00:00

Today, there's gonna be literally a thousand threads that our Charlie monger was live till ninety nine. Here's ninety nine lessons I learned, and they're gonna regurgitate.

Today, there's gonna be literally a thousand threads that our Charlie monger was live till ninety nine. Here's ninety nine lessons I learned, and they're gonna regurgitate.

00:08

The stupid quotes of Wikipedia.

The stupid quotes of Wikipedia.

00:10

But since my first bill, we do things differently around here. We're not just gonna give you the regurgitated quotes. I gotta give you that, you know, little special shoe, that old shoe that you can dip that sandwich in.

But since my first bill, we do things differently around here. We're not just gonna give you the regurgitated quotes. I gotta give you that, you know, little special shoe, that old shoe that you can dip that sandwich in.

00:30

Alright. Charlie Munguer has died at age ninety nine, and all around the world people are remembering Charlie, this guy who's Warren Buffett's business partner. He's a billionaire, but he's so much more than that. He was a guy who, He was in the military. He dropped out of school, went to the military, then he somehow talked his way into Harvard Law, even though he didn't even have an under undergraduate degree.

Alright. Charlie Munguer has died at age ninety nine, and all around the world people are remembering Charlie, this guy who's Warren Buffett's business partner. He's a billionaire, but he's so much more than that. He was a guy who, He was in the military. He dropped out of school, went to the military, then he somehow talked his way into Harvard Law, even though he didn't even have an under undergraduate degree.

00:49

You know, he started a law firm that people don't even ever talk about. That's, you know, does hundreds of millions in revenue. We

You know, he started a law firm that people don't even ever talk about. That's, you know, does hundreds of millions in revenue. We

00:55

he you know, started investing with Warren Buffett and has basically outperformed the stock market over, like, a fifty year period by a huge degree.

he you know, started investing with Warren Buffett and has basically outperformed the stock market over, like, a fifty year period by a huge degree.

01:03

And,

And,

01:04

you know, Bill Gates called, Charlie, you know, maybe the broadest

you know, Bill Gates called, Charlie, you know, maybe the broadest

01:07

thinker he knows.

thinker he knows.

01:08

He said that, he has the best thirty second brain of anybody he's ever met And we wanted to dissect that brain. What's inside that? What made Charlie

He said that, he has the best thirty second brain of anybody he's ever met And we wanted to dissect that brain. What's inside that? What made Charlie

01:17

so prolific? Why did Warren Buffett say that Berkshire is shaped?

so prolific? Why did Warren Buffett say that Berkshire is shaped?

01:22

In the mold of Charlie Monger, and that he is one of the, you know, the smartest and wisest many he's ever met.

In the mold of Charlie Monger, and that he is one of the, you know, the smartest and wisest many he's ever met.

01:28

And we pulled out seven of the big ideas. Charlie said a lot of things over the years, but we we identified

And we pulled out seven of the big ideas. Charlie said a lot of things over the years, but we we identified

01:34

what we think are the seven big

what we think are the seven big

01:36

big bits of wisdom,

big bits of wisdom,

01:38

that Charlie has shared. And what we wanted to do was instead of just making a listicle, which you're gonna see a lot today. You're seeing people on Twitter. You know, every thread boy is gonna be like, Charlie Mucker died at ninety nine. Here's the ninety nine bits of wisdom, and they're gonna copy paste Wikipedia. We didn't wanna do that. What we wanted to do was seven that we thought were really, really impactful. And specifically, tell a story of how that's happened, you know, how we've how we learned that lesson in our own business life or in our life.

that Charlie has shared. And what we wanted to do was instead of just making a listicle, which you're gonna see a lot today. You're seeing people on Twitter. You know, every thread boy is gonna be like, Charlie Mucker died at ninety nine. Here's the ninety nine bits of wisdom, and they're gonna copy paste Wikipedia. We didn't wanna do that. What we wanted to do was seven that we thought were really, really impactful. And specifically, tell a story of how that's happened, you know, how we've how we learned that lesson in our own business life or in our life.

02:01

It made for, I think, a pretty amazing episode. I told Sam, I said, dude, this, this notes document,

It made for, I think, a pretty amazing episode. I told Sam, I said, dude, this, this notes document,

02:07

that we have for this episode.

that we have for this episode.

02:10

Thing is you got a handkerchief. This thing is dripping with wisdom. And you're gonna that's how you're gonna feel at the end of this podcast. You're gonna need to take a shirt You're gonna need to wipe the old podcast player because this episode is about to be dripping with wisdom. I hope you enjoy this episode on the seven bits of wisdom. From Charlie Mucker.

Thing is you got a handkerchief. This thing is dripping with wisdom. And you're gonna that's how you're gonna feel at the end of this podcast. You're gonna need to take a shirt You're gonna need to wipe the old podcast player because this episode is about to be dripping with wisdom. I hope you enjoy this episode on the seven bits of wisdom. From Charlie Mucker.

02:27

So let's jump into the wisdom. So what I think would be fun is we just sort of trade our favorites because this guy's got

So let's jump into the wisdom. So what I think would be fun is we just sort of trade our favorites because this guy's got

02:34

hundreds

hundreds

02:36

of little Charlie isms,

of little Charlie isms,

02:38

you know, little little quips or or quotes about the way the world works, about the way minds work, about the way the markets work. And I just thought it'd be great to just, like, pull out, you know, so it's just trade. You go first and then I'll go on you know, some of our favorites. And either I think we can just, you know, talk about them or share, you know,

you know, little little quips or or quotes about the way the world works, about the way minds work, about the way the markets work. And I just thought it'd be great to just, like, pull out, you know, so it's just trade. You go first and then I'll go on you know, some of our favorites. And either I think we can just, you know, talk about them or share, you know,

02:56

a way that we've ever we've either heard him talk about it or how it's played a role in our life. Alright. You go first. Okay.

a way that we've ever we've either heard him talk about it or how it's played a role in our life. Alright. You go first. Okay.

03:04

I'll I'll start with a very easy one. So one of you know, one of his big ideas is

I'll I'll start with a very easy one. So one of you know, one of his big ideas is

03:10

to get what you want, you need to deserve what you want.

to get what you want, you need to deserve what you want.

03:13

And so he says, you know, the easiest way to get everything that you want is to deserve it. And it's so simple that it's almost, like, obnoxiously simple, this advice.

And so he says, you know, the easiest way to get everything that you want is to deserve it. And it's so simple that it's almost, like, obnoxiously simple, this advice.

03:22

But he's, like, whether it's the, like, you know, if you want the partner you want, you should

But he's, like, whether it's the, like, you know, if you want the partner you want, you should

03:26

be deserving of that level of partner. Right? Make yourself worthy of a partner like that. Same thing with the investments. He he kind of actually

be deserving of that level of partner. Right? Make yourself worthy of a partner like that. Same thing with the investments. He he kind of actually

03:34

calls out a few things that money can't buy. So he's like,

calls out a few things that money can't buy. So he's like,

03:38

trust in other people,

trust in other people,

03:40

success

success

03:41

and admiration. Those are things you cannot buy. You can only earn. And so if you want somebody's admiration, deserve it. If you want somebody's trust, deserve it. If you want success, deserve it. And,

and admiration. Those are things you cannot buy. You can only earn. And so if you want somebody's admiration, deserve it. If you want somebody's trust, deserve it. If you want success, deserve it. And,

03:52

I'll share, like, a very simple, more practical anecdote about this because, again, like, his big ideas are amazing, but they just sort of float in the clouds unless you bring it to earth with, like, a real tactical example. So when we sold the milk road,

I'll share, like, a very simple, more practical anecdote about this because, again, like, his big ideas are amazing, but they just sort of float in the clouds unless you bring it to earth with, like, a real tactical example. So when we sold the milk road,

04:05

I've said this before, but one of the reasons we we sold to the guys we did was I really, really respected these guys. It was not the highest offer, but these were the highest quality people that we could sell to. And we just had a hunch that, like, selling to the highest quality people will result in the best long term outcome.

I've said this before, but one of the reasons we we sold to the guys we did was I really, really respected these guys. It was not the highest offer, but these were the highest quality people that we could sell to. And we just had a hunch that, like, selling to the highest quality people will result in the best long term outcome.

04:21

And even if every even if, like, you know, we lose a dollar today,

And even if every even if, like, you know, we lose a dollar today,

04:26

Actually, just being in business with these guys is gonna create, you know, for every dollar we're taking less today, we might create three more dollars in the future just by being around high quality people.

Actually, just being in business with these guys is gonna create, you know, for every dollar we're taking less today, we might create three more dollars in the future just by being around high quality people.

04:34

And I'll tell you a story that came out of the due diligence that, like, was, like, a nugget of gold that stuck with me that was exactly this. So these guys that we were selling to,

And I'll tell you a story that came out of the due diligence that, like, was, like, a nugget of gold that stuck with me that was exactly this. So these guys that we were selling to,

04:44

had built businesses that one of the guys had sold his businesses for about ninety to a hundred million, and the other guy had sold his business for over two hundred million. And both of them had built businesses that were SEO based. And I know a lot of things about marketing and growth, but I know zero about SEO. I am an absolute beginner novice I never touch SEO. I don't do businesses that are SEO based. I literally know nothing. And so one of the ways I priced in the deal was, oh, I'm gonna learn SEO from these guys who are frankly, Masters at SEO. And so we get to the point where we do the deal. I've built up, you know, that we're not negotiating anymore. And I'm like, oh, good. I'm a start digging. I'm a start picking these guys brains for SEO shit. Like, tell them. And so I sat them down, I was like, you're gonna teach me about SEO now. And they started to tell me something, but I was like, okay. Okay. That's the general stuff. I've heard that stuff before. Like, what's the, like, real, like, master shit? What's the real, like, you know, black belt shit that I don't know about that you can't just Google and read in, you know, some blog that, like, helped you guys create, you know, one guy created,

had built businesses that one of the guys had sold his businesses for about ninety to a hundred million, and the other guy had sold his business for over two hundred million. And both of them had built businesses that were SEO based. And I know a lot of things about marketing and growth, but I know zero about SEO. I am an absolute beginner novice I never touch SEO. I don't do businesses that are SEO based. I literally know nothing. And so one of the ways I priced in the deal was, oh, I'm gonna learn SEO from these guys who are frankly, Masters at SEO. And so we get to the point where we do the deal. I've built up, you know, that we're not negotiating anymore. And I'm like, oh, good. I'm a start digging. I'm a start picking these guys brains for SEO shit. Like, tell them. And so I sat them down, I was like, you're gonna teach me about SEO now. And they started to tell me something, but I was like, okay. Okay. That's the general stuff. I've heard that stuff before. Like, what's the, like, real, like, master shit? What's the real, like, you know, black belt shit that I don't know about that you can't just Google and read in, you know, some blog that, like, helped you guys create, you know, one guy created,

05:42

the number one search result for if you say I wanna buy gold online.

the number one search result for if you say I wanna buy gold online.

05:46

And that's the business that was, you know, sold for a few hundred million dollars that he bootstrapped that, you know, never raised any money and he did it because

And that's the business that was, you know, sold for a few hundred million dollars that he bootstrapped that, you know, never raised any money and he did it because

05:53

he knew how to be the top result for buy gold online. I said, how'd you do it, bro? What'd you do? Was it some some hack, some technique?

he knew how to be the top result for buy gold online. I said, how'd you do it, bro? What'd you do? Was it some some hack, some technique?

06:00

And he's like,

And he's like,

06:01

you know, we did all the normal things. And he's like, when I tried some of these hacks or techniques, it didn't really work. He's like, so then he's like, you know, what happened was one day I googled how to buy gold online. And we were the fifth result at the time.

you know, we did all the normal things. And he's like, when I tried some of these hacks or techniques, it didn't really work. He's like, so then he's like, you know, what happened was one day I googled how to buy gold online. And we were the fifth result at the time.

06:15

He goes, so what I did was I clicked the link. I he's like, I just, you know, thought to myself, what does Google really want? Google wants to give you the best search result. Meaning, somebody searches for how to buy gold online, they want you to to get to a page that's gonna answer those questions and not have you go search again.

He goes, so what I did was I clicked the link. I he's like, I just, you know, thought to myself, what does Google really want? Google wants to give you the best search result. Meaning, somebody searches for how to buy gold online, they want you to to get to a page that's gonna answer those questions and not have you go search again.

06:31

He's like, so then I printed out all five of the results, my us being number five, and I printed one through four also.

He's like, so then I printed out all five of the results, my us being number five, and I printed one through four also.

06:37

And I sat down for an hour. And I just looked at them, and I read them. And I was like, I had an honest conversation with myself of why would I click on my page? What is better about my page than these other pages?

And I sat down for an hour. And I just looked at them, and I read them. And I was like, I had an honest conversation with myself of why would I click on my page? What is better about my page than these other pages?

06:49

And I was like, wait. So you didn't, like, do some, like, black hat SEO shit that was, like, this, like, advanced trick. Yeah. Why aren't why aren't you using the word AI? And he was like, no. He's like, we didn't deserve the click.

And I was like, wait. So you didn't, like, do some, like, black hat SEO shit that was, like, this, like, advanced trick. Yeah. Why aren't why aren't you using the word AI? And he was like, no. He's like, we didn't deserve the click.

07:01

We weren't better pages. He's so he's like, so all I did for the next year was every week I printed out all the pages.

We weren't better pages. He's so he's like, so all I did for the next year was every week I printed out all the pages.

07:08

And then I made my page, like, you know, ten percent better. Well, I figured out one way that we could be better as objectively better, even if we weren't moving up in the ranks yet, that I could look at it and say, this is a better page. We deserve

And then I made my page, like, you know, ten percent better. Well, I figured out one way that we could be better as objectively better, even if we weren't moving up in the ranks yet, that I could look at it and say, this is a better page. We deserve

07:20

to be higher ranked.

to be higher ranked.

07:21

And I had literally never heard this. I was like, on one hand, in the moment, honestly, I was kinda disappointed. I was like, dude, I came to you for that secret juju about SEO. Like, I'm not trying to have this, like, you gotta work hard and and just actually make a better page.

And I had literally never heard this. I was like, on one hand, in the moment, honestly, I was kinda disappointed. I was like, dude, I came to you for that secret juju about SEO. Like, I'm not trying to have this, like, you gotta work hard and and just actually make a better page.

07:36

But it was also kind of like refreshing. It's like, you go to the people who are masters of SEO, and they're like, yeah, you can do all the tricks, but at the end of the day, you have to have the best result. Like, You have to have the best page, and you have to have an honest conversation of of is your page better than these other pages. He's like, if you really wanna sustainably,

But it was also kind of like refreshing. It's like, you go to the people who are masters of SEO, and they're like, yeah, you can do all the tricks, but at the end of the day, you have to have the best result. Like, You have to have the best page, and you have to have an honest conversation of of is your page better than these other pages. He's like, if you really wanna sustainably,

07:50

like, climb the ranks and be at number one, that's it. And that was such a, like, tangible business example of, like, to get what you want, you have to deserve what you want. And, I'll never forget that. That was, like, one of the biggest takeaways ahead of the whole process.

like, climb the ranks and be at number one, that's it. And that was such a, like, tangible business example of, like, to get what you want, you have to deserve what you want. And, I'll never forget that. That was, like, one of the biggest takeaways ahead of the whole process.

08:02

That's beautiful.

That's beautiful.

08:06

Our software is the worst. Have you heard of HubSpot?

Our software is the worst. Have you heard of HubSpot?

08:09

See most CRMs are a cobbled together mess. But HubSpot is easy to adopt and actually looks gorgeous. I think I love our new CRM. Our software is the best. HubSpot,

See most CRMs are a cobbled together mess. But HubSpot is easy to adopt and actually looks gorgeous. I think I love our new CRM. Our software is the best. HubSpot,

08:20

grow better.

grow better.

08:21

Alright. If you're loving this episode, I'm glad. I also wanna tell you three things that we are doing as a podcast. Quick little news flash news announcement about MFM, I have three things to tell you. Here they are. Number one, there's, like, this meetup thing going on. So,

Alright. If you're loving this episode, I'm glad. I also wanna tell you three things that we are doing as a podcast. Quick little news flash news announcement about MFM, I have three things to tell you. Here they are. Number one, there's, like, this meetup thing going on. So,

08:35

this is kinda cool. So There's a woman. Do you remember her name? I sorry. I'm not remembering her name off the top of my head. Rachel, I think it is.

this is kinda cool. So There's a woman. Do you remember her name? I sorry. I'm not remembering her name off the top of my head. Rachel, I think it is.

08:42

I think her name's Rachel.

I think her name's Rachel.

08:45

Sorry, Rachel, if it's not, Rachel. That's alright. She runs a company. She runs a company that basically helps, like, contact writers like a spin up meetup. So, basically, what's happening is in

Sorry, Rachel, if it's not, Rachel. That's alright. She runs a company. She runs a company that basically helps, like, contact writers like a spin up meetup. So, basically, what's happening is in

08:54

a couple weeks. We'll put the link in the in the description. I'll also tweet it out. But,

a couple weeks. We'll put the link in the in the description. I'll also tweet it out. But,

08:59

in like a week or two, around the world, there's MFM meetups, which is kind of fun. We're not gonna be there because it's, like, you know, they're they're all happening on the same day in different locations. But forget us.

in like a week or two, around the world, there's MFM meetups, which is kind of fun. We're not gonna be there because it's, like, you know, they're they're all happening on the same day in different locations. But forget us.

09:08

If you're one of these people that listen to the pod probably gonna get along with other people who listen to the podcast. It's just like a thing. You know, like, people who listen to this podcast, your business nerds, with a sense of humor. And if you like business sense of humor, they're all getting together. Everybody's going to, like, a a bar, you know, like, there's one in Toronto. There's one in California. There's one in Austin. And they're they're going to hang out. It's called the river. So if you go to get river dot I o, so get, g e t, and then river, like a stream, river dot I o, you scroll all the way to the bottom and you'll see my first million meetup. There's, they're happening in Austin, in Houston,

If you're one of these people that listen to the pod probably gonna get along with other people who listen to the podcast. It's just like a thing. You know, like, people who listen to this podcast, your business nerds, with a sense of humor. And if you like business sense of humor, they're all getting together. Everybody's going to, like, a a bar, you know, like, there's one in Toronto. There's one in California. There's one in Austin. And they're they're going to hang out. It's called the river. So if you go to get river dot I o, so get, g e t, and then river, like a stream, river dot I o, you scroll all the way to the bottom and you'll see my first million meetup. There's, they're happening in Austin, in Houston,

09:42

Denver, Nashville, Atlanta, Cincinnati, all all over the North America, I believe. Right. Oh, her name's Ray. You were right. Okay. So Ray, move us to the top for this week because we got a oh, here we go. So my first million. So yeah, they did this for all in. I think that that's kind of one one of the proof of concepts.

Denver, Nashville, Atlanta, Cincinnati, all all over the North America, I believe. Right. Oh, her name's Ray. You were right. Okay. So Ray, move us to the top for this week because we got a oh, here we go. So my first million. So yeah, they did this for all in. I think that that's kind of one one of the proof of concepts.

09:58

I think this is gonna be fun. So so do it. We'll try to, like, I don't know, call in to a couple of these and say hi, but

I think this is gonna be fun. So so do it. We'll try to, like, I don't know, call in to a couple of these and say hi, but

10:04

This is cool. So that's happening next week. That's fun. Go meet some other people who,

This is cool. So that's happening next week. That's fun. Go meet some other people who,

10:09

are part of neck beard nation.

are part of neck beard nation.

10:11

And then

And then

10:12

what do you think? Is that a thing?

what do you think? Is that a thing?

10:15

Number two,

Number two,

10:17

we're doing the poker turn So a while back, we talked about this business that we found fascinating, which was a cloud poker tournament. It's like his digital poker tournament wherever it is webcams on, it could be private for our community.

we're doing the poker turn So a while back, we talked about this business that we found fascinating, which was a cloud poker tournament. It's like his digital poker tournament wherever it is webcams on, it could be private for our community.

10:27

And, three hundred or four hundred people signed up. We just never scheduled it, but now we scheduled it. It's December thirteenth. It's happening.

And, three hundred or four hundred people signed up. We just never scheduled it, but now we scheduled it. It's December thirteenth. It's happening.

10:34

We will give away merch and some cool stuff as prizes. We'll come up with some dope prizes, maybe, like, you know, whatever,

We will give away merch and some cool stuff as prizes. We'll come up with some dope prizes, maybe, like, you know, whatever,

10:40

thousand bucks or a call or free merch or whatever.

thousand bucks or a call or free merch or whatever.

10:44

So, yeah, that cloud poker night dot com. So cloudpokernight.com/MFM, So if you wanna register for that, if you already registered, we'll send out an email, to be able to let you know that that's happening.

So, yeah, that cloud poker night dot com. So cloudpokernight.com/MFM, So if you wanna register for that, if you already registered, we'll send out an email, to be able to let you know that that's happening.

10:56

And last thing is... I do a thing every year. Which is I, this month this month of December is the plan for, you know, other people are thinking about Christmas. I'm thinking about end of hear next year, hitting my goals. And so I basically use this time for planning for 2024. So, I'm gonna host a free session, which basically is

And last thing is... I do a thing every year. Which is I, this month this month of December is the plan for, you know, other people are thinking about Christmas. I'm thinking about end of hear next year, hitting my goals. And so I basically use this time for planning for 2024. So, I'm gonna host a free session, which basically is

11:15

I, I'm currently doing it for all my businesses. I make, like, a one page plan for what I'm trying to do next year, and it's basically, like, the big goal, and then the breakdown of, like, how I'm gonna do it. I have a method how I get to that answer, and you walk away with kind of like a clear one pager for your business.

I, I'm currently doing it for all my businesses. I make, like, a one page plan for what I'm trying to do next year, and it's basically, like, the big goal, and then the breakdown of, like, how I'm gonna do it. I have a method how I get to that answer, and you walk away with kind of like a clear one pager for your business.

11:29

Ben had the idea. He was like, dude, I love when we do this. He's like, we should just, like, do this together with other people that own businesses that wanna do it. And so,

Ben had the idea. He was like, dude, I love when we do this. He's like, we should just, like, do this together with other people that own businesses that wanna do it. And so,

11:37

yeah, people wanna do it. I'm just gonna be on a Zoom, and I'll walk you through my process, totally free,

yeah, people wanna do it. I'm just gonna be on a Zoom, and I'll walk you through my process, totally free,

11:43

you'll walk away in an hour with, like, a bunch of clarity on what's what your next year looks like. I have a bunch of good questions that help people get clarity. So if you wanna attend that,

you'll walk away in an hour with, like, a bunch of clarity on what's what your next year looks like. I have a bunch of good questions that help people get clarity. So if you wanna attend that,

11:53

plan

plan

11:54

for twenty twenty four dot com. So go to planfor2024.com. Ben's gonna spin up a website, and we'll we'll invite people to that

for twenty twenty four dot com. So go to planfor2024.com. Ben's gonna spin up a website, and we'll we'll invite people to that

12:02

If you're the type of person that wants to kinda, like, set the vision and the intention for next year. I like that one. He also had another line. Munker did. Breeze, like, I never tried to disagree with someone's opinion unless I've under unless I understand their side better than they do. Right. And that and that's, like, a specific example of, like, let's say, debate of how he was, like, I need to I need to deserve Right. So that's number two. I love that one. He says, I'm not entitled to an opinion.

If you're the type of person that wants to kinda, like, set the vision and the intention for next year. I like that one. He also had another line. Munker did. Breeze, like, I never tried to disagree with someone's opinion unless I've under unless I understand their side better than they do. Right. And that and that's, like, a specific example of, like, let's say, debate of how he was, like, I need to I need to deserve Right. So that's number two. I love that one. He says, I'm not entitled to an opinion.

12:29

Like, I can't have conviction

Like, I can't have conviction

12:31

until can argue the other side better than someone who believes the other side.

until can argue the other side better than someone who believes the other side.

12:36

And he's like, he's like, people think he's like, people think this is some, like, crazy high bar

And he's like, he's like, people think he's like, people think this is some, like, crazy high bar

12:41

And those people haven't ever asked somebody who believes something why they believe it. Like, it's actually quite a low bar to surpass their own, like, can, you know, their own understanding of something.

And those people haven't ever asked somebody who believes something why they believe it. Like, it's actually quite a low bar to surpass their own, like, can, you know, their own understanding of something.

12:51

And, you know, I I think about this with, like, Bitcoin, for example, I'm a Bitcoin believer And my approach to this was always to say, here's all the reasons why I believe in Bitcoin. It just makes sense for, you know, reason a, b, c, and d. But actually, the better way to do is to say,

And, you know, I I think about this with, like, Bitcoin, for example, I'm a Bitcoin believer And my approach to this was always to say, here's all the reasons why I believe in Bitcoin. It just makes sense for, you know, reason a, b, c, and d. But actually, the better way to do is to say,

13:06

Smart people who

Smart people who

13:08

don't believe in Bitcoin would say a, b, and c.

don't believe in Bitcoin would say a, b, and c.

13:12

And I understand that. And here's what I think about those and why I've landed on the side of conviction that I have. It's just a much better logical way to think than to just say, here's what I believe, and I'm gonna come up with all the evidence. I'm gonna even gonna make up some of it to justify my opinion, which is I would say how What do we call it? Fieldmanning?

And I understand that. And here's what I think about those and why I've landed on the side of conviction that I have. It's just a much better logical way to think than to just say, here's what I believe, and I'm gonna come up with all the evidence. I'm gonna even gonna make up some of it to justify my opinion, which is I would say how What do we call it? Fieldmanning?

13:29

Yeah. So steel manning is, like, argue the other side better than they would even argue it.

Yeah. So steel manning is, like, argue the other side better than they would even argue it.

13:35

So one of my favorite I'll bring up one, good line, but I, whenever I hear about these, like, freaks, I call them freaks, and I mean that in in in in a ad admirable way.

So one of my favorite I'll bring up one, good line, but I, whenever I hear about these, like, freaks, I call them freaks, and I mean that in in in in a ad admirable way.

13:46

I like, when they're on the Berkshire Hathaway

I like, when they're on the Berkshire Hathaway

13:49

podium giving their speech, they're basically set up, like, a comedian in order to, like, give these beautiful lines. What I try to find is just weird day to day quirks that they have and, like, ways that they're acting on a day to day basis. And so I I've got, you know, our good friend, Jack, like, when I'm with them, he'll be like, oh, I didn't name my daughter. I was like, why? He was like, well, I need to get to know her first.

podium giving their speech, they're basically set up, like, a comedian in order to, like, give these beautiful lines. What I try to find is just weird day to day quirks that they have and, like, ways that they're acting on a day to day basis. And so I I've got, you know, our good friend, Jack, like, when I'm with them, he'll be like, oh, I didn't name my daughter. I was like, why? He was like, well, I need to get to know her first.

14:11

You know, we're I'm gonna wait to name her. So she's just named baby for now, but once we get to know her, and I'm like, that's so weird. I think you start thinking about it. I'm like, that's actually not weird. It is kind of weird to name a human being before you've got the got the meter. So that's, like, a good example of, like, an everyday one of my, one of our friends, Jack, wildly successful. He's been successful in odd ways, and you see how he acts in daily life. There's this cool

You know, we're I'm gonna wait to name her. So she's just named baby for now, but once we get to know her, and I'm like, that's so weird. I think you start thinking about it. I'm like, that's actually not weird. It is kind of weird to name a human being before you've got the got the meter. So that's, like, a good example of, like, an everyday one of my, one of our friends, Jack, wildly successful. He's been successful in odd ways, and you see how he acts in daily life. There's this cool

14:31

story from, I think it's called making of a an American capitalist. And so they talk about how

story from, I think it's called making of a an American capitalist. And so they talk about how

14:36

that here, I'll read it just the this part from the book. They go physically. Munger was unimpressive.

that here, I'll read it just the this part from the book. They go physically. Munger was unimpressive.

14:41

He had an elf like face, pasty skin, and glasses, an inch thick. Though something of those those something of a snob and highly judgment judgmental,

He had an elf like face, pasty skin, and glasses, an inch thick. Though something of those those something of a snob and highly judgment judgmental,

14:49

he had a deep sense of ethics, and his smarts were matched by a churchillian self assurance.

he had a deep sense of ethics, and his smarts were matched by a churchillian self assurance.

14:55

Once,

Once,

14:56

he was asked if he could play the piano. And Munga replied, I don't know. I've never tried.

he was asked if he could play the piano. And Munga replied, I don't know. I've never tried.

15:01

And

And

15:02

I thought, like

I thought, like

15:04

what a telling line? Like

what a telling line? Like

15:06

what a telling line. So most people, you say, no. I can't play the piano. This was

what a telling line. So most people, you say, no. I can't play the piano. This was

15:12

I probably could.

I probably could.

15:13

It's there's definitely a potential that I will be a great piano player. I just haven't tried

It's there's definitely a potential that I will be a great piano player. I just haven't tried

15:18

And when I read that line, I I just thought this man's beautiful. This man's born of a kind. And I love people like that because

And when I read that line, I I just thought this man's beautiful. This man's born of a kind. And I love people like that because

15:28

myself, you, most everyone, we default to, can you do this? It's like, of course not. I I don't have the capabilities. I I I cannot do that. Where that little mind shift of, like, well, not yet. Dude, even noticing that. Props to you. I read that line in the research. I didn't even understand what was remarkable the line. I just moved on. I didn't even notice it till you just said it like you did. So good on you for even observing it. That's a good one. Well, that's what I'm saying. When I'm reading about these guys, like these little one off lines or these, like, like, for example, they'll say he founded this law firm and then next. He was bored there next. Like, whatever, I'm like, well, hold on. Let me go look at this law firm. And then you start reading about this law firm and, like, dude, this is quirky. This is a weird super strange law firm. And so, anyway, yeah, this line It's a beautiful line,

myself, you, most everyone, we default to, can you do this? It's like, of course not. I I don't have the capabilities. I I I cannot do that. Where that little mind shift of, like, well, not yet. Dude, even noticing that. Props to you. I read that line in the research. I didn't even understand what was remarkable the line. I just moved on. I didn't even notice it till you just said it like you did. So good on you for even observing it. That's a good one. Well, that's what I'm saying. When I'm reading about these guys, like these little one off lines or these, like, like, for example, they'll say he founded this law firm and then next. He was bored there next. Like, whatever, I'm like, well, hold on. Let me go look at this law firm. And then you start reading about this law firm and, like, dude, this is quirky. This is a weird super strange law firm. And so, anyway, yeah, this line It's a beautiful line,

16:13

about just showing, like, the day to day about how you can be different. Let me give you number four. So my number four,

about just showing, like, the day to day about how you can be different. Let me give you number four. So my number four,

16:20

Charlieism

Charlieism

16:21

I wanna bring up is

I wanna bring up is

16:23

let me tell you a little story about where I where I felt this first, and then I'm gonna tell you the Charlieism. So,

let me tell you a little story about where I where I felt this first, and then I'm gonna tell you the Charlieism. So,

16:28

let's rewind the clock fifteen years I was living in Indonesia.

let's rewind the clock fifteen years I was living in Indonesia.

16:32

And in Indonesia, I lived in this building that had a, ping pong table. And I don't know anybody because I'm living in Chacarta indonesia. I don't wanna be friends there. And so I used to go down and just hang out by the ping pong table because I thought,

And in Indonesia, I lived in this building that had a, ping pong table. And I don't know anybody because I'm living in Chacarta indonesia. I don't wanna be friends there. And so I used to go down and just hang out by the ping pong table because I thought,

16:44

well, that's maybe, like, you know, my equivalent of, like, go and having a drink let's just go see if anybody's down here to to play and maybe I can meet some people.

well, that's maybe, like, you know, my equivalent of, like, go and having a drink let's just go see if anybody's down here to to play and maybe I can meet some people.

16:51

And, so sure enough,

And, so sure enough,

16:53

I would go down, me and my brother-in-law, we would go and we would play, and my brother-in-law is better than me at ping pong. And he the way he plays is what you imagine somebody who's good at ping pong. I would serve, and he would hit back. But, like, we would get to this point where he would hit, like, a smash. And my brother-in-law is kind of a character. If you've ever met him, he's like, He's not just gonna hit it fast. He's gonna jump, even though you don't need to jump. He's gonna be like, whoa. He's gonna just make you feel like he just smashed this shot. And, like,

I would go down, me and my brother-in-law, we would go and we would play, and my brother-in-law is better than me at ping pong. And he the way he plays is what you imagine somebody who's good at ping pong. I would serve, and he would hit back. But, like, we would get to this point where he would hit, like, a smash. And my brother-in-law is kind of a character. If you've ever met him, he's like, He's not just gonna hit it fast. He's gonna jump, even though you don't need to jump. He's gonna be like, whoa. He's gonna just make you feel like he just smashed this shot. And, like,

17:21

I was so, like, I was trying to get better than him. He was trying to get better than me. And I thought, okay. He's just got higher skill. He's more advanced.

I was so, like, I was trying to get better than him. He was trying to get better than me. And I thought, okay. He's just got higher skill. He's more advanced.

17:28

He's brilliant at this. Like, he could just hit these amazing shots, and I gotta be able to hit amazing shots. So I'm practicing hitting amazing shots. And he and so whoever used to come down, he would beat them. He was the best guy in the building.

He's brilliant at this. Like, he could just hit these amazing shots, and I gotta be able to hit amazing shots. So I'm practicing hitting amazing shots. And he and so whoever used to come down, he would beat them. He was the best guy in the building.

17:41

Until one day,

Until one day,

17:42

this fifty five, sixty year old man came down named Poppy, Uh-oh. And we're like, your name is Poppy. He's like, I'm Poppy. Alright. Okay. I don't know if he's a bit flexing on us. If this is a real name,

this fifty five, sixty year old man came down named Poppy, Uh-oh. And we're like, your name is Poppy. He's like, I'm Poppy. Alright. Okay. I don't know if he's a bit flexing on us. If this is a real name,

17:52

And he takes, a paddle out of his,

And he takes, a paddle out of his,

17:56

of his, like, case. I went like, oh, dude. He's got his own zone paddle. Oh, shit. It's like the guy who brings his own bowling ball to the bowling alley. You know, this guy means business. So we're so we already are on on a, like, a game, basically.

of his, like, case. I went like, oh, dude. He's got his own zone paddle. Oh, shit. It's like the guy who brings his own bowling ball to the bowling alley. You know, this guy means business. So we're so we already are on on a, like, a game, basically.

18:08

And so,

And so,

18:09

I play him

I play him

18:10

and Poppy beats me, but he didn't do anything.

and Poppy beats me, but he didn't do anything.

18:13

Like, he wasn't smashing the ball. He wasn't doing it. And I just thought, oh, man. I was off today. Alright. Like, Aaron, you play him. And so I have my brother-in-law, Aaron play him. I'm like, alright. Aaron's never lost to anybody in this building. Let's see what happens.

Like, he wasn't smashing the ball. He wasn't doing it. And I just thought, oh, man. I was off today. Alright. Like, Aaron, you play him. And so I have my brother-in-law, Aaron play him. I'm like, alright. Aaron's never lost to anybody in this building. Let's see what happens.

18:24

A starts playing poppy, and he's trying to do what he always does. He's trying to hit brilliant shots on the corner down the line, cross court, you know, drop shot.

A starts playing poppy, and he's trying to do what he always does. He's trying to hit brilliant shots on the corner down the line, cross court, you know, drop shot.

18:33

And none of it's working. Poppy is destroying him. And the way that Poppy plays is, like, this is for anybody who's, like, a real ping pong fan. I need, like, something to demonstrate So use this pen. Pretend this to the paddle. Normally, when you play ping pong, your arm is back. You're doing like a full stroke, like a tennis thing. Just looking dope. He used to just hold it like this. Forward, like, the paddle just facing you, and then he would just move left and right like a wall.

And none of it's working. Poppy is destroying him. And the way that Poppy plays is, like, this is for anybody who's, like, a real ping pong fan. I need, like, something to demonstrate So use this pen. Pretend this to the paddle. Normally, when you play ping pong, your arm is back. You're doing like a full stroke, like a tennis thing. Just looking dope. He used to just hold it like this. Forward, like, the paddle just facing you, and then he would just move left and right like a wall.

18:57

And he would just whatever you hit, he would just hit back. And the thing about Poppy is Poppy was never hitting brilliant shots, but he would also never hit it out and never hit the net. And so inevitably,

And he would just whatever you hit, he would just hit back. And the thing about Poppy is Poppy was never hitting brilliant shots, but he would also never hit it out and never hit the net. And so inevitably,

19:08

He would just keep hitting it back. And one of your brilliant shots would go out of bounds. You would hit it too hard, too soft. You'd hit the net. Like, you would mess up, and he would always score

He would just keep hitting it back. And one of your brilliant shots would go out of bounds. You would hit it too hard, too soft. You'd hit the net. Like, you would mess up, and he would always score

19:18

based on your error.

based on your error.

19:19

And he crushed us. And he crushed us that day, and he crushed us every day. And he would just chuckle and say, good game. And he would go upstairs, and we'd be like, fucking poppy, man. I'm gonna get this guy. And we never got him. The whole summer I was there, we never one time beat this guy. And then one day, he invited us up to his house afterward, his apartment in the building. He lived in the penthouse. Beautiful. He was so successful in business. We're like, Poppy, dude. You're balling out of control. He had, like, a secret poker room. He had a a wall of just, like, super fancy, like, liquor. Like, people have a wine cellar. He had, like, a fancy liquor wall. It was crazy. He had a shower with, like, six shower heads. And we were like, dude, this guy popping this, and we're like, what do you do? And he's like,

And he crushed us. And he crushed us that day, and he crushed us every day. And he would just chuckle and say, good game. And he would go upstairs, and we'd be like, fucking poppy, man. I'm gonna get this guy. And we never got him. The whole summer I was there, we never one time beat this guy. And then one day, he invited us up to his house afterward, his apartment in the building. He lived in the penthouse. Beautiful. He was so successful in business. We're like, Poppy, dude. You're balling out of control. He had, like, a secret poker room. He had a a wall of just, like, super fancy, like, liquor. Like, people have a wine cellar. He had, like, a fancy liquor wall. It was crazy. He had a shower with, like, six shower heads. And we were like, dude, this guy popping this, and we're like, what do you do? And he's like,

19:57

I sell soap.

I sell soap.

19:58

And we're like, you're like, you make soap? He's like, no. No. I just import and export. And we're like, is it better soap? He's like, no. It's just soap.

And we're like, you're like, you make soap? He's like, no. No. I just import and export. And we're like, is it better soap? He's like, no. It's just soap.

20:06

Where he's like, it's good soap. It's not the best.

Where he's like, it's good soap. It's not the best.

20:08

And we were like, well, how do you sell? He's like, well, I just go to people that need soap.

And we were like, well, how do you sell? He's like, well, I just go to people that need soap.

20:12

And we're like, this fucking poppy. Like, this is how he lives too. He's just making no no brilliant shots, but no unforced errors. And so this is a Charlie mongerism,

And we're like, this fucking poppy. Like, this is how he lives too. He's just making no no brilliant shots, but no unforced errors. And so this is a Charlie mongerism,

20:21

which is Avoiding stupidity

which is Avoiding stupidity

20:24

is easier than seeking brilliance.

is easier than seeking brilliance.

20:26

And he says, other people spend their whole life trying to be so smart. All I'm trying to do is not be idiotic.

And he says, other people spend their whole life trying to be so smart. All I'm trying to do is not be idiotic.

20:33

It's harder than people think, but this is more important than trying to be brilliant. And so Charlie was basically like, how do I just avoid the great errors in life? Let's say it's investing. How do I avoid the great errors of investing? If it's health, how do I avoid the great errors of health? And that's basically what he oriented around. He wasn't perfect at it. But I thought what a totally different, you know, a different strategy than you'll ever hear, which is about being the best and becoming more advanced and becoming, you know, being brilliant and talented, and his thing was just just avoid stupidity and you'll you'll outperform everybody. Is there a category in the Oscars for, like, podcasters who can weave in a

It's harder than people think, but this is more important than trying to be brilliant. And so Charlie was basically like, how do I just avoid the great errors in life? Let's say it's investing. How do I avoid the great errors of investing? If it's health, how do I avoid the great errors of health? And that's basically what he oriented around. He wasn't perfect at it. But I thought what a totally different, you know, a different strategy than you'll ever hear, which is about being the best and becoming more advanced and becoming, you know, being brilliant and talented, and his thing was just just avoid stupidity and you'll you'll outperform everybody. Is there a category in the Oscars for, like, podcasters who can weave in a

21:11

story into Charlie Mongeer? If if if yes,

story into Charlie Mongeer? If if if yes,

21:15

I think you might get I think you might get that nod. That was a wonderful. We gotta give it up. That was a wonderful

I think you might get I think you might get that nod. That was a wonderful. We gotta give it up. That was a wonderful

21:21

You you you had been thralled, and I didn't know where you were gonna go with this. I didn't know where I was gonna go with that.

You you you had been thralled, and I didn't know where you were gonna go with this. I didn't know where I was gonna go with that.

21:27

Sometimes you just open your mouth and start talking and see where it goes. And you won that. Mister Wonder, you you you totally won that one. That was a beautiful, the beautiful way to tie that in.

Sometimes you just open your mouth and start talking and see where it goes. And you won that. Mister Wonder, you you you totally won that one. That was a beautiful, the beautiful way to tie that in.

21:38

Copywriting. That's what that's what that was. Well, honestly, the reason why today, there's gonna be literally a thousand threads that are Charlie Mongeer was lived till ninety nine. Here's ninety nine lessons I learned, and they're gonna regurgitate

Copywriting. That's what that's what that was. Well, honestly, the reason why today, there's gonna be literally a thousand threads that are Charlie Mongeer was lived till ninety nine. Here's ninety nine lessons I learned, and they're gonna regurgitate

21:50

the stupid quotes of Wikipedia.

the stupid quotes of Wikipedia.

21:53

But this is my first bill. We do things differently around here. We're not just gonna give you the regurgitated

But this is my first bill. We do things differently around here. We're not just gonna give you the regurgitated

21:57

quotes. I gotta give you that, you know, little special zoo, that old zoo that you can dip that sandwiches.

quotes. I gotta give you that, you know, little special zoo, that old zoo that you can dip that sandwiches.

22:04

Well, you came with he. That that's gonna be hard to compete with. I

Well, you came with he. That that's gonna be hard to compete with. I

22:09

Let me let me ask you something. So

Let me let me ask you something. So

22:11

right now, it's, it's November twenty ninth. So most people are doing their next year financial planning for their businesses.

right now, it's, it's November twenty ninth. So most people are doing their next year financial planning for their businesses.

22:18

For years,

For years,

22:19

at the hustle, I made a very similar mistake that I bet you made, and that is over optimism.

at the hustle, I made a very similar mistake that I bet you made, and that is over optimism.

22:26

Have you ever hit any of your projections in the first six years of your career?

Have you ever hit any of your projections in the first six years of your career?

22:30

Never I've never met a goal I've ever set.

Never I've never met a goal I've ever set.

22:35

Dude, if you ask people at the hustle, like, one of my big weaknesses is is it's looking at the numbers of the Excel sheet, and, you know, you see, like,

Dude, if you ask people at the hustle, like, one of my big weaknesses is is it's looking at the numbers of the Excel sheet, and, you know, you see, like,

22:45

seven million here,

seven million here,

22:46

and you're like, what if we took that seven

and you're like, what if we took that seven

22:49

and deleted it

and deleted it

22:51

and put a nine.

and put a nine.

22:54

I'm like, like, how much more profit they gave us. Let's just do that. I'm a genius.

I'm like, like, how much more profit they gave us. Let's just do that. I'm a genius.

23:01

That's basically

That's basically

23:02

what people would be driven crazy because that's what I would do. I was just looking at the sheets. I'm like, looks good. Hey, look, if you just delete that number and put it to that number, look how much better this looks. So let's just do that. And I've made that mistake so many times. I

what people would be driven crazy because that's what I would do. I was just looking at the sheets. I'm like, looks good. Hey, look, if you just delete that number and put it to that number, look how much better this looks. So let's just do that. And I've made that mistake so many times. I

23:15

I bought a property,

I bought a property,

23:17

recently or, a few years back. And I remember, like, thinking like, okay, this is only an okay price property,

recently or, a few years back. And I remember, like, thinking like, okay, this is only an okay price property,

23:23

but

but

23:25

Yeah. You know, I I'm gonna, like, take better pictures or I'm gonna, like, do something when I sell it, and I'm gonna make that's how I'm gonna make all this money is I'm just gonna increase revenue. And I'm gonna I'm gonna do this, this, this,

Yeah. You know, I I'm gonna, like, take better pictures or I'm gonna, like, do something when I sell it, and I'm gonna make that's how I'm gonna make all this money is I'm just gonna increase revenue. And I'm gonna I'm gonna do this, this, this,

23:36

and guess what? Just like years

and guess what? Just like years

23:38

of failing at projecting

of failing at projecting

23:40

totally f ed it up. So now I try to be way more modest, with my financial projections, but I but I completely, have always messed it up.

totally f ed it up. So now I try to be way more modest, with my financial projections, but I but I completely, have always messed it up.

23:48

And, Mucker's got a bunch of good quotes. He's like, it's dangerous to rely too much on models and formula. The the the reality is way more complex than that. And he says,

And, Mucker's got a bunch of good quotes. He's like, it's dangerous to rely too much on models and formula. The the the reality is way more complex than that. And he says,

23:57

we're very disciplined on our approach and we're not and we're not swayed by flimsy optimism.

we're very disciplined on our approach and we're not and we're not swayed by flimsy optimism.

24:02

And then he goes on to say he's like, where's the exact quote? He talks about how

And then he goes on to say he's like, where's the exact quote? He talks about how

24:08

He's basically says, like, it's pretty ridiculous that people are are biased by both

He's basically says, like, it's pretty ridiculous that people are are biased by both

24:14

over skepticism

over skepticism

24:16

and over optimism in in the business world. If the micro reality is good, good decisions, good systems are what I look for. I don't I don't use predict or not predictions of macro environment changes. And so, basically, the point being

and over optimism in in the business world. If the micro reality is good, good decisions, good systems are what I look for. I don't I don't use predict or not predictions of macro environment changes. And so, basically, the point being

24:27

is that his whole philosophy

is that his whole philosophy

24:29

was to buy businesses where if I bought a good business at a good price, I'm golden. And then if I ever wanna sell it, or if something crazy improves, that's icing on the cake. Whereas what I do, and I bet most people do, and I try my hardest to avoid this nowadays is I say, I default to, no, the optimism is actually the truth. The truth is just

was to buy businesses where if I bought a good business at a good price, I'm golden. And then if I ever wanna sell it, or if something crazy improves, that's icing on the cake. Whereas what I do, and I bet most people do, and I try my hardest to avoid this nowadays is I say, I default to, no, the optimism is actually the truth. The truth is just

24:52

that's just what they did because they don't know what the hell they're talking about. You know what I mean? Right. And that's been one of my biggest mistakes in business. It's over optimiz or, over optimism. And what it does is it crushes

that's just what they did because they don't know what the hell they're talking about. You know what I mean? Right. And that's been one of my biggest mistakes in business. It's over optimiz or, over optimism. And what it does is it crushes

25:03

team morale, and it gets you in a losing state of mind, and it just sucks.

team morale, and it gets you in a losing state of mind, and it just sucks.

25:08

What what Munger said was he goes, you make a lot of money

What what Munger said was he goes, you make a lot of money

25:11

on when you buy a good company at a good price, but you make all of the money

on when you buy a good company at a good price, but you make all of the money

25:17

by letting it ride for twenty years. So the patience is where the big money is. And I struggle, like, crazy to do that. I have this this year where we're I'm trying things a little bit differently, but I have never hit any of my projections because it's just too optimistic.

by letting it ride for twenty years. So the patience is where the big money is. And I struggle, like, crazy to do that. I have this this year where we're I'm trying things a little bit differently, but I have never hit any of my projections because it's just too optimistic.

25:32

And that is It's basically just mental masturbation is what it is by by making these projections. And it's harmful. It's it's a liability. Well, there's, like, there's, like, the the thing you wanna hit, you know, some people say you wanna hit seventy percent of the goals, that you that you set. And that's, like, the right balance between ambition

And that is It's basically just mental masturbation is what it is by by making these projections. And it's harmful. It's it's a liability. Well, there's, like, there's, like, the the thing you wanna hit, you know, some people say you wanna hit seventy percent of the goals, that you that you set. And that's, like, the right balance between ambition

25:49

And, you know, practicality,

And, you know, practicality,

25:51

you know, zero hitting zero percent of your goals is obviously means you're setting the wrong goals.

you know, zero hitting zero percent of your goals is obviously means you're setting the wrong goals.

25:57

And hitting a hundred percent of your goals means you're, you know, obviously being, playing it too safe and conservatively. And so there is some number in between. You could pick seventy, fifty, sixty, whatever works for you. And,

And hitting a hundred percent of your goals means you're, you know, obviously being, playing it too safe and conservatively. And so there is some number in between. You could pick seventy, fifty, sixty, whatever works for you. And,

26:07

yeah, I think most entrepreneurs

yeah, I think most entrepreneurs

26:09

and investors for that matter are on the side of optimism because boy, doesn't it feel better in the moment

and investors for that matter are on the side of optimism because boy, doesn't it feel better in the moment

26:15

to,

to,

26:16

to be optimistic. Do you wanna know something I'm trying to do?

to be optimistic. Do you wanna know something I'm trying to do?

26:19

No goals. I'm trying to do no goals. And I it it's not working out with any of the partners who I'm involved with who are trying to find it is. You know what it's Scott doing? Working out.

No goals. I'm trying to do no goals. And I it it's not working out with any of the partners who I'm involved with who are trying to find it is. You know what it's Scott doing? Working out.

26:29

Yeah. I've tried no goals, and I'm getting no no buy in.

Yeah. I've tried no goals, and I'm getting no no buy in.

26:38

I hate I've I've grown to hate goals, man. Like, it shouldn't change.

I hate I've I've grown to hate goals, man. Like, it shouldn't change.

26:42

But but this is, like, your thing with money. Do you have, like, have, like, a weird relationship with money that you need, like, money therapy. You have probably, like, a weird relationship with goals that, like, you just need to work out. Like, you know, these extremes,

But but this is, like, your thing with money. Do you have, like, have, like, a weird relationship with money that you need, like, money therapy. You have probably, like, a weird relationship with goals that, like, you just need to work out. Like, you know, these extremes,

26:53

you know,

you know,

26:54

crazy goals that nobody can hit or no goals. Like, you know,

crazy goals that nobody can hit or no goals. Like, you know,

26:59

I would just assume that the answer is actually somewhere in the middle. Right? The mongerism is probably somewhere somewhere in the middle, not not not either extreme. The analogy that would give people is like, let's say you're saying bolt is in the Olympics in the hundred meter dash and he runs this race,

I would just assume that the answer is actually somewhere in the middle. Right? The mongerism is probably somewhere somewhere in the middle, not not not either extreme. The analogy that would give people is like, let's say you're saying bolt is in the Olympics in the hundred meter dash and he runs this race,

27:12

Like, it doesn't matter if he if if we timed the race,

Like, it doesn't matter if he if if we timed the race,

27:17

a, he won, and b, like, just tracking that that time,

a, he won, and b, like, just tracking that that time,

27:20

like, he he he ran faster than everyone else. Who cares? Who cares about the who, you know, who who cares about that stuff? And so I'm like, it doesn't matter. Compare yourself to others is the answer instead?

like, he he he ran faster than everyone else. Who cares? Who cares about the who, you know, who who cares about that stuff? And so I'm like, it doesn't matter. Compare yourself to others is the answer instead?

27:32

Well, we're talking about Munger, and these guys were the analogy king, man. Come on.

Well, we're talking about Munger, and these guys were the analogy king, man. Come on.

27:36

In this analogy, you're you're saying both. Correct?

In this analogy, you're you're saying both. Correct?

27:39

Yeah. Okay. Good. I just I get I get fed up with over tracking and over

Yeah. Okay. Good. I just I get I get fed up with over tracking and over

27:43

planning.

planning.

27:46

Like, we're, you know, Hampton is, eighteen months old, let's say, twelve months old. And we're trying to look at so they wanna plan twelve months out. And I'm, like, yeah, that's fifty percent of the company's existence. Let's go to one of his other ones I think is kind of related, which is one of Monger's big ideas, the one one that he is is well known for that I have taken into my life is this idea of

Like, we're, you know, Hampton is, eighteen months old, let's say, twelve months old. And we're trying to look at so they wanna plan twelve months out. And I'm, like, yeah, that's fifty percent of the company's existence. Let's go to one of his other ones I think is kind of related, which is one of Monger's big ideas, the one one that he is is well known for that I have taken into my life is this idea of

28:07

inversion.

inversion.

28:08

So he'll he says invert,

So he'll he says invert,

28:10

always invert. And so, you know, the what does this mean?

always invert. And so, you know, the what does this mean?

28:14

It's basically a way to think through problems backwards.

It's basically a way to think through problems backwards.

28:16

So if you let's say you wanted to solve a common thing that people ask, which is, you know, how do I be successful?

So if you let's say you wanted to solve a common thing that people ask, which is, you know, how do I be successful?

28:22

Or how do I be happy in life? And there might be like a thousand different answers to that question. But what Munguer would do is is in order to get to the answer, faster, he would invert. Right? Why does Bill Gates say he goes from a to z faster than anyone? He's he has the best thirty second brain of anyone. It's because Monger's default way of problem solving is to invert. And so he'll say instead of figuring out how to be happy, let me just figure out what is the sure fire surefire path to misery?

Or how do I be happy in life? And there might be like a thousand different answers to that question. But what Munguer would do is is in order to get to the answer, faster, he would invert. Right? Why does Bill Gates say he goes from a to z faster than anyone? He's he has the best thirty second brain of anyone. It's because Monger's default way of problem solving is to invert. And so he'll say instead of figuring out how to be happy, let me just figure out what is the sure fire surefire path to misery?

28:48

He literally wrote it out. Like, I can read you the answer of what he said is the surf fire path to misery. Or What did what did what did he say?

He literally wrote it out. Like, I can read you the answer of what he said is the surf fire path to misery. Or What did what did what did he say?

28:54

Okay. So his his prescript he he actually did a talk and he calls us his subscription for

Okay. So his his prescript he he actually did a talk and he calls us his subscription for

28:59

misery. So he says, what a be what a beautiful line, by the way? Is that beautiful language or what? It is. It's it's wonderful. And he says,

misery. So he says, what a be what a beautiful line, by the way? Is that beautiful language or what? It is. It's it's wonderful. And he says,

29:06

in you know, number one, ingesting chemicals to alter your mood or perception. So if you rely on chemicals

in you know, number one, ingesting chemicals to alter your mood or perception. So if you rely on chemicals

29:12

to change your mood, Yeah. Eventually, this leads to misery. This is like, you know, alcoholism or, like, sort of, like, overstimulation,

to change your mood, Yeah. Eventually, this leads to misery. This is like, you know, alcoholism or, like, sort of, like, overstimulation,

29:18

whatnot.

whatnot.

29:20

Number two is envy. He has this great quote, which is the world is not people think the world is driven by greed. It's actually driven by envy.

Number two is envy. He has this great quote, which is the world is not people think the world is driven by greed. It's actually driven by envy.

29:27

He goes, you know, I am lucky that, you know, I'm a old man now, and conquered my envy. I don't give a damn when anybody else has. I don't want one anybody else has, and I don't care what they have. But most people not like that. For most people, it drives them up the walls if they see that the neighbor has a nicer car or that their friend has a higher paying job or that their coworker gets promoted. They didn't even want it in the first place, but as soon as somebody else has it, envy kicks in and it drives them it drives, you know, so much of their behavior.

He goes, you know, I am lucky that, you know, I'm a old man now, and conquered my envy. I don't give a damn when anybody else has. I don't want one anybody else has, and I don't care what they have. But most people not like that. For most people, it drives them up the walls if they see that the neighbor has a nicer car or that their friend has a higher paying job or that their coworker gets promoted. They didn't even want it in the first place, but as soon as somebody else has it, envy kicks in and it drives them it drives, you know, so much of their behavior.

29:53

And so number two of the prescription for for misery is envy. Third related is resentment.

And so number two of the prescription for for misery is envy. Third related is resentment.

29:59

If, if your joy goes down when other people's joy goes up, that is a surefire way to have a miserable life. So those are three that he stole from somebody else. And he says, I'd like to add my four on top of that. He says, number four,

If, if your joy goes down when other people's joy goes up, that is a surefire way to have a miserable life. So those are three that he stole from somebody else. And he says, I'd like to add my four on top of that. He says, number four,

30:11

be unreliable.

be unreliable.

30:13

If you're unreliable,

If you're unreliable,

30:14

you will be distrusted by all of those who matter and that you might be a mighty fine turtle, but you will be outrun

you will be distrusted by all of those who matter and that you might be a mighty fine turtle, but you will be outrun

30:21

by hoards of mediocre turtles if you are unreliable.

by hoards of mediocre turtles if you are unreliable.

30:24

And even some turtles that are on crutches.

And even some turtles that are on crutches.

30:27

So it's like this idea that, you know, availability is the best ability that that if you are unreliable, it sort of cancels out any talent that you have. That one hit home for me, because as you know, I am, a bit of an unreliable person, and I've paid the price for that in many, many times.

So it's like this idea that, you know, availability is the best ability that that if you are unreliable, it sort of cancels out any talent that you have. That one hit home for me, because as you know, I am, a bit of an unreliable person, and I've paid the price for that in many, many times.

30:42

Yeah. Hey, by the way, should we bring up that, MFM podcast meeting that you missed yesterday? Yeah. Just was on a different call and forgot about it. And so these things happen, and it is a penalty I pay. It is part of my prescription for misery.

Yeah. Hey, by the way, should we bring up that, MFM podcast meeting that you missed yesterday? Yeah. Just was on a different call and forgot about it. And so these things happen, and it is a penalty I pay. It is part of my prescription for misery.

30:54

Here's the next one. So he says, another number five is learn only from your own experience and your own, you know, trials. Basically,

Here's the next one. So he says, another number five is learn only from your own experience and your own, you know, trials. Basically,

31:03

if you decide that

if you decide that

31:04

your firsthand experience is your only way to figure out good versus bad and you're not gonna learn from other living and dead people that is a surefire way to misery because you will you will learn much slower than than somebody who who learns the other way.

your firsthand experience is your only way to figure out good versus bad and you're not gonna learn from other living and dead people that is a surefire way to misery because you will you will learn much slower than than somebody who who learns the other way.

31:17

Next one, he goes,

Next one, he goes,

31:19

When hit with adversity,

When hit with adversity,

31:20

go down and stay down.

go down and stay down.

31:23

That's another prescription for misery.

That's another prescription for misery.

31:25

It's it's not bounce back from adversity, the inevitable, the inevitable and unavoidable blows of life. And the last one, he goes, don't be objective. Stay stuck in your ways. Hold on to your initial ideas. Your most loved ideas, hold them with a death grip, and that is his final prescription for misery is to, to never change your mind in light of new facts.

It's it's not bounce back from adversity, the inevitable, the inevitable and unavoidable blows of life. And the last one, he goes, don't be objective. Stay stuck in your ways. Hold on to your initial ideas. Your most loved ideas, hold them with a death grip, and that is his final prescription for misery is to, to never change your mind in light of new facts.

31:46

My,

My,

31:47

of those that you mentioned, my biggest weaknesses are envy. So this pod is fun for you and I to do. Sometimes

of those that you mentioned, my biggest weaknesses are envy. So this pod is fun for you and I to do. Sometimes

31:55

It creates a lot of envy because we have all these amazing people on here. Or or if it's just you and I, like, Sean just did great.

It creates a lot of envy because we have all these amazing people on here. Or or if it's just you and I, like, Sean just did great.

32:03

Sam didn't do as good, or,

Sam didn't do as good, or,

32:06

if we have all these amazing people on and you start talking to him and you're like, I'm just as smart as this guy, but this guy how do you know? Because when you ask, how old are you? That's the that's the trigger of, like, of feeling terrible. Can you really just Do the finishing blow and tell me that your two years younger than me.

if we have all these amazing people on and you start talking to him and you're like, I'm just as smart as this guy, but this guy how do you know? Because when you ask, how old are you? That's the that's the trigger of, like, of feeling terrible. Can you really just Do the finishing blow and tell me that your two years younger than me.

32:23

Yeah. Like, we have so many and and and every once in a while, there are people

Yeah. Like, we have so many and and and every once in a while, there are people

32:27

who I'm like, yeah, you're just better. So I'm envious.

who I'm like, yeah, you're just better. So I'm envious.

32:31

Zilloween people's houses after you,

Zilloween people's houses after you,

32:34

after you see them. That's not real nothing good happens on the end of A Zillow.

after you see them. That's not real nothing good happens on the end of A Zillow.

32:39

So I have, I've got I I read, I read a lot, and I I like reading biographies. And whenever I read a biography, I do sort of what I did up here where I write down, like, let's say it's a business biography, I'll write down the years and I'll make notes of interesting things that happened to that person in that year. And then if it involves a dollar amount, I'll write the dollar amount. And then in one cell over, I'll say, what's that dollar amount in today's numbers?

So I have, I've got I I read, I read a lot, and I I like reading biographies. And whenever I read a biography, I do sort of what I did up here where I write down, like, let's say it's a business biography, I'll write down the years and I'll make notes of interesting things that happened to that person in that year. And then if it involves a dollar amount, I'll write the dollar amount. And then in one cell over, I'll say, what's that dollar amount in today's numbers?

33:02

And then I'll say, how old were they? And so I'm, like, reverse engineering different people's lives, but you know what I'm really doing?

And then I'll say, how old were they? And so I'm, like, reverse engineering different people's lives, but you know what I'm really doing?

33:09

I'm comparing myself to them. Yeah. Of course. I'm comparing myself to them. You're you're saying we won't run-in that race except for you're not usain Bolt. You're Tyson And you're watching Usain Bolt in front of you.

I'm comparing myself to them. Yeah. Of course. I'm comparing myself to them. You're you're saying we won't run-in that race except for you're not usain Bolt. You're Tyson And you're watching Usain Bolt in front of you.

33:19

And I justify it by saying,

And I justify it by saying,

33:22

like, if I read someone and I am better off than they than they are,

like, if I read someone and I am better off than they than they are,

33:27

I say, great. I'm doing better than them, and they ended up wonderfully. I'm gonna end up wonderfully.

I say, great. I'm doing better than them, and they ended up wonderfully. I'm gonna end up wonderfully.

33:31

Or if they're kicking my ass at my age, I just think, mother, fuck. This sucks. I gotta give you credit for your honesty and vulnerability because you're being honest and vulnerable admitting this. But I do not advise anybody follow this game plan. It's to say recipe for history. That this is I have not saying this is helpful. I'm just admitting. And and the last thing that I sort of suck at is being bendable. What what was the last one? What did how did he do the same? He's like, you know,

Or if they're kicking my ass at my age, I just think, mother, fuck. This sucks. I gotta give you credit for your honesty and vulnerability because you're being honest and vulnerable admitting this. But I do not advise anybody follow this game plan. It's to say recipe for history. That this is I have not saying this is helpful. I'm just admitting. And and the last thing that I sort of suck at is being bendable. What what was the last one? What did how did he do the same? He's like, you know,

33:57

don't be objective. Don't change your out. Don't change your mind. You know, stay in your way. Stay stuck in hold on to those initial ideas you had before these new new facts and certain circumstances came out.

don't be objective. Don't change your out. Don't change your mind. You know, stay in your way. Stay stuck in hold on to those initial ideas you had before these new new facts and certain circumstances came out.

34:07

Yeah. I I I, you know, I,

Yeah. I I I, you know, I,

34:10

I try to think of myself as bendable, but I could work on that for sure.

I try to think of myself as bendable, but I could work on that for sure.

34:15

The ones that I, struggle with out of this are the unreliable one for sure. And then,

The ones that I, struggle with out of this are the unreliable one for sure. And then,

34:22

Maybe envy a second one. I think that's probably like number two. I think I'm pretty good on all these other ones. That's interesting. I wouldn't I I I wouldn't have thought, by the way, of you as an envious person. I think that's a hard one to kick. You know, I don't think I'm, like, let's say,

Maybe envy a second one. I think that's probably like number two. I think I'm pretty good on all these other ones. That's interesting. I wouldn't I I I wouldn't have thought, by the way, of you as an envious person. I think that's a hard one to kick. You know, I don't think I'm, like, let's say,

34:35

terrible at it, but it's definitely there. It's not something that I could be like, yeah. I have conquered that mountain. No. No. No. I'm still somewhere on that mountain. Hey. Do you know what the, what I think it's the six tenth commandment is?

terrible at it, but it's definitely there. It's not something that I could be like, yeah. I have conquered that mountain. No. No. No. I'm still somewhere on that mountain. Hey. Do you know what the, what I think it's the six tenth commandment is?

34:48

Bao shall not thou shall not covet thy neighbor's wife. Right. Right. Don't be jealous. Don't be jealous, my friend. So if the Never joke, but I think if I said this joke, it's gonna get me in trouble with at least five people at minimum in my life. So I'm just gonna not make this joke. Alright. So

Bao shall not thou shall not covet thy neighbor's wife. Right. Right. Don't be jealous. Don't be jealous, my friend. So if the Never joke, but I think if I said this joke, it's gonna get me in trouble with at least five people at minimum in my life. So I'm just gonna not make this joke. Alright. So

35:03

wanna give you some examples of the invert principle because I think this is one of the most important ones. So when he was a military meteorologist, it's World War two. His job is to keep pilots safe. And he's like, okay.

wanna give you some examples of the invert principle because I think this is one of the most important ones. So when he was a military meteorologist, it's World War two. His job is to keep pilots safe. And he's like, okay.

35:14

What what's everything I need to know about pilot safety?

What what's everything I need to know about pilot safety?

35:18

And he's like, you know, there's, like, seven textbooks about everything a pilot needs to know. And then instead he's, like, No. No. No. Okay. Let's work backwards. What are the most likely causes of of crashes or incidents for pilots?

And he's like, you know, there's, like, seven textbooks about everything a pilot needs to know. And then instead he's, like, No. No. No. Okay. Let's work backwards. What are the most likely causes of of crashes or incidents for pilots?

35:28

And he went and studied that way simpler answer, He's like, okay. I just need to be able to predict snow ice and fog really well as a military meteorologist.

And he went and studied that way simpler answer, He's like, okay. I just need to be able to predict snow ice and fog really well as a military meteorologist.

35:36

Those three, if I can avoid the if I can get my pilots out of the way of those three,

Those three, if I can avoid the if I can get my pilots out of the way of those three,

35:41

I can ignore everything else because those three are the the real killers. And let me, like so he inverted it in order to, like, do his job. Let me tell you another example of this. When I was in college,

I can ignore everything else because those three are the the real killers. And let me, like so he inverted it in order to, like, do his job. Let me tell you another example of this. When I was in college,

35:52

I got picked as part of something, like, thing called Kyros that was like,

I got picked as part of something, like, thing called Kyros that was like,

35:55

I love Kyros. Top

I love Kyros. Top

35:57

college startups in the country. Oh, honestly, it was, like, worse than four, it was thirty under thirty in terms of, like, credibility. Literally,

college startups in the country. Oh, honestly, it was, like, worse than four, it was thirty under thirty in terms of, like, credibility. Literally,

36:04

if you signed up, you won. And,

if you signed up, you won. And,

36:06

even better, if you signed up, you won, and then you you, made friends with the person, they would take you on this all expenses paid trip to China for a week to go meet

even better, if you signed up, you won, and then you you, made friends with the person, they would take you on this all expenses paid trip to China for a week to go meet

36:14

Jack Mod, CEO of Alibaba, or the founder of Alibaba. And so we go I get picked on this trip. I go fly to China,

Jack Mod, CEO of Alibaba, or the founder of Alibaba. And so we go I get picked on this trip. I go fly to China,

36:21

I don't even know what Alibaba is. We go to their headquarters. I'm like, holy shit. This is like eBay for China or something. This is crazy.

I don't even know what Alibaba is. We go to their headquarters. I'm like, holy shit. This is like eBay for China or something. This is crazy.

36:27

And, we get a sit down meeting with the CEO. Guy's, like, one of the most powerful people in China.

And, we get a sit down meeting with the CEO. Guy's, like, one of the most powerful people in China.

36:32

And

And

36:33

somebody, you know, we got to ask questions. One of the kids ask, you know,

somebody, you know, we got to ask questions. One of the kids ask, you know,

36:37

this whole simple thing question, like, you know, What's your advice? You know, I wanna be successful. What's your advice? Like, what are what are the keys to success from your experience?

this whole simple thing question, like, you know, What's your advice? You know, I wanna be successful. What's your advice? Like, what are what are the keys to success from your experience?

36:44

And,

And,

36:46

And he says, you know, I

And he says, you know, I

36:48

was obsessed with this question also. What are the keys to success? What is the blueprint for success? And I talked to a hundred successful people, and I got a hundred different blueprints. And I thought, well, that doesn't really help. This is Jack. This was actually a guy named David Way, I think, is his name. He was the current CEO at the time.

was obsessed with this question also. What are the keys to success? What is the blueprint for success? And I talked to a hundred successful people, and I got a hundred different blueprints. And I thought, well, that doesn't really help. This is Jack. This was actually a guy named David Way, I think, is his name. He was the current CEO at the time.

37:04

He was the one answering this part. And he goes,

He was the one answering this part. And he goes,

37:07

so he goes, every success is different. It's its own little unique snowflake,

so he goes, every success is different. It's its own little unique snowflake,

37:11

but every failure is the same.

but every failure is the same.

37:13

And we were, like, you know, we lean in. And, you know, he had his answer. And his answer, I don't think is actually the right answer for this, but, like, he goes,

And we were, like, you know, we lean in. And, you know, he had his answer. And his answer, I don't think is actually the right answer for this, but, like, he goes,

37:21

It, like, tied into the Alibaba story. And he goes, every every every big company that that eventually fails. So his his answer was, like, not how to be successful, but how do you not screw it up once you're a big company, which was the problem they were having. He goes, too much money, too much technology, and too many people. And so he tells a story about, like, how they were gonna compete with,

It, like, tied into the Alibaba story. And he goes, every every every big company that that eventually fails. So his his answer was, like, not how to be successful, but how do you not screw it up once you're a big company, which was the problem they were having. He goes, too much money, too much technology, and too many people. And so he tells a story about, like, how they were gonna compete with,

37:40

with Google and with eBay when they were coming to China. And he's like, we needed to invent our version of Google AdWords.

with Google and with eBay when they were coming to China. And he's like, we needed to invent our version of Google AdWords.

37:46

And he goes, Jack Ma said, cool.

And he goes, Jack Ma said, cool.

37:49

You get,

You get,

37:50

I think it was, like, twelve, fifteen people. He's, like, twelve, fifteen people. This is gonna be a huge part of the business. Google has two thousand people working on this. He goes, did I stutter? You get twelve to fifteen people.

I think it was, like, twelve, fifteen people. He's, like, twelve, fifteen people. This is gonna be a huge part of the business. Google has two thousand people working on this. He goes, did I stutter? You get twelve to fifteen people.

38:01

You're gonna work. He's like, we need some office space. You know, give us, like, a couple floors of the office or whatever. He's like, you're gonna work out of my old apartment. He's like, your old apartment. We need a proper office. He goes, I started Alibaba in that apartment. I think it'll work. And he goes, technologies, like, well, you know, we're gonna need this many servers. We should get the best stuff.

You're gonna work. He's like, we need some office space. You know, give us, like, a couple floors of the office or whatever. He's like, you're gonna work out of my old apartment. He's like, your old apartment. We need a proper office. He goes, I started Alibaba in that apartment. I think it'll work. And he goes, technologies, like, well, you know, we're gonna need this many servers. We should get the best stuff.

38:18

And, you know, we need this much, but let's have double redundancy in case, you know, what the servers go down, we don't wanna lose anything. He goes, if I give you redundant servers, you're gonna design a system that goes down. I'm gonna give you only the servers you need. And in fact, you go get go get used servers so it can run on even shitty servers. And, you know, he's sort of David Goggins them. I hit the story that he told about, like, and they they eventually did it. They pulled it off. But I wonder if that guy found that inspiring at first or, like,

And, you know, we need this much, but let's have double redundancy in case, you know, what the servers go down, we don't wanna lose anything. He goes, if I give you redundant servers, you're gonna design a system that goes down. I'm gonna give you only the servers you need. And in fact, you go get go get used servers so it can run on even shitty servers. And, you know, he's sort of David Goggins them. I hit the story that he told about, like, and they they eventually did it. They pulled it off. But I wonder if that guy found that inspiring at first or, like,

38:44

What the fuck Jack? Yeah. It was definitely like a fuck you man. Come on. But, you know, when it all works out, then you can tell this great story.

What the fuck Jack? Yeah. It was definitely like a fuck you man. Come on. But, you know, when it all works out, then you can tell this great story.

38:50

Bezos has a simple inversion too. They were like, you know, Jeff, tech, you're you're, you know, one of the, like, internet CEOs, internet's evolving so fast. Technology's always changing. What technology innovations are you most excited for? What's gonna change about Amazon in ten years? And he goes, oh, I don't think about that. Instead, I think about what's not gonna change. He goes customers are always gonna the most selection, the lowest prices, and the fastest delivery.

Bezos has a simple inversion too. They were like, you know, Jeff, tech, you're you're, you know, one of the, like, internet CEOs, internet's evolving so fast. Technology's always changing. What technology innovations are you most excited for? What's gonna change about Amazon in ten years? And he goes, oh, I don't think about that. Instead, I think about what's not gonna change. He goes customers are always gonna the most selection, the lowest prices, and the fastest delivery.

39:12

And so everything else can change, but that's not gonna change. And so we focus on what's not gonna change. Because

And so everything else can change, but that's not gonna change. And so we focus on what's not gonna change. Because

39:18

we have to change it with the times in order to, like, constantly beat consumer's expectations on delivery speeds low prices and and vast selection. And so, you know, this idea of inversion

we have to change it with the times in order to, like, constantly beat consumer's expectations on delivery speeds low prices and and vast selection. And so, you know, this idea of inversion

39:30

is so powerful. Even in my own, like, life. I was telling you, like, I'm having a bunch of, progress right now with my diet, which is great because, like, you know, the scoreboard is currently

is so powerful. Even in my own, like, life. I was telling you, like, I'm having a bunch of, progress right now with my diet, which is great because, like, you know, the scoreboard is currently

39:40

thirty, you know, thirty four years of no progress. And, you know, like,

thirty, you know, thirty four years of no progress. And, you know, like,

39:45

a month of great progress from now. It's well, what changed? I did a bunch of things, but I also actually just inverted. So instead of trying to figure out what's the best diet program, what's the best workout program, exactly how many grams of this many milligrams of creatine? How many grams of protein? How much how much of this? Instead of trying to like go, is it the paleodel keto diet, Mediterranean diet? What should I be doing?

a month of great progress from now. It's well, what changed? I did a bunch of things, but I also actually just inverted. So instead of trying to figure out what's the best diet program, what's the best workout program, exactly how many grams of this many milligrams of creatine? How many grams of protein? How much how much of this? Instead of trying to like go, is it the paleodel keto diet, Mediterranean diet? What should I be doing?

40:05

It was just the inversion. Like, what's a surefire way to be fat?

It was just the inversion. Like, what's a surefire way to be fat?

40:09

And that answer was quite simple. Yeah. I was like, I need to eat one more calories. I'm gonna burn.

And that answer was quite simple. Yeah. I was like, I need to eat one more calories. I'm gonna burn.

40:14

I'm eating shitty foods at a fried ultra processed.

I'm eating shitty foods at a fried ultra processed.

40:19

You know, right now I eat late at night. Pretty sure that's a recipe to get fat.

You know, right now I eat late at night. Pretty sure that's a recipe to get fat.

40:23

You know,

You know,

40:24

sitting all day instead of walking for my meetings,

sitting all day instead of walking for my meetings,

40:27

probably pretty good way to get fat is to sit all day. And I just inverted. And I was like, okay. Cool. I'm just gonna walk more. I'm gonna hit, you know, eat less calories than I consume,

probably pretty good way to get fat is to sit all day. And I just inverted. And I was like, okay. Cool. I'm just gonna walk more. I'm gonna hit, you know, eat less calories than I consume,

40:37

and I'm gonna,

and I'm gonna,

40:39

Not late night snack because I always eat crappy food when I do that. It's literally all I changed. And, like,

Not late night snack because I always eat crappy food when I do that. It's literally all I changed. And, like,

40:45

boom. Like, started to get results finally after, like, you know, instead of, like, being like, let me go download nineteen hours of Andrew Huberman and try to, like, follow this protocol. It's like, that wasn't the problem. Right? Like, that That was the complex solution rather than the the easy inversion.

boom. Like, started to get results finally after, like, you know, instead of, like, being like, let me go download nineteen hours of Andrew Huberman and try to, like, follow this protocol. It's like, that wasn't the problem. Right? Like, that That was the complex solution rather than the the easy inversion.

40:58

That's great.

That's great.

41:00

Let's do a couple more. Do you have any other ones that you like here? I I have a story he told that I thought was pretty cool. Let's wrap up with that story. Alright. So he's, he's teaching a class at some college. He goes to, like, an economics class.

Let's do a couple more. Do you have any other ones that you like here? I I have a story he told that I thought was pretty cool. Let's wrap up with that story. Alright. So he's, he's teaching a class at some college. He goes to, like, an economics class.

41:12

And he's like,

And he's like,

41:14

so he has this general idea of you need to learn all the big ideas in a space. So he's like, I don't know anything about psychology.

so he has this general idea of you need to learn all the big ideas in a space. So he's like, I don't know anything about psychology.

41:21

I figured there's probably twenty big ideas in the world of of psychology, and I should just, like, read the books and try to figure out what are your what are the twenty big ideas in your space? It's like, if I know there's twenty big ideas, I'm gonna be better than, like, I I'll know more than ninety eight percent of people who spend their whole life, you know, signing a percent of people, including some people who spend their whole life doing this because they're so lost in the weeds. And so one of the big ideas he had was, like, So he goes to economics. Same thing. What are the big ideas in economics? Everybody knows, like, economics one zero one is the supply demand curve.

I figured there's probably twenty big ideas in the world of of psychology, and I should just, like, read the books and try to figure out what are your what are the twenty big ideas in your space? It's like, if I know there's twenty big ideas, I'm gonna be better than, like, I I'll know more than ninety eight percent of people who spend their whole life, you know, signing a percent of people, including some people who spend their whole life doing this because they're so lost in the weeds. And so one of the big ideas he had was, like, So he goes to economics. Same thing. What are the big ideas in economics? Everybody knows, like, economics one zero one is the supply demand curve.

41:50

And, you know, basically the

And, you know, basically the

41:52

the idea is that, you know, as the, you know, you know, supply of something goes down, the demand, you'll go up or the price will go up, Similarly, if you drop the price of something that demand should go up. So, like, people know this generally about economics.

the idea is that, you know, as the, you know, you know, supply of something goes down, the demand, you'll go up or the price will go up, Similarly, if you drop the price of something that demand should go up. So, like, people know this generally about economics.

42:05

Is but Charlie has a thing. He's like, you learned the big idea then he also how do you make this useful is you need to understand the exceptions to those rules. So what is the I before e accept after c? So he's like, How do you understand that, okay. Generally,

Is but Charlie has a thing. He's like, you learned the big idea then he also how do you make this useful is you need to understand the exceptions to those rules. So what is the I before e accept after c? So he's like, How do you understand that, okay. Generally,

42:19

when prices go down, demand should go up for that. If, you know, the demand for TVs is, let's say, you know, x at five thousand dollars. But if you drop the price of a TV down to five dollars, there's a lot of people that will buy it. And so he's like, but what are the exceptions? So he goes into this economics class. And he goes everybody understands, you know, When prices go down, demand goes.

when prices go down, demand should go up for that. If, you know, the demand for TVs is, let's say, you know, x at five thousand dollars. But if you drop the price of a TV down to five dollars, there's a lot of people that will buy it. And so he's like, but what are the exceptions? So he goes into this economics class. And he goes everybody understands, you know, When prices go down, demand goes.

42:37

Everyone says, up. He says, okay. Fantastic.

Everyone says, up. He says, okay. Fantastic.

42:40

What are the cases where that's not true? Let me just put you on the spot as if you're one of the students. So what's a case where that's not true, where the opposite happens?

What are the cases where that's not true? Let me just put you on the spot as if you're one of the students. So what's a case where that's not true, where the opposite happens?

42:47

An item

An item

42:49

that is supposed to,

that is supposed to,

42:50

signal prestige

signal prestige

42:52

Exactly. So hands go up, fifty hands go up, and they say luxury goods.

Exactly. So hands go up, fifty hands go up, and they say luxury goods.

42:57

Any item where price is a signal for quality or status.

Any item where price is a signal for quality or status.

43:01

And he's like, you know, this is luxury handbags and whatnot. You know, if a Louis Vuitton bag was two dollars tomorrow, the demand would actually, you know, briefly go up, but then in the long term, go down.

And he's like, you know, this is luxury handbags and whatnot. You know, if a Louis Vuitton bag was two dollars tomorrow, the demand would actually, you know, briefly go up, but then in the long term, go down.

43:12

And, he's like, so everybody gets that one. And he goes, what else?

And, he's like, so everybody gets that one. And he goes, what else?

43:17

And now you get crickets, right, like,

And now you get crickets, right, like,

43:21

shit. What else?

shit. What else?

43:23

And you know those,

And you know those,

43:25

He goes,

He goes,

43:26

any industry

any industry

43:28

where demand is based on bribing the purchaser.

where demand is based on bribing the purchaser.

43:32

And he goes,

And he goes,

43:33

He goes, yeah, there's, like, many industries, the defense industry,

He goes, yeah, there's, like, many industries, the defense industry,

43:37

many parts of the, the medical industry, where, actually, it's a screwed up kind of perverse incentives where companies take profits,

many parts of the, the medical industry, where, actually, it's a screwed up kind of perverse incentives where companies take profits,

43:44

and they use those to,

and they use those to,

43:46

you know, shower, you know, goods or or or money or,

you know, shower, you know, goods or or or money or,

43:50

experiences on

experiences on

43:52

buying agents, purchasers.

buying agents, purchasers.

43:54

And, whether that's through advertisement.

And, whether that's through advertisement.

43:56

So, like, I spend a ton of money advertising, and that's how I create the demand. If I didn't have any advertising budget, I wouldn't be able to create the demand. Or it's things like the, you know, the the military industrial complex, where there's, like, some cronyism where it's, like, Yeah. You give me this contract today because in five years, you're gonna be on my board, and your retirement package will be ten times what you're making in the government. And because we all know that that's true, because I have so much excess profit,

So, like, I spend a ton of money advertising, and that's how I create the demand. If I didn't have any advertising budget, I wouldn't be able to create the demand. Or it's things like the, you know, the the military industrial complex, where there's, like, some cronyism where it's, like, Yeah. You give me this contract today because in five years, you're gonna be on my board, and your retirement package will be ten times what you're making in the government. And because we all know that that's true, because I have so much excess profit,

44:20

you want to reward me with big contracts. And, actually, you want to pay more for these contracts so that we could be this really successful company because it rewards you in the end.

you want to reward me with big contracts. And, actually, you want to pay more for these contracts so that we could be this really successful company because it rewards you in the end.

44:29

And he's like, once you realize that that's an exception to this rule, you will understand how the world actually works. You'll understand where the laws of gravity actually break. And I just love that story. I think it told, like, it's an interesting little nugget business wise, but also

And he's like, once you realize that that's an exception to this rule, you will understand how the world actually works. You'll understand where the laws of gravity actually break. And I just love that story. I think it told, like, it's an interesting little nugget business wise, but also

44:44

the way that capitalism works, but it also shows kind of the way this guy thinks, which is this eye before he accept after sea mentality where he goes into any space He tries to speed run and figure out, you know, what are the ten to twenty big ideas of your space?

the way that capitalism works, but it also shows kind of the way this guy thinks, which is this eye before he accept after sea mentality where he goes into any space He tries to speed run and figure out, you know, what are the ten to twenty big ideas of your space?

44:57

And then he looks at the exceptions.

And then he looks at the exceptions.

44:59

And, you know, I did this recently. I was I went to Brian Johnson's house. And afterwards, I was like, thinking about longevity, and I was like, Alright. Should I be one of these tech guys that, like, really fucking cares about longevity? Like, is longevity gonna be my shit?

And, you know, I did this recently. I was I went to Brian Johnson's house. And afterwards, I was like, thinking about longevity, and I was like, Alright. Should I be one of these tech guys that, like, really fucking cares about longevity? Like, is longevity gonna be my shit?

45:14

Or am I gonna zag and be like longevity's overrated? And I was like, I need to have an opinion.

Or am I gonna zag and be like longevity's overrated? And I was like, I need to have an opinion.

45:20

And I decided Oh, what mongers say, hey. Monger lived to be ninety nine?

And I decided Oh, what mongers say, hey. Monger lived to be ninety nine?

45:24

He looked like a longevity freak.

He looked like a longevity freak.

45:27

Well, somebody said this. Well, the mall said this, he goes, buffet and mugger these guys like, in their nineties. And, you know, they famously, like, you know, eat McDonald's breakfast every day, you know, eat, you know, M and M's and drink diet cokes. Maybe for show, but at least, you know, they at least do it. They're not sitting there taking metformin and, like, cold plunging every morning.

Well, somebody said this. Well, the mall said this, he goes, buffet and mugger these guys like, in their nineties. And, you know, they famously, like, you know, eat McDonald's breakfast every day, you know, eat, you know, M and M's and drink diet cokes. Maybe for show, but at least, you know, they at least do it. They're not sitting there taking metformin and, like, cold plunging every morning.

45:44

And,

And,

45:46

He's like, you know, it just goes to show how, how important, like, not being stressed is actually to your health. Yeah. Because these guys actually were quite low stress the way that they they lived their life, you know, because they spent most of their days reading, playing bridge, talking,

He's like, you know, it just goes to show how, how important, like, not being stressed is actually to your health. Yeah. Because these guys actually were quite low stress the way that they they lived their life, you know, because they spent most of their days reading, playing bridge, talking,

45:59

thinking, very few meetings,

thinking, very few meetings,

46:01

They didn't sort of, like, you know, stress out about investments. They were buying whole long term investor type of thing, like,

They didn't sort of, like, you know, stress out about investments. They were buying whole long term investor type of thing, like,

46:06

low stress compared to a lot of, successful people.

low stress compared to a lot of, successful people.

46:11

But on the longevity thing, I was like, alright. Let me go learn what are the ten big ideas in the longevity space? And I literally carved out two days And me and Ben, all we did was just deep diving and longevity. Like, I read I read, like, power skimmed through some books. I read I I I was like, who are the five, like, thought leaders And then what are their most popular TED Talks? And, like, let me go watch those. Let me go see what these, you know, what does Peter or TSA? What does Brian Johnson say? What are what are, like, the quotes? So what's your takeaway of all of it? My takeaway was that the big ideas and this is, like, somebody who's a big longevity person will will argue with me because I'm gonna do the short version of But the big idea is, essentially,

But on the longevity thing, I was like, alright. Let me go learn what are the ten big ideas in the longevity space? And I literally carved out two days And me and Ben, all we did was just deep diving and longevity. Like, I read I read, like, power skimmed through some books. I read I I I was like, who are the five, like, thought leaders And then what are their most popular TED Talks? And, like, let me go watch those. Let me go see what these, you know, what does Peter or TSA? What does Brian Johnson say? What are what are, like, the quotes? So what's your takeaway of all of it? My takeaway was that the big ideas and this is, like, somebody who's a big longevity person will will argue with me because I'm gonna do the short version of But the big idea is, essentially,

46:46

everybody in everybody's health declines,

everybody in everybody's health declines,

46:49

we are probably past the age of, like, the live forever. So there's, like, one big idea, which is that if we ever figure out a way to reverse aging or, like, minimize cell damage,

we are probably past the age of, like, the live forever. So there's, like, one big idea, which is that if we ever figure out a way to reverse aging or, like, minimize cell damage,

47:00

it's not just gonna be this gradual thing. Like, we used to live till eighty, then ninety, then a hundred, and then a hundred ten, hundred twenty, hundred thirty. It's gonna be, like, There's gonna be a step full jump once we figure out how to stop cell damage.

it's not just gonna be this gradual thing. Like, we used to live till eighty, then ninety, then a hundred, and then a hundred ten, hundred twenty, hundred thirty. It's gonna be, like, There's gonna be a step full jump once we figure out how to stop cell damage.

47:13

But if you've already had too much damage, they're not gonna be able to, like, get you back into your twenties. You're gonna be, like, past the point of no return. And so, like,

But if you've already had too much damage, they're not gonna be able to, like, get you back into your twenties. You're gonna be, like, past the point of no return. And so, like,

47:21

the big breakthrough is if you can figure out how to stop cell damage, we don't know how to do that yet. When that happens, there's gonna be a age sort of point, a tipping point where people below that are gonna live to, like, three hundred, and people above that are still gonna live to, like, one ten. And, like, there's gonna be this big, like, you know, polar, you know, polarity between those two outcomes. That's interesting. The second interesting thing is, like, in terms of the Peter Atilla school of thought of longevity,

the big breakthrough is if you can figure out how to stop cell damage, we don't know how to do that yet. When that happens, there's gonna be a age sort of point, a tipping point where people below that are gonna live to, like, three hundred, and people above that are still gonna live to, like, one ten. And, like, there's gonna be this big, like, you know, polar, you know, polarity between those two outcomes. That's interesting. The second interesting thing is, like, in terms of the Peter Atilla school of thought of longevity,

47:44

which is not live forever, but it's like live a longer health span. So health span versus lifespan is one big idea.

which is not live forever, but it's like live a longer health span. So health span versus lifespan is one big idea.

47:51

And the health span idea is at the end of your life, everybody's gonna have a marginal decade, which is, like, your last ten years of life, your your your health is gonna decline pretty dramatically from, like,

And the health span idea is at the end of your life, everybody's gonna have a marginal decade, which is, like, your last ten years of life, your your your health is gonna decline pretty dramatically from, like,

48:02

being immobile and pain and and pain to, like, you know, really, you know, not being able to wipe your butt by the end. Right? So it's, like, that's typically the, like, bad version of aging.

being immobile and pain and and pain to, like, you know, really, you know, not being able to wipe your butt by the end. Right? So it's, like, that's typically the, like, bad version of aging.

48:11

What Peter T and these guys are trying to do is basically push that decade out. So if it was gonna happen to you from eighty to ninety, let's make it from ninety to a hundred. Or if it was gonna happen to ninety to a hundred, let's hundred to hundred and ten.

What Peter T and these guys are trying to do is basically push that decade out. So if it was gonna happen to you from eighty to ninety, let's make it from ninety to a hundred. Or if it was gonna happen to ninety to a hundred, let's hundred to hundred and ten.

48:22

And the cost of your today lifestyle in order to affect that final marginal decade, I personally was like,

And the cost of your today lifestyle in order to affect that final marginal decade, I personally was like,

48:29

not worth it. I'm gonna find the eighty twenty of, like,

not worth it. I'm gonna find the eighty twenty of, like,

48:33

healthy things to do that are not so costly. Like, not so painful or hard to follow or, like, regimented or whatever. Like, I'm not gonna forget to live today in order for my eight ninety to a hundred to be, like, better.

healthy things to do that are not so costly. Like, not so painful or hard to follow or, like, regimented or whatever. Like, I'm not gonna forget to live today in order for my eight ninety to a hundred to be, like, better.

48:46

I will take the instant gratification, please. And so

I will take the instant gratification, please. And so

48:49

I was like, you know, my takeaway was basically, I don't care about the marginal decade. I'm not gonna orient my life around that. There's an eighty twenty of, like, healthier stuff to do that's like, I don't mind switching to that lifestyle. I'll do those. And then that's good enough for me. And if, like, you know, wonder drugs come out in some point in the future, hopefully I'm in time for that cutoff. That was my conclusion. Do you think that Buffet is gonna die, like, next week now? That, like, is this like, you know, like, an old couple that they die together?

I was like, you know, my takeaway was basically, I don't care about the marginal decade. I'm not gonna orient my life around that. There's an eighty twenty of, like, healthier stuff to do that's like, I don't mind switching to that lifestyle. I'll do those. And then that's good enough for me. And if, like, you know, wonder drugs come out in some point in the future, hopefully I'm in time for that cutoff. That was my conclusion. Do you think that Buffet is gonna die, like, next week now? That, like, is this like, you know, like, an old couple that they die together?

49:16

Is that, like, that very well might happen. He, I think he Buffett announced recently that, like, I I he's like, I I finally found my successor at the age of ninety two. I've I've found my guy.

Is that, like, that very well might happen. He, I think he Buffett announced recently that, like, I I he's like, I I finally found my successor at the age of ninety two. I've I've found my guy.

49:27

Alright. Well, that's the pod. Before we go, if you made it this far, Sean, I wanna tell you,

Alright. Well, that's the pod. Before we go, if you made it this far, Sean, I wanna tell you,

49:33

the people in the YouTube comments have been making fun of you and I.

the people in the YouTube comments have been making fun of you and I.

49:37

They are saying that I dress like a serial killer, which I don't know what that means entirely,

They are saying that I dress like a serial killer, which I don't know what that means entirely,

49:42

or that I now that I'm a father, I'm starting to dress like a father or look like an accountant.

or that I now that I'm a father, I'm starting to dress like a father or look like an accountant.

49:47

And they're making fun of your hair. I don't exactly know what they're making a fun about your hair because I think you've got gray hair. But, well, no, I looked at that video and I was like, I'm also looking exclusively at my hair and that I had a bad I had a bad hair day in the sense that I wake up roll out of bed and I do this podcast right away. I don't even look in the mirror. And,

And they're making fun of your hair. I don't exactly know what they're making a fun about your hair because I think you've got gray hair. But, well, no, I looked at that video and I was like, I'm also looking exclusively at my hair and that I had a bad I had a bad hair day in the sense that I wake up roll out of bed and I do this podcast right away. I don't even look in the mirror. And,

50:06

Dude, I'm, like, the hairiest guy on earth. Like, I got hair on my fucking and poms. Like, I'm, like, a, you know, like, a gorilla.

Dude, I'm, like, the hairiest guy on earth. Like, I got hair on my fucking and poms. Like, I'm, like, a, you know, like, a gorilla.

50:11

And somehow, I think I'm losing kind of some hair earlier if I'm getting a little light And, people were like, yo, he's gotta start taking, whatever the jargon's called, I I figure what it is, but, like So do all the commenters

And somehow, I think I'm losing kind of some hair earlier if I'm getting a little light And, people were like, yo, he's gotta start taking, whatever the jargon's called, I I figure what it is, but, like So do all the commenters

50:24

Go f yourselves. Right? We're just doing our thing. Well, I don't care what other people think of me unless it's related to my looks or my intelligence. And, so I did go ahead and and and wet the hair a little bit today and, you know, try to try to spruce it up.

Go f yourselves. Right? We're just doing our thing. Well, I don't care what other people think of me unless it's related to my looks or my intelligence. And, so I did go ahead and and and wet the hair a little bit today and, you know, try to try to spruce it up.

50:40

It does hurt my feelings too sometimes if I'm being honest.

It does hurt my feelings too sometimes if I'm being honest.

50:43

But

But

50:45

besides

besides

50:46

that,

that,

50:47

you're gonna hear say, oh, I don't read the comments. It doesn't bother me. Hey, but you know what's what's working?

you're gonna hear say, oh, I don't read the comments. It doesn't bother me. Hey, but you know what's what's working?

50:52

Sean pee.

Sean pee.

50:53

My little Gary V branding pivot is kinda working. In the comments every day, they're, like, Sean Pete. Sean p for president. And, right now, we're a small but loyal army. I don't think anyone said Sean p for president. There's a small but loyal army.

My little Gary V branding pivot is kinda working. In the comments every day, they're, like, Sean Pete. Sean p for president. And, right now, we're a small but loyal army. I don't think anyone said Sean p for president. There's a small but loyal army.

51:07

So there's as they said in arrested development, there's tens of us out there. And, but but it but it is from that small base that we shall grow.

So there's as they said in arrested development, there's tens of us out there. And, but but it but it is from that small base that we shall grow.

51:16

Sean P. It is.

Sean P. It is.

51:18

Alright. That's the pod.

Alright. That's the pod.

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