disrupt: https://techcrunch.com/events/tc-disrupt-2024/• Dropbox viral demo: https://youtu.be/7QmCUDHpNzE• Digg: https://digg.com/• Reddit: https://www.reddit.com/• Hadi and Ali Partovi: https://www.partovi.org/• Zynga: https://www.zynga.com/• Steve Jobs announces Apple's iCloud: https://www.youtube.com/watch?v=ilnfUa_-Rbc• Dropbox Carousel: https://en.wikipedia.org/wiki/Dropbox_Carousel• Dropbox Is Buying Mega-Hyped Email Startup Mailbox: https://www.businessinsider.com/dropbox-is-buying-mega-hyped-email-startup-mailbox-2013-3• 5 essential questions to craft a winning strategy | Roger Martin (author, advisor, speaker): https://www.lennysnewsletter.com/p/the-ultimate-guide-to-strategy-roger-martin• Intel: https://www.intel.com/• Gordon Moore: https://en.wikipedia.org/wiki/Gordon_Moore• Netscape: https://en.wikipedia.org/wiki/Netscape• Myspace: https://en.wikipedia.org/wiki/Myspace• Bill Campbell: https://en.wikipedia.org/wiki/Bill_Campbell_(business_executive)• Enneagram type descriptions: https://www.enneagraminstitute.com/type-descriptions/• The Myers-Briggs Type Indicator: https://www.themyersbriggs.com/en-US/Products-and-Services/Myers-Briggs• Brian Chesky's new playbook: https://www.lennysnewsletter.com/p/brian-cheskys-contrarian-approach• Ben Horowitz on X: https://x.com/bhorowitz• Why Read Peter Drucker?: https://hbr.org/2009/11/why-read-peter-drucker• GitLab: https://about.gitlab.com/• Automattic: https://automattic.com/• Dropbox Dash: https://www.dash.dropbox.com/• Welcome Command E to Dropbox: https://blog.dropbox.com/topics/company/welcome-command-e-to-dropbox-• StarCraft: https://en.wikipedia.org/wiki/StarCraft_(video_game)• Procter & Gamble and the Beauty of Small Wins: https://hbr.org/2009/10/the-beauty-of-small-wins• Teaching Smart People How to Learn: https://hbr.org/1991/05/teaching-smart-people-how-to-learn—Recommended books:• Guerrilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business: https://www.amazon.com/Guerilla-Marketing-Inexpensive-Strategies-Business/dp/0618785914• Playing to Win: How Strategy Really Works: https://www.amazon.com/Playing-Win-Strategy-Really-Works/dp/142218739X• High Output Management: https://www.amazon.com/High-Output-Management-Andrew-Grove/dp/0679762884/• Only the Paranoid Survive: How to Exploit the Crisis Points That Challenge Every Company: https://www.amazon.com/Only-Paranoid-Survive-Exploit-Challenge/dp/0385483821• Zone to Win: Organizing to Compete in an Age of Disruption: https://www.amazon.com/Zone-Win-Organizing-Compete-Disruption/dp/1682302113• Warren Buffett's books: https://www.amazon.com/warren-buffett-Books/s?k=warren+buffett&rh=n%3A283155• Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger: https://www.amazon.com/Poor-Charlies-Almanack-Essential-Charles/dp/1953953239• Invent and Wander: The Collected Writings of Jeff Bezos: https://www.amazon.com/Invent-Wander-Collected-Writings-Introduction/dp/1647820715/• The 15 Commitments of Conscious Leadership: A New Paradigm for Sustainable: https://www.amazon.com/15-Commitments-Conscious-Leadership-Sustainable-ebook/dp/B00R3MHWUE—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe
Learn from history's Greatest Minds — and find Timeless ideas you can apply to business and life. Every podcast episode we explore a Timeless book: We strive to become polymaths like our investing and business icons, pulling the Big Ideas from a wide range of disciplines to help us become better investors and operators. For the curious-minded seeking Worldly Wisdom. Join thousands of readers by subscribing @ rationalvc.com to get free access to essays and exclusive content. For the video version of this episode click here. Free digital version of Poor Charlie's Almanack: stripe.press/poor-charlies-almanack Timestamps: (00:00) Intro chit chat (11:26) Foreword (16:20) Introduction by Kaufman (21:00) Munger's childhood and family (31:48) Munger and Buffett meet (34:45) Munger's kids tales (37:59) Munger's discipline (51:34) Mental models (1:01:39) Investing checklist (1:07:30) Eleven Talks intro (1:09:16) Talk One (1:17:12) Social proof (1:24:45) Circle of competence (1:35:00) Talk Two Advice (1:38:55) Talk Three (1:40:50) Ideology (1:42:42) Talk Three Q&A (1:49:00) Talk Four - Coca Cola Case (2:01:45) Talk Nine - Economics (2:05:20) Talk Ten - Perseverance (2:13:21) Talk Eleven Intro (2:16:09) Important: 25 Biases and Tendencies (2:49:06) Outro — Our website (all essays and podcasts): rationalvc.com Our investment fund: rational.fund Our Discord: discord.gg/JZbqu3Cjjn Cyrus' Twitter: twitter.com/CyrusYari Iman's Twitter: twitter.com/iman_olya — Disclaimer: The materials provided are solely for informational or entertainment purposes and do not constitute investment or legal advice. All opinions expressed by hosts and guests are solely their own opinions and do not reflect the opinion of their employer(s). #Timeless #wisdom #knowledge #books #polymaths
From the challenges of raising curious kids to scaling Mars simulations and building hardware prototypes, hosts Christine Corbett Moran and Casey Handmer dive into a whirlwind of creativity, productivity, and life as parents on a mission. Whether it's simulating space elevators, exploring AI for kids, crafting non-alcoholic cocktails, or hiking with heavy weights at night, this podcast is a deep dive into the intersection of parenting and innovation. Featuring discussions on tech, philosophy, books, and the occasional digression into shipbuilding history or chess strategies, this episode is par for the course in the Corbett-Handmer household. Tune in for updates, insights, and plenty of laughs. Links and Resources Mentioned: Red Mars by Kim Stanley Robinson (Amazon ) Green Mars by Kim Stanley Robinson (Amazon) Twenty Thousand Leagues Under the Sea by Jules Verne (Amazon) Chip War: The Fight for the World's Most Critical Technology by Chris Miller (Amazon) Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger by Charles T. Munger (Amazon) Acquired Podcast (Website) Founders Podcast (Website) OpenAI (Website) Data Button (Website) Chess.com (Website) Henry J. Kaiser - Explore his life and contributions (Wikipedia)
Was macht eigentlich einen guten Investor aus? Was braucht es, welche Eigenschaften und Kenntnisse? Welche Einstellung? Ein Erklärungsversuch - Charles T. Munger.
Mike Maples, Jr., co-founding partner of the VC firm Floodgate, is the veteran seed investor behind some of the 21st-century's great success stories, including Twitter, Twitch, and Applied Intuition. His book, Pattern Breakers (co-authored with Peter Ziebelman), articulates a new model of foundership, one built on the simple premise that transformative startups upend rather than improve current practices. My company, OSV, is built around my belief that the collapse of the old models presents enormous opportunities to those savvy enough to seize them, so I had a blast quizzing Mike on the nuts and bolts of pattern-breaking foundership, from finding true believers to waging asymmetric war on the status quo. If Mike's theory sounds as interesting to you as it did to me, check out our Substack, where we've distilled some pattern-breaking insights and shared the episode transcript. I also encourage you to buy Mike's excellent book. In the meantime, I hope you enjoy our conversation as much as I did! Important Links: Pattern Breakers: Why Some Start-Ups Change the Future; by Mike Maples, Jr & Peter Ziebelman Twitter Substack (Starting Greatness) Floodgate LinkedIn Show Notes: Seagull mode: an unexpected founder paradigm How to wage asymmetric war on the present Evading the comparison trap Finding your people: how to build a movement Why we should continually seek the truth The customer isn't always right, but the ones living in the future are Why disagreeableness is undervalued How to fix a pitch Franckendeck Don't use jargon as a substitute for clear thinking How to find the true believers How to live in the future How founders are like trainspotters Why wanting to be a founder is a bad reason to start a company Reading habits of a pattern-breaker The unreliability of memory Mike as emperor of the world MORE! Books Mentioned: Jonathan Livingston Seagull: A story; by Richard Bach The Genius of the Beast: A Radical Re-Vision of Capitalism; by Howard Bloom The Beginning of Infinity: Explanations that Transform The World; by David Deutsch What Works in Wall Street; by Jim O'Shaughnessy Poor Charlie's Almanac: The Essential Wit and Wisdom of Charles T. Munger; by Charles T. Munger
In this episode of the Personal Finance Podcast, we're going to talk about the 576 Books on money and business - these 21 will make you rich. How Andrew Can Help You: Don't let another year pass by without making significant strides toward your dreams. "Master Your Money Goals" is your pathway to a future where your aspirations are not just wishes but realities. Enroll now and make this year count! Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining Index Fund Pro! This is Andrew's course teaching you how to invest! Watch The Master Money Youtube Channel! , Ask Andrew a question on Instagram or TikTok. Learn how to get out of Debt by joining our Free Course Leave Feedback or Episode Requests here. Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at shopify.com/pfp Monarch Money: Get an extended 30 day free trial at monarchmoney/pfp Thanks to Fundrise for Sponsoring the show! Invest in real estate going to fundrise.com/pfp Indeed: Start hiring NOW with a SEVENTY-FIVE DOLLAR SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/personalfinance Thanks to Policy Genius for Sponsoring the show! Go to policygenius.com to get your free life insurance quote. Delete Me: Use Promo Code PFP for 20% off! Links Mentioned in This Episode: He Built A BILLION DOLLAR Real Estate Portfolio (Here's How!) with Brandon Turner Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition Recent Episodes: Your First Million Is The Hardest (Here is How to Do it!) What are the Best Real Estate Books, Index Funds, and Mortgage Loans - Rapid FIRE Money Q&A What EVERY Dollar You Invest is Worth (By AGE) Connect With Andrew on Social Media: Instagram TikTok Twitter Master Money Website Master Money Youtube Channel Free Guides: The Stairway to Wealth: The Order of Operations for your Money How to Negotiate Your Salary The 75 Day Money Challenge Get out Of Debt Fast Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices
We need to talk about the rise of small cap stocks! I react to Fundstrat's Tom Lee, who thinks that the Russell 2000 small cap index is about to go on an epic run. Greg Tuorto from Goldman Sachs is similarly bullish on small caps going forward, and a broadening out of the market. Related videos: Warren Buffett: I'd Buy Small Caps if Starting Over Now https://youtu.be/V7yAKXYXhDM Small Caps Super Investor Bares Capital Is Buying These Stocks https://youtu.be/Asc712oI-Ik Super Investors Just Bought These Small Caps https://youtu.be/kIsJZKlPDj4 Referenced videos: Fundstrat's Tom Lee is bullish on small caps https://youtu.be/VyHto5WWQ0k Small caps tend to outperform as the broaden out, says Goldman Sachs' Greg Tuorto https://youtu.be/PZBMmkbcxlA Stocks Today With JJ channel: https://www.youtube.com/@jjstockstoday Recommended investing book: Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger (referral link): https://amzn.to/3zMpZWs For more on small caps. join The Art of Value Patreon community for exclusive content I don't share anywhere else: https:/www.patreon.com/TheArtofValue Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for general education and entertainment purposes only. Do your own analysis and seek professional financial advice before making any investment decision.
We need to talk about the rise of small cap stocks! I react to Fundstrat's Tom Lee, who thinks that the Russell 2000 small cap index is about to go on an epic run. Greg Tuorto from Goldman Sachs is similarly bullish on small caps going forward, and a broadening out of the market. Related videos: Warren Buffett: I'd Buy Small Caps if Starting Over Now https://youtu.be/V7yAKXYXhDM Small Caps Super Investor Bares Capital Is Buying These Stocks https://youtu.be/Asc712oI-Ik Super Investors Just Bought These Small Caps https://youtu.be/kIsJZKlPDj4 Referenced videos: Fundstrat's Tom Lee is bullish on small caps https://youtu.be/VyHto5WWQ0k Small caps tend to outperform as the broaden out, says Goldman Sachs' Greg Tuorto https://youtu.be/PZBMmkbcxlA Stocks Today With JJ channel: https://www.youtube.com/@jjstockstoday Recommended investing book: Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger (referral link): https://amzn.to/3zMpZWs For more on small caps. join The Art of Value Patreon community for exclusive content I don't share anywhere else: https:/www.patreon.com/TheArtofValue Disclaimer: I am not a financial adviser and nothing in this content is financial advice. This content is for general education and entertainment purposes only. Do your own analysis and seek professional financial advice before making any investment decision.
每天早晨8:30 讓我們一起解讀財經時事 參加財經皓角總經訂閱 : https://yutinghao.finance 主持人：游庭皓（經濟日報專欄作家、小一輩財經人話翻譯機） 音頻收聽請在Podcast或Soundcloud搜尋『游庭皓的財經皓角』 Telegram: https://t.me/yu_finance 我的粉絲專頁:https://reurl.cc/n563rd 網站參加會員手冊 https://reurl.cc/WG7vd7 歡迎來信給小編幫您處理 jackieyutw@gmail.com """"" 打賞網址 ：https://p.ecpay.com.tw/B83478D """"" 書名：窮查理的普通常識（紀念典藏版） 作者： 查理．蒙格 原文作者： Charles T. Munger 譯者： 李彔 出版社：商業周刊 出版日期：2024/04/30 https://reurl.cc/aqoNnY (YT抽書的朋友要公開訂閱我們財經皓角頻道唷♥️) (FB抽書的朋友要公開分享直播影片+您想要抽書留言♥️) 《早晨財經速解讀》是游庭皓的個人知識節目，針對財經時事做最新解讀，開播於2019年7月15日，每日開盤前半小時準時直播。議題從總體經濟、產業動態到投資哲學，信息量飽滿，為你顛覆直覺，清理投資誤區，用更寬廣的角度帶你一窺投資的奧秘。 免責聲明：《游庭皓的財經皓角》頻道為學習型頻道，僅用於教育與娛樂目的，無任何證券之買賣建議。任何形式的投資皆涉及風險，投資者需進行自己的研究，持盈保泰。
"We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think." - Charlie MungerOn a special episode of The Culture Matters Podcast, Jay sits down with his good friend and founder of The Pavement Group and Top Contractor School Brian Hess to remember Charlie Munger. Jay and Brian discuss what made Charlie such an inspiring figure, his impact on the business world, and what his work has done for them and how he inspired them in their professional endeavors. His was a life well lived, so please join us as we take some time to remember the late, great Charles T. Munger.
Hamilton Helmer is one of the world's leading experts on business strategy and the author of the seminal book 7 Powers: The Foundations of Business Strategy, which provides a comprehensive framework for understanding what it really takes to achieve and sustain a competitive advantage. With more than three decades of experience in the strategic consulting industry, Hamilton has advised over 200 companies—from burgeoning startups to Fortune 100 giants—on how to identify, build, and leverage their unique strategic powers. In our conversation, we discuss:• Potential sources of power that startups should develop from an early stage• Common misconceptions among companies about the types of power they possess• How power relates to strategy• The difference between a moat and a power• Practical strategies for non-leaders to leverage insights about power and strategy in their work• AI's impact on competitive advantages and barriers to entry—Brought to you by:• WorkOS—Modern identity platform for B2B SaaS, free up to 1 million MAUs• Vanta—Automate compliance. Simplify security• Paragon—Ship every SaaS integration your customers want—Find the transcript and references at: https://www.lennysnewsletter.com/p/business-strategy-with-hamilton-helmer—Where to find Hamilton Helmer:• X: https://twitter.com/hamiltonhelmer• LinkedIn: https://www.linkedin.com/in/hamilton-helmer-42983/• Website: https://7powers.com/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Hamilton's background(04:08) When power becomes important(08:24) How strategy relates to power(12:09) How power informs strategy(14:46) The sequence of powers(21:13) Common misconceptions(24:39) Network effects vs. network economies(26:58) Uber's success(29:16) Moats vs. powers(31:12) Strategies for non-leaders to leverage power and strategy(37:51) Advice on how to become a strategic thinker(39:27) AI's impact on the seven powers(45:43) Why moving fast is not a power(50:24) Three things that create value in a company(51:16) The debt trajectory of the U.S.(56:35) Optimism for the future(59:25) Lightning round—Referenced:• 7 Powers: The Foundations of Business Strategy: https://www.amazon.com/7-Powers-Foundations-Business-Strategy/dp/0998116319• John von Neumann: https://en.wikipedia.org/wiki/John_von_Neumann• Pearl Harbor: https://www.history.com/topics/world-war-ii/pearl-harbor• Where the Japanese Went Wrong at Pearl Harbor: https://pearlharbor.org/blog/where-japanese-went-wrong-pearl-harbor/• The ‘7 Powers' of business success—from one of Netflix's early investors: https://www.qualitycompounders.com.au/post/the-7-powers-of-business-success-from-one-of-netflix-s-early-investors• 7 Powers: Foundations of Business Strategy (Key Takeaways): https://www.linkedin.com/pulse/7-powers-foundations-business-strategy-key-takeaways-nikita-maloo/• Strategy Capital: https://strategycapital.com/• Warren Buffett: https://www.forbes.com/profile/warren-buffett/• Charlie Munger: https://www.forbes.com/profile/charles-munger/• Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger: https://www.stripe.press/poor-charlies-almanack• Bill Gates reveals why Warren Buffett was an invaluable source of support during the stormiest period of his career: https://www.businessinsider.com/bill-gates-interview-warren-buffett-support-microsoft-antitrust-lawsuit-2019-6• Billionaire Warren Buffett's Secret Love Affair With Castles, Revealed: https://www.thestreet.com/opinion/billionaire-warren-buffett-s-secret-love-affair-with-castles-revealed-14290973• Netflix didn't kill Blockbuster—how Netflix almost lost the movie rental wars: https://www.cnbc.com/2020/09/22/how-netflix-almost-lost-the-movie-rental-wars-to-blockbuster.html• Michael Porter on LinkedIn: https://www.linkedin.com/in/professorporter/• What Is Strategy?: https://hbr.org/1996/11/what-is-strategy• TSMC: https://www.tsmc.com/english• Toyota Production System: https://en.wikipedia.org/wiki/Toyota_Production_System• America will be left with ‘severe, irreversible scars' if national debt goes unchecked. Now, a blockbuster report warns the bill is higher than believed, hitting $141T by 2054: https://fortune.com/2024/04/01/america-social-economic-scars-us-debt-gomes-price/• Ben S. Bernanke: https://www.federalreservehistory.org/people/ben-s-bernanke• Forty-four of 50 U.S. states worsen inequality with ‘upside-down' taxes: https://www.theguardian.com/us-news/2024/jan/10/states-wealth-inequality-taxes• Joseph A. Schumpeter: https://en.wikipedia.org/wiki/Joseph_Schumpeter• Theory of Economic Development: https://www.amazon.com/Theory-Economic-Development-Science-Classics/dp/0878556982• The Road to Reality: A Complete Guide to the Laws of the Universe: https://www.amazon.com/Road-Reality-Complete-Guide-Universe/dp/0679776311• The Gene: An Intimate History: https://www.amazon.com/Gene-Intimate-History-Siddhartha-Mukherjee/dp/147673352X• American Fiction on Prime Video: https://www.amazon.com/American-Fiction-Jeffrey-Wright/dp/B0CQKR72NX• Farahan Sarouk rugs: https://nazmiyalantiquerugs.com/persian-sarouk-farahan-rugs/• Rory Sutherland on LinkedIn: https://www.linkedin.com/in/rorysutherland• Ogilvy: https://www.ogilvy.com/• Clint Eastwood quote: https://www.brainyquote.com/quotes/clint_eastwood_168005• Winston Churchill: https://en.wikipedia.org/wiki/Winston_Churchill• Michelangelo, God's Architect: The Story of His Final Years and Greatest Masterpiece: https://www.amazon.com/Michelangelo-Gods-Architect-Greatest-Masterpiece/dp/0691195498• The Last Judgment: https://en.wikipedia.org/wiki/The_Last_Judgment_(Michelangelo)• Theodore Roosevelt: https://www.whitehouse.gov/about-the-white-house/presidents/theodore-roosevelt/—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe
In this heartfelt episode, we pay tribute to Charlie Munger, the visionary vice chairman of Berkshire Hathaway who recently passed away. Joining us is Todd Combs, an investment officer at Berkshire Hathaway and a close acquaintance of Munger. Todd shares personal anecdotes and insights into Munger's profound influence on the investment world and his unique approach to life and business. From his early meetings with Munger to the invaluable lessons on value investing and rational thinking, Todd provides an intimate look into the wisdom of one of the greatest investors of our time. Key Topics: Celebrating Charlie Munger's contributions and legacy (01:20) Todd's initial encounters with Munger (02:15) The intellectual journey and partnership between Munger and Buffett (08:57) Munger's approach to life, investing, and the importance of mental models (11:22) Behavioral economics insights shared by Munger (13:00) The practical applications of Munger's wisdom in business and investing (16:17) Munger's lasting impact (24:59) And much more! Mentioned in this Episode: Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger by Charles T. Munger Thinking, Fast and Slow by Daniel Kahneman Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
What I learned from reading Decoded by Jay Z. ----Get access to the World's Most Valuable Notebook for Founders at Founders Notes----(1:39) I would practice from the time I woke in the morning until I went to sleep(2:10) Even back then I though I was the best.(2:57) Bourdain: The Definitive Oral Biography (Founders #219)(4:32) Belief becomes before ability.(5:06) Michael Jordan: The Life (Founders #212)(5:46) The public praises people for what they practice in private.(7:28) Lock yourself in a room doing five beats a day for three summers.(7:50) Sam Walton: Made In America (Founders #234)(9:50) He was disappointed in the world, so he built one of his own — from Steven Spielberg: A Biography (Founders #209)(12:47) The Pmarca Blog Archive Ebook by Marc Andreessen (Founders #50)(13:35) I'm not gonna say that I thought I could get rich from rap, but I could clearly see that it was gonna get bigger before it went away. Way bigger.(21:10) Over 20 years into his career and dude ain't changed. He's got his own vibe. You gotta love him for that. (Rick Rubin)(21:41) Against The Odds: An Autobiography by James Dyson (Founders #200)(25:27) I believe you can speak things into existence.(27:20) Picking the right market is essential.(29:29) All companies that go out of business do so for the same reason – they run out of money. —Don Valentine (29:42) There are two things in business that matter, and you can learn this in two minutes- you don't have to go to business school for two years: high gross margins and cash flow. The other financial metrics you can forget. —Don Valentine (31:54) I went on the road with Big Daddy Kane for a while. I got an invaluable education watching him perform.(33:12) Everything I do I learned from the guys who came before me. —Kobe(34:15) I truly hate having discussions about who would win one on one or fans saying you'd beat Michael. I feel like Yo (puts his hands up like stop. Chill.) What you get from me is from him. I don't get 5 championships without him because he guided me so much and gave me so much great advice.(34:50) Steve Jobs: The Exclusive Biography (Founders #214)(37:20) This is a classic piece of OG advice. It's amazing how few people actually stick to it.(38:04) Nuts!: Southwest Airlines' Crazy Recipe for Business and Personal Success(Founders #56)(39:04) The key to staying on top of things is to treat everything like it's your first project.(41:10) The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley (Founders #233)(44:46) We (Jay Z, Bono, Quincy Jones) ended up trading stories about the pressure we felt even at this point in our lives.(45:22) Competition pushes you to become your best self. Jordan said the same thing about Larry Bird and Magic Johnson.[46:43] If you got the heart and the brains you can move up quickly. There's no way to quantify all of this on a spreadsheet, but it's the dream of being the exception.(52:26) He (Russell Simmons) changed the business style of a whole generation. The whole vibe of startup companies in Silicon Valley with 25 year old CEOs wearing shell toes is Russell's Def Jam style filtered through different industries.(54:17) Jay Z's approach is I'm going to find the smartest people that that know more than I do, and I'm gonna learn everything I can from them.(54:49) He (Russell Simmons) knew that the key to success was believing in the quality of your own product enough to make people do business with you on your terms. He knew that great product was the ultimate advantage in competition.(55:08) In the end it came down to having a great product and the hustle to move it.(56:37) Learn how to build and sell and you will be unstoppable. The Almanack of Naval Ravikant: A Guide to Wealth and Happiness (Founders #191)(58:30) We gave those brands a narrative which is one of the reasons anyone buys anything. To own not just a product, but to become part of a story.(59:30) The best thing for me to do is to ignore and outperform.(1:01:16) Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90)(1:06:01) Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary (Founders #78)(1:08:42) Jony Ive: The Genius Behind Apple's Greatest Products(Founders #178)(1:11:46) Long term success is the ultimate goal.(1:12:58) Runnin' Down a Dream: How to Succeed and Thrive in a Career You Love - Bill Gurley(1:15:11) I have always used visualization the way athletes do, to conjure reality.(1:18:14) The thing that distinguished Jordan wasn't just his talent, but his discipline, his laser-like commitment to excellence.(1:19:42) The gift that Jordan had wasn't just that he was willing to do the work, but he loved doing it because he could feel himself getting stronger and ready for anything. That is the kind of consistency that you can get only by adding dead serious discipline of whatever talent you have.(1:21:37) when you step outside of school and you have to teach yourself about life, you develop a different relationship to information. I've never been a purely linear thinker. You can see it to my rhymes. My mind is always jumping around restless, making connections, mixing, and matching ideas rather than marching in a straight line,(1:27:41) Samuel Bronfman: The Life and Times of Seagram's Mr. Sam (Founders #116)(1:34:15) The real bullshit is when you act like you don't have contradictions inside you. That you're so dull and unimaginative that your mind never changes or wanders into strange, unexpected places.(1:36:25) There are extreme levels of drive and pain tolerance in the history of entrepreneurship.(1:38:45) Hit Men: Power Brokers and Fast Money Inside the Music Business(1:42:24) I love sharp people. Nothing makes me like someone more than intelligence.(1:44:17) They call it the game, but it's not. You can want success all you want but to get it you can't falter. You can't slip. You can't sleep— one eye open for real and forever.(1:51:49) The thought that this cannot be life is one that all of us have felt at some point or another. When a bad decision and bad luck and bad situations feel like too much to bear those times. When we think this, this cannot be my story, but facing up to that kind of feeling can be a powerful motivation to change.(1:54:18) Technology is making it easier to connect to other people, but maybe harder to keep connected to yourself.----Get access to the World's Most Valuable Notebook for Founders at Founders Notes----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast
Sam Schillace is deputy CTO and corporate vice president at Microsoft. Prior to working at Microsoft, Sam started a company called Writely, which was acquired by Google and became the foundation of what today is Google Docs. While at Google, Sam helped lead many of Google's consumer products, including Gmail, Blogger, PageCreator, Picasa, Reader, Groups, and more recently Maps and Google Automotive Services. Sam was also a principal investor at Google Ventures, has founded six startups, and was the SVP of engineering at Box through their IPO. In this episode, we discuss:• The journey of building Google Docs• The importance of taking risks, embracing failure, and finding joy in your work• The importance of asking “what if” questions vs. “why not”• Why convenience always wins• How, and why, Sam stays optimistic• Inside Microsoft's culture• Why you should solve problems without asking for permission• Early-career advice• Why “pixels are free” and “bots are docs”—Brought to you by Teal—Your personal career growth platform | Vanta—Automate compliance. Simplify security | Ahrefs—Improve your website's SEO for free—Find the full transcript at: https://www.lennyspodcast.com/how-to-be-more-innovative-sam-schillace-microsoft-deputy-cto-creator-of-google-docs/—Where to find Sam Schillace:• LinkedIn: https://www.linkedin.com/in/schillace/• Newsletter: https://sundaylettersfromsam.substack.com/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Sam's background(03:45) The first Google Docs file(06:45) Disruptive innovation(10:11) First-principles thinking(11:00) Recognizing disruptive ideas(13:17) Examples of first-principles thinking(15:46) The power of optimism(19:47) Sam's motto: Get to the edge of something and f**k around(21:53) User value and laziness(24:31) People are lazy (and what to do about it)(28:36) Building Google Docs(31:06) The evolution of Google Docs(37:15) Finding product-market fit(39:52) The future of documents(44:57) The value of playing with technology(47:58) Taking risks and embracing failure(49:21) Thinking in the future(53:48) Finding joy in your work(01:01:20) Just do the best you can(01:02:34) The transformational power of AI(01:09:27) Advice for approaching AI(01:13:07) The culture at Microsoft(01:16:51) Closing thoughts(01:17:32) Lightning round—Referenced:• Google Docs began as a hacked-together experiment, says creator: https://www.theverge.com/2013/7/3/4484000/sam-schillace-interview-google-docs-creator-box• Edna Mode: https://disney.fandom.com/wiki/Edna_Mode• Sergey Brin's profile on Forbes: https://www.forbes.com/profile/sergey-brin/• People Who Were No Smarter Than You: https://medium.com/thrive-global/people-who-were-no-smarter-than-you-4e1c88c3fee6• Nat Torkington (O'Reilly Media): https://www.oreilly.com/people/nathan-torkington/• How Tesla Has Shaken (Not Stirred) Established Carmakers—and Why It Really Matters: https://www.forbes.com/sites/jenniferdungs/2021/04/23/how-tesla-has-shaken-not-stirred-established-carmakersand-why-it-really-matters/• First Principles: Elon Musk on the Power of Thinking for Yourself: https://jamesclear.com/first-principles• Ashton Tate: https://en.wikipedia.org/wiki/Ashton-Tate• Learning by Doing: https://www.linkedin.com/pulse/learning-doing-sam-schillace• Kevin Scott on LinkedIn: https://www.linkedin.com/in/jkevinscott/• How do we make sense of all of this?: https://sundaylettersfromsam.substack.com/p/how-do-we-make-sense-of-all-of-this• Steve Newman on LinkedIn: https://www.linkedin.com/in/stevescalyr/• Eric Schmidt on LinkedIn: https://www.linkedin.com/in/eric-schmidt-02158951/• Michael Arrington on X: https://twitter.com/arrington• TechCrunch: https://techcrunch.com/• “Hello, Computer” scene from Star Trek: https://www.youtube.com/watch?v=hShY6xZWVGE• Writely—Process Words with your Browser: https://techcrunch.com/2005/08/31/writely-process-words-with-your-browser/• Satya Nadella on LinkedIn: https://www.linkedin.com/in/satyanadella/• Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger: https://press.stripe.com/poor-charlies-almanack• Calvinism: https://en.wikipedia.org/wiki/Calvinism• This Quote from Seth Godin Could Change How You Think About Pursuing Your Passion: https://friedchickenandsushi.com/blog/2021/7/5/this-quote-from-seth-godin-could-change-how-you-think-about-pursuing-your-passion• AI isn't a feature of your product: https://sundaylettersfromsam.substack.com/p/ai-isnt-a-feature-of-your-product• Introducing Gemini: our largest and most capable AI model: https://blog.google/technology/ai/google-gemini-ai/• Invisible Cities: https://www.amazon.com/Invisible-Cities-Italo-Calvino/dp/0156453800• The Wasp Factory: https://www.amazon.com/WASP-FACTORY-NOVEL-Iain-Banks/dp/0684853159• Where Good Ideas Come From: The Natural History of Innovation: https://www.amazon.com/Where-Good-Ideas-Come-Innovation/dp/1594485380/• Slow Horses on Apple TV+: https://tv.apple.com/us/show/slow-horses/umc.cmc.2szz3fdt71tl1ulnbp8utgq5o• Monarch: Legacy of Monsters on Apple TV+: https://tv.apple.com/us/show/monarch-legacy-of-monsters/umc.cmc.62l8x0ixrhyq3yaqa5y8yo7ew?mttn3pid• Scavengers Reign on Max: https://www.max.com/shows/scavengers-reign/50c8ce6d-088c-42d9-9147-d1b19b1289d4• 2023 Mustang Mach-E: https://www.ford.com/suvs/mach-e/• Boccalone Salumeria (now closed) on X: https://twitter.com/boccalone—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe
In the Sunday Book Review, I consider books that would interest the compliance professional, the business executive, or anyone who might be curious. It could be books about business, compliance, history, leadership, current events, or anything else that might interest me. Over the month of December, we will review some of the best books reported by the Financial Times in various categories. In today's edition of the Sunday Book Review, we look at 4 business books you should read in 2024. Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger by Charlie Munger Possible: How We Survive (and Thrive) in the Age of Conflict by William Ury Strategic: The Skill to Set Direction, Create Advantage, and Achieve Executive Excellence by Rick Horwath Career Forward: Strategies From Women Who've Made it by Grace Puma and Christiana Smith Shi Resource: Four Must Read Business Books to Kick of 2024 (Inc.com) Learn more about your ad choices. Visit megaphone.fm/adchoices
Jason Fried is the co-founder and CEO of 37signals, the maker of Basecamp and HEY. 37signals is a very different kind of company. With fewer than 80 employees, they have over 100,000 customers, generate tens of millions of dollars in profit each year, and have no investors, board, or any plans to ever raise money or sell the company. In our conversation, we explore a path many tech founders never consider—bootstrapping. We discuss:• Why he and his team prioritize profit above all else• The unexpected challenges with raising venture capital• The “Shape Up” framework for building products• Why, and how, to foster a gut-driven culture• Jason's thoughts on why work should not feel like war• Advice for starting a bootstrapped business• The philosophy behind Once, 37signals's new line of software products—Brought to you by Coda—Meet the evolution of docs | Sidebar—Accelerate your career by surrounding yourself with extraordinary peers | Wix Studio—The web creation platform built for agencies—Find the full transcript at: https://www.lennyspodcast.com/jason-fried-challenges-your-thinking-on-fundraising-goals-growth-and-more/#transcript—Where to find Jason Fried:• X: https://twitter.com/jasonfried• LinkedIn: https://www.linkedin.com/in/jason-fried/• Email: jason@hey.com—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Jason's background(03:49) The success of 37signals(06:46) When raising money makes sense(09:58) The power of small teams(13:55) Defining success and goals(17:08) Playing “infinite games” in life(20:11) Starting a business vs. staying in business(22:13) Lessons from 25 years in business(27:28) Venture scale vs. bootstrapping(30:30) Choosing the right path for your business(33:19) The “Shape Up” framework(37:59) The drawback of promises(39:56) Adopting a new way of working(41:36) The two-week cooldown(43:53) Trusting intuition and gut(46:41) Creating a gut-driven culture(49:44) What Jason looks for in new hires(56:19) Advice on making changes and adapting(01:00:06) What Jason has changed his mind about(01:02:33) Planning in 6-week stretches and figuring it out as you go(01:06:43) Being proud of the work you do(01:09:05) Jason's thoughts on why work should not feel like war(01:11:31) Advice for starting a bootstrapped business(01:14:33) You must be at peace with the worst that can happen(01:15:42) The benefits of bootstrapping(01:19:11) The value of constraints in business(01:22:00) Jason's philosophy: “Just keep making great s**t”(01:23:19) Once, 37signals's new line of software products(01:26:33) The philosophy behind Once(01:35:47) Closing thoughts(01:37:23) Lightning round—Referenced:• 37 Signals: https://www.smartsheet.com/• Basecamp: https://basecamp.com/• Finite and Infinite Games: https://www.amazon.com/Finite-Infinite-Games-James-Carse/dp/1476731713/• Ingram Micro: https://www.ingrammicro.com/• Once: https://once.com/• Basecamp's Shape Up framework: https://basecamp.com/shapeup• Hill charts: https://basecamp.com/features/hill-charts• Jason Fried's quote about long-term business planning: https://medium.com/@farkhan569/unless-you-are-a-fortune-teller-long-term-business-planning-is-a-fantasy-jason-fried-quote-a69e8778e9c4• Brian Chesky's new playbook: https://www.lennyspodcast.com/brian-cheskys-new-playbook/• Matt Mullenweg on X: https://twitter.com/photomatt• Leo Polovets on X: https://twitter.com/lpolovets• HEY: https://www.hey.com/• Redefining success, money, and belonging | Paul Millerd (The Pathless Path): https://www.lennyspodcast.com/redefining-success-money-and-belonging-paul-millerd-the-pathless-path/• It Doesn't Have to Be Crazy at Work: https://www.amazon.com/Doesnt-Have-Be-Crazy-Work/dp/0062874780• Squarespace: https://www.squarespace.com/• Stoic negative visualization: https://dailystoic.com/premortem/• Linear: https://linear.app/• Peter Rahal on LinkedIn: https://www.linkedin.com/in/peter-rahal-037bba43/• RXBAR: https://www.rxbar.com/en_US/home.html• Jason's LinkedIn post: https://www.linkedin.com/posts/jason-fried_just-keep-making-great-s**t-keep-your-costs-activity-7130978623523614720-VBGX/?trk=public_profile• Several Short Sentences About Writing: https://www.amazon.com/Several-Short-Sentences-About-Writing/dp/0307279413• Hell Yeah or No: What's Worth Doing: https://www.amazon.com/Hell-Yeah-No-whats-worth/dp/1988575117/• Home-Made: Contemporary Russian Folk Artifacts: https://www.amazon.com/Home-Made-Contemporary-Russian-Folk-Artifacts/dp/0955006139• Oppenheimer: https://www.oppenheimermovie.com/• Tom Petty's “Crawling Back to You” on Spotify: https://open.spotify.com/track/1JenqZNMU6unIwVWmoP3J0• Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger: https://press.stripe.com/poor-charlies-almanack—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe
Kim Scott is the author of Radical Candor, currently the #1 most recommended book on this podcast. The book has sold over 1 million copies and has been translated into 23 languages. Before writing, Kim was a CEO coach at Dropbox, Qualtrics, Twitter, and other tech companies. She was also a member of the faculty at Apple University and before that led AdSense, YouTube, and DoubleClick teams at Google. This spring she'll be launching Radical Respect, which she considers to be a prequel to Radical Candor. In today's conversation, we go deep on Kim's popular framework, including:• What separates radical candor and obnoxious aggression• Tactical advice on delivering constructive feedback• How well-meaning empathy can become ruinous• Strategies for effectively soliciting and responding to feedback• The importance of having regular career conversations• The false dichotomy of a good leader versus a kind person• A sneak peek into Radical Respect—Brought to you by Jira Product Discovery—Atlassian's new prioritization and roadmapping tool built for product teams—Find the full transcript at: https://www.lennyspodcast.com/radical-candor-from-theory-to-practice-with-author-kim-scott/#transcript—Where to find Kim Scott:• X: https://twitter.com/kimballscott• LinkedIn: https://www.linkedin.com/in/kimm4/• Website: https://www.radicalcandor.com/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Kim's background(03:13) A brief overview of Radical Candor(06:46) How people fail with ruinous empathy, manipulative insincerity, and obnoxious aggression(08:37) The impact of radical candor on Kim's life(14:16) How to communicate feedback effectively(20:34) A story illustrating the problem with ruinous empathy and manipulative insincerity(27:50) How to get over the need to be liked(31:31) How to have career conversations with your direct reports(29:40) Reflections on how Kim handled an underperforming employee(33:31) Best practices for soliciting feedback as a leader(35:53) How to respond to feedback(39:22) How often to ask for feedback(41:48) Whether or not to accept “no feedback” as an answer(50:48) Investing time in feedback(54:04) How to ask for feedback as an employee(57:42) Why obnoxious aggression is not the best way to deliver feedback(1:01:23) A notable example of problematic management (1:03:43) Why context matters when diagnosing obnoxious aggression (1:07:39) Empathy is a good thing, but empathy can paralyze(1:10:47) Reflections on the limitations of radical candor in a society riddled with biases (1:14:41) Kim's new book, Radical Respect(1:15:51) Tactical advice to get better at radical candor(1:16:46) Lightning round—Referenced:• Radical Candor: Be a Kick-Ass Boss Without Losing Your Humanity: https://www.amazon.com/Radical-Candor-Kick-Ass-Without-Humanity/dp/1250103509• Radical Respect: How to Work Together Better: https://www.amazon.com/Radical-Respect-Work-Together-Better/dp/1250623766/• The Office (American version) on Peacock: https://www.peacocktv.com/stream-tv/the-office• Radical Candor diagram: https://www.radicalcandor.com/our-approach/• A behavioral scientist explains why we should reacquaint ourselves with the telephone: https://news.uchicago.edu/story/nicholas-epley-explains-why-phone-calls-can-connect-us-better-zoom• How to get promoted: https://www.lennysnewsletter.com/p/how-to-get-promoted• When They Win, You Win: Being a Great Manager Is Simpler Than You Think: https://www.amazon.com/When-They-Win-You-Manager/dp/1250279666• Peter Kazanjy on X: https://twitter.com/Kazanjy• Christa Quarles on LinkedIn: https://www.linkedin.com/in/christaquarles/• Jason Rosoff on LinkedIn: https://www.linkedin.com/in/jason-r-rosoff/• Andrew Grove: https://en.wikipedia.org/wiki/Andrew_Grove• Columbo on Prime Video: https://www.amazon.com/Columbo-Season-1/dp/B008SA89HA• Squid Game on Netflix: https://www.netflix.com/title/81040344• Leveraging mentors to uplevel your career | Jules Walter (YouTube, Slack): https://www.lennyspodcast.com/leveraging-mentors-to-uplevel-your-career-jules-walter-youtube-slack/• Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger: https://www.amazon.com/Poor-Charlies-Almanack-Essential-Charles/dp/1953953239• Bridgewater: https://www.bridgewater.com/• The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend: https://www.amazon.com/Fund-Bridgewater-Associates-Unraveling-Street/dp/1250276934/• Tim Cook on X: https://twitter.com/tim_cook• Elon Musk: https://www.amazon.com/Elon-Musk-Walter-Isaacson/dp/1982181281• Building high-performing teams | Melissa Tan (Webflow, Dropbox, Canva): https://www.lennyspodcast.com/building-high-performing-teams-melissa-tan-webflow-dropbox-canva/• Middlemarch: https://www.amazon.com/Middlemarch-Penguin-Classics-George-Eliot/dp/0141439548• The Bluest Eye: https://www.amazon.com/Bluest-Eye-Vintage-International/dp/0307278441• Song of Solomon: https://www.amazon.com/Song-Solomon-Toni-Morrison/dp/140003342X• Orlando: https://www.amazon.com/Orlando-Biography-Virginia-Woolf/dp/015670160X• The Color Purple: https://www.amazon.com/Color-Purple-Novel-Alice-Walker/dp/0143135694• The Deptford Trilogy: Fifth Business; The Manticore; World of Wonders: https://www.amazon.com/Deptford-Trilogy-Business-Manticore-Wonders/dp/0140147551• Grey's Anatomy on Netflix: https://www.netflix.com/title/70140391• My year of saying yes to everything: https://www.ted.com/talks/shonda_rhimes_my_year_of_saying_yes_to_everything• Attitude: https://attitudeliving.com/collections/adult-hair-care• Dostoevsky books: https://www.amazon.com/Fyodor-Dostoevsky-Books/s?k=Fyodor+Dostoevsky—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe
In this special tribute, William Green celebrates the life & legacy of investing legend Charlie Munger. He shares personal anecdotes about his own interactions with Charlie & showcases an array of rich insights about Charlie from four famed investors: Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis. They share some of Charlie's most valuable lessons about investing, business, & life while also conveying what made him such an inspiring & idiosyncratic character. IN THIS EPISODE, YOU'LL LEARN: 00:00 - Intro What it was like for William Green to interview Charlie Munger. What William learned from Charlie about trying to be less stupid. How Charlie's friendship changed Mohnish Pabrai's life. What was distinctive about Charlie's reading habits. How his hard, brusque exterior concealed a soft, sensitive interior. Why it's a huge competitive advantage to be trustworthy. How Warren Buffett & Charlie Munger surpassed General Electric. Why it's invaluable to have a partner who challenges your beliefs. What Charlie taught Chris Davis about how to learn from our mistakes. How to succeed by structuring your life to avoid your weaknesses. How Charlie was different from Warren. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Poor Charlie's Almanack by Charles T. Munger & Peter D. Kaufman Listen to William Green's podcast interview with Mohnish Pabrai or watch the video. Tune in to William Green's podcast interview with Tom Gayner or watch the video. Listen to William Green's podcast interview with Chris Davis or watch the video. Tune in to William Green's podcast interview with Joel Greenblatt or watch the video. William Green's book, “Richer, Wiser, Happier” – read the reviews of this book Follow William Green on X (AKA Twitter) Check out all the books mentioned and discussed in our podcast episodes here. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River AlphaSense Wise American Express Business Gold Card Shopify Toyota Ka'Chava Glengoyne Whisky Babbel Alto Linkedin Marketing Solutions Noble Gold Investments Vanta Efani Monetary Metals Salesforce Notion AI HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Founders ✓ Claim Intro Check Out the Founders Episode Page and Show NotesRead the full notes @ podcastnotes.orgReflections from my dinner with Charlie Munger.Order the new updated version of Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. MungerCharlie Munger episodes:#295 I had dinner with Charlie Munger#286 Warren Buffett and Charlie Munger All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. #221 Charlie Munger Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe.#90 Charlie Munger Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger#79 Charlie Munger Charlie Munger: The Complete Investor by Tren Griffin#78 Charlie Munger Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark ----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----
Founders ✓ Claim Intro Check Out the Founders Episode Page and Show NotesRead the full notes @ podcastnotes.orgReflections from my dinner with Charlie Munger.Order the new updated version of Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. MungerCharlie Munger episodes:#295 I had dinner with Charlie Munger#286 Warren Buffett and Charlie Munger All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. #221 Charlie Munger Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe.#90 Charlie Munger Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger#79 Charlie Munger Charlie Munger: The Complete Investor by Tren Griffin#78 Charlie Munger Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark ----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----
Charlie Munger nos ha dejado. Y con este vídeo, queremos rememorar su larga trayectoria de éxito en el mundo de las inversiones. Es nuestro pequeño homenaje a este inversor legendario.Exploraremos la fascinante biografía de Charlie Munger, uno de los inversores más destacados de la historia, muy conocido por su colaboración con Warren Buffett en la empresa Berkshire Hathaway.Comenzaremos desde sus inicios, con la valiente decisión de abandonar la carrera de matemáticas para unirse al ejército durante la Segunda Guerra Mundial, hasta su brillante carrera como abogado y posteriormente como inversor.Descubriremos cómo la asociación con Warren Buffett cambió el rumbo de sus vidas.Y cómo juntos construyeron el imperio financiero de Berkshire Hathaway.También analizaremos la filosofía de inversión de Munger, que se basa en la calidad del negocio real y no solo en las acciones.No podemos pasar por alto su papel clave en la transformación de Berkshire Hathaway, desde una empresa textil hasta el gigante conglomerado que es hoy en día, con participaciones en empresas como Apple, Coca Cola y Amazon, entre tantas otras.Sumérgete en las lecciones de Munger sobre inversión, paciencia y sentido común. Y, por supuesto, no te pierdas algunas de sus frases célebres que encapsulan su sabiduría.
On Tuesday November 28th, the news spread that Charles T Munger had passed away. He was 99, with a stock portfolio worth $2.7 billion. Best friend of Warren Buffet, the two had been inseperable since their 20's. In today's episode we talk the investing wisdom this man shared following 50 years of long term stock investing. We also talk about a new kids investing membership project that has the potential to make a big difference to many children's financial futures around the world. Diary of a UK Stock Investor Podcast is a show for everyday long-term retail investors. With new episodes every Thursday, we focus on successful investing in UK stocks discussing education, strategy, mindset, ideas and even stock picks and analysis. The show, which now has an active following of over 3000 downloads a month, is curated by Chris Chillingworth, a UK investor for some 9 years whose stockpicks have achieved a 16.8% annual average return between Jan 2014 - Jan 2023. Email Chris at the show on chris@chrischillingworth.com Checkout the website https://chrischillingworth.com
What you are about to hear I have never released on this feed before.Order the new updated version of Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. MungerCharlie Munger episodes:#295 I had dinner with Charlie Munger#286 Warren Buffett and Charlie Munger All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. #221 Charlie Munger Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe.#90 Charlie Munger Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger#79 Charlie Munger Charlie Munger: The Complete Investor by Tren Griffin#78 Charlie Munger Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark
In this special episode of the Moonshots Podcast, hosts Mike and Mark pay tribute to the legendary American investor and philosopher Charlie Munger, who sadly passed away recently. Charlie Munger, often referred to as Warren Buffett's right-hand man, was known for his profound wisdom, unique insights, and exceptional ability to make sound investment decisions. In this episode, the hosts delve into one of Munger's most significant contributions to finance and decision-making – the Book "Latticework of Mental Models."Buy The Book on Amazon https://geni.us/MentalModelsBecome a Moonshot Member https://www.patreon.com/MoonshotsWatch this episode on YouTube https://www.youtube.com/watch?v=U3wNQOAmfqISummary: Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger https://www.apolloadvisor.com/summary-poor-charlies-almanack-the-wit-and-wisdom-of-charles-t-munger/The episode is structured around six insightful audio clips that capture the essence of Charlie Munger's philosophy:INTRO (From Charlie Munger's 2007 USC Law Commencement Speech):Charlie Munger emphasizes the importance of lifetime learning and wisdom acquisition. He encourages listeners to become learning machines, setting the stage for deep diving into his mental models.Swedish Investor Introduces Us to Charlie Munger's Mind:The hosts explore how Munger's thinking tools have guided his remarkable career, highlighting the significance of these mental models in investing.AGILE MINDSET:Mike and Mark uncover Munger's secret to learning new skills and behaviors, emphasizing the learning method and the need to acquire knowledge continuously.Swedish Investor Introduces us to Charlie's Worldly Wisdom:Listeners are introduced to Munger's Swiss army knife of mental models and the importance of having multiple tools for decision-making in various scenarios.THINKING DIFFERENT:The hosts discuss how Munger's philosophy encourages thinking differently and embracing uncommon sense. They also explore the value of asking 'why,' which Munger considers the world's most intelligent question.OUTRO (Charlie Munger and Warren Buffett Discuss Minimizing Mistakes):The episode concludes with Munger and Warren Buffett discussing minimizing mistakes by learning from other people's errors. They remind us that life is short and wisdom is gained by avoiding unnecessary pitfalls.In addition to the audio clips, the hosts provide insights into Charlie Munger's remarkable life and career. They explore his early education in mathematics and law, his transition into investing, and his pivotal role in Berkshire Hathaway's transformation into a global conglomerate. The episode also delves into Munger's multidisciplinary approach to investing, his philanthropic endeavors with his wife Nancy, and his influential public speaking engagements.The hosts emphasize that Munger's "Latticework of Mental Models" concept is a powerful tool for decision-making in various aspects of life. They highlight some key mental models Munger mentioned, including opportunity cost, margin of safety, incentives, circle of competence, and bias from deprival-superreaction tendency. These mental models serve as a practical guide for listeners to enhance their thinking and decision-making abilities.Join Mike and Mark in this episode as they pay homage to the legacy of Charlie Munger and explore the profound wisdom he shared with the world through his latticework of mental models.Buy The Book on Amazon https://geni.us/MentalModelsBecome a Moonshot Member https://www.patreon.com/MoonshotsWatch this episode on YouTube https://www.youtube.com/watch?v=U3wNQOAmfqISummary: Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger https://www.apolloadvisor.com/summary-poor-charlies-almanack-the-wit-and-wisdom-of-charles-t-munger/ Thanks to our monthly supporters Jez Dix Lorenz Weidinger Fred Fox Austin Hammatt Catie Ivey Zachary Phillips Vanessa Dian Antonio Candia Dan Effland Mike Leigh Cooper Daniela Wedemeier Bertram O. Gayla Schiff Corey LaMonica Smitty Laura KE Denise findlay Krzysztof Wade Mackintosh Diana Bastianelli James Springle Nimalen Sivapalan Roar Nikolay Ytre-Eide Roger von Holdt Jette Haswell Marco Silva venkata reddy Karthik Tsaliki Hari Birring Dirk Breitsameter Ingram Casey Nicoara Talpes rahul grover Karen Petersburg Evert van de Plassche Ravi Govender Andrew Hyde Daniel Alcaraz Craig Lindsay Steve Woollard Lasse Brurok Deborah Spahr Chris Way Andrei Ciobotar Barbara Samoela Christian Jo Hatchard Kalman Cseh Berg De Bleecker Paul Acquaah MrBonjour Sid Liza Goetz Rodrigo Aliseda Konnor Ah kuoi Marjan Modara Dietmar Baur Ken Ennis Bob Nolley ★ Support this podcast on Patreon ★
Chapter 1 Reveal the true moral of Poor Charlie's Almanack"Poor Charlie's Almanack" is a book compiled and edited by Charles T. Munger, who is the CEO of Glenair Inc. The book is a collection of speeches, interviews, and other writings by Charlie Munger, who is the Vice Chairman of Berkshire Hathaway and the long-time business partner of Warren Buffett. Munger is known for his unique insights on a wide range of topics, including investing, business, psychology, and life in general. "Poor Charlie's Almanack" provides an in-depth look into Munger's wisdom and philosophy, making it a valuable resource for investors, business professionals, and anyone interested in learning from one of the most successful and respected figures in the world of finance.Chapter 2 Shall we Read Poor Charlie's Almanack ？Yes, "Poor Charlie's Almanack" by Charles T. Munger is widely regarded as a good book. It is a collection of speeches and writings from Charlie Munger, the longtime business partner of Warren Buffett. Munger offers insights on a wide range of topics including investing, business, psychology, and life. Many readers find the book to be highly informative and valuable for its practical wisdom and unique perspective on success.Chapter 3 Key Points of Poor Charlie's Almanack'Poor Charlie's Almanack' is a compilation of speeches and writings by Charles T. Munger, the business partner of Warren Buffett and Vice Chairman of Berkshire Hathaway. The book is edited and presented by Charles T. Munger.The book primarily focuses on Munger's philosophy and approach to life and investing. Munger emphasizes the importance of multi-disciplinary thinking, understanding the fundamental principles of various fields, and using those principles to make better decisions in all aspects of life.The book is divided into various sections, covering topics such as investing, business principles, psychology, and life lessons. Munger discusses his views on value investing, market psychology, and the importance of patience and rationality in decision-making. He also shares insights from his own experiences and the lessons he has learned from successful investors and thinkers.One of the key themes in the book is the idea of developing a "latticework of mental models" - a mental framework that combines various disciplines and allows for more holistic and effective decision-making. Munger emphasizes the importance of continuously learning and expanding one's knowledge base to become a more well-rounded and successful individual.'Poor Charlie's Almanack' not only provides valuable insights into investing and business, but also offers wisdom and practical guidance for living a productive and fulfilling life. It is written in a conversational and accessible style, making it suitable for both novice and experienced investors and readers from various backgrounds.Chapter 4 Poor Charlie's Almanack Author Bio The author of the book "Poor Charlie's Almanack" is Charles T. Munger. The book was not authored by Munger himself but was actually compiled and edited by Peter D. Kaufman. It was first published in 2005.Charles T. Munger, often referred to as Charlie Munger, is an American investor, businessman, and philanthropist. He is best known as the Vice Chairman of Berkshire Hathaway, the multinational conglomerate company led by Warren Buffett. Munger is highly respected in the business and investing world and is renowned for his wit, wisdom, and insights on various subjects.Apart from "Poor Charlie's Almanack," Charlie Munger has not written any other books himself....
Katie Dill is the Head of Design at Stripe. Previously, she was Head of Experience Design at Airbnb and Head of Design at Lyft. Katie has been named one of Business Insider's 10 People Changing the Tech Industry as well as one of Fast Company's 100 Most Creative People in Business and received the Girls in Tech “Creator of the Year” award. In today's episode, she shares:• What makes a design great• Advice on building high-performing teams in hyper-growth environments• A pivotal lesson in leadership she learned at Airbnb• Stripe's focus on quality and how it's tied to growth• A formula for removing organizational friction• How to increase productivity• What to look for when hiring a designer—Brought to you by Sidebar—Catalyze your career with a Personal Board of Directors | Jira Product Discovery—Atlassian's new prioritization and roadmapping tool built for product teams | OneSchema—Import CSV data 10x faster—Find the transcript for this episode and all past episodes at: https://www.lennyspodcast.com/building-beautiful-products-with-stripes-head-of-design-katie-dill-stripe-airbnb-lyft/—Where to find Katie Dill:• X: https://twitter.com/lil_dill• Threads: https://www.threads.net/@lil_dilly• LinkedIn: https://www.linkedin.com/in/katie-dill-79168b3/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Katie's background(04:47) Katie's pivotal leadership moment at Airbnb(10:55) Advocating for design ROI(16:07) Stripe's quality focus(17:50) Stripe's vast scope(18:45) How design enhances utility(21:39) Defining beauty and its role in product growth(26:19) Operationalizing quality(28:44) Katie's insights from dialogues with diverse organizations(34:47) 15 Essential Journeys: Stripe's method for holistic UX understanding and unified vision(44:35) Stripe's PQR quality review(46:25) Stripe's prioritization philosophy(48:29) Measuring impact beyond metrics(50:28) Performance = potential – interference(54:09) Building and managing large teams(1:01:46) Removing interference at Lyft: a practical example of Katie's leadership impact(1:06:10) Stripe's physical workspace design(1:07:41) Embracing bold ideas(1:11:07) Qualities of great designers(1:15:15) Stripe Press(1:19:19) Katie's parting wisdom(1:23:17) Lightning round—Referenced:• Beauty: https://www.amazon.com/Sagmeister-Walsh-Beauty-Stefan/dp/0714877271• Terry (Olivia Colman) and Richie peel mushrooms—scene from The Bear: https://www.youtube.com/watch?v=f7D8THR_osU• Building a culture of excellence | David Singleton (CTO of Stripe): https://www.lennyspodcast.com/building-a-culture-of-excellence-david-singleton-cto-of-stripe/• Figma: https://www.figma.com/• The Creative Act: A Way of Being: https://www.amazon.com/Creative-Act-Way-Being/dp/0593652886• Quote by Robert Henri: https://www.goodreads.com/quotes/43397-the-object-isn-t-to-make-art-it-s-to-be-in• Brian Chesky's 11-star experience: https://www.product-frameworks.com/11-Star-Experience.html• How to Win Friends and Influence People: https://www.amazon.com/How-Win-Friends-Influence-People/dp/0671027034• The Wright Brothers: https://www.amazon.com/Wright-Brothers-David-McCullough/dp/1476728755/• The Boy, the Mole, the Fox and the Horse: https://www.amazon.com/Boy-Mole-Fox-Horse/dp/0062976583/• Oppenheimer: https://www.oppenheimermovie.com/• Shrinking on AppleTV+: https://tv.apple.com/us/show/shrinking/umc.cmc.apzybj6eqf6pzccd97kev7bs• Toniebox: https://www.amazon.com/Toniebox-Starter-Lightning-McQueen-Playtime/dp/B09V7NJCD8• Stripe Press: https://press.stripe.com/• Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger: https://press.stripe.com/poor-charlies-almanack• Stripe's job board: https://stripe.com/jobs/search—Books on design craft:• Dieter Rams: Ten Principles for Good Design: https://www.amazon.com/Dieter-Rams-Principles-Good-Design/dp/3791387324• The Vignelli Canon: https://www.amazon.com/Vignelli-Canon-Massimo/dp/3037782250• Forget All the Rules About Graphic Design: Including the Ones in This Book, by Bob Gill: https://www.amazon.com/Forget-Rules-About-Graphic-Design/dp/0823018644• Emotional Design: Why We Love (or Hate) Everyday Things: https://www.amazon.com/Emotional-Design-Love-Everyday-Things/dp/0465051367• The Design of Everyday Things: Revised and Expanded Edition: https://www.amazon.com/Design-of-Everyday-Things-audiobook/dp/B07L5Y9HND• Build: An Unorthodox Guide to Making Things Worth Making: https://www.amazon.com/dp/0063046067• In Praise of Shadows: https://www.amazon.com/Praise-Shadows-Junichiro-Tanizaki/dp/0918172020• Interaction of Color: https://www.amazon.com/Interaction-Color-Anniversary-Josef-Albers/dp/0300179359• Content Design: https://contentdesign.london/shop/content-design-by-sarah-winters-paperback• Graphic Design Manual Principles and Practice: https://www.niggli.ch/en/produkt/graphic-design-manual/• Collaborative Product Design: https://www.oreilly.com/library/view/collaborative-product-design/9781491975022/• Principles of Form and Design: https://www.amazon.com/Principles-Form-Design-Wucius-Wong/dp/0471285528/ref=asc_df_0471285528• The Timeless Way of Building: https://www.patternlanguage.com/bookstore/timeless-way-of-building.html—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe
Um ein erfolgreicher Anleger zu sein, braucht es neben Wissen vor allem Disziplin. Einige Gedanken zur Börse – von Charles T. Munger. Wenn Sie der beste Tennisspieler der Welt sein möchten, werden Sie es womöglich eine Weile versuchen – und feststellen, dass die Sache aussichtslos ist. Dass andere besser sind, weil sie mehr Talent haben.
In today's episode of Category Visionaries, we speak with Kyle Harisson, General Partner at Contrary, an innovation-centered VC firm backing founders from seed to scale. Topics Discussed: Kyle's career journey, from an entrepreneur in the creator marketplace economy to transitioning into the venture capital space How Contrary identifies the inspirational founders of tomorrow, and what they look for in emerging innovation Supplementing traditional approaches to venture capital with multidisciplinary research to really understand each company's journey How contrary articulates their values, and why marketing and brand identity are more important to VC firms than ever before Kyle's advice for founders confronting a challenging VC environment, and why funders need to stop being ‘afraid of their own shadow' Favorite book: Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition
In this episode: investing, losing money hurts, pessimism, optimism, index funds, psychology, history, and building wealth. Whether you're a confident investor or weary of playing the market, there is still a lot to be learned when it comes to your investments. This week we are re-joined by friend of the podcast Brian Feroldi to discuss important truths and takeaways he's learned as a decades-long investor, from navigating the psychology and history of the market, to focusing on longevity and simplicity rather than getting rich quick. When listening to this episode, remember that playing the market doesn't have to be a complicated game, and no one should feel un-equipped to invest! Just be sure to understand that investing will never be a perfect journey, and preparing yourself for low points may help you make better decisions in the long run! Brian Feroldi: Website: brianferoldi.com Twitter: @brianferoldi Book: “Why Does The Stock Market Go Up?: Everything You Should Have Been Taught About Investing In School, But Weren't” By Brian Feroldi Timestamps: 0:41 - Introduction 4:27 - You Will Be Wrong 9:45 - Losing Money HURTS 12:54 - Humans Are Naturally Bad Investors 16:09 - Pessimism And Optimism 20:22 - The Power Of Index Funds 22:31 - The Power Of History And Psychology 24:45 - Avoiding Ruin Is A Skill 28:56 - Keeping It Simple 35:24 - To Build Wealth, You Need To Invest 37:50 - Conclusion Resources Mentioned In Today's Episode: "Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger" by Charles T. Munger "The Psychology of Money: Timeless lessons on wealth, greed, and happiness" by Morgan Housel "Expectations Investing: Reading Stock Prices for Better Returns" by Michael J. Mauboussin Subscribe to The FI Weekly! More Helpful Links and Resources: Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence Keep learning or start a new side hustle with one of our educational courses Commission-Free Investing with M1 Finance
Podcast: Founders (LS 59 · TOP 0.5% what is this?)Episode: #286 Warren Buffett and Charlie MungerPub date: 2023-01-16What I learned from reading All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. ----Come see a live show with me and Patrick O'Shaughnessy from Invest Like The Best on October 19th in New York City. Get your tickets here! ----This episode is brought to you by: Tiny: Tiny is the easiest way to sell your business. Quick and straightforward exits for Founders.----Follow one of my favorite podcasts Invest Like The Best and listen to episode Mitch Lasky—The Business of GamingFollow the podcast Gamecraft to learn more about the history of the video game industry. ----[2:01] Buffett and Munger have a remarkable ability to eliminate folly, simplify things, boil down issues to their essence, get right to the point, and focus on simple and timeless truths.[3:00] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)[4:00] Warren Buffet or Charlie Munger are the very wise grandfather figure that I never had.[5:00] To try to live your life totally free of mistakes is a life of inaction. —Warren Buffett[5:00] The sign above the players' entrance to the field at Notre Dame reads ´Play Like a Champion Today.' I sometimes joke that the sign at Nebraska reads 'Remember Your Helmet.' Charlie and I are 'Remember Your Helmet' kind of guys.' We like to keep it simple. (You must structure your life and business to be able to survive the inevitable bad decisions you're going to make.)[5:00] Wisdom is prevention. —Charlie Munger[6:00] We make actual decisions very rapidly, but that's because we've spent so much time preparing ourselves by quietly sitting and reading and thinking. —Charlie Munger[7:00] If you get into the mental habit of relating what you're reading to the basic underlying ideas being demonstrated, you gradually accumulate some wisdom. —Charlie Munger[7:00] At Berkshire, we don't have any meetings or committees, and I can think of no better way to become more intelligent than sit down and read. I hate meetings, frankly. I have created something that I enjoy: I happen to enjoy reading a lot, and I happen to enjoy thinking about things. —Warren Buffett[7:00] We both hate to have too many forward commitments in our schedules. We both insist on a lot of time being available to just sit and think. —Charlie Munger[8:00] I need eight hours of sleep. I think better. I have more energy. My mood is better. And think about it: As a senior executive, what do you really get paid to do? You get paid to make a small number of high-quality decisions. — Invent and Wander: The Collected Writings of Jeff Bezos, With an Introduction by Walter Isaacson. (Founders #155)[9:00] I think people that multitask pay a huge price. When you multitask so much, you don't have time to think about anything deeply. You're giving the world an advantage you shouldn't do. Practically everybody is drifting into that mistake. I did not succeed in life by intelligence. I succeeded because I have a long attention span. —Charlie Munger[9:00] Jony Ive on Steve Jobs: Steve was the most remarkably focused person I've ever met. (Video)[11:00] It is just that simple. We've had enough good sense when something was working well, keep doing it. The fundamental algorithm of life: repeat what works. —Charlie Munger[13:00] ALL THE BUFFETT AND MUNGER EPISODES:Berkshire Hathaway Letters to Shareholders 1965-2018 by Warren Buffett. (Founders #88) The Snowball: Warren Buffett and the Business of Life by Alice Schroeder. (Founders #100)The Tao of Warren Buffett by Mary Buffett & David Clark. (Founders #101) Buffett: The Making of an American Capitalist by Roger Lowenstein. (Founders #182) A Few Lessons for Investors and Managers From Warren Buffett by Warren Buffett and Peter Bevelin. (Founders #202) The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227) Tao of Charlie Munger by David Clark (Founders #78) Charlie Munger: The Complete Investor by Tren Griffin. (Founders #79) Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90) Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe. (Founders #221) [14:00] Buffett: It's an inversion process. Start out with failure, and then engineer its removal.[15:00] Munger: I figure out what I don't like instead of figuring out what I like in order to get what I like.[15:00] Repetition is the mother of learning.[17:00] Munger: You can see the results of not learning from others' mistakes by simply looking about you. How little originality there is in the common disasters of mankind. (Business failures through repetition of obvious mistakes made by predecessors and so on.)[18:00] Munger: History allows you to keep things in perspective.[18:00] Everything that needs to be said has already been said. But since no one was listening, everything must be said again.[19:00] Berkshire was a small business at one time. It just takes time. It is the nature of compound interest. You cannot build it in one day or one week.[20:00] Pretend that every single person you meet has a sign around his or her neck that says, “Make me feel important.”[22:00] Buffett: In almost 60 years of investing we found it practically useless to give advice to anyone.[23:00] Munger: One of my favorite stories is about the little boy in Texas. The teacher asked the class, If there are nine sheep in the pen and one jumps out, how many are left? And everybody got the answer right except this little boy, who said, None of them are left. And the teacher said, You don't understand arithmetic. And he said No, teacher. You don't understand sheep.[25:00] Quite often Henry simply talked about his philosophy of running a corporation and the various financial strategies that he came up with as he sat in his corner office each day, often working at his Apple computer. He was a brilliant business strategist, just as he was a brilliant chess strategist and he came up with many creative ideas, ideas that were sometimes contrary to the currently accepted methods of managing a large corporation that prevailed in those days.“He always tries to work out the best moves," Shannon said, "and maybe he doesn't like to talk too much, because when you are playing a game you don't tell anyone else what your strategy is." — Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by Dr. George Roberts. (Founders #110)[28:00] Buffett: The difference between successful people and very successful people is that very successful people say no to almost everything.[29:00] If you want to know whether you are destined to be a success or a failure in life, you can easily find out. The test is simple and it is infallible: Are you able to save money? If not, drop out. You will lose. You may think not, but you will lose as sure as you live. The seed of success is not in you. — James J. Hill: Empire Builder of the Northwest by Michael P. Malone. (Founders #96)[31:00] Buffett: Life tends to snap you at your weakest link.[35:00] Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price (Founders #107)[38:00] Paul Graham's essays (Founders #275-277)[39:00] I'm very suspect of the person who is very good at one business, who starts thinking they should tell the world how to behave on everything. —Warren Buffett[42:00] The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227)[44:00] This life isn't a greenroom for something else. He went for it. —Bourdain: The Definitive Oral Biography by Laurie Woolever.[44:00] Buffett: We're here on the earth only one time so you ought to be doing something that you enjoy as you go along and you can be enthusiastic about.[48:00] Personal History by Katherine Graham. (Founders #152)[49:00] The problem is not getting rich, it is staying sane. —Charlie Munger[54:00] Learning is not memorizing information. Learning is changing your behavior. Most people can't learn from the experiences of other people: Charlie and I don't expect to win you over to our way of thinking—we've observed enough human behavior to know the futility of that, but we do want you to be aware of our personal calculus.[57:00] We are individual opportunity driven. Our acquisition technique at Berkshire is simplicity itself: We answer the phone.[1:00:00] A brand is a promise. —Warren Buffett[1:01:00] Obsess over customers. Buffett said this about Amazon in 2012: Amazon could affect a lot of businesses who don't think they will be affected. For Amazon, it is very hard to find unhappy customers. A business that has millions and millions of happy customers can introduce them to new items, it will be a powerhouse and could affect a lot of businesses.[1:03:00] Munger: We should make a list of everything that irritates a customer, and then we should eliminate those defects one by one.[1:04:00] Most companies, when they get rich, get sloppy.[1:05:00] Munger: One of the models in my head is the 'Northern Pike Model. You have a lake full of trout. But if you throw in a few northern pike, pretty soon there aren't many trout left but a lot of northern pike. Wal-Mart in its early days was the northern pike. It figured out how the customer could be better served and just galloped through the world like Genghis Kahn.[1:09:00] Practice! Michael Jordan: The Life by Roland Lazenby. (Founders #212)[1:10:00] Market forecasters will fill your ear, but they will never fill your wallet.[1:11:00] We don't have any new tricks. We just know the old tricks better.----Subscribe to listen to Founders Premium — Subscribers can ask me questions directly which I will answer in Ask Me Anything (AMA) episodes ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders PodcastThe podcast and artwork embedded on this page are from David Senra , which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.
Podcast: Founders (LS 61 · TOP 0.1% what is this?)Episode: #286 Warren Buffett and Charlie MungerPub date: 2023-01-16What I learned from reading All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. ----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----Follow one of my favorite podcasts Invest Like The Best and listen to episode Mitch Lasky—The Business of GamingFollow the podcast Gamecraft to learn more about the history of the video game industry. ----[2:01] Buffett and Munger have a remarkable ability to eliminate folly, simplify things, boil down issues to their essence, get right to the point, and focus on simple and timeless truths.[3:00] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)[4:00] Warren Buffet or Charlie Munger are the very wise grandfather figure that I never had.[5:00] To try to live your life totally free of mistakes is a life of inaction. —Warren Buffett[5:00] The sign above the players' entrance to the field at Notre Dame reads ´Play Like a Champion Today.' I sometimes joke that the sign at Nebraska reads 'Remember Your Helmet.' Charlie and I are 'Remember Your Helmet' kind of guys.' We like to keep it simple. (You must structure your life and business to be able to survive the inevitable bad decisions you're going to make.)[5:00] Wisdom is prevention. —Charlie Munger[6:00] We make actual decisions very rapidly, but that's because we've spent so much time preparing ourselves by quietly sitting and reading and thinking. —Charlie Munger[7:00] If you get into the mental habit of relating what you're reading to the basic underlying ideas being demonstrated, you gradually accumulate some wisdom. —Charlie Munger[7:00] At Berkshire, we don't have any meetings or committees, and I can think of no better way to become more intelligent than sit down and read. I hate meetings, frankly. I have created something that I enjoy: I happen to enjoy reading a lot, and I happen to enjoy thinking about things. —Warren Buffett[7:00] We both hate to have too many forward commitments in our schedules. We both insist on a lot of time being available to just sit and think. —Charlie Munger[8:00] I need eight hours of sleep. I think better. I have more energy. My mood is better. And think about it: As a senior executive, what do you really get paid to do? You get paid to make a small number of high-quality decisions. — Invent and Wander: The Collected Writings of Jeff Bezos, With an Introduction by Walter Isaacson. (Founders #155)[9:00] I think people that multitask pay a huge price. When you multitask so much, you don't have time to think about anything deeply. You're giving the world an advantage you shouldn't do. Practically everybody is drifting into that mistake. I did not succeed in life by intelligence. I succeeded because I have a long attention span. —Charlie Munger[9:00] Jony Ive on Steve Jobs: Steve was the most remarkably focused person I've ever met. (Video)[11:00] It is just that simple. We've had enough good sense when something was working well, keep doing it. The fundamental algorithm of life: repeat what works. —Charlie Munger[13:00] ALL THE BUFFETT AND MUNGER EPISODES:Berkshire Hathaway Letters to Shareholders 1965-2018 by Warren Buffett. (Founders #88) The Snowball: Warren Buffett and the Business of Life by Alice Schroeder. (Founders #100)The Tao of Warren Buffett by Mary Buffett & David Clark. (Founders #101) Buffett: The Making of an American Capitalist by Roger Lowenstein. (Founders #182) A Few Lessons for Investors and Managers From Warren Buffett by Warren Buffett and Peter Bevelin. (Founders #202) The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227) Tao of Charlie Munger by David Clark (Founders #78) Charlie Munger: The Complete Investor by Tren Griffin. (Founders #79) Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90) Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe. (Founders #221) [14:00] Buffett: It's an inversion process. Start out with failure, and then engineer its removal.[15:00] Munger: I figure out what I don't like instead of figuring out what I like in order to get what I like.[15:00] Repetition is the mother of learning.[17:00] Munger: You can see the results of not learning from others' mistakes by simply looking about you. How little originality there is in the common disasters of mankind. (Business failures through repetition of obvious mistakes made by predecessors and so on.)[18:00] Munger: History allows you to keep things in perspective.[18:00] Everything that needs to be said has already been said. But since no one was listening, everything must be said again.[19:00] Berkshire was a small business at one time. It just takes time. It is the nature of compound interest. You cannot build it in one day or one week.[20:00] Pretend that every single person you meet has a sign around his or her neck that says, “Make me feel important.”[22:00] Buffett: In almost 60 years of investing we found it practically useless to give advice to anyone.[23:00] Munger: One of my favorite stories is about the little boy in Texas. The teacher asked the class, If there are nine sheep in the pen and one jumps out, how many are left? And everybody got the answer right except this little boy, who said, None of them are left. And the teacher said, You don't understand arithmetic. And he said No, teacher. You don't understand sheep.[25:00] Quite often Henry simply talked about his philosophy of running a corporation and the various financial strategies that he came up with as he sat in his corner office each day, often working at his Apple computer. He was a brilliant business strategist, just as he was a brilliant chess strategist and he came up with many creative ideas, ideas that were sometimes contrary to the currently accepted methods of managing a large corporation that prevailed in those days.“He always tries to work out the best moves," Shannon said, "and maybe he doesn't like to talk too much, because when you are playing a game you don't tell anyone else what your strategy is." — Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by Dr. George Roberts. (Founders #110)[28:00] Buffett: The difference between successful people and very successful people is that very successful people say no to almost everything.[29:00] If you want to know whether you are destined to be a success or a failure in life, you can easily find out. The test is simple and it is infallible: Are you able to save money? If not, drop out. You will lose. You may think not, but you will lose as sure as you live. The seed of success is not in you. — James J. Hill: Empire Builder of the Northwest by Michael P. Malone. (Founders #96)[31:00] Buffett: Life tends to snap you at your weakest link.[35:00] Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price (Founders #107)[38:00] Paul Graham's essays (Founders #275-277)[39:00] I'm very suspect of the person who is very good at one business, who starts thinking they should tell the world how to behave on everything. —Warren Buffett[42:00] The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227)[44:00] This life isn't a greenroom for something else. He went for it. —Bourdain: The Definitive Oral Biography by Laurie Woolever.[44:00] Buffett: We're here on the earth only one time so you ought to be doing something that you enjoy as you go along and you can be enthusiastic about.[48:00] Personal History by Katherine Graham. (Founders #152)[49:00] The problem is not getting rich, it is staying sane. —Charlie Munger[54:00] Learning is not memorizing information. Learning is changing your behavior. Most people can't learn from the experiences of other people: Charlie and I don't expect to win you over to our way of thinking—we've observed enough human behavior to know the futility of that, but we do want you to be aware of our personal calculus.[57:00] We are individual opportunity driven. Our acquisition technique at Berkshire is simplicity itself: We answer the phone.[1:00:00] A brand is a promise. —Warren Buffett[1:01:00] Obsess over customers. Buffett said this about Amazon in 2012: Amazon could affect a lot of businesses who don't think they will be affected. For Amazon, it is very hard to find unhappy customers. A business that has millions and millions of happy customers can introduce them to new items, it will be a powerhouse and could affect a lot of businesses.[1:03:00] Munger: We should make a list of everything that irritates a customer, and then we should eliminate those defects one by one.[1:04:00] Most companies, when they get rich, get sloppy.[1:05:00] Munger: One of the models in my head is the 'Northern Pike Model. You have a lake full of trout. But if you throw in a few northern pike, pretty soon there aren't many trout left but a lot of northern pike. Wal-Mart in its early days was the northern pike. It figured out how the customer could be better served and just galloped through the world like Genghis Kahn.[1:09:00] Practice! Michael Jordan: The Life by Roland Lazenby. (Founders #212)[1:10:00] Market forecasters will fill your ear, but they will never fill your wallet.[1:11:00] We don't have any new tricks. We just know the old tricks better.----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders PodcastThe podcast and artwork embedded on this page are from David Senra , which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.
Founders ✓ Claim Podcast Notes Key Takeaways Young Bill Gates was like Genghis Khan in a Mr. Rogers costumeEverything he did, he did to the maxGates' first interaction with a computer was at Lakeside School, a private school in Seattle where he also met Paul Allen, with whom he co-founded Microsoft with Bill Gates became obsessed with computers at a young age to the point where his parents banned his usage of them “You want to maneuver yourself into doing something in which you have an intense interest.” – Charlie MungerGates knew that he wanted to be wealthy from an early age; he spoke about his future success and wealth as if it were predeterminedGates was one of the best math students at Harvard, but he was not the best, which to him, meant he could never be a mathematician Bill Gates dropped out of Harvard after much convincing from Paul Allen to start what eventually became Microsoft Gates was financially conservative: Microsoft got from founding to IPO without having to take money from venture capitalDespite Gates being a multi-billionaire and Microsoft being the undeniable leader of its category, Bill Gates still wanted to destroy the competition Gates knew where he was weak and was willing to listen to others Apple was just Steve Jobs with 10,000 lives; the founder's personality is going to be embedded into the company, which was also true for Bill Gates and Jeff Bezos with their respective companiesBill Gates was intolerant of distractions; he believed “focus” was the key element to successRead the full notes @ podcastnotes.orgWhat I learned from rereading Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson.This episode is brought to you by: Tiny: Tiny is the easiest way to sell your business. Quick and straightforward exits for Founders.----Follow one of my favorite podcasts Invest Like The Best and listen to episode 292 The Business of Gaming with Mitch Lasky and 293 David Senra Passion and Pain !----[4:00] Gates read the encyclopedia from beginning to end when he was only seven or eight years old.[4:00] Gates had an obsessive personality and a compulsive need to be the best.[5:00] Everything Bill did, he did to the max. What he did always went well, well beyond everyone else.[6:00] You want to maneuver yourself into doing something in which you have an intense interest. — Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.[7:00] Gates devoured everything he could get his hands on concerning computers and how to communicate with them, often teaching himself as he went.[9:00] A young man with no money and tons of enthusiasm. — The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli. (Founders #289)[10:00] He consumed biographies to understand how the great figures of history thought.[11:00] The idea that some people were super successful was interesting. What did they know? What did they do? What drove those kinds of successes?[12:00] Idea Man: A Memoir by the Cofounder of Microsoft by Paul Allen. (Founders #44)[13:00] “I'm going to make my first million by the time I'm 25.” It was not said as a boast, or even a prediction. He talked about the future as if his success was predestined.[15:00] Gates and Allen were convinced the computer industry was about to reach critical mass, and when it exploded it would usher in a technological revolution of astounding magnitude. They were on the threshold of one of those moments when history held its breath... and jumped, as it had done with the development of the car and the airplane. They could either lead the revolution or be swept along by it.[17:00] Bill had a monomaniacal quality. He would focus on something and really stick with it. He had a determination to master whatever it was he was doing. Bill was deciding where he was going to put his energy and to hell with what anyone else thought.[18:00] Don't do anything that someone else can do. — Edwin Land[21:00] You've got to remember that in those days, the idea that you could own a computer, your own computer, was about as wild as the idea today of owning your own nuclear submarine. It was beyond comprehension.[23:00] There would be no unnecessary overhead or extravagant spending habits with Microsoft.[25:00] “Pertec kept telling me I was being unreasonable and they could deal with this guy [Gates]. It was like Roosevelt telling Churchill that he could deal with Stalin.[27:00] Four years in and Microsoft had only 11 employees.[28:00] Gates sustained Microsoft through tireless salesmanship. For several years he alone made the cold calls and haggled, cajoled, browbeat, and harangued the hardware makers of the emerging personal computer industry, convincing them to buy Microsoft's services and products. He was the best kind of salesman there is: he knew the product, and he believed in it. Moreover, he approached every client with the zealotry of a true believer.[29:00] When we got up to 30 employees, it was still just me, a secretary, and 28 programmers. I wrote all the checks, answered the mail, took the phone calls.[31:00] This might be Bill's most important decision ever: IBM had talked to Gates about a fixed price for an unlimited number of copies of the software Microsoft licensed to IBM. The longer Gates thought about this proposal the more he became convinced it was bad business. Gates had decided to insist on a royalty arrangement with IBM.[34:00] You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared. Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. — Driven From Within by Michael Jordan and Mark Vancil. (Founders #213)[36:00] Overdrive: Bill Gates and the Race to Control Cyberspace by James Wallace. (Founders #174)[42:00] You can drive great people by making the speed of decision making really slow. Why would great people stay in an organization where they can't get things done? They look around after a while, and they're, like, "Look, I love the mission, but I can't get my job done because our speed of decision making is too slow."—Invent and Wander: The Collected Writings of Jeff Bezos (Founders #155)[43:00] Alexander the Great: The Brief Life and Towering Exploits of History's Greatest Conqueror--As Told By His Original Biographers by Arrian, Plutarch, and Quintus Curtius Rufus. (Founders #232)[44:00] Gates was intolerant of distractions.----Subscribe to listen to Founders Premium — Subscribers can ask me questions directly and listen to Ask Me Anything (AMA) episodes. ----Join my free email newsletter to get my top 10 highlights from every book----I use Readwise to organize and remember everything I read. You can try Readwise for 60 days for free here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast
Founders ✓ Claim : Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- What I learned from rereading Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson.----This episode is brought to you by: Tiny: Tiny is the easiest way to sell your business. Quick and straightforward exits for Founders.----Follow one of my favorite podcasts Invest Like The Best and listen to episode 292 The Business of Gaming with Mitch Lasky and 293 David Senra Passion and Pain !----[4:00] Gates read the encyclopedia from beginning to end when he was only seven or eight years old.[4:00] Gates had an obsessive personality and a compulsive need to be the best.[5:00] Everything Bill did, he did to the max. What he did always went well, well beyond everyone else.[6:00] You want to maneuver yourself into doing something in which you have an intense interest. — Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.[7:00] Gates devoured everything he could get his hands on concerning computers and how to communicate with them, often teaching himself as he went.[9:00] A young man with no money and tons of enthusiasm. — The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli. (Founders #289)[10:00] He consumed biographies to understand how the great figures of history thought.[11:00] The idea that some people were super successful was interesting. What did they know? What did they do? What drove those kinds of successes?[12:00] Idea Man: A Memoir by the Cofounder of Microsoft by Paul Allen. (Founders #44)[13:00] “I'm going to make my first million by the time I'm 25.” It was not said as a boast, or even a prediction. He talked about the future as if his success was predestined.[15:00] Gates and Allen were convinced the computer industry was about to reach critical mass, and when it exploded it would usher in a technological revolution of astounding magnitude. They were on the threshold of one of those moments when history held its breath... and jumped, as it had done with the development of the car and the airplane. They could either lead the revolution or be swept along by it.[17:00] Bill had a monomaniacal quality. He would focus on something and really stick with it. He had a determination to master whatever it was he was doing. Bill was deciding where he was going to put his energy and to hell with what anyone else thought.[18:00] Don't do anything that someone else can do. — Edwin Land[21:00] You've got to remember that in those days, the idea that you could own a computer, your own computer, was about as wild as the idea today of owning your own nuclear submarine. It was beyond comprehension.[23:00] There would be no unnecessary overhead or extravagant spending habits with Microsoft.[25:00] “Pertec kept telling me I was being unreasonable and they could deal with this guy [Gates]. It was like Roosevelt telling Churchill that he could deal with Stalin.[27:00] Four years in and Microsoft had only 11 employees.[28:00] Gates sustained Microsoft through tireless salesmanship. For several years he alone made the cold calls and haggled, cajoled, browbeat, and harangued the hardware makers of the emerging personal computer industry, convincing them to buy Microsoft's services and products. He was the best kind of salesman there is: he knew the product, and he believed in it. Moreover, he approached every client with the zealotry of a true believer.[29:00] When we got up to 30 employees, it was still just me, a secretary, and 28 programmers. I wrote all the checks, answered the mail, took the phone calls.[31:00] This might be Bill's most important decision ever: IBM had talked to Gates about a fixed price for an unlimited number of copies of the software Microsoft licensed to IBM. The longer Gates thought about this proposal the more he became convinced it was bad business. Gates had decided to insist on a royalty arrangement with IBM.[34:00] You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared. Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. — Driven From Within by Michael Jordan and Mark Vancil. (Founders #213)[36:00] Overdrive: Bill Gates and the Race to Control Cyberspace by James Wallace. (Founders #174)[42:00] You can drive great people by making the speed of decision making really slow. Why would great people stay in an organization where they can't get things done? They look around after a while, and they're, like, "Look, I love the mission, but I can't get my job done because our speed of decision making is too slow."—Invent and Wander: The Collected Writings of Jeff Bezos (Founders #155)[43:00] Alexander the Great: The Brief Life and Towering Exploits of History's Greatest Conqueror--As Told By His Original Biographers by Arrian, Plutarch, and Quintus Curtius Rufus. (Founders #232)[44:00] Gates was intolerant of distractions.----Join my free email newsletter to get my top 10 highlights from every book----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast
Founders ✓ Claim Podcast Notes Key Takeaways Young Bill Gates was like Genghis Khan in a Mr. Rogers costumeEverything he did, he did to the maxGates' first interaction with a computer was at Lakeside School, a private school in Seattle where he also met Paul Allen, with whom he co-founded Microsoft with Bill Gates became obsessed with computers at a young age to the point where his parents banned his usage of them “You want to maneuver yourself into doing something in which you have an intense interest.” – Charlie MungerGates knew that he wanted to be wealthy from an early age; he spoke about his future success and wealth as if it were predeterminedGates was one of the best math students at Harvard, but he was not the best, which to him, meant he could never be a mathematician Bill Gates dropped out of Harvard after much convincing from Paul Allen to start what eventually became Microsoft Gates was financially conservative: Microsoft got from founding to IPO without having to take money from venture capitalDespite Gates being a multi-billionaire and Microsoft being the undeniable leader of its category, Bill Gates still wanted to destroy the competition Gates knew where he was weak and was willing to listen to others Apple was just Steve Jobs with 10,000 lives; the founder's personality is going to be embedded into the company, which was also true for Bill Gates and Jeff Bezos with their respective companiesBill Gates was intolerant of distractions; he believed “focus” was the key element to successRead the full notes @ podcastnotes.orgWhat I learned from rereading Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson.This episode is brought to you by: Tiny: Tiny is the easiest way to sell your business. Quick and straightforward exits for Founders.----Follow one of my favorite podcasts Invest Like The Best and listen to episode 292 The Business of Gaming with Mitch Lasky and 293 David Senra Passion and Pain !----[4:00] Gates read the encyclopedia from beginning to end when he was only seven or eight years old.[4:00] Gates had an obsessive personality and a compulsive need to be the best.[5:00] Everything Bill did, he did to the max. What he did always went well, well beyond everyone else.[6:00] You want to maneuver yourself into doing something in which you have an intense interest. — Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.[7:00] Gates devoured everything he could get his hands on concerning computers and how to communicate with them, often teaching himself as he went.[9:00] A young man with no money and tons of enthusiasm. — The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli. (Founders #289)[10:00] He consumed biographies to understand how the great figures of history thought.[11:00] The idea that some people were super successful was interesting. What did they know? What did they do? What drove those kinds of successes?[12:00] Idea Man: A Memoir by the Cofounder of Microsoft by Paul Allen. (Founders #44)[13:00] “I'm going to make my first million by the time I'm 25.” It was not said as a boast, or even a prediction. He talked about the future as if his success was predestined.[15:00] Gates and Allen were convinced the computer industry was about to reach critical mass, and when it exploded it would usher in a technological revolution of astounding magnitude. They were on the threshold of one of those moments when history held its breath... and jumped, as it had done with the development of the car and the airplane. They could either lead the revolution or be swept along by it.[17:00] Bill had a monomaniacal quality. He would focus on something and really stick with it. He had a determination to master whatever it was he was doing. Bill was deciding where he was going to put his energy and to hell with what anyone else thought.[18:00] Don't do anything that someone else can do. — Edwin Land[21:00] You've got to remember that in those days, the idea that you could own a computer, your own computer, was about as wild as the idea today of owning your own nuclear submarine. It was beyond comprehension.[23:00] There would be no unnecessary overhead or extravagant spending habits with Microsoft.[25:00] “Pertec kept telling me I was being unreasonable and they could deal with this guy [Gates]. It was like Roosevelt telling Churchill that he could deal with Stalin.[27:00] Four years in and Microsoft had only 11 employees.[28:00] Gates sustained Microsoft through tireless salesmanship. For several years he alone made the cold calls and haggled, cajoled, browbeat, and harangued the hardware makers of the emerging personal computer industry, convincing them to buy Microsoft's services and products. He was the best kind of salesman there is: he knew the product, and he believed in it. Moreover, he approached every client with the zealotry of a true believer.[29:00] When we got up to 30 employees, it was still just me, a secretary, and 28 programmers. I wrote all the checks, answered the mail, took the phone calls.[31:00] This might be Bill's most important decision ever: IBM had talked to Gates about a fixed price for an unlimited number of copies of the software Microsoft licensed to IBM. The longer Gates thought about this proposal the more he became convinced it was bad business. Gates had decided to insist on a royalty arrangement with IBM.[34:00] You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared. Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. — Driven From Within by Michael Jordan and Mark Vancil. (Founders #213)[36:00] Overdrive: Bill Gates and the Race to Control Cyberspace by James Wallace. (Founders #174)[42:00] You can drive great people by making the speed of decision making really slow. Why would great people stay in an organization where they can't get things done? They look around after a while, and they're, like, "Look, I love the mission, but I can't get my job done because our speed of decision making is too slow."—Invent and Wander: The Collected Writings of Jeff Bezos (Founders #155)[43:00] Alexander the Great: The Brief Life and Towering Exploits of History's Greatest Conqueror--As Told By His Original Biographers by Arrian, Plutarch, and Quintus Curtius Rufus. (Founders #232)[44:00] Gates was intolerant of distractions.----Subscribe to listen to Founders Premium — Subscribers can ask me questions directly and listen to Ask Me Anything (AMA) episodes. ----Join my free email newsletter to get my top 10 highlights from every book----I use Readwise to organize and remember everything I read. You can try Readwise for 60 days for free here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast
What I learned from rereading Hard Drive: Bill Gates and the Making of the Microsoft Empire by James Wallace and Jim Erickson.This episode is brought to you by: Tiny: Tiny is the easiest way to sell your business. Quick and straightforward exits for Founders.----Follow one of my favorite podcasts Invest Like The Best and listen to episode 292 The Business of Gaming with Mitch Lasky and 293 David Senra Passion and Pain !----[4:00] Gates read the encyclopedia from beginning to end when he was only seven or eight years old.[4:00] Gates had an obsessive personality and a compulsive need to be the best.[5:00] Everything Bill did, he did to the max. What he did always went well, well beyond everyone else.[6:00] You want to maneuver yourself into doing something in which you have an intense interest. — Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.[7:00] Gates devoured everything he could get his hands on concerning computers and how to communicate with them, often teaching himself as he went.[9:00] A young man with no money and tons of enthusiasm. — The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli. (Founders #289)[10:00] He consumed biographies to understand how the great figures of history thought.[11:00] The idea that some people were super successful was interesting. What did they know? What did they do? What drove those kinds of successes?[12:00] Idea Man: A Memoir by the Cofounder of Microsoft by Paul Allen. (Founders #44)[13:00] “I'm going to make my first million by the time I'm 25.” It was not said as a boast, or even a prediction. He talked about the future as if his success was predestined.[15:00] Gates and Allen were convinced the computer industry was about to reach critical mass, and when it exploded it would usher in a technological revolution of astounding magnitude. They were on the threshold of one of those moments when history held its breath... and jumped, as it had done with the development of the car and the airplane. They could either lead the revolution or be swept along by it.[17:00] Bill had a monomaniacal quality. He would focus on something and really stick with it. He had a determination to master whatever it was he was doing. Bill was deciding where he was going to put his energy and to hell with what anyone else thought.[18:00] Don't do anything that someone else can do. — Edwin Land[21:00] You've got to remember that in those days, the idea that you could own a computer, your own computer, was about as wild as the idea today of owning your own nuclear submarine. It was beyond comprehension.[23:00] There would be no unnecessary overhead or extravagant spending habits with Microsoft.[25:00] “Pertec kept telling me I was being unreasonable and they could deal with this guy [Gates]. It was like Roosevelt telling Churchill that he could deal with Stalin.[27:00] Four years in and Microsoft had only 11 employees.[28:00] Gates sustained Microsoft through tireless salesmanship. For several years he alone made the cold calls and haggled, cajoled, browbeat, and harangued the hardware makers of the emerging personal computer industry, convincing them to buy Microsoft's services and products. He was the best kind of salesman there is: he knew the product, and he believed in it. Moreover, he approached every client with the zealotry of a true believer.[29:00] When we got up to 30 employees, it was still just me, a secretary, and 28 programmers. I wrote all the checks, answered the mail, took the phone calls.[31:00] This might be Bill's most important decision ever: IBM had talked to Gates about a fixed price for an unlimited number of copies of the software Microsoft licensed to IBM. The longer Gates thought about this proposal the more he became convinced it was bad business. Gates had decided to insist on a royalty arrangement with IBM.[34:00] You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared. Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. — Driven From Within by Michael Jordan and Mark Vancil. (Founders #213)[36:00] Overdrive: Bill Gates and the Race to Control Cyberspace by James Wallace. (Founders #174)[42:00] You can drive great people by making the speed of decision making really slow. Why would great people stay in an organization where they can't get things done? They look around after a while, and they're, like, "Look, I love the mission, but I can't get my job done because our speed of decision making is too slow."—Invent and Wander: The Collected Writings of Jeff Bezos (Founders #155)[43:00] Alexander the Great: The Brief Life and Towering Exploits of History's Greatest Conqueror--As Told By His Original Biographers by Arrian, Plutarch, and Quintus Curtius Rufus. (Founders #232)[44:00] Gates was intolerant of distractions.----Subscribe to listen to Founders Premium — Subscribers can ask me questions directly and listen to Ask Me Anything (AMA) episodes. ----Join my free email newsletter to get my top 10 highlights from every book----I use Readwise to organize and remember everything I read. You can try Readwise for 60 days for free here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast
What I learned from reading All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. This episode is brought to you by: Tiny: Tiny is the easiest way to sell your business. Quick and straightforward exits for Founders.----Follow one of my favorite podcasts Invest Like The Best and listen to episode Mitch Lasky—The Business of GamingFollow the podcast Gamecraft to learn more about the history of the video game industry. ----[2:01] Buffett and Munger have a remarkable ability to eliminate folly, simplify things, boil down issues to their essence, get right to the point, and focus on simple and timeless truths.[3:00] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson. (Founders #191)[4:00] Warren Buffet or Charlie Munger are the very wise grandfather figure that I never had.[5:00] To try to live your life totally free of mistakes is a life of inaction. —Warren Buffett[5:00] The sign above the players' entrance to the field at Notre Dame reads ´Play Like a Champion Today.' I sometimes joke that the sign at Nebraska reads 'Remember Your Helmet.' Charlie and I are 'Remember Your Helmet' kind of guys.' We like to keep it simple. (You must structure your life and business to be able to survive the inevitable bad decisions you're going to make.)[5:00] Wisdom is prevention. —Charlie Munger[6:00] We make actual decisions very rapidly, but that's because we've spent so much time preparing ourselves by quietly sitting and reading and thinking. —Charlie Munger[7:00] If you get into the mental habit of relating what you're reading to the basic underlying ideas being demonstrated, you gradually accumulate some wisdom. —Charlie Munger[7:00] At Berkshire, we don't have any meetings or committees, and I can think of no better way to become more intelligent than sit down and read. I hate meetings, frankly. I have created something that I enjoy: I happen to enjoy reading a lot, and I happen to enjoy thinking about things. —Warren Buffett[7:00] We both hate to have too many forward commitments in our schedules. We both insist on a lot of time being available to just sit and think. —Charlie Munger[8:00] I need eight hours of sleep. I think better. I have more energy. My mood is better. And think about it: As a senior executive, what do you really get paid to do? You get paid to make a small number of high-quality decisions. — Invent and Wander: The Collected Writings of Jeff Bezos, With an Introduction by Walter Isaacson. (Founders #155)[9:00] I think people that multitask pay a huge price. When you multitask so much, you don't have time to think about anything deeply. You're giving the world an advantage you shouldn't do. Practically everybody is drifting into that mistake. I did not succeed in life by intelligence. I succeeded because I have a long attention span. —Charlie Munger[9:00] Jony Ive on Steve Jobs: Steve was the most remarkably focused person I've ever met. (Video)[11:00] It is just that simple. We've had enough good sense when something was working well, keep doing it. The fundamental algorithm of life: repeat what works. —Charlie Munger[13:00] ALL THE BUFFETT AND MUNGER EPISODES:Berkshire Hathaway Letters to Shareholders 1965-2018 by Warren Buffett. (Founders #88) The Snowball: Warren Buffett and the Business of Life by Alice Schroeder. (Founders #100)The Tao of Warren Buffett by Mary Buffett & David Clark. (Founders #101) Buffett: The Making of an American Capitalist by Roger Lowenstein. (Founders #182) A Few Lessons for Investors and Managers From Warren Buffett by Warren Buffett and Peter Bevelin. (Founders #202) The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227) Tao of Charlie Munger by David Clark (Founders #78) Charlie Munger: The Complete Investor by Tren Griffin. (Founders #79) Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90) Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe. (Founders #221) [14:00] Buffett: It's an inversion process. Start out with failure, and then engineer its removal.[15:00] Munger: I figure out what I don't like instead of figuring out what I like in order to get what I like.[15:00] Repetition is the mother of learning.[17:00] Munger: You can see the results of not learning from others' mistakes by simply looking about you. How little originality there is in the common disasters of mankind. (Business failures through repetition of obvious mistakes made by predecessors and so on.)[18:00] Munger: History allows you to keep things in perspective.[18:00] Everything that needs to be said has already been said. But since no one was listening, everything must be said again.[19:00] Berkshire was a small business at one time. It just takes time. It is the nature of compound interest. You cannot build it in one day or one week.[20:00] Pretend that every single person you meet has a sign around his or her neck that says, “Make me feel important.”[22:00] Buffett: In almost 60 years of investing we found it practically useless to give advice to anyone.[23:00] Munger: One of my favorite stories is about the little boy in Texas. The teacher asked the class, If there are nine sheep in the pen and one jumps out, how many are left? And everybody got the answer right except this little boy, who said, None of them are left. And the teacher said, You don't understand arithmetic. And he said No, teacher. You don't understand sheep.[25:00] Quite often Henry simply talked about his philosophy of running a corporation and the various financial strategies that he came up with as he sat in his corner office each day, often working at his Apple computer. He was a brilliant business strategist, just as he was a brilliant chess strategist and he came up with many creative ideas, ideas that were sometimes contrary to the currently accepted methods of managing a large corporation that prevailed in those days.“He always tries to work out the best moves," Shannon said, "and maybe he doesn't like to talk too much, because when you are playing a game you don't tell anyone else what your strategy is." — Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by Dr. George Roberts. (Founders #110)[28:00] Buffett: The difference between successful people and very successful people is that very successful people say no to almost everything.[29:00] If you want to know whether you are destined to be a success or a failure in life, you can easily find out. The test is simple and it is infallible: Are you able to save money? If not, drop out. You will lose. You may think not, but you will lose as sure as you live. The seed of success is not in you. — James J. Hill: Empire Builder of the Northwest by Michael P. Malone. (Founders #96)[31:00] Buffett: Life tends to snap you at your weakest link.[35:00] Sol Price: Retail Revolutionary & Social Innovator by Robert E. Price (Founders #107)[38:00] Paul Graham's essays (Founders #275-277)[39:00] I'm very suspect of the person who is very good at one business, who starts thinking they should tell the world how to behave on everything. —Warren Buffett[42:00] The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227)[44:00] This life isn't a greenroom for something else. He went for it. —Bourdain: The Definitive Oral Biography by Laurie Woolever.[44:00] Buffett: We're here on the earth only one time so you ought to be doing something that you enjoy as you go along and you can be enthusiastic about.[48:00] Personal History by Katherine Graham. (Founders #152)[49:00] The problem is not getting rich, it is staying sane. —Charlie Munger[54:00] Learning is not memorizing information. Learning is changing your behavior. Most people can't learn from the experiences of other people: Charlie and I don't expect to win you over to our way of thinking—we've observed enough human behavior to know the futility of that, but we do want you to be aware of our personal calculus.[57:00] We are individual opportunity driven. Our acquisition technique at Berkshire is simplicity itself: We answer the phone.[1:00:00] A brand is a promise. —Warren Buffett[1:01:00] Obsess over customers. Buffett said this about Amazon in 2012: Amazon could affect a lot of businesses who don't think they will be affected. For Amazon, it is very hard to find unhappy customers. A business that has millions and millions of happy customers can introduce them to new items, it will be a powerhouse and could affect a lot of businesses.[1:03:00] Munger: We should make a list of everything that irritates a customer, and then we should eliminate those defects one by one.[1:04:00] Most companies, when they get rich, get sloppy.[1:05:00] Munger: One of the models in my head is the 'Northern Pike Model. You have a lake full of trout. But if you throw in a few northern pike, pretty soon there aren't many trout left but a lot of northern pike. Wal-Mart in its early days was the northern pike. It figured out how the customer could be better served and just galloped through the world like Genghis Kahn.[1:09:00] Practice! Michael Jordan: The Life by Roland Lazenby. (Founders #212)[1:10:00] Market forecasters will fill your ear, but they will never fill your wallet.[1:11:00] We don't have any new tricks. We just know the old tricks better.----Subscribe to listen to Founders Premium — Subscribers can ask me questions directly which I will answer in Ask Me Anything (AMA) episodes ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast
Stephen Wolfram answers questions from his viewers about business, innovation, and managing life as part of an unscripted livestream series, also available on YouTube here: https://wolfr.am/youtube-sw-business-qa Questions include: Can you use Wolfram Language to log onto a website with username and password and read data from a website? - Will computational chem/Biochem programs (Alphafold2?) be accurate enough in its predictions to completely dominate private R&D to reduce the costs and duration of expensive wet lab experimentation? - When did you first decide to hire people at Wolfram Research? How did you recruit & evaluate them? What have you learned about hiring since then? - have you ever authentically read and replied to an unsolicited email if someone has an important idea for Mathematica and/or the Wolfram Language? - Do you have developers that work in a large variety of topics (changing monthly perhaps), or are most in a 'fixed' position/topic? - When you reach the level you do with Wolfram Research, what steps do you undertake to ensure that you continue to innovate and don't lose ground to your competitors, and that you don't take the wrong business decisions? - As someone with a technical background, how do you maintain a holistic overview of your company? For instance, do you better attempt to understand the company's financial books? - what is your work out routine? - how do you balance time being creative (for projects) vs the everyday necessary work? - At the start of crypto projects there is always this battle between centralization and decentralization. You need an amount of centralization in the beginning to get things going. How long should a project be given before you let in the masses? - Do you have an opinion concerning "Poor Charlie's almanacs: The Wit and Wisdom of Charles T. Munger"? - Do you use rules similar to those in Cellular Automata when you manage your company or your company's projects?
Podcast: Founders (LS 53 · TOP 0.5% what is this?)Episode: #278 Zero to One: Notes on Startups, or How to Build the FuturePub date: 2022-11-22What I learned from rereading Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel.This episode is brought to you by: Tiny: The easiest way to sell your business. Quick and straightforward exits for Founders. Fable: Make your product accessible to more people. Tegus is a search engine for business knowledge that's used by Founders, investors, and executives. Subscribe to listen to Founders Daily (my new daily podcast)[4:01] Jobs's return to Apple 12 years later shows how the most important task in business-the creation of new valuecannot be reduced to a formula and applied by professionals.[5:00] A really important sentence to understand one of the main points in Peter's book: Apple's value crucially depended on the singular vision of a particular person.[5:00] A unique founder can make authoritative decisions, inspire strong personal loyalty, and plan ahead for decades.[6:00] Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue and Zero to One: Notes on Startups, or How to Build the Future (Founders #31)[7:00] Properly understood, any new and better way of doing things is technology.[8:00] By creating new technologies we rewrite the plan of the world.[9:00] The paradox of teaching entrepreneurship is that such a formula necessarily cannot exist; because every innovation is new and unique, no authority can prescribe in concrete terms how to be innovative.The single most powerful pattern I have noticed is that successful people find value in unexpected places, and they do this by thinking about business from first principles instead of formulas.[10:00] The minute that you understand that you can poke life and actually something will pop out the other side, that you can change it, you can mold it. That's maybe the most important thing. It's to shake off this erroneous notion that life is there and you're just gonna live in it, versus embrace it, change it, improve it, make your mark upon it. —Steve Jobs[11:00] Brilliant thinking is rare, but courage is in even shorter supply than genius.[13:00] A startup is the largest group of people you can convince of a plan to build a different future. A new company's most important strength is new thinking.[14:00] What follows is not a manual or a record of knowledge but an exercise in thinking. Because that is what a startup has to do: question received ideas and rethink business from scratch.[14:00] The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders #233)[17:00] Their casual way of conducting affairs did not appeal to me. — Random Reminiscences of Men and Events by John D. Rockefeller (Founders #148)[18:00] My number one repeated learning in life: There Are No Adults. Everyone's making it up as they go along. Figure it out yourself, and do it. —Naval Ravikant[19:00] Bill Gurley's answer to the question For people who were there, does this feel like dot-com bust level unwiding yet? Yes. Link to tweet[21:00] Peter's 4 principles for founders:1. It is better to risk boldness than triviality.2. A bad plan is better than no plan.3. Competitive markets destroy profits.4. Sales matters just as much as product.[22:00] The most contrarian thing of all is not to oppose the crowd but to think for yourself.[22:00] By “monopoly,” we mean the kind of company that's so good at what it does that no other firm can offer a close substitute.[24:00] Every business is successful exactly to the extent that it does something others cannot.[25:00] Durability has always been a first rate virtue in Charlie's eyes. — Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90)[27:00] If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now?[27:00] There is no shortcut to monopoly[28:00] A substantive advantage makes your product difficult or impossible to replicate.[30:00] The perfect target market for a startup is a small group of particular people concentrated together and served by few or no competitors.[32:00] Shallow men believe in luck. Strong men believe in cause and effect.[32:00] Victory awaits him who has everything in order.[33:00] My heroes are people who took epic journeys into the unknown often at substantial personal risk. I am simply following the path that they carved into history. —Explore/Create My Life in Pursuit of New Frontiers, Hidden Worlds, and the Creative Spark by Richard Garriott.[35:00] Instead of pursuing many-sided mediocrity and calling it "wellroundedness," a definite person determines the one best thing to do and then does it. She strives to be great at something substantive— to be a monopoly of one.[36:00] Long-term planning is often undervalued by our indefinite short-term world.[39:00] Monopoly businesses capture more value than millions of undifferentiated competitors.[40:00] Most startups fail and most venture funds fail with them.[43:00] You cannot trust a world that denies the power law to accurately frame your decisions for you, so what's most important is rarely obvious. It might even be a secret.[44:00] I also believed then, as I do now after more than fifty years as a money manager, that the surest way to get rich is to play only those games or make those investments where I have an edge. — A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222)[45:00] Schlep Blindness by Paul Graham [46:00] Great companies can be built on open but unsuspected secrets about how the world works.[47:00] Conspiracy: A True Story of Power, Sex, and a Billionaire's Secret Plot to Destroy a Media Empire by Peter Thielby Ryan Holiday[48:00] The best entrepreneurs know this: every great business is built around a secret that's hidden from the outside.[51:00] Keith Rabois on Peter Theil insisting on focus[54:00] Superior sales and distribution by itself can create a monopoly, even with no product differentiation. The converse is not true.[56:00] Advertising doesn't exist to make you buy a product right away; it exists to embed subtle impressions that will drive sales later. Anyone who cannot acknowledge its likely effect on himself is doubly deceived.I use Readwise to organize and remember everything I read. You can try Readwise for 60 days for free https://readwise.io/founders/—Subscribe to listen to Founders Daily—“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders PodcastThe podcast and artwork embedded on this page are from David Senra , which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.
Podcast: Founders (LS 61 · TOP 0.1% what is this?)Episode: #278 Peter ThielPub date: 2022-11-22What I learned from rereading Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel.----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----[4:01] Jobs's return to Apple 12 years later shows how the most important task in business-the creation of new valuecannot be reduced to a formula and applied by professionals.[5:00] A really important sentence to understand one of the main points in Peter's book: Apple's value crucially depended on the singular vision of a particular person.[5:00] A unique founder can make authoritative decisions, inspire strong personal loyalty, and plan ahead for decades.[6:00] Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue and Zero to One: Notes on Startups, or How to Build the Future (Founders #31)[7:00] Properly understood, any new and better way of doing things is technology.[8:00] By creating new technologies we rewrite the plan of the world.[9:00] The paradox of teaching entrepreneurship is that such a formula necessarily cannot exist; because every innovation is new and unique, no authority can prescribe in concrete terms how to be innovative.The single most powerful pattern I have noticed is that successful people find value in unexpected places, and they do this by thinking about business from first principles instead of formulas.[10:00] The minute that you understand that you can poke life and actually something will pop out the other side, that you can change it, you can mold it. That's maybe the most important thing. It's to shake off this erroneous notion that life is there and you're just gonna live in it, versus embrace it, change it, improve it, make your mark upon it. —Steve Jobs[11:00] Brilliant thinking is rare, but courage is in even shorter supply than genius.[13:00] A startup is the largest group of people you can convince of a plan to build a different future. A new company's most important strength is new thinking.[14:00] What follows is not a manual or a record of knowledge but an exercise in thinking. Because that is what a startup has to do: question received ideas and rethink business from scratch.[14:00] The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders #233)[17:00] Their casual way of conducting affairs did not appeal to me. — Random Reminiscences of Men and Events by John D. Rockefeller (Founders #148)[18:00] My number one repeated learning in life: There Are No Adults. Everyone's making it up as they go along. Figure it out yourself, and do it. —Naval Ravikant[19:00] Bill Gurley's answer to the question For people who were there, does this feel like dot-com bust level unwiding yet? Yes. Link to tweet[21:00] Peter's 4 principles for founders:1. It is better to risk boldness than triviality.2. A bad plan is better than no plan.3. Competitive markets destroy profits.4. Sales matters just as much as product.[22:00] The most contrarian thing of all is not to oppose the crowd but to think for yourself.[22:00] By “monopoly,” we mean the kind of company that's so good at what it does that no other firm can offer a close substitute.[24:00] Every business is successful exactly to the extent that it does something others cannot.[25:00] Durability has always been a first rate virtue in Charlie's eyes. — Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90)[27:00] If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now?[27:00] There is no shortcut to monopoly[28:00] A substantive advantage makes your product difficult or impossible to replicate.[30:00] The perfect target market for a startup is a small group of particular people concentrated together and served by few or no competitors.[32:00] Shallow men believe in luck. Strong men believe in cause and effect.[32:00] Victory awaits him who has everything in order.[33:00] My heroes are people who took epic journeys into the unknown often at substantial personal risk. I am simply following the path that they carved into history. —Explore/Create My Life in Pursuit of New Frontiers, Hidden Worlds, and the Creative Spark by Richard Garriott.[35:00] Instead of pursuing many-sided mediocrity and calling it "wellroundedness," a definite person determines the one best thing to do and then does it. She strives to be great at something substantive— to be a monopoly of one.[36:00] Long-term planning is often undervalued by our indefinite short-term world.[39:00] Monopoly businesses capture more value than millions of undifferentiated competitors.[40:00] Most startups fail and most venture funds fail with them.[43:00] You cannot trust a world that denies the power law to accurately frame your decisions for you, so what's most important is rarely obvious. It might even be a secret.[44:00] I also believed then, as I do now after more than fifty years as a money manager, that the surest way to get rich is to play only those games or make those investments where I have an edge. — A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222)[45:00] Schlep Blindness by Paul Graham [46:00] Great companies can be built on open but unsuspected secrets about how the world works.[47:00] Conspiracy: A True Story of Power, Sex, and a Billionaire's Secret Plot to Destroy a Media Empire by Peter Thielby Ryan Holiday[48:00] The best entrepreneurs know this: every great business is built around a secret that's hidden from the outside.[51:00] Keith Rabois on Peter Theil insisting on focus[54:00] Superior sales and distribution by itself can create a monopoly, even with no product differentiation. The converse is not true.[56:00] Advertising doesn't exist to make you buy a product right away; it exists to embed subtle impressions that will drive sales later. Anyone who cannot acknowledge its likely effect on himself is doubly deceived.----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders PodcastThe podcast and artwork embedded on this page are from David Senra , which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.
What I learned from rereading Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel.This episode is brought to you by: Tiny: The easiest way to sell your business. Quick and straightforward exits for Founders. Fable: Make your product accessible to more people. Tegus is a search engine for business knowledge that's used by Founders, investors, and executives. Subscribe to listen to Founders Daily (my new daily podcast)[4:01] Jobs's return to Apple 12 years later shows how the most important task in business-the creation of new valuecannot be reduced to a formula and applied by professionals.[5:00] A really important sentence to understand one of the main points in Peter's book: Apple's value crucially depended on the singular vision of a particular person.[5:00] A unique founder can make authoritative decisions, inspire strong personal loyalty, and plan ahead for decades.[6:00] Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue and Zero to One: Notes on Startups, or How to Build the Future (Founders #31)[7:00] Properly understood, any new and better way of doing things is technology.[8:00] By creating new technologies we rewrite the plan of the world.[9:00] The paradox of teaching entrepreneurship is that such a formula necessarily cannot exist; because every innovation is new and unique, no authority can prescribe in concrete terms how to be innovative.The single most powerful pattern I have noticed is that successful people find value in unexpected places, and they do this by thinking about business from first principles instead of formulas.[10:00] The minute that you understand that you can poke life and actually something will pop out the other side, that you can change it, you can mold it. That's maybe the most important thing. It's to shake off this erroneous notion that life is there and you're just gonna live in it, versus embrace it, change it, improve it, make your mark upon it. —Steve Jobs[11:00] Brilliant thinking is rare, but courage is in even shorter supply than genius.[13:00] A startup is the largest group of people you can convince of a plan to build a different future. A new company's most important strength is new thinking.[14:00] What follows is not a manual or a record of knowledge but an exercise in thinking. Because that is what a startup has to do: question received ideas and rethink business from scratch.[14:00] The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders #233)[17:00] Their casual way of conducting affairs did not appeal to me. — Random Reminiscences of Men and Events by John D. Rockefeller (Founders #148)[18:00] My number one repeated learning in life: There Are No Adults. Everyone's making it up as they go along. Figure it out yourself, and do it. —Naval Ravikant[19:00] Bill Gurley's answer to the question For people who were there, does this feel like dot-com bust level unwiding yet? Yes. Link to tweet[21:00] Peter's 4 principles for founders:1. It is better to risk boldness than triviality.2. A bad plan is better than no plan.3. Competitive markets destroy profits.4. Sales matters just as much as product.[22:00] The most contrarian thing of all is not to oppose the crowd but to think for yourself.[22:00] By “monopoly,” we mean the kind of company that's so good at what it does that no other firm can offer a close substitute.[24:00] Every business is successful exactly to the extent that it does something others cannot.[25:00] Durability has always been a first rate virtue in Charlie's eyes. — Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90)[27:00] If you focus on near-term growth above all else, you miss the most important question you should be asking: will this business still be around a decade from now?[27:00] There is no shortcut to monopoly[28:00] A substantive advantage makes your product difficult or impossible to replicate.[30:00] The perfect target market for a startup is a small group of particular people concentrated together and served by few or no competitors.[32:00] Shallow men believe in luck. Strong men believe in cause and effect.[32:00] Victory awaits him who has everything in order.[33:00] My heroes are people who took epic journeys into the unknown often at substantial personal risk. I am simply following the path that they carved into history. —Explore/Create My Life in Pursuit of New Frontiers, Hidden Worlds, and the Creative Spark by Richard Garriott.[35:00] Instead of pursuing many-sided mediocrity and calling it "wellroundedness," a definite person determines the one best thing to do and then does it. She strives to be great at something substantive— to be a monopoly of one.[36:00] Long-term planning is often undervalued by our indefinite short-term world.[39:00] Monopoly businesses capture more value than millions of undifferentiated competitors.[40:00] Most startups fail and most venture funds fail with them.[43:00] You cannot trust a world that denies the power law to accurately frame your decisions for you, so what's most important is rarely obvious. It might even be a secret.[44:00] I also believed then, as I do now after more than fifty years as a money manager, that the surest way to get rich is to play only those games or make those investments where I have an edge. — A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222)[45:00] Schlep Blindness by Paul Graham [46:00] Great companies can be built on open but unsuspected secrets about how the world works.[47:00] Conspiracy: A True Story of Power, Sex, and a Billionaire's Secret Plot to Destroy a Media Empire by Peter Thielby Ryan Holiday[48:00] The best entrepreneurs know this: every great business is built around a secret that's hidden from the outside.[51:00] Keith Rabois on Peter Theil insisting on focus[54:00] Superior sales and distribution by itself can create a monopoly, even with no product differentiation. The converse is not true.[56:00] Advertising doesn't exist to make you buy a product right away; it exists to embed subtle impressions that will drive sales later. Anyone who cannot acknowledge its likely effect on himself is doubly deceived.I use Readwise to organize and remember everything I read. You can try Readwise for 60 days for free https://readwise.io/founders/—Subscribe to listen to Founders Daily—“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast
This episode's guest is a longtime holder of Berkshire stock and has been an avid student of Buffett's style of value investing since meeting the legendary investor at Stanford Business School in the early 1980s. He is Tom Russo, managing member of the investment advisory firm Gardner Russo & Quinn, where he oversees the Semper Vic Partners Funds, which he launched in 1983 after hearing Buffett address his class at Stanford. The global value manager focuses on owning a small group of exceptionally well-managed, well-known brand name firms, many family-owned, with dominant, almost unassailable positions in their mostly consumer-oriented businesses, and then holding them pretty much forever. Berkshire Hathaway has consistently been one of his largest positions. In this weekend's interview, we will learn how Buffett's talk in graduate school made such a huge impression on him. WEALTHTRACK #1913 broadcast on September 23, 2022 More Info: https://wealthtrack.com/how-a-concentrated-portfolio-of-global-brand-name-companies-is-faring-in-this-challenging-market/ Part 1 on portfolio concentration: https://wealthtrack.com/how-a-concentrated-portfolio-of-global-brand-name-companies-is-faring-in-this-challenging-market/ The Winston Churchill Foundation of the United States: https://www.churchillscholarship.org/ Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger: https://amzn.to/3UxRatE --- Support this podcast: https://anchor.fm/wealthtrack/support
Rajeev Agrawal is the Fund Manager & Managing Partner at DoorDashi India Fund. For this episode, Rajeev has picked one of our favorite books - Poor Charlie's Almanack - with wisdom from Charlie Munger, compiled by Peter Kaufman. Our conversation is an educational and inspiring discussion of how the ideas can be applied practically in our strive to become first-class investors.The episode was recorded on May 23, 2022. For more info about the podcast, go to the episode page. Follow us on Twitter: https://twitter.com/IB_Redeye—————————————Episode Chapters(00:00) Intro to Rajeev Agrawal(03:15) About the bible(05:33) Intro to Peter Kaufman(07:00) Applying Poor Charlie's Almanack(15:01) Chapter 1: A Portrait of Charles T. Munger(24:08) Chapter 2: The Munger Approach to Life, Learning and Decision Making(43:08) Chapter 3: Mungerism: Charlie Unscripted(49:26) Chapter 4, Speech 11: The Psychology of Human Misjudgment(1:06:19) Investing in India(1:12:04) Book recommendations—————————————Books MentionedPoor Charlie's Almanack - Peter KaufmanThe Education of a Value Investor - Guy SpierBerkshire Hathaway Letters to ShareholdersThe Most Important Thing - Howard MarksThere's Always Something to Do - Christopher Risso-GillThe Intelligent Investor - Benjamin GrahamThink and Grow Rich - Napoleon HillThinking Fast and Slow - Daniel KahnemanInfluence - Robert CialdiniFooled by Randomness - Nassim Taleb—————————————More on Rajeev AgrawalDoorDarshi: https://www.doordarshiadvisors.com/LinkedIn: https://www.linkedin.com/in/rajeevagrawal/Twitter: https://twitter.com/rajeev_agr—————————————About the podcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books—————————————What is Investing by the Books?Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/Follow on Twitter: https://twitter.com/Investbythebook—————————————What is Redeye?Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/Follow on Twitter: https://twitter.com/Redeye_—————————————DisclaimerNotice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
Welcome to the Real Estate Ballers Show. In this episode, Vee is joined by Shenoah Grove of Texas Real Estate Investor Associations.Shenoah Grove is a fourth generation Texas real estate investor. She started investing in 2003 and became a full-time investor in 2004. Shenoah and her husband, Phillip Grove, have transacted over 1,000 real estate deals. Shenoah joined her local real estate investing association in Austin in 2003 and started to lead it in 2004 and formally purchased the association in 2008. In 2013 Shenoah created associations throughout Texas with monthly meetings in Austin, Dallas, Houston, and San Antonio. Every month hundreds of members, guests and vendors attend. If you'd like to attend a meeting, head over to www.TexasREIAS.com to get started in your investing.Shenoah is a licensed Texas Realtor (#0518223) and Broker (#0591721). She has her undergraduate degree from the University of Texas at Austin and her MBA from Rice University. Shenoah, Phill and their son, Zilker, live in the Barton Creek community in Austin, TX. She actively invests in single family and commercial real estate throughout Texas.Vee, the founder of REBallers, is a franchise owner and a Developmental Agent of HomeVestors “We Buy Ugly Houses”. Today, Vee is actively buying and selling properties in Houston, Austin, San Antonio, and Corpus Christi, TX while growing her rental portfolio of long-term and short-term rentals.Follow us on Social Media:Instagram @reballersFacebook: https://www.facebook.com/REBallersLinkedIn: https://www.linkedin.com/company/reballers/Join our community:https://www.facebook.com/groups/1764098016997548Wanna be on our show? Email info@reballers.comOther links and people mentioned in this episode:Shenoah Grove and Phil Grovewww.TexasREIAS.comPoor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger by Peter Kaufman, Warrant Buffett, and Charles T MungerPlease visit our sponsor, which made this episode possible: Buzz Vacation Rentals, a premier short-term and vacation rental manager in Houston and Galveston, helps investors to maximize earnings on their investment properties. https://buzzvacationrentals.com/If you enjoy the show, would you please leave us a short review on Apple Podcast? It takes less than a minute, and it really makes a difference in helping to spread the words. I also love to read them and share them with our guests!Disclaimer: All information, content, and materials available in these episodes are designed for educational and inspirational purposes only. We are not financial advisers. We only express my opinion based on our experience. Your experience may be different. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments#therealestateballersshow #reballers
You will need to strap in with your seat belt on for this podcast. Pouya and I have a very fast paced, value-driven conversation about life, sales and just what you could be reading or doing right now to change your mindset and your results. Come. Join me. Listen in. You're going to love this episode. ** Quotes: “Don't wish it was easier, wish you were better. Don't wish for less problems, wish for more skills. Don't wish for less challenge, wish for more wisdom” - Jim Rohn “Long term relationships over short term transactions, that's been a belief of mine for a very long time.” - Pouya Haidari “People buy you, it doesn't matter what the product or service is. If you can focus on people buying you, first and foremost - you are always going to be successful.” - Pouya Haidari “When it comes to negotiations, the person with the most convictions, always wins.” - Pouya Haidari “A sale at the end of the day is a transfer of energy. It is very important how you do that, how you actually communicate with people. It needs to come from a real authentic place.” - Pouya Haidari “I wanna live a truly fulfilled life on my own terms.” - Pouya Haidari “Desperation is actually a bigger driving force than inspiration.” - Pouya Haidari “When it comes to business, entrepreneurship, and sales - your business, success and results are a direct reflection of who you are.” - Pouya Haidari Connect with Pouya Haidari: https://www.pouyahaidari.com/optin1608645903994 https://www.facebook.com/profile.php?id=617634661 https://www.instagram.com/pouyahaidari/ https://twitter.com/Pouyahaidari https://www.linkedin.com/in/pouya-haidari-815081200/?originalSubdomain=ca https://www.youtube.com/channel/UC_WiBwZ5qosTAiBS7uOrjHw Mentioned in the interview: https://www.jimrohn.com/ https://www.proctorgallagherinstitute.com/ https://www.briantracy.com/ https://www.naphill.org/ https://www.floydwickman.com/ https://www.linkedin.com/in/mohnish-pabrai https://economictimes.indiatimes.com/markets/stocks/news/tips-from-nicholas-sleep-why-good-investing-is-a-minority-sport-and-over-diversification-is-a-bad-idea/articleshow/82654772.cms?from=mdr Books: **As an Amazon Associate I earn from qualifying purchases** Chris Voss - Never Split the Difference: Negotiating as if Your Life Depended on It https://amzn.to/3jnRpHo Chris Voss - Never Split the Difference: Negotiating As If Your Life Depended On It Kindle Edition https://amzn.to/3Dmh3Ei William Green - Richer, Wiser, Happier https://amzn.to/3mJk23Z William Green - Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life Kindle Edition https://amzn.to/3mJkFdR Charlie Munger - Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition https://amzn.to/2WBAGYv Ray Dalio - Principles: Life and Work https://amzn.to/3mLdFwW Ray Dalio - Principles: Life and Work Kindle Edition https://amzn.to/2WuDlmq Jordan Peterson - 12 Rules for Life: An Antidote to Chaos https://amzn.to/3sX20MA Jordan Peterson - 12 Rules for Life: An Antidote to Chaos Kindle Edition https://amzn.to/2Ya2q72 George S. Clason - The Richest Man in Babylon: The Success Secrets of the Ancients--the Most Inspiring Book on Wealth Ever Written https://amzn.to/2V3sMqc George S. Clason - The Richest Man in Babylon Kindle Edition https://amzn.to/38mY5z0 Bob Burg - The Go-Giver: A Little Story About a Powerful Business Idea https://amzn.to/3sZOkjL Bob Burg - The Go-Giver: A Little Story About a Powerful Business Idea Kindle Edition https://amzn.to/3Bix6kG Bob Burg - Go-Givers Sell More https://amzn.to/38pOPdK Bob Burg - Go-Givers Sell More Kindle Edition https://amzn.to/3zt9Wb1 Bob Burg - The Go-Giver Leader: A Little Story About What Matters Most in Business https://amzn.to/3js6CXP Bob Burg - The Go-Giver Leader: A Little Story About What Matters Most in Business Kindle Edition https://amzn.to/2XZ8lvu Bob Burg - The Go-Giver Influencer: A Little Story About a Most Persuasive Idea https://amzn.to/3gIzSrN Bob Burg - The Go-Giver Influencer: A Little Story About a Most Persuasive Idea (Go-Giver, Book 3) Kindle Edition https://amzn.to/3gEB8ft ** My bio goes something like this... I am going to make everything around me beautiful - that will be my life. (Elsie De Wolfe) This quote is my subtle mission in life... I'm a mom to an amazing little girl, girlfriend to an amazing man, a social marketer with an amazing online values driven company, podcaster, thought leader, and the Editor-in-Chief of an online publication. I find a ton of my life's joy in connecting people, to other people, places and things. I love speaking, writing, creating, traveling and connecting. A natural leader and disruptor, I have a passion for helping men and women to trust the niggle (trust themselves), tell the truth (boundaries are an amazing thing) and speak, even when their voice shakes. I'm a champion for the underdog, can't doesn't exist in my vocabulary and I believe that taking radical responsibility in your life changes everything. Curious to know more? https://linktr.ee/CandiceSmiley Modere.com or Modere.ca : 5579027 BIOCELL LIFE SAVE $10.00 CODE: https://www.modere.ca/ProductDetail/liquidbiocell-life-ca/?referralCode=5579027 DISCLOSURE: I USE MY WEBSITE, MAGAZINE AND SOCIAL MEDIA PLATFORMS TO CREATE THE INCOME THAT SUPPORTS MY LIFESTYLE. WHEN YOU FOLLOW ME POSTS/ARTICLES/PAGES/ESSAYS MAY CONTAIN AFFILIATE LINKS, MEANING I GET A COMMISSION IF YOU DECIDE TO MAKE A PURCHASE THROUGH MY LINKS, AT NO COST TO YOU. PLEASE READ MY DISCLOSURE FOR MORE INFO Musique credit Tiffany Sparrow and Chinmaya Dunster www.tiffanysparrow.com www.sparrowharmonix.com/#music Special thank you to Angel Carrola Hennig for making this podcast happen @faithinsmallhands @angelcarrolahennig
Charles Thomas Munger is an American investor, businessman, and philanthropist. He is vice president of Berkshire Hathaway.Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger**********I would really appreciate it if you left a short review on Apple Podcasts/iTunes! It takes only a minute and I love reading the reviews!Sign up for Naeem's newsletter: https://sendfox.com/lp/1jj6n6 Interested in sponsoring the podcast? Email naeem@naeemmahmood.comFollow Naeem:Twitter: twitter.com/NaeemMahmoodInstagram: instagram.com/moodventuresFacebook: facebook.com/iamnaeemmahmoodYouTube: https://bit.ly/2P4EdWAGet My Q2 Preparation, FOCUS, And Execution Process!https://sendfox.com/lp/mnojylJoin the Peak Performance Humans Private Facebook Group -https://www.facebook.com/groups/362913535100673About Naeem Mahmood:Naeem is a world renowned Peak Performance Coach and lifestyle entrepreneur. He graduated with honors from NYU where he studied economics and played on the basketball team. He started his professional career working in private equity and then at a fund of hedge funds on Wall Street in New York City. From there he worked for a venture capital firm and then on a tech startup in Silicon Valley. After realizing the traditional forms of success in the forms of money, status and prestige wouldn't bring him the fulfillment he wanted he started studying personal development. He worked for Tony Robbins as one of his top five national speakers and corporate business trainers. While working for Tony he travelled all across North America meeting with some of the most successful entrepreneurs and companies such as Google, Salesforce, Berkshire Hathaway, JP Morgan Chase. He works with businesses to optimize their revenues but more importantly their mindsets and well-being. He coaches entrepreneurs and business owners to build prosperous and purposeful businesses structured around their ideal lifestyle.
“We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.” ― Charles T. Munger This further proves the point that reading is so fundamental to being an investor. Start with what you know and with what you love. If you don't understand a business as if you owned the company, stop and move on to the next company. This is the most important, and perhaps the easiest to overlook, part of Rule #1 investing. When you think of buying stocks, think of it as purchasing the entire business. Once you find a business that you love, your next step is to research the company inside and out, by reading 10-K reports and any articles you can get your hands on. You can start by thinking about all of the things you are talented at, and make a list. This can be things like running, playing piano, creative writing, and more. Next, think about where your passions lie. Maybe you love reading, seeing new movies, or giving back to the community! Lastly, make a note of all the ways you're already spending your money. Do you go out to eat? Do you buy new clothes regularly? Do you travel a lot? These are things you might want to consider when finding excellent companies to invest in. In this episode of the InvestED podcast, Phil and Danielle discuss more of their favorite Charlie Munger quotes, and explain why researching companies you already know and love is a critical step in investing. Learn how to pick Rule #1 approved stocks with this 3-Circles Guide. Click the link here to download: https://bit.ly/3x7ABcb Learn more about your ad choices. Visit megaphone.fm/adchoices
Charles Thomas Munger is an American investor, businessman, and philanthropist. He is vice president of Berkshire Hathaway. Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger**********I would really appreciate it if you left a short review on Apple Podcasts/iTunes! It takes only a minute and I love reading the reviews!Sign up for Naeem's newsletter: https://sendfox.com/lp/1jj6n6 Interested in sponsoring the podcast? Email naeem@naeemmahmood.comFollow Naeem:Twitter: twitter.com/NaeemMahmoodInstagram: instagram.com/moodventuresFacebook: facebook.com/iamnaeemmahmoodYouTube: https://bit.ly/2P4EdWAGet My Q2 Preparation, FOCUS, And Execution Process!https://sendfox.com/lp/mnojylJoin the Peak Performance Humans Private Facebook Group -https://www.facebook.com/groups/362913535100673About Naeem Mahmood:Naeem is a world renowned Peak Performance Coach and lifestyle entrepreneur. He graduated with honors from NYU where he studied economics and played on the basketball team. He started his professional career working in private equity and then at a fund of hedge funds on Wall Street in New York City. From there he worked for a venture capital firm and then on a tech startup in Silicon Valley. After realizing the traditional forms of success in the forms of money, status and prestige wouldn’t bring him the fulfillment he wanted he started studying personal development. He worked for Tony Robbins as one of his top five national speakers and corporate business trainers. While working for Tony he travelled all across North America meeting with some of the most successful entrepreneurs and companies such as Google, Salesforce, Berkshire Hathaway, JP Morgan Chase. He works with businesses to optimize their revenues but more importantly their mindsets and well-being. He coaches entrepreneurs and business owners to build prosperous and purposeful businesses structured around their ideal lifestyle.
What I learned from reading Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.Upgrade now to automatically unlock every full length episode. You will get access to 183 full-length episodes available nowhere else. A new episode is added every week. Learn the key insights from biographies on Steve Jobs, Elon Musk, John D. Rockefeller, Coco Chanel, Andrew Carnegie, Enzo Ferrari, Dr. Suess, Estee Lauder, Jeff Bezos, Warren Buffett, Charlie Munger, Phil Knight, Joseph Pulitzer, Arnold Schwarzenegger, Bill Gates, P.T. Barnum, Edwin Land, Henry Ford, Walter Chrysler, Thomas Edison, David Ogilvy, Ben Franklin, Howard Hughes, George Lucas, Levi Strauss, Walt Disney and so many more. Learn from the founders of Nike, Patagonia, Apple, Microsoft, Hershey, General Motors, Ford, Standard Oil, Polaroid, Home Depot, MGM, Intel, Federal Express, Wal Mart, JP Morgan, Chrysler, Cadillac, Oracle, Hyundai, Seagram, Berkshire Hathaway, Teledyne, Adidas, Les Schwab, Renaissance Technologies, IKEA, Sony, Ferrari, and so many more. Subscribe now by tapping this link.
My guest today is Ryan Petersen, founder and CEO of Flexport. Flexport is a technology platform for global trade. In this conversation, Ryan takes us through the fragmented world of international freight shipping, and we dive deep into the history and inefficiencies of the system. We also cover how shipping containers were standardized, how new protocols get adopted internationally, and the challenges of doing business in the “no man's land” of international waters. Ryan is the type of entrepreneur I enjoy talking to most: he has incredible domain knowledge, high energy and is tackling an enormous global problem. I hope you enjoy my conversation with Ryan Petersen. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more. ----- This episode is brought to you by DigitalOcean. DigitalOcean provides founders and creators with the platform they need to get their website and apps off the ground, all with low-bandwidth pricing to save them money over other cloud providers. If you are looking for the best place to build web apps or API backends on robust infrastructure, DigitalOcean is the place for you. They provide a fully managed solution that handles your infrastructure, operating systems, databases, and other dependencies, on their new App Platform product. App Platform makes it easy to build, deploy, and scale apps. Get started for free at do.co/founders. ----- Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:03:24] - [First question] - Overview of what Flexport does [00:04:49] - His introduction into the world of shipping [00:06:49] - Difference between parcel and freight [00:08:53] - Market cap of the overall shipping industry [00:09:24] - Fragmentation of shipping and what Flexport is solving for [00:12:52] - Worst parts of the shipping world [00:15:34] - Improving the tech behind the shipping container [00:19:06] - Why the shipping container changed the world [00:19:07] - The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger [00:21:27] - Teams and outsider perspectives in solving problems [00:22:34] - How their business could make shipping more efficient and reduce costs [00:25:24] - Where the margins and profits are made in shipping [00:25:49] - Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger [00:27:11] - The finance side of shipping [00:28:56] - Maritime law and the ocean [00:30:57] - How much is left in the digitization of shipping [00:32:48] - The perfect state of shipping using Flexport [00:38:19] - Investing in hard assets to expand the business [00:41:03] - Lessons about building a business and global coordination [00:43:15] - Multidisciplinary thinking among their team [00:44:04] - Global supply chain issues in light of Covid and ocean policing [00:44:15] - Peter Zeihan Podcast Episode [00:47:59] - Testing out demand in the beginning [00:50:28] - The process of testing out new ideas and killing off losers [00:52:33] - Important lessons/themes for founders [00:54:51] - Hardest learned lesson, fundraising [00:58:06] - Other opportunities in shipping [00:59:47] - Lessons for creating a new standard [01:02:22] - Using their standardization to improve global relief work [01:04:40] - Creating synchronicity in a company [01:07:09] - What he’s excited about for the future [01:07:53] - Kindest thing anyone has done for him
若你知道股神華倫．巴菲特（Warren Buffett），那你一定也要認識他背後的推手—查理．蒙格（Charles T. Munger），兩人是摯友也是投資夥伴，共同創造了波克夏公司的投資傳奇。對於如何成功，查理．蒙格於1986年給洛杉磯哈佛西湖學校畢業生的演講，講題竟是「如何讓自己的生活悲慘」，並提出4個藥方貫徹他的「逆向思維原則」。 . 究竟該如何讓自己（不）過得悲慘？一起來聽聽YouTube《閱部客》頻道創辦人「水丰刀」讀《窮查理的普通常識》。 . 主持｜張燕宜（誠品職人） 來賓｜水丰刀（YouTube《閱部客》頻道創辦人） . ▍重點摘要 01:28 你認識查理．蒙格嗎？股神巴菲特的好球帶理論靈感來自他！ 05:31 如何讓自己生活悲慘：查理．蒙格給畢業生的演講 07:47 查理．蒙格鼓勵畢業生之一：要反覆無常 11:37 查理．蒙格鼓勵畢業生之二：別從成功人士身上學習經驗 16:19 查理．蒙格鼓勵畢業生之三：持續意志消沉，從此一蹶不振 19:20 查理．蒙格鼓勵畢業生之四：忽略前人失敗的故事 19:52 檢查清單的必要：愈厲害的人愈容易犯簡單的失誤 24:13 主修設計卻選修經濟、商事法？大學就立志創業，水丰刀的跨領域學習 . ▍本集選書 窮查理的普通常識 >> http://bit.ly/2XCHDW0 -- ✉給誠品Podcast小組的心裡話｜https://pse.is/3n59qc
In this video I will talk about the Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger book by Charles T. Munger and Peter E. Kaufman . This book is about Munger and his approach to life, how he invests and think. He is an investment legend, everyone can learn from him. The books mentioned in the video: Annie Duke: Thinking in Bets https://youtu.be/QIdCmqOb60E Robert B. Cialdini: Influence: The Psychology of Persuasion https://youtu.be/cJjokHpuWpI Twitter: https://twitter.com/AttilaonthWorld YouTube channel: https://www.youtube.com/channel/UCADpTO2CJBS7HNudJu9-nvg Goodreads: https://www.goodreads.com/user/show/124834970-attila
In this episode, we are joined by Robert Hagstrom, who is an author, investment strategist, and portfolio manager. His books include The New York Times bestselling The Warren Buffett Way and The NASCAR Way: The Business That Drives the Sport and Investing: The Last Liberal Art, in which he investigates investment concepts that lie out with traditional economics. What Was Covered Robert's commitment to the “latticework” theory of investing, which is based on building connections between different mental models and disciplines The reasons that Robert views biology as the better discipline to think about markets rather than the physics based approach most commonly used in modern portfolio theory The risks of comparative analysis for decision making given our tendency to look for what is similar more than what is different Key Takeaways and Learnings Steps to being a better investor by using multiple models of comparison and analysis and observing multiple perspectives Robert's advice on the questions to ask yourself before investing in companies, and how he personally looks for growth in potential new investments How to think outside of traditional economic theory and use concepts from biology, philosophy, and psychology to make better business decisions Links and Resources Mentioned in this Episode Get in touch with Robert Hagstrom via email, LinkedIn or Twitter Equity Compass Strategies, website Investing: The Last Liberal Art, a book by Robert Hagstrom The Warren Buffett Way, a book by Robert Hagstrom The NASCAR Way: The Business That Drives the Sport, a book by Robert Hagstrom Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, a book by Charlie Munger
Business Book Movement - Notion360. Revisión Online del Libro: Poor Charlie's Almanack - Charles T. Munger. Invitada: Adrian Cuadros. Únete a nuestra comunidad en Discord a través del siguiente enlace: https://bookmovement.co/discord See acast.com/privacy for privacy and opt-out information.
This week we are joined by entrepreneur, author and venture capitalist, Brad Feld. Brad is a co-founder of Techstars, a platform for startups to access funding and entrepreneurial networking, and is also the co-founder of venture capital firm, Foundry Group. Brad is the author of several books on startups as well as an entrepreneurial advice blog. He sits on the board of several technology startups and was an early investor in Fitbit, Zynga, and Harmonix. What Was Covered How startup ecosystems have changed – and become more democratized – in the 30 years in which Brad has been active within them How digitization of production, distribution, customer relationships, etc., is making strategic “moats” much more penetrable than they were before How diversity of an ecosystem builds resilience but how our biases (both conscious and unconscious) make this difficult for us Key Takeaways and Learnings Those large organizations that are extracting greatest benefit from startup ecosystems are doing so not through control (typical of a hierarchy) but through engagement and feeding back learning into their own institution – creating high levels of “return on learning” This large company engagement with entrepreneurs also builds loyalty, so that as startups grow they can become a positive weapon rather than a threat Great innovation leaders combine continua practical skills development (getting good at your work) with endless and radical self-inquiry (embracing lifelong learning and exploration) Resources and Links Mentioned in this Podcast Brad's blogs Feld Thoughts and Venture Deals Get in touch with Brad on Twitter, LinkedIn and via email The companies co-founded by Brad Feld: Foundry Group, Techstars, Mobius Venture Capital The companies Brad invested in: Uber, Fitbit, Zynga, Harmonix Other mentions: Kauffman Foundation, Cox Enterprises, Amazon, Target, Metro, Barclays, Cedars-Sinai, Rover, Reboot.io Brad Feld's books The Ideal Financial Reporting Tempo for a VC-Backed Company, blog post published on Feld Thoughts (January 2017) Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, edited by Peter D. Kaufman Good to Great: Why Some Companies Make the Leap and Others Don't, a book by Jim Collins
Internet Business Mastery | Escape the 9-to-5. Make More Money. Start an Freedom Business, Now!
During my morning reading time I came across a quote I love and I'm going to share it with you. It reminded me of how I felt when I started my freedom business nearly 13 years ago. Back then, I gulped down information for like 6 months. Anything I could get my hands on. Good information on starting a business was a bit scarce, but I gathered it all. I was excited about all I was learning, but I was getting desperate. I still hadn't made any money. But I felt like I knew A LOT! If I could go back to that time I'd give myself this quote and message: "To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people." ― Charles T. Munger Just learning bits and pieces of information on starting a freedom business is worthless if you don't turn it into VALUE for someone else. Creating value for a very specific audience of people is where the money begins, the most important concept about making money is called the Value Cycle. The Value Cycle is so important to understand that Jason and I focused a big portion of our training, the Freedom Business Blueprint, on it, so you'd have the knowledge you need to get to the money side of freedom as quickly as possible. I added the step by step Freedom Business Blueprint to the Freedom Club, to make sure you have exactly what you need. It really is everything you need to go from Zero to Freedom, no joke! Best thing you can do is click the link below to watch the Value Cycle video right now: http://www.FreedomClubVIP.com Jeremy Frandsen World Leader in Freedom Business Education
What I learned from reading Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.If you want to listen to the full episode you’ll need to upgrade to the Misfit feed. You will get access to every full episode. These episodes are available nowhere else.As a bonus you will also get lifetime access to my notebook that contains key insights from over 285 podcasts and lectures on entrepreneurship.The Misfit Feed has no ads, no intro music, no interviews, no fluff. Just ideas from the greatest entrepreneurial minds in history. Upgrade now.
Support these videos: http://pgbovine.net/support.htmhttp://pgbovine.net/PG-Podcast-Hour-21.htm- [PG Podcast - Episode 15 - Robert Ikeda on pivoting from grad school to startups](http://pgbovine.net/PG-Podcast-15-Robert-Ikeda.htm) (Robert's first podcast appearance)- [Toastmasters](https://www.toastmasters.org/)- [CPython internals: A ten-hour codewalk through the Python interpreter source code](http://pgbovine.net/cpython-internals.htm)- [Web Programming Video Lectures](http://pgbovine.net/web-programming-lectures.htm)- [3Blue1Brown YouTube channel](https://www.youtube.com/channel/UCYO_jab_esuFRV4b17AJtAw)- [Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger](https://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018)- [Jordan Mechner's journals](https://www.jordanmechner.com/backstage/journals/) (Making of Karateka and Prince of Persia)- [Python Tutor C/C++ tests](https://github.com/pgbovine/opt-cpp-backend/tree/master/tests) (many of which came from my masters thesis in 2006)- [Philip's masters thesis](http://pgbovine.net/publications/Philip-Guo_Masters-thesis_mixed-level-dynamic-analysis.pdf)- [ISSTA 2006 paper that used my masters thesis work](http://pgbovine.net/publications.htm#inference_for_data_structure_repair_ISSTA_2006)- [Stardew Valley](https://en.wikipedia.org/wiki/Stardew_Valley)Recorded: 2019-08-11
Mental models help make sense of our innovative, complex, and volatile world. Charlie Munger, Nassim Taleb, and others use these on a regular basis to make an informed decision. Kaspars Vendelis joins the show to discuss mental model implementation. Who is Kaspars Vendelis? Cofounder of the biohacking.lv movement, community and organizer of the largest biohacking conference in the Baltics. Creator and founder of 3-day-live-program and online program RESTARTS for synchronizing brain, nervous system and life purpose. Renaissance man. Serial entrepreneur, healthy lifestyle and top performance promoter. Systemic improvement of wellbeing by science, technology and nature. Emphasizing the one neglected area of biohacking – social aspect. Author, communicator, public speaker and mentor of strategies to self-improvement, to high performance, to longevity (through mental models). Nowadays this biohacking is applied to raising 3 children, optimizing for sleep, right foods i.e. cooking, fasting, brain health, nervous, endocrine, cardiovascular systems. Highlights [5:20] The Biohacking Latvia Conference [7:12] Podcasts, frozen water, and Kaspars progression in Biohacking [15:42] What is a mental model? [25:43] Pattern Recognition [28:02] The Dunning-Krueger Effect [29:56] Heuristics [41:59] Farnam Street and other resources [44:31] Evernote and the external brain [45:14] Confirmation bias Resources Farnam Street Blog Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition Kindle Paperwhite The Great Mental Models by Shane Parrish Sovereignty with Jordan Greenhall Incerto by Nassim Taleb Continue Your High-Performance Journey with Kaspars Instagram Website Biohacking Latvia Sponsors Our sponsor today is Neurohacker Collective. Chairman, Jordan Greenhall has been on the show discussing Sovereignty and Medical Director, Dr. Daniel Stickler joined me to discuss Unleashing your Human Potential Through Epigenetics. The Original Stack and Qualia Mind are a part of a toolkit I use for whole system enhancement. The Original Stack has contributed to better sleep, focus, and stress resilience in my own life. You can also try Qualia Focus for a near term boost to accomplish the cognitively demanding task in front of you. Their latest product is Eternus. After years of research, Neurohacker created a formula to combat aging where it begins; at the cellular level. Eternus is a 38 ingredient formula containing the most researched and premium ingredients on earth for supporting cellular health, which is the key to combating aging. If you wanna try either Qualia, Qualia Mind, or Eternus go over to neurohacker.com, plug in the discount code ‘BOOMER’ and you’ll get 10% off your first order or 15% off any order if you subscribe. Disclaimer This information is being provided to you for educational and informational purposes only. This is being provided as a self-help tool to help you understand your genetics, biodata and other information to enhance your performance. It is not medical or psychological advice. Virtuosity LLC is not a doctor. Virtuosity LLC is not treating, preventing, healing, or diagnosing disease. This information is to be used at your own risk based on your own judgment. For the full Disclaimer, please go to (Decodingsuperhuman.com/disclaimer). See acast.com/privacy for privacy and opt-out information.
In this episode of Syntax, Scott and Wes talk all about side hustles with special guest Courtland Allen, from Indie Hackers! They talk about the story behind Indie Hackers, how to start your own side hustle, where to find ideas, listener questions, and more. LogRocket - Sponsor LogRocket lets you replay what users do on your site, helping you reproduce bugs and fix issues faster. It’s an exception tracker, a session re-player and a performance monitor. Get 14 days free at LogRocket. Freshbooks - Sponsor Get a 30 day free trial of Freshbooks at Freshbooks and put SYNTAX in the “How did you hear about us?” section. Show Notes 1:05 - What’s the back story behind Indie Hackers? 5:30 - What is a side hustle? 11:21 - How do you validate your idea? 13:15 - What are some different types of side hustles? 31:55 - What about people who don’t like marketing? 33:57 - What are some important pieces of side hustles? 39:04 - How do you sell a business? 42:40 - Listener Questions: Q: How do you stop the side hustle from affecting your main job in regards to things like overtime, sleep and commitment? Q: Should you frame yourself as a one-man-band or as a company? Q: Have you heard stories of people living in cheap places, making bank? Are there any white whales you have been chasing to interview? Links Carrd Balsamiq Mockups Flickity Nomad List Evan You Evan You Patreon Park.io Making $125,000 a Month as a Solo Founder with Mike Carson of Park.io Patreon Drift Stripe ××× SIIIIICK ××× PIIIICKS ××× Courtland: Post-it Notes and Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger Scott: Akimbo Wes: Elastic Wallet Shameless Plugs Courtland: IndieHackers Podcast Scott: Animating React Wes: CSS Grid Course Tweet us your tasty treats! Scott’s Instagram LevelUpTutorials Instagram Wes’ Instagram Wes’ Twitter Wes’ Facebook Scott’s Twitter Make sure to include @SyntaxFM in your tweets
This show is the last of season 2 and today I will encourage you yet again to take control of your life and work and dreams and ambitions by adopting the productivity techniques that I have talked about here on this podcast. Call it a motivational talk if you will, but by recapping on some of the key techniques I have introduced here, I will show you how you can gain back control of your life and take positive action to move forward. As usual, I will do a quick recap on last week’s episode before moving on to the main subject and that show simply recommended 5 more awesome and mostly free apps which are useful for improving your productivity. One thing I have discovered since releasing it is that Apple no longer has the Call Recorder app I recommended in their store, but I have linked in last week’s show notes to several similar apps in order to cover this. Sadly it does seem that Apple is charging for a number of apps that you get for free on Android but I guess that’s the way they roll. If you missed the episode then please go back and check it out as there are some awesome apps in there that will make your life a hell of a lot easier. I’ve wasted too much time on apps that are supposedly good for productivity but have turned out to be not much use in the long run. What I can guarantee is - if you adopt and utilise any of my suggestions, and it’s worth noting is that they are largely free to download and use, that you will thank me later. Can I just add that if you would like to recommend your own favourite apps for productivity for inclusion in a future episode then please get in touch as I’d really appreciate your input on this topic. THE LESSON Kenneth Branagh’s definition of success, he says, is CONTROL. This doesn’t mean that he’s a control freak - it just means that he wants to be driving the bus. In his career, in his personal life, in whatever he does. I believe that if you don’t actively take control by assuming a level of higher level thinking as I talked about in episode 1, then the chances of you getting where you want to go in your life, or in your career will be near zero. Getting yourself to a place where you are in CONTROL is the basis of this episode. It’s all too easy to get yourself into a state of mind where you feel trapped. Where you feel like you are missing out on your dreams or your goals and ultimately in your happiness because of a decision - or a series of decisions you had made along the way. Those decisions, oftentimes made out of necessity, which were the correct things to do at the time, might ultimately leave you with a feeling of dissatisfaction or indeed, downright unhappiness with where you are now in your life or your career. You may feel that although you are successful and happy in one area of your life and work that you have lost control or direction in another. I’ve called today’s show YOU HAVE THE POWER, but I was very close to calling it SAVE YOURSELF. You see buried under the weight of the day to day distractions, commitments, fears and anxieties that you find yourself sometimes lost or trapped within, it really is only you and ONLY YOU that has the power to get yourself out of trouble and back on track. My feeling is that unless you actively work to defeat these distractions and negative emotions that they will drag you down. They smother your hopes and dreams and cling to your time and your mental energy like barnacles – You have to take the hammer and chisel that the productivity techniques I talk about here offer you, and chip away these problems, one at a time. Once you start to do that you will soon get back control and create the ability to steer things in a direction of your choosing. Motivational writer and philosopher Steven Redhead says that you must “Start living by taking back the control of your life now! Create a life more in tune with your true desires.” There are a few parts to that statement I want to reiterate. The START LIVING part is essential – When you start to consider the larger picture, everything that follows will be driven by what you learn from it, and that can only happen if it goes hand in hand with the second essential part - CREATING A LIFE WHICH IS IN TUNE WITH YOUR DESIRES and I would add your VALUES. If you are unhappy, stressed, frustrated or simply lost, then you may feel that the life or career you’d hoped for is slipping away or is already so far out of reach that you have given up. You must remember though that stress and worry over your problems, depletes your energy reserves, solves nothing and actually blocks you from thinking about solutions. In the very first episode of the podcast I said that you should begin to work ON your life and career at the same time that you find yourself living and working IN it - and to do this you needed to develop that HIGHER LEVEL OF THINKING I mentioned a minute ago. I believe that we all have the power to take control, to a degree at least, over our lives but that it is only possible if we engage our minds in strategizing how to do it. Author of ALPHABET SUCCESS Tim Fargo said that “Who you are tomorrow begins with what you do today.” and that “If you want to get ahead you must slow down and focus”. Fargo’s advice to “slow down and focus” is the key to getting back control. Look back to my episode on KILLING THE MICROWAVE MINDSET for more advice on slowing down btw. With well thought out, focused strategies we can create long term plans to achieve what we seek in life. Author Steve Maraboli says “Incredible change happens in your life when you decide to take control of what you do have power over instead of craving control over what you don't.” Now productivity encapsulates a large degree of positivity, but sometimes I have to offer advice that is more of a REALITY SLAP than a positive affirmation of what you would like to hear. After I made my feature film, which was distributed by Cineworld and had some success, I was told by the main Scottish film funding organisation, that they would not fund my project development because someone else already had their backing and as someone new to the game there was simply nothing for me. They actually told me that they would NEVER fund me which was quite aggravating, but it was a REALITY which at least they were honest about. The reality slap I ask you to accept is that there is such a thing as SUPPLY and DEMAND. Everyone, right off the bat - can’t be the Director, or the Cinematographer, or the Writer, Designer, Lead Actor or Actress as these are limited positions. Some roles have tons of demand, while others have very limited demand. I don’t mean don’t aspire to that role, just don’t be shocked if the job isn’t there for you when you go looking for it and don’t be shocked if you have to be a camera assistant for a few years before the first opportunity comes along for you to be the DP. Remember that nobody owes you anything. Just because you want a position doesn’t mean someone is required to give you a job. You must demonstrate you can create value for people, or else they’ll find another person to get things done. Creating value means learning things other people don’t know btw. It means doing things other people aren’t willing to do. It sometimes means working for free to demonstrate you’re capable of performing. It means taking on tasks no one else wants and turning them into something better. It means working harder than everyone else. It means demonstrating you’re worth keeping around and worth paying for. And I want to just hammer this one home a bit further with this quote from Gary Vaynerchuk - “A penguin cannot become a giraffe, so just be the best penguin that you can be.” And one more by Charles T. Munger – He said “To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.” I wanted to make that point as there’s a fine line between confidence and delusion – and it’s important you recognise this. If you are getting hot and bothered about getting nowhere fast in your life or career, then persistence and patience maybe useful allies on your journey. If you’ve listened to this podcast for a while you’ll already have the productivity techniques at hand to help you clear the space in your life, your work, your time and your energy to take a breather for a wee while, make a plan and get yourself moving again… this time - in a direction of your choosing. I’m referring to the earlier Tim Fargo quote of course - “If you want to get ahead you must slow down and focus”. I’ve just spent 6 weeks (amongst other things it’s fair to say) writing, producing and hosting this podcast for which I receive no payment whatsoever but I’ve CHOSEN to do this and with that choice comes satisfaction. By assuming a position of Higher Level Thinking I realised that I at certain points in the year I can now afford to work on my own creative projects, this being one of them. I accepted that I don’t have full control over my year. That I can work on other cool and interesting projects with cool and interesting creative people during the larger part of the year to earn money and pay bills, but in the quieter parts of the year I have a tremendous opportunity to advance my own creative endeavours when my work is quiet. I am not sitting on a pile of cash here, but to a large degree at least I am in control of my own life and work. I don’t think there’s a one-size-fits-all answer to this question but I’d like you to ask yourself - WHAT DOES SUCCESS MEAN TO YOU? It’s something you simply must consider if you genuinely want to take control and move forward. WHAT EXACTLY ARE YOU TRYING TO ACHIEVE? I can’t help thinking of Simon Synek’s book FIND YOUR WHY when I talk about this SO perhaps you should also ask yourself WHY YOU WANT WHAT YOU WANT? If you know what you are trying to achieve, and why you want to achieve it, then you will be able to determine what success will mean to you. Making these decisions will mean that you can focus on what really matters. Peter Drucker says “Nothing is less productive than to make more efficient that which should not be done in the first place.”, and what we are getting down to here is what I talked about in episode 3. That to give yourself the best possible chance of success, you need to PRIORITIZE WHAT IS IMPORTANT OVER WHAT IS NOT. Considering, as I said before, WHAT YOU CAN CONTROL AND WHAT YOU CANNOT will also save you a lot of wasted time and effort. Do you understand? I could go into a number of other factors here, but that’s what the full podcast episodes are for. A contender for chief amongst the lessons here is that - you must look out for toxic people who will get their claws into your time and energy and ensure that your own dreams always come SECOND. Listen to Episode 24 for advice on that one, or Episode 18 for advice on protecting your mental energy as that’s way up there in importance too, but I’m going right back to episode 2 to give you the final piece of advice on gaining control… You have to - have to - HAVE TO – Learn to say NO. Zig Ziglar says “The first step to getting what you want is to have the courage to get rid of what you don’t.” I’ve written a note on my board for season 3 to do an episode on PEOPLE PLEASING which is a big problem for some of us, and it ’s likely a huge problem for you if you have trouble saying NO to people. Here’s the thing though. Unless you can find the strength within you to start saying NO to things that do not further your own dreams or goals in some way, then you will forever be putting your own dreams and goals second or third or tenth in line to someone else’s and you will NEVER gain control of your own life, or work or creative endeavours. Go right back to episode 2 and have a listen, it’s one of my earlier ones so forgive me if it’s less polished but check it out and take note as YOU ABSOLUTELY MUST LEARN TO SAY NO - you must get over this in built need to people please as the cost is too high. STOP WORRYING ABOUT UPSETTING PEOPLE – If they do get upset because you say NO is that someone you even want in your life anyway? Your life won’t fall apart because you’ve prioritised your own things over theirs. STOP FEELING GUILTY – Why is saying NO to someone causing you this guilt? Saying NO to someone isn’t a moral issue. Saying NO to someone isn’t doing anything wrong – so why feel guilty about it? The fact is that saying NO is doing something right for you, and in the long run saving you stress through overwhelm of over commitment. Stella Adler has a quote for actors which I think I can hijack for general use on this point. She said – “You need a kind of aggression, a kind of inner force. Don't be only one-sided, sweet, nice, good. Get rid of being average. Find the killer in you.” Maybe you need a bit of that killer instinct to get what you want too. James Doohan, who played Scotty in Star Trek served as a captain in the Canadian Forces and led men into battle on D-Day, said later in life that he didn’t want control, he just wanted to be told what to do. He said he’s spent his military years ordering people about and when that career ended he just wanted to be the best actor he could be. At a glance that may seem that he didn’t want control but he made his decisions along the way, became the best actor he could be and he was happy. Remember that to be in control you don’t have to be the boss. “You can influence, direct and control your own environment. You can make your life what you want it to be.” Napoleon Hill, unquote. CALL TO ACTION As this is the last episode of the series, their likely won’t be any more than the odd inbetweenisode for about 3 months, so I think that’s plenty of time for me to give you a major Call To Action. If you want to gain control over your life, or your career, or your training, or your creative projects, or free time, or whatever you set your mind to then take the steps I have discussed and that I list here now to do so. Remember too to write all it down as when you take that action it greatly increases the odds of your succeeding in your endeavour. DECIDE ON WHAT SUCCESS MEANS TO YOU. Decide what you are trying to achieve. SAY NO TO ANYTHING THAT DOESN’T FURTHER YOUR DREAMS, GOALS AND AMBITIONS. This will find you time you thought you never had. PRIORITISE WHAT IS IMPORTANT OVER WHAT IS NOT. MAKE A PLAN. Write it down and stick to it. Slow down. PLAY THE LONG GAME. And 5 – BE CONFIDENT BUT NOT DELUSIONAL. If you follow these steps and you will gain control, slowly but surely over your life. Take control and make your life happy. ENDING Internationally renowned psychologist Irene Kassorla said, “The pen that writes your life story must be held in your own hand.” So if you feel trapped, restricted or cornered in some way don’t worry. This too shall pass. Take the steps I suggest to gain back control. You’re going to be ok. Everything is going to be alright. Thanks once again for taking the time to join me on this season. I hope it’s been beneficial and enjoyable for you to do so. I’ll take this opportunity to recommend a few filmmaking podcasts which you may find of interest. Check out Alex Ferrari’s awesome, Indie Film Hustle, Ian O’Neill’s How They Did It Filmmaking podcast, The Filmmakers Podcast which has a number of presenters, but I’ll give a shout out to Giles Alderson as he’s a great supporter of this show, and finally the very first podcast I listened to, the brilliant, Dave Bullis Podcast as I’ve been looking for an opportunity to plug it all season and it’s a great show. Next season I’m considering splitting the show with a new format of 6 interviews with productivity authors and 6 solo shows, but you’ll just have to wait and see what happens. It will come around in approximately 3 months and if you’re very lucky you will get a bonus inbetweenisode or two in the break. Please follow the show on Facebook @filmproproductivity or on twitter @filmproprodpod if you’d like to stay up to date with what’s going on. I also have personal accounts on Instagram and twitter @fight_director Now, take control of your own destiny, keep on shootin’ and join me next season on Film Pro Productivity. The music you are listening to right now is Adventures by A Himitsu. You can view the show notes for this episode at filmproproductivity.com PLEASE get in touch via the contact page on the website if you would like to suggest new topics for the show and I encourage you to use the Speak Pipe Voicemail service there as I love to hear who is listening – it’s completely free to use. Please support this podcast by subscribing, leaving an AWESOME review preferably on iTunes where it really seems to matter in podcast terms and by spreading the word and getting folk to listen. That’s why I do this after all. Have a great summer! Thanks: A Himitsu Music: Adventures by A Himitsu https://www.soundcloud.com/a-himitsu Creative Commons — Attribution 3.0 Unported— CC BY 3.0 http://creativecommons.org/licenses/b... Music released by Argofox https://www.youtu.be/8BXNwnxaVQE Music provided by Audio Library https://www.youtu.be/MkNeIUgNPQ8 ––– • Contact the artist: x.jonaz@gmail.com https://www.facebook.com/ahimitsu https://www.twitter.com/ahimitsu1 https://www.youtube.com/channel/UCgFwu-j5-xNJml2FtTrrB3A Sources: http://www.sean-johnson.com/why-you-cant-be-anything-you-want-to-be/ https://www.youtube.com/watch?v=Lc4Y72CpHwQ
My guest this week is a bundle of curiosity, and that is one of the nicest things I could say about someone. For several years, Tren Griffin has been writing a weekly blog post that highlights things he has learned from various investors, businesspeople, musicians, comedians, and more. Lately, he has also been tackling individual businesses, and broad topics like scaling, competitive forces, and product market fit. Tren’s full time job is serving as a director at Microsoft. He’s also worked with or for several well know businesspeople and investors like Craig McCaw, and written several books including one on lessons for entrepreneurs, one on Charlie Munger, and another on negotiation. We discuss value creation vs. value capture, alpha in investing, sales, hip hop, and why he’d teach high school students about convexity through a drunk driving analogy. I could have talked to Tren for much longer than I did, but sadly, we both had flights to catch. If you take anything away from this, I hope its just how much fun it is to just be curious about business, and how you can learn a tremendous amount if you just keep reading about the things that interest you and talking to others. Please enjoy my conversation with Tren Griffin. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes 2:26 – (First question) – key levers of the universal business model 4:26 – How do you know when you’ve achieved real value creation 6:24 – Importance of value capture and how they enhance value creation 6:31 – Zero to One: Notes on Startups, or How to Build the Future 9:08 – Price power 10:28 – Are discussions of moats more useful to businesses than to investors 13:12 - What Tren learned during his early years working with Craig McCaw 16:28 – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success 16:36 – The skill of capital allocation 18:37 – How would Buffett and Munger bet on tech if they were starting out today and their philosophy of betting against change 21:57 – How Tren became so fascinated with Charlie and what he’s learned from him 22:32 – The Alchemy of Finance 23:17 – Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger 23:19 – Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger 25:21 – Most memorable moment or lesson from Charlie 28:19 – There are more pockets of Alpha 19:20 – How he thinks about factor investing 31:25 – What are the scalability features that make a business attractive 31:28 – A Dozen Attributes of a Scalable Business 35:37 – Exploring some of the other important levers of businesses, such as subscriptions, customer acquisition cost, and more. 36:20 – Getting to Yes: Negotiating Agreement Without Giving In 37:11 – Wholesale transfer pricing 39:18 – Pros and cons of subscription business models 43:14 – Magic of getting products distributed 44:58 – Best sale Tren’s ever made 46:46 – Most important lesson for young people 49:01 – Any businesses that are piquing Tren’s interest right now 50:16 – Tren’s interest in hip-hop and how it helps him reach more people 53:49 – A look at some interesting quotes from Jim Barksdale 58:22 – Learning by doing 1:00:48 – Seeing like a State: How Certain Schemes to Improve the Human Condition Have Failed 1:01:06 – Period of his career that he felt most alive 1:03:03 – Advice for young people thinking about business and entrepreneurship 1:04:56 – Why are so few people passionate about what they do for a living 1:10:44 – Kindest thing anyone has done for Tren Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag
On today's episode, Charles Roberts and I talk with Scott Trench. A few weeks ago we heard Scott speak as a panelist at the Investor Success Summit and were very impressed by his articulate and insightful answers. I grabbed Charles at the break and said, "We need to get Scott on our podcast, he's got too much great information to share." Charles agreed and we quickly tracked Scott down. Scott is also the author of "Set for life: Dominate Life, Money and the American Dream." We read his book in preparation and were blown away by not only the concepts, but also how he presented them. Charles and I both agreed that this is one of the best wealth building books we've ever read. You know us, we don't recommend things very often. But we both strongly recommend reading Scott's book. Just trust us and order the book now! Scott is also the Vice President of Operations at Bigger Pockets. Topics discussed in this episode: House hacking Personal finances The importance of making trivial decisions Why Scott did not pursue creative financing Scott's recent Denver fourplex investment Plus a lot more! Books Mentioned: Set for life: Dominate Life, Money and the American Dream Never Split the Difference: Negotiating As If Your Life Depended On It Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
Digitale Nomaden Podcast - Raus aus dem Hamsterrad. Rein in die Freiheit.
Bastian Barami: Bastian Barami ist zweifacher Uniabbrecher, digitaler Nomade und leidenschaftlicher Reisender. Mit seinem Blog Officeflucht hilft er Menschen den Lebensstil zu erreichen, den sie möchten. Als Speaker bei der Digitalen Nomaden Konferenz in Berlin hat er die Massen begeistert und seine authentische und sympathische Art sorgt dafür, dass man diesen Mann nur mögen kann. Shownotes: Officeflucht.de - Der Blog von Bastian SAT1 TV-Beitrag mit Bastian Nomad Cruise Les Brown: "You don't have to be great to get started, but you have to get started to be great.” Charles T. Munger “To get what you want, you have to deserve what you want. The world is n
Charles T. Munger, the Vice-Chairman of Berkshire Hathaway Corporation, discusses the current economic crisis with Professor Joseph A. Grundfest '78.
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